THE RAV CHESED TRUST REPORT OF THE INTERIM MANAGER FOR THE YEAR ENDED 31 JULY 2024 REGISTERED CHARITY NO. 803758
The Rav Chesed Trust Interim Manager's report For the year ended 31 July 2024 The Interim Manager I'IM'I presents his report and the financial statements of The Rav Chesed Trust i.the Charity") for the year ended 31 July 2024. The financial statements have been prepared in accordance with the Charity's Governing Document and the Charities Act 201L The Financial statement is prepared under cash basis and a receipt and payment account is provided in the accounts, Appointment of an IM On 24 February 2017, the Charity Commission ('CC') appointed Adam Stephens of Evelyn Partners LLP as IM to the Charity pursuant to section 761311gl of the Charlties Act 2011. This apF)ointment is to the exclusion of the Charity's Trustees and forms part of the Cc's wider Investigation into the Charity's affairs, which began in June 2015. The Cc's inquiry is examining the administration and financial management of the Charity and whether the Trustees have put the Charity s funds at risk. The Im's tasks include taking over the generaL adminislration and management of the Charity and securing the Charitys property, In exercising his authority as IM to sign this report and the accounts, he has reLied upon the records of the Charity which have been mainlained by the Im's team since his appointment in 2017, In January 2022 a settLement agreement was reached with the Trustees of the Charity, under the terms of which £500,000 is payabLe to Charity in instalments. In respect of thls amount, £50,000 was to be allocated as a credit towards the purchase by one of the trustees of a freehold property from the Charity against the agreed fuLL consideration of £75,000, upon cornpletion of the sale and transfer of the freehold property. This transaction was completed in September 2024, This income can be s*n in the receipts and payments account. Under the terms of the agrrnent it wouLd not be appropriate for the IM to comment further on the claims which have been settled. structure, governan and management The Charity is governed by a Trust Deed dated on 28 July Ig89. The Charity is a registered charity registered in EngLand and Wales and its registration number is 803758. Objectives and activities of the Charity The Charity is constituted by the Trust Deed and its objectives are to provide general charitable donations, in particular for the reLief of poverty and the advancement of religion and religious education. The policy of the Charity has bn to derive its income from donations from various institutions and to make donations in accordance with the Trust's objectives, however, very minimal such activities have taken place since the appointment of the The Charitys day to day activities have involved assisting parties in a wide variety and spectrum of activities, incLuding housing, mediation, immigration, debt counseLLing, adjusting and attendance at court hearings, however, no such activities have taken pLace since the appointment of the IM. The Charity shaLL aLso further such other purposes that are charitabLe under the Laws of England and WaLes,
The Rav Chesed Trust Interim Managerfs report For the year ended 31 July 2024 Review of actlvlties es The net incoming resources for the year under cash basis were £113,677. There has been no trade during the year - aLI income received has been under the terms of the settLement agreement reached with the trustees of the Charity, or from an insurance payout relating to property damage Incurred during the year. ec The Trust Deed. which permits the Charity's funds to be invested In securities or properties of any kind and situated anywhere in the world. controls the Trustees, land therefore the IM'S) investment powers. aLbeit the TrUstS, powers in respect of the Charity have been suspended since 24 February 2017, Reserves polScy and financlal positlon The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the Charity incLuding the possibility of providing capital assets for the needs of charitabLe institutions, Part of the Im's roLe is to review the effectiveness of the management and financlaL performance of the Charity. In considering the limited financlal obligations of the Charity, the IM has resolved to maintain the unrestricted general fund at a Level that is sufficient to cover costs and allows the Charity to be managed efficiently. As at 31 JULY 2024, an unrestricted fund balance of £3n.417 (2023.. £2n,646) was heLd, The IM considers this to be a sufficient LeveL Rlsk management The Charity has assessed the major risks to which the Charity Is exposed, in particuLar those to the operations and finances of the Charity, and is satisfied systems are in pLace to mitigate its exposure to those risks. The Charity's future will depend on the work being undertaken by the IM. UntiL this has been compLeted, the extent to which the Charity WELL operate into the future is uncertain. This report was approved and signed on their behaLf by., Adam Stephens IS&W Partners LLP) Interim Manager Date., 6 May 2025
INDEPENDENT EXAMINERS REPORT TO THE INTERIM MANAGER OF THE RAV CHESED TRUST Registered Charity No: 8037S8 I report to the Interim Manag8r on my examination of the accounts of The Rav Chesed Trust (Ihe Trust") for the year ended 31st July 2024. Responsibilities and basis of report As the Interim Manager of the Trust you are responsible for the preparation of the accounts in accordanco with the requirements of the Charitles Act 2011 ('the ACY). I report in respect of my examinatlon of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention In connection with the examination giving me cause to believe: 1) accounting records were not kept in respect of the Trust as requlred by sectlon 130 ofthe Acl. or the accounts do not accord with those records. 2) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thls report in order to enable a proper understanding of the acGounts to be reached. N,- kw4u) QEkn LLP Adam Fullerton (FCA DChA) For and on behalf of Moore Kingston Smith LLP Chartered Accountants 9 Appold Street London EC2A 2AP Date.. 7 May 2025
THE RAV CHESED TRUST Registered Charity No . 803758 RECEIPTS AND PAYMENTS ACCOUNTS for the year ended 31st July 2024 Unrestricted funds Year ended Jul-24 Unrestricted funds Year ended Jul-23 1 Receipts Insurance payout Settlement proceeds Total receipts 8,946 125,000 133,946 225,000 225,000 Paymenls Accountants, fees Storage costs I rrecoverable VAT Legal fees I nsurance of Assets Legal fees - disbursements Total payments 5,000 418 3.074 9,936 1,740 102 20,269 3,789 18,600 343 22,732 Net Receipts for the year 113,677 202,268 Cash balance at 1st August 394,313 192 045 Cash balance at 31 July 507,990 394 313 2 Statement of Assets & Liabilities Assets Jul-24 Jul-23 Properties 51 Dunsmure Road 10-14 Bridgegat& (see note 1) Cash Business Interest account Business deposlt account Business current accounts 75,000 75,000 17 15 507,958 582,991 17 15 394,281 469,314 Liabilities other creditors Accruals I nterim Manager's costs approved by the Charity Commission {2,150) (6,090) (1,634) (3,000) 203.334 211,574 193,034 197,668 The financial statements were approved by the Interim Manager: Adam Stephens, Interim Manager Date: 6 May 2025
THE RAV CHESED TRUST Registered Charity No . 803758 Notes to the fianancial statements for the year ended 31st July 2024 Investment property The Charity is the reglstered legal owner of the freehold title of 10-14 Bridgegate and the IM is currently determining the value of the property. It has been attributed a nominal £1 valu8 pending the outcome of the Im's investigations. Post balance sheet event Post year-end 51 Dunsmure Road was sold for £75,000. Under the t8rms of the Settlament Agreement, £50,000 of the settlement proceeds income received by the charity between 2021 2024 were allocated againstthis price, resulting in a further receipt for the charity of £25,000 upon completion of the sa.