Second Henry Joseph Levitt Scholarship RECEIPTS AND PAYMENTS ACCOUNTS For the Year ended 8 October 2024 Charity No.. SC 005287
Second Henry Joseph Levitt Scholarship Trustees, Annual Report Year ending 8 October 2024 Page I Reference and Administrative Information Charity Name: Second Henry Joseph Levitt Scholarship Charity No: SC 005287 Contact Address: Trustees IDdep¢ndtnt Examiner Chartered Accountant Hollis Accounting Limited 3 M¢lville Crescent, Edinburgh, EH3 7HW Investment Management Charles Stsnley & Co Lid 2 Multrees Walk. Edinburgh, EHI 3DQ Structure, Governance and Management Governing Document The Trust is constituted by the Agreement and Deed of Trust among Henry Joseph Levitt and Reuben Robert Cohen and others dated Eighth October Nineteen Hundred and Fifty-four and registered in the Books of Council and Session on Eleventh November Nineteen Hundred and fifty-four. and a supplementary Agreem¢nt and Deed of Trust among the same dated First September Nineteen Hundred and Fifty-eight and gIStered in the Books of Council and S¢5sion on Thirteenth September Nineteen Hundred and Fifty-eight. Recruitment and Appointment of Trustees New Trustees are appointed by existing Trnstees. . who had previously been a Trustee and had been appointed as a Trustee Emeritus in recognition of his long and loyal service to the charity, died during the course of the year. Trustee Emeritus status conveys no voting or other powers. Organisationydl Structure The Trustees meet when necessary. If decisions are required between meetings, then emailed agreement is deemed suftficient.
Second Henry Joseph Levitt Scholarship Trvstees, Annual Report (continued) Year ending 8 October 2024 Page 2 Objectives and Activities The Trust's main objective is to award a travelling scholarship annually to boys or girls of the Jewish Religion resident in Edinburgh, who have attained the age of fourteen years but have not attained the age of eighteen years and who have attended the Edinburgh Elebrew Congregation Religlous Classe5. The Scholarship will be awarded to any pupil who fulfils the comprehensive set of criteria detem]ined by the Education Committee of the Edinburgh Hebrew Congregation and agreed by the Trustees. Each winner of the said Scholarship shall indirectly receive a payment from the Trust Fund to enable him or her to travel to the State of Israel in association with a Jewish Education Scheme. Achievements and Performance During the year under review the charity made no grants (2023: no grdnts) in furtherance of the objects above. During the year, the management of the Trust's i Wealth Management to Charles Stanley & Co Ltd. was appoinled as the charity's Independent Examiner again. ransferd from Edinburgh Flollis AOntIng Limited Financial Review The Trust keeps available funds irt investments, managed by Charles SLqnley & Co Ltd. with a small balance to meet immediate needs held in a cash account with them. At 8 October 2024 the charity held cash bank balances of £5,378 (2023= £4.971) and investment holdings of £83,847 (2023.. £78,010}. Reserves Policy The Trustees pursue a policy of maintaining a free reserve of unrestricted funds availabl¢ to be spent in the furtherance of the charity's objectives, as w'ell as covering future need5. opportunities. contingencies and risks. In 2024 the Trustees decided to move all funds into one unrestricted fund. At the end of the Current reFKlrting period the charity had free cash reserves amounting to £5,378 (2023.. £3,511)- This figure is part of the bank balance total in the Financial Review above.
Second Henry Joseph Levitt Scholarship Trustees, Annual Report (continued) Year ending 8 October 2024 Page 3 Statement of Trustees, Responsibilities The Trustees must prepare financial statements which give sufficient detail to enable an appreciation of the transactions of the Trust during the financial year. The Trustees are responsible for keeping proper acc4)unting records which, on requesl, must reflect the financial position of the Trust at that time. This must be done to ensure that the fitwtcial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations. They are also responsible for safeguarding the assets of Ihe Trust and must take reasonable steps for the prevention andlor detection of fraud and other irregularities. Approved by the Trnstees and signed on their behalf, Chainnan and Trustee
Independent Examtner's Report to the Trustees of Second Henry Joseph Levitt Scholarship Page 4 I report on the accounts of the charity for the year ending 8 October 2024 which are set out on pages 5 to 8. Respective responsibilities of Tru$t¢es 4nd examiner The charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Tru5te¢ Investment (Scotland) Act 2005 and the Charities Accounts {Scotland) Regulations 2006. The charity Trustees consider that the audit requirement of Regulation l O(l) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basis of independent examiner's statement An examination is carried out in accordance with Regulation I l of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the ac¢ount&ng records kept by the charity and a comparison of the accounts presented with thos¢ records. It also includes onsiderntion of any unusual items or disclosures An the a¢counts, and seeks explanations from the Truslees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audi¢ and consequently I do not express an audit opinion on the view given by the accounts. Indepelldent euminer's Statement In the course of my examination, no matter has come to my attention, which gives m¢ r¢asonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or 2. to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounls to k reached. Chartered Accountant Hollis Accounting Limited 3 Melville Crescent Edinburgh EH3 7HW Date
Second Henry Joseph Levitt Scholarship Receipts and Payments Account Year ending 8 October 2024 Page 5 Expendable L"'nrestrieted Endowment Expendable Unre5trirted Endowrnent Total Total Funds bullds Funds Funds Funds Fund5 2024 2024 2024 2023 2023 2023 Recei Donations & legacies Adivities for generating fijnds Investment Income 2,649 2,649 2,649 2,649 iio 114 224 110 114 224 Sale of investments 78.617 7&617 4,041 4,041 Other Reteipts 2ffj49 78.617 81,266 4,155 4.265 ote3 Costs of generating ndS Charitable activities 39 479 518 15 1.159 1,174 Governance costs 420 420 720 720 1,894 459 479 938 735 1,159 Pw¢hase of Investments 79,921 79,921 Other costs TotAI Pa ents 459 80.400 80,859 735 1,159 1094 Excess of Rec¢ipts over PaJine#ts ftir the year before tTansfers 2,190 11,7831 4117 (625} 2,996 2,371 Transfe Note 2 (3231 323 2,500 (2,500) Excess of Rtteipts over Paymenis for the ye•r 1,867 11.460} 407 496 2 J71
Second Henry Joseph Levitt Scholarsbip Statement of Balances At 8 October 2024 SC005287 Page 6 Ex¥¢ble ExpendAble UDrestrict¢d Endowment Totsl L'nr¢strieted EdowmeÉ Total Funds Funds Funds Fmnds Funds Funds 21124 2024 2024 2023 202) 2023 Bank & De itB* Bank & deposit balan¢gs brought ftirward 3.511 1,460 4.971 1,636 964 2,600 Movement in year: Excess of Rxeipts overPayment5 foT the y¢ar 1,867 {1,4601 4117 1,875 496 2,371 Bank & deposit ba]ances Carried forward ote5 5J78 5J78 3.511 1.460 4,971 ote4 83.847 83147 78.010 78.010 ber Liabilitie5 Independent examination 450 450 450 420 420 420 420 The accounts were approved by th¢ ttiJ$t¢es on .. For atkd on behalf of all the tru5tetS Chaimlan
Second Henry Joseph Levirt Scholarship Notes to the Accounts Year endlng 8 October 2024 Page 7 Note l. Trustee RemynerAtion 4nd Rel4t¢d Pirty Trin$#ttion$ During th¢ year no trustees were Temunerated or reiinbur5ed any expenses. No Tnjstee or pelson related to a trustee ha5 a personal interest in any contract or transactions enlered into by tlie charity during the year. Note 2. Fund moverneDt At 09.111.23 At 8.10.24 Income Trgn$ferg Unrestrieted funds Gen¢ral Fund 459 459 323 323 3,511 5,378 Expendable Endowment Funds Capital fund 1.460 78,617 {80.400) 323 Total funds 4.971 81.266 80,859 5,378 nt Funds Exp¢ndabl¢ endowtnrnt funds are those which are required io be invested to p¥odu¢e in¢om¢, bui which may be transferred to unrestrieted fimds at the d*scretion of the trustees, in order that the fut]d5 may be expended in furtherance of ihe ¢hzrity's obj¢¢tives. In 2024 it was decided by the Tte¢S that all funds should be moved to unr¢stri¢ted generdl funds. L"nrestricted Gene These funds ar¢ available for use at the discretton of the trustees in fiwtherance of the generaj obje¢tives of th¢ chariry and wliich have not been designated for other purposes. Transfers in the year are to retain fi]nds in unrestricted r¢s¢rv¢s and are by agreement of the Trustees.
Second Henry Joseph Levitt Scholarship Notes to the Accounts Year ending 8 Octobey 2024 Page 8 Note 3. An#lysis of Payments Exp¢ndble UDrutri¢t¢d Endtswment Fund5 FuThd5 Expendable Unr¢strt¢ted Endowment Totsl Funds FndS Tot41 2023 2024 2024 2024 2023 1023 Cwst of Gener%ting Funds- InveStmt Management EWM advtsor 17 17 809 809 Ch8rles Stanley advisor Commission &¢harges Other 384 78 384 39 117 15 350 365 39 479 518 15 ,159 1.174 Charit4ble aetivitles Grants Other ¢xpen5¢5 Govern%nce Costs Independent Examination 420 420 420 420 720 720 720 720 A$seWinvestmetst Purtha5e5 Investment purchkses 79.921 79,921 Total Payments 459 80,41)0 80 59 735 1,159 l J94 Note 4. Fixed Asset$- Investments at ValuAtiOD 2024 2023 Market Value ai start of year A¢qui51tions at Cost Disposals at Market Ve Valuatioaj changes Mark¢t Value at 8 Ociober 78.010 79.921 (78.6171 80,855 {4,041) 1.196 Note 5. B•nk alld Cash BalAnees Expendbl¢ Unrestricted EdOWMet Funds Fund5 2024 2024 EipeDdable Unrestricted Endowment Futhd$ Furtds 2023 21123 TotAI 2024 Total 21123 RBS Bank CS Income Alc CS Capit81 Alc 2,252 3.126 5.378 5,378 Last year the balance5 were in EWM'cash' 8nd'investment' accounts. 2,252 3,511 3.511 3.511 4,971