2024-03-31-accounts - The Chedva Charitable Trust

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Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

CHARITY REGISTRATION NUMBER: 803401

THE CHEDVA CHARITABLE TRUST FINANCIAL STATEMENTS

31 MARCH 2024

COHEN ARNOLD

Chartered Accountants& Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

	PAGES
Trustees' Annual Report	1 to 4
Independent Auditor's Report to the Members	5 to 9
Statement of Financial Activities	10
Statement of Financial Position	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 21

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THE CHEDVA CHARITABLE TRUST TRUSTEES' ANNUAL REPORT

YEAR ENDED 31 MARCH 2024

The trustees present their report and the financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name The Chedva Charitable Trust Charity registration number 803401 Principal office 16 Broadfields Avenue Edgware Middlesex HA8 8PG

THE TRUSTEES

Mr D Rabson Mrs E Rabson

AUDITOR

New Burlington House 1075 Finchley Road London NW11 0PU BANKERS Barclays Bank Plc Edgware Group 126 Station Road Edgware Middlesex HA8 7RY

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is constituted and governed by its Declaration of Trust dated 5 December 1989 and is an unincorporated charity registered with the Charity Commission (Registration no. 803401).

The day to day affairs of the charity are administered by the trustees, whose chairman is Mr D Rabson.

It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change, the trustees will apply suitable recruitment and training procedures.

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THE CHEDVA CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

The charity is established to further both in the United Kingdom and abroad those purposes recognised as charitable by English Law. To achieve these objects, the charity receives income from its investment properties, cash deposits, investments and charitable receipts which it utilises to make grants, donations and loans for charitable purposes.

The charity's principal activity throughout the year was the provision and distribution of donations, grants and loans to charities, and no change is envisaged in the immediate future.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.

ACHIEVEMENTS AND PERFORMANCE

During the year the charity continued its activities and maintained its support of religious other charitable institutions in Great Britain and aggregate donations were paid in the sum of £1,160,000.

The benefits that these charities provide include financial assistance and provision of basic necessities to the poor, Jewish education and support for places of worship for the Jewish community.

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THE CHEDVA CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW

Reserves policy

It is the policy of the charity to maintain liquid reserves at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year. This level of liquid reserves equates to the net current assets of the charity, which at 31 March 2024 were £1,045,000 (2023: £1,715,998). The trustees consider this to be reasonable insofar as it is at least the level of one year's donations. The trustees are considering how best to apply those funds for charitable purposes and further income yielding investments. The trustees have not undertaken any formal charitable commitments and consider that the charity will generate sufficient income from its investment properties and listed investments and from donations to fund its ongoing activities.

As at 31 March 2024 the charity had total funds of £5,150,879 (2023: £6,052,164), all of which were unrestricted funds.

Investment policy

Under the Trust Deed, the charity has the power to make investments which the trustees consider appropriate. The trustees seek investments which, over a medium term, are anticipated to generate a dependable flow of income coupled with capital growth.

The trustees consider the return on investments, in terms of both income and capital growth, to be satisfactory.

Grant making policy

The charity makes grants and donations to organisations and institutions for the advancement of religion and education and for the relief of poverty. The recipient institutions are principally based in the United Kingdom.

In making grants and donations, the trustees use their personal knowledge of the institution, its representatives, operational efficiency and reputation. The trustees monitor the application of the grants and donations by meeting with representatives of the institutions and obtaining information as to the utilisation of funds.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management

The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage those risks.

PLANS FOR FUTURE PERIODS

The future plans of the charity are to continue to support organisations whose objectives are the advancement of religion and education and to institutions for the relief of poverty and to ensure that the ability to generate sufficient income is maintained to achieve that end.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

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THE CHEDVA CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 31 MARCH 2024

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with the relevant provisions.

30/1/2025 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Mr D Rabson Trustee

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THE CHEDVA CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST

YEAR ENDED 31 MARCH 2024

OPINION

We have audited the financial statements of The Chedva Charitable Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in noteto the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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THE CHEDVA CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)

YEAR ENDED 31 MARCH 2024

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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THE CHEDVA CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)

YEAR ENDED 31 MARCH 2024

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and senior management. We identified financial reporting legislation (including related companies legislation and charities legislation), taxation legislation, employment legislation and anti-bribery legislation as being most significant to these financial statements.
We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.
We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees and senior management during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low.
Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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THE CHEDVA CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)

YEAR ENDED 31 MARCH 2024

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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THE CHEDVA CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHEDVA CHARITABLE TRUST (continued)

YEAR ENDED 31 MARCH 2024

Cohen Arnold is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

FACD70D170E84B4... Barry Leigh (Senior Statutory Auditor)

For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU 30/1/2025

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THE CHEDVA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2024

		2024	2024	2023
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	64,800	64,800	84,000
Investment income	5	251,472	251,472	348,141
		ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ
Total income		316,272	316,272	432,141
		৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on raising funds:
Investment management costs	6	(36,552)	(36,552)	(65,724)
Expenditure on charitable activities	7,8	(1,171,964)	(1,171,964)	(1,592,433)
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total expenditure		(1,208,516)	(1,208,516)	(1,658,157)
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
Net (losses)/gains on investments	11	(9,041)	(9,041)	5,026
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net expenditure and net movement in funds		(901,285)	(901,285)	(1,220,990)
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
Reconciliation of funds
Total funds brought forward		6,052,164	6,052,164	7,273,154
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total funds carried forward		5,150,879	5,150,879	6,052,164
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 21 form part of these financial statements.

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THE CHEDVA CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION

31 MARCH 2024

		2024		2023
	Note	£	£	£	£
FIXED ASSETS
Investments	15		4,105,879		4,336,166
CURRENT ASSETS
Debtors	17	582,223		632,113
Cash at bank and in hand		735,908		1,408,743
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ		ৄৄৄৄৄৄৄৄৄৄৄৄৄ
		1,318,131		2,040,856
CREDITORS: amounts falling due
within one year	18	(273,131)		(324,858)
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ		ৄৄৄৄৄৄৄৄৄৄৄৄৄ
NET CURRENT ASSETS			1,045,000		1,715,998
			ৄৄৄৄৄৄৄৄৄৄৄৄৄ		ৄৄৄৄৄৄৄৄৄৄৄৄৄ
TOTAL ASSETS LESS CURRENT
LIABILITIES			5,150,879		6,052,164
			ৄৄৄৄৄৄৄৄৄৄৄৄৄ		ৄৄৄৄৄৄৄৄৄৄৄৄৄ
NET ASSETS			5,150,879		6,052,164
			৶৶৶৶৶৶৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶৶
FUNDS OF THE CHARITY
Unrestricted funds			5,150,879		6,052,164
			ৄৄৄৄৄৄৄৄৄৄৄৄৄ		ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total charity funds	20		5,150,879 ৶৶৶৶৶৶৶৶৶৶৶৶৶		6,052,164 ৶৶৶৶৶৶৶৶৶৶৶৶৶

These financial statements were approved by the board of trustees and authorised for issue on 30/1/2025 ........................, and are signed on behalf of the board by:

1EE8B3347CDD493... Mr D Rabson Trustee

Charity Registration No. 803401

The notes on pages 13 to 21 form part of these financial statements.

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THE CHEDVA CHARITABLE TRUST

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2024

YEAR ENDED 31 MARCH 2024
	2024	2023
	£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Net expenditure	(901,285)	(1,220,990)
Adjustments for:
Net (losses)/gains on investments	9,041	(5,026)
Dividends, interest and rents from investments	(251,386)	(348,103)
Other interest receivable and similar income	(86)	(38)
Accrued expenses/(income)	7,300	(8,300)
Expenditure on investment properties	36,552	65,724
Changes in:
Trade and other debtors	203,644	(82,032)
Trade and other creditors	(5,668)	5,668
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Cash generated from operations	(901,888)	(1,593,097)
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net cash used in operating activities	(901,888)	(1,593,097)
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments	191,554	793,080
Expenditure on investment properties	(45,264)	(66,171)
Proceeds from sale of other investments	82,763	629,289
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net cash from investing activities	229,053	1,356,198
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
NET DECREASE IN CASH AND CASH EQUIVALENTS	(672,835)	(236,899)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,408,743	1,645,642
	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
CASH AND CASH EQUIVALENTS AT END OF YEAR	735,908 ৶৶৶৶৶৶৶৶৶৶৶৶৶	1,408,743 ৶৶৶৶৶৶৶৶৶৶৶৶৶

The notes on pages 13 to 21 form part of these financial statements.

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THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 16 Broadfields Avenue, Edgware, Middlesex, HA8 8PG.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The charity meets the definition of a public benefit entity under FRS 102.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements and estimates made by the trustees, in the application of these accounting policies have significant effect on the financial statements as follows:

i. Property valuations

The valuation of the charity's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

ii. Trade debtors

Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.

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THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (continued)

Taxation

The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities. Accordingly, the charity does not recognise any deferred tax liability on revaluations of investments as no tax would be due in the event of a disposal as the charity would benefit from the relevant exemptions, as it will apply all funds for qualifying charitable purposes.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

Grants payable policy

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remains in the control of the charity.

Acquisitions and disposals of properties

Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the financial statements accordingly.

- 14 -

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (continued)

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

For all equity instruments regardless of significance, these are assessed individually for impairment.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. DONATIONS AND LEGACIES

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
DONATIONS
Donations received	64,800	64,800	84,000	84,000
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

- 15 -

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

5. INVESTMENT INCOME

5.	INVESTMENT INCOME
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Income from investment properties	220,366	220,366	318,619	318,619
	Income from listed investments	31,020	31,020	29,484	29,484
	Bank interest receivable	86	86	38	38
		ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ
		251,472	251,472	348,141	348,141
		৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶
6.	INVESTMENT MANAGEMENT COSTS
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Property management expenses	36,552	36,552	65,724	65,724
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
7.	EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Grants paid	1,160,000	1,160,000	1,580,000	1,580,000
	Support costs	11,964	11,964	12,433	12,433
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
		1,171,964	1,171,964	1,592,433	1,592,433
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
8.	EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
		Grant funding		Total funds	Total fund
		of activities	Support costs	2024	2023
		£	£	£	£
	Grants paid	1,160,000	–	1,160,000	1,580,000
	Governance costs	–	11,964	11,964	12,433
		ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
		1,160,000	11,964	1,171,964	1,592,433
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
9.	ANALYSIS OF SUPPORT COSTS
			Support costs	Total 2024	Total 2023
			£	£	£
	Governance costs		11,964	11,964	12,433
			৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

10. ANALYSIS OF GRANTS

Donations aggregating £1,160,000 in support of education and relief from poverty were made to Achisomoch Aid Company Limited.

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Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

11. NET (LOSSES)/GAINS ON INVESTMENTS

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
(Losses)/gains on listed investments	(12,786)	(12,786)	12,588	12,588
Realised gains/(losses) on disposal of
investment assets	3,745	3,745	(7,562)	(7,562)
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
	(9,041)	(9,041)	5,026	5,026
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
NET EXPENDITURE
Net expenditure is stated after charging/(crediting):
			2024	2023
			£	£
Fees payable for the audit of the financial statements			11,000 ৶৶৶৶৶৶৶৶৶	12,000 ৶৶৶৶৶৶৶৶৶

12. NET EXPENDITURE

13. STAFF COSTS

The average head count of employees, including trustees, during the year was 2 (2023: 2).

No salaries or wages have been paid to employees, including the trustees, during the year (2023: Nil).

14. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.

15. INVESTMENTS

INVESTMENTS
	Listed	Investment	Other
	investments	properties	investments	Total
	£	£	£	£
Cost or valuation
At 1 April 2023	978,972	3,050,194	307,000	4,336,166
Additions	–	–	–	–
Disposals	(217,501)	–	–	(217,501)
Fair value movements	(12,786)	–	–	(12,786)
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
At 31 March 2024	748,685	3,050,194	307,000	4,105,879
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
Impairment
At 1 April 2023 and 31 March 2024			–	–
			৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
Carrying amount
At 31 March 2024	748,685	3,050,194	307,000	4,105,879
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
At 31 March 2023	978,972	3,050,194	307,000	4,336,166
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶

All investments shown above are held at valuation.

- 17 -

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

15. INVESTMENTS (continued)

Investment properties

The charity's commercial investment properties were valued at 31 March 2024 by the trustees based on their understanding of property market conditions and the specific properties concerned using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income.

The historical cost of the properties is £3,387,907.

At the year end, title to the investment properties is registered in the name of the undermentioned nominee companies:

Elda Limited Midaforce Limited

Financial assets held at fair value

Listed investments are valued at market value as at year end.

16. INVESTMENT ENTITIES

Investments in associates

The charity holds 40% of the ordinary share capital of Tenbest Limited, a property investment company incorporated in Great Britain and registered in England and Wales. The registered address of Tenbest Limited is 115 Craven Park Road, London, N15 6BL. Tenbest Limited prepares its accounts to 31 March.

The aggregate assets, liabilities, capital and reserves of Tenbest Limited that are attributable to the charity as at 31 March 2024 were as follows:

the charity as at 31 March 2024 were as follows:
	2024	2023
	£	£
Fixed assets	2,397,903	2,325,402
Current assets	812,945	830,510
Current liabilities	(1,490,112)	(1,366,049)
Non-current liabilities	(1,311,631)	(1,380,754)
	ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Aggregate capital and reserves	409,105 ৶৶৶৶৶৶৶৶৶৶৶৶৶	409,109 ৶৶৶৶৶৶৶৶৶৶৶৶৶

A summary of turnover, expenditure and profit/(loss) that are attributable to the charity for the year ended 31 March 2024 is as follows:

year ended 31 March 2024 is as follows:
	2024	2023
	£	£
Turnover	252,828	267,440
Administrative expenses	(155,155)	(203,619)
Interest receivable and similar income	1,153	6
Interest payable and similar expenses	(98,828)	(63,829)
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ
	(2)	(2)
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶

The fair values of investments in associates are determined using the net assets of the investments, with discounts applied for minority shareholdings.

- 18 -

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

17. DEBTORS

DEBTORS
	2024	2023
	£	£
Trade debtors	247,538	181,777
Prepayments and accrued income	19,368	18,456
Other debtors	315,317	431,880
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ
	582,223	632,113
	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶

Other debtors includes an amount of £25,310 (2023: £43,747) due from AIM Property Management LLP, a partnership whose partners include a company whose directors are trustees of the charity, which does not bear interest, held on property management account.

18. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	26,500	62,066
Other creditors	246,631	262,792
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ
	273,131 ৶৶৶৶৶৶৶৶৶৶	324,858 ৶৶৶৶৶৶৶৶৶৶

Other creditors include an amount of £148,056 (2023: £165,098) due to Airex Limited, a company whose directors are trustees of the charity, which does not bear interest.

19. DEFERRED INCOME

DEFERRED INCOME
	2024	2023
	£	£
At 1 April 2023	50,066	(40,846)
Amount released to income	(50,066)	40,846
Amount deferred in year	15,000	50,066
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
At 31 March 2024	15,000	50,066
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

Deferred income arises from rents charged in advance.

20. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

							At
		At			Gains and		31 March 20
	1	April 2023	Income	Expenditure	losses		24
		£	£	£	£		£
General funds		6,052,164	316,272	(1,208,516)	(9,041)		5,150,879
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶৶
							At
		At			Gains and	31 March 202
	1	April 2022	Income	Expenditure	losses		3
		£	£	£	£		£
General funds		7,273,154	432,141	(1,658,157)	5,026		6,052,164
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶		৶৶৶৶৶৶৶৶৶৶৶৶৶

- 19 -

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

			Unrestricted	Total Funds
			Funds	2024
			£	£
	Investments		4,105,879	4,105,879
	Current assets		1,318,131	1,318,131
	Creditors less than 1 year		(273,131)	(273,131)
			ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
	Net assets		5,150,879	5,150,879
			৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
			Unrestricted	Total Funds
			Funds	2023
			£	£
	Investments		4,336,166	4,336,166
	Current assets		2,040,856	2,040,856
	Creditors less than 1 year		(324,858)	(324,858)
			ৄৄৄৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄৄৄৄ
	Net assets		6,052,164	6,052,164
			৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
22.	FINANCIAL INSTRUMENTS
	The carrying amount for each category of financial	instrument is as	follows:
			2024	2023
			£	£
	Financial assets measured at fair value through	income and expenditure
	Financial assets measured at fair value through income and
	expenditure		1,055,685	1,285,972
			৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶৶৶৶
23.	ANALYSIS OF CHANGES IN NET DEBT
		At		At
		1 Apr 2023	Movements	31 Mar 2024
		£	£	£
	Cash at bank and in hand	1,408,743	(672,835)	735,908
		৶৶৶৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶৶
24.	OPERATING LEASE COMMITMENTS

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

as follows:
	2024	2023
	£	£
Not later than 1 year	65,000	65,000
Later than 1 year and not later than 5 years	98,000	163,000
	ৄৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄৄ
	163,000 ৶৶৶৶৶৶৶৶৶৶	228,000 ৶৶৶৶৶৶৶৶৶৶

- 20 -

Docusign Envelope ID: 4A697C81-0233-45BC-963F-4D149EB2F285

THE CHEDVA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2024

25. RELATED PARTIES

During the year, the charity received donations of £64,800 (2023: £84,000) from Tenbest Limited.

Other debtors include short term charitable loans totalling £130,500 to charities of which Mr D Rabson, a trustee of this charity, is a trustee.

- 21 -