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 pr￿d￿t 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 tr￿t deed and staiulory requirements. Investments have been acquired In a¢¢ordance with pL)wers granted in tme trust deed. h31f on 1015 . Acc 2￿4 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 incIL￿eS 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