Scottish Charity No: SCO15757 HARRIS KAUFMAN TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 16 JUNE 2024 Brodies LLP Capital Square 58 MoTrison Street Edinburgh EH3 8BP T.. 0131 228 3777 Ref.. ARF.1£4U4
HARRIS KAUFMAN TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 16 JUNE 2024 Reference ancl admlnlstratlve dgtalls of the charityy its trustee5 and advlsors Scottish Charity No: SC015757 Contents Page Reference and Adminislralive Information Tru5tees' Arnual Report Independenl Examiner's Report Slalemenl ol Receipts and Payments Slalemenl ol Balances Notes lo the Financial Staternents Trustees Registered address Erodies LLP Capital Square 58 Morrison Street Edinburgh EH3 SBP SolTCltors Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 88P Stockbrokers Ralhbones 50 George >quare Glasgow G2 1EH Independent examiner Brodip.q I I P Capital Square 58 Morrison Street Edinburgh EH3 8BP AG¢ 2024 KAU 4 Ye 16Jun 2024 IR4PII72286684.11 Brodies
HARRIS KAUFMAN TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 16 JUNE 2024 The trustees present their report along with the financial stslements for the year ended 16 June 2024. Structure. Governance and Management Establishment of trust The tru51 was established by trust disposition and selllement of the late Harris Kaufman, dated 1st May 1947 and registered in the Books of Council and Session on 4th May 1949. The objects and purposes of the trust were further defined by the then Iruslees in a deed of trust. dated 4th March 1952 and subsequent dales and registered in the Books of Council and Session on 3rd April 1952. A deed of amendment was signed on 11th April 2023 and registered in the Books of Council and Session on 21st April 2023 to widen the potential beneficiaries of the Irusl, as the original class was very narrowly defined. The Iruslees applied to OSCR lo wind up the trust on 26 April 2023 and consent was granted on 6 June 2023. Risk managemènt The Iruslees have assessed the risks lo which the trust is exposed, in particular those related to the operations and finance5 of the trust and are satisfied that systems are in place to mitigate all exposure to major risks, The trustees consider variability of investment returns as one of the majoi risks, and therefore the trust uses the services of Rathbones, stockbrokers, as investment advisers. Objectives and Activities Trust purposes In lemis of the trust disposition and settlement, the late Harris Kaufman directed his trustees lo hold the whole residue and remainder of his eslale invested and to apply the whole free annual income and produce thereof as il should accrue in helping Jewish people of half blood only lo enable them lo become efficient in their respective vocations or anlicipaled vocations, on all such matters the said Harris Kaufman directèd that his trustees should be the absolute and final judges. In the deed of trust the then trustees declared the objects and purposes of the trust lo be as follows'.- It is lo be a condition of any assistance being given to an applicant that he or she shall be the child of one Jewish and one non-Jewish parent and that he or she shall be unable through poverty lo obtain the education or inslru¢lion necessary to make him or her efficient in his or her vocation or anlicipaled vocation. Per the deed of amendment dated 11 April 2023, the Iruslees amended the objects and purposes lo'.- It shall bè a condition of any assistance being given to an applicant, that he or she shall be unable through poverty lo obtain the education or instruction necessary lo make him or her efficient in his or her vocation lo anticipated vocation. The deed of amendment dated 11th April 2023, also gave the trustees power to apply the whole free annual income and produce thereof as il shall accrue and the capital in the Trust Eslale. Grant making policy The Iruslees shall make pecuniary grants to applicants satisfying the foregoing condition as they think fit but such grants shall be reslricled to those made for the following purposes 11 For payment of fees in respect of educational or instructional classes in the trade, profession or vocation which the applicant practices or intends to practice ', and 21 For payment of allowances for subsistence, necessary Iravelling and other necessary expenses without which allowanees, whether in addrtion lo grants from this trust under the preceding clause or to bursaries, scholarships or other, the applicant would be unable lo proceed with the instruction or education which he or The trustees have agreed to wind up the trust. and agreed and paid a final donation of £100,000.00 lo Jewish Care Scotland Ltd. Achievements and Perfomiance The market value of the investments al the year end was £4,851.0012023'. £112,560.00). All the investments except one have been reali5ed in order lo wind up the charity. One donation of £100,00.00 was made during the year12023.. £nill. Ace 2024 KAU_4 Ye 16Jun 2024 IR+PII72286684.11 Brodie5
HARRIS KAUFMAN TRUST TRU8TEES' ANNUAL REPORT FOR THE YEAR ENDED 16 JUNE 2024 FlnanGlal Review For the year to 18 June 2024 Ihere was a cash surplu5 of £366.82 12023.. deficit £2.947.80). Re8ervo8 3116 June 2024 were £12.243 8412023.. £118,916.73). In¢luded li the reserves figure is an amount of £5.426.29. being 18 driidend distributions held by M&G investments, which havo aocumulatod over pravious years. Thesg dividends were retainèd by M&G, as the holding vraB rogi$l&red in thg name of a former trustee, The holding has now been transterred into thè trust's Rathbones nominee 8¢¢ount Hcwevei. l.ie triistees have been pursuing the outstandirg dividend payments over the last calendar year and are hopeful that the funds 111 be soon rèleased. A lack of response from hA&G lo correspondence issued by Brodies LLP has delayed the resolution of this mater. Reserves poll¢y It 15 the p¥JliGy of the trust to maintain funds at a level sufficient to cover rnanagement, administration and donations Investmènt pollcy The trust uses the s2rwces of Ralhbonès as investment advisers. The policy is lo adopt a rnedium risk investmerl strategy based on maximising income lIe maintaining Capital growth. Fulure Plalls OSCR has gave it3 consent to the wnd up the trust on 8 Jun8 2023. A donation has bean mad* to Jgwi$h Care ScolarKI ISC0052671. Tho ¢haritabl8 trustwill now bo wound up. Statement of the trustees. responsibilitiès Charity law require5 the Irustees to ensijre that financial slalèments are prepared for each f5nancial year which give 2 true and lair view of the slate of affairs c)f Ihe trust and of it5 results for that period. In preparing financial statements the trustee8 3re required to.. select suilable accounting pDllcles and then apply thern con515tEntly." tnake judgErnent¥ itFid estiina¢es thal are reasonab and prdt prepare tlie financial staletnent5 on the going concern basis unle88 it 18 inappropriate to presurne Ihat the trust will continue The trustees are responsible fL7r keeping proper accounting records which disclose with reasonaue acc'Jracy al any limè the financial PD$ilion ot the trust and to enable them to ensure that the financlal Statements comply with the legislation. They are also responsible for saleguardlng the assets of the trust and hen lor taking reasonabk steps for tre prevention and detectlon of fraud and other Irrègularlb"es. The attach financial statements have been completed tts comply with the trt deed and staiulory requirements. Investments have been acquired In a¢¢ordance with pL)wers granted in tme trust deed. h31f on 1015 . Acc 24 KAU 4 Ye 16Jun 2024 IR+PII72286684.11 Brodies
HARRIS KAUFMAN TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 16 JUNE 2024 I report on the 8ccounls of the charity lor the year ended 16 June 2024 which are sel out on pages f to 8. Respective responsibllltles of trustees and Independent examlners The charity's trustees are responsible for the preparation of the accounts in accordance with the term5 of the Charities and Trustee Investment (Scotlandl 2005 Act and the Charities Accounts IS¢oll2ndl REgu12tions 2006. The cha-ity trustees consider that the audit requirement of Regulation 10111 Idl of Ihg Accounts Regulations does not apply. 11 is my responsibility lo examine the accounts as required under seclion 44111 Icl of the Act ard to state whether parli¢ular mallers have come to my attention. Basls of Independent examlner's statement examination is carried out in accordanee with Regulation 11 01 the Charities Accounts (Jcollandl Règulations 20IX. An examinab'on incILeS a review of the gccounting records kept by the charity and 2 compaiison of the a¢¢ounls presented with those records. It also includes consideration of any unucual items or diqcbsures 11 the accounts and sÈ@ks explanations from the trustees concerning any such malters. The proeèdures undgrtskÈn clo not prowde all thè évidence that wniild hp. rpqiiirp.d in xiidil And, ron<pquently. I do not express an audit opinion on the accounts Independent examlner's statement In the wurse of my examination, no matter ha5 come to my attenb'on 1. which gives me reasonable causè lo believe Ihat in, any material respects the requirements. lo keep aCCOLJnting records in accDrdance with section 44(1)a of the 2005 Act and Regulation 4 of the 2006 Accounts Regu ations lo prepare accounts which accord with the accounling records alld comply with Regulation 9 of the 2006 Accounts Regu 2tions have not been mel. or 2. to which, in rny opinion attention should be drawn In order to enable a proper understanding of the accounts io be re2chèd. . Acc 2024 KAU_4 Ye 16Jun 2024 IR+PII72286684.11 Brodies
HARRIS KAUFMAN TRUST STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 16 JUNE 2024 Note 2024 Unrestricted funds 2023 Unrestricted funds Receipts Investment income 2,272.07 2.847.91 Investments alised- net 106,737.48 Total Receipts 109,009.55 2.847.91 Payments Investment management costs 377.60 485.00 Donations 100,000.00 Adminislralion costs 8,285.13 5,310.71 Total Payments 108,662.73 5,795.71 Surpluslldeficitl for year 346.82 2,947.801 . Ac¢ 2024 KAU 4 Ye 1SJun 2024 {R+P){72286664.11 Brodies
HARRIS KAUFMAN TRUST STATEMENT OF BALANCES ASAT16JUNE 2024 Noto 2024 Unrestrict8d funds 2023 Unrestricted funds Totsl Total Cash Funds Opening cash at bank and in hand Add.. R8ceipt and Pawnonts surpluslldelicit) 1,619.73 4.567.53 366.82 2,947.801 Closing cash al bank and in hand 1,986.55 1,619.73 Bank and cash balancgs Rathbones c8pltai cash hekl Rathbor)es - ncorne Ga5h held Royal Bank d Scotland SoliGitor8 Spe081 Deposit Account Brodies LLP- ca8h 695.63 1,966.55 446.25 1,966.55 1,619.T3 Investments Investments al market value 4,851.00 112,560.00 Other Assots Debtors - M&G dividend5 5,426.29 5,426.29 Oth0r Liabilities Brodies LLP - fees due 689.291 Total Reserves 12,243.84 116,916.73 oroved on beh¥ff of thè tnistpes and 4ion8d on their behalf on .1 S . ?r)?S. . Acc 2024 KAU_4 Ye 16Jun 2024 IR+PII72286684.11 Brodi8S
HARRIS KAUFMAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 16 JUNE 2024 Basis of Accounting I nese accounts nave been preparea on ine Keceipts and Haymenis Dasis In accordance witn tne Lnarirses & Trustee Investment (Scollandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006 las amended) Nature and Purpose of Funds Unreslricled funds are those that may be used al the discretion of the trustees in furtherance of the objects of the charity. The Iruslees maintain a single unreslricled fund for this charity. Restricted funds may only be used for specific purposes. Reslriclions arise when specified by the donor or when funds are raised for specific purposes. VAT The trust is not registered for VAT and accordingly expenditure includes VAT where appropriate. Taxation The trust is a Charity and is recognised as such by H M Revenue & Customs for taxation purposes. As a result there is no liability lo laxalion on any of its income. Trustees. remuneration No trustee received any remuneralion12023'. Nill. Trustees. expenses No trustee received any expenses12023'. Nill. Investments Investments are quoted on UK Stock Exchanges and are slated at market value. Investments are reviewed al least yearly by Ralhbones, stockbrokers and changes in the portfolio are made on their recommendation. Gains and losses are recognised in the period in which they arise. 2024 2023 Opening market value Less.. Disposals at opening market value 112,560.00 108,535.00 1107,709.001 Net gain on revaluation at 16 June Market value at 16 June 4,025.00 4,851.00 112,560.00 Book value of investments at 16 June 513.00 60,646 67 Investments realised Inve51menls purchased Investments realised - nel 1(,737.48 106,737.48 . ACG 2024 KAU 4 Ye 16Jun 2024 IR+PII72286684.11 Biodles
HARRIS KAUFMAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 16 JUNE 2024 2024 2023 Charitable grants Jewish Care Scotland Ltd 100,000.00 100,000.00 Guarantees and commitments There were no conlingenl liabilits'es at the balance Sheet dale. . Acc 2024 KAU 4 Yè 18Jun 2024 IR+PII72286684.fl Brodies