Infinity Capital Trust - Charities report - 22.2

REGISTERED COMPANY NUMBER: 06535333 (England and Wales)

REGISTERED CHARITY NUMBER: 1134183

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

INFINITY CAPITAL TRUST

Page

Report of the Trustees

1

to

2

Statement of Financial Activities

3

Balance Sheet

4

Notes to the Financial Statements

5

to

6

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

(i) The relief of poverty among persons of the Jewish faith in any part of the world

(ii) The advancement of the Jewish religion in any part of the world

(iii) The advancement of the education of the public in any part of the world in the knowledge of the Jewish religion and Jewish history and culture.

(iv) Such other charitable purposes for the benefit of persons of the Jewish faith in any part of the world as the Trustees shall from time to time decide.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Company's aims and objectives and in planning future activities and setting the grant making policy for the year.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The results for the period and the financial statements at the period end were considered satisfactory by the trustees.

FINANCIAL REVIEW

Reserves policy

The charity aims to maintain reserves in order that it is in a position to continue its grant making activities at a consistent level and to cover contingencies of additional calls being made upon the charity for support of organisations or institutions in times of need.

The present level of funding is adequate to support the continuation of the provision of assistance by the giving of grants or equipment in the short term, and the trustees consider the financial position of the charity to be satisfactory.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Membership of the Charity is open to any individual in promoting the Objects who:

a) applies to the charity in the form required be the Trustees;

b) is approved by the trustees; and

c) signs the register of members or consents in writing to become a member.

Organisational structure

The company has 3 trustees; names of members are listed above. The charity is organised so that the trustees meet regularly to manage the affairs of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06535333 (England and Wales)

Registered Charity number

1134183

Registered office

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Trustees

Mr B Blau

Rabbi N C Blau

Ms J Wilk

Company Secretary

Ms J Wilk

Approved by order of the board of trustees on 21 December 2023 and signed on its behalf by:

Mr B Blau - Trustee

2023

2022

Unrestricted

Total

fund

funds

Notes

£

£

EXPENDITURE ON

Charitable activities

Charitable activities

613

613

NET INCOME/(EXPENDITURE)

(613

)

(613

)

RECONCILIATION OF FUNDS

Total funds brought forward

21,411

22,024

TOTAL FUNDS CARRIED FORWARD

20,798

21,411

2023

2022

Unrestricted

Total

fund

funds

Notes

£

£

CURRENT ASSETS

Cash at bank

22,817

22,877

CREDITORS

Amounts falling due within one year

3

(2,019

)

(1,466

)

NET CURRENT ASSETS

20,798

21,411

TOTAL ASSETS LESS CURRENT LIABILITIES

20,798

21,411

NET ASSETS

20,798

21,411

FUNDS

Unrestricted funds

20,798

21,411

TOTAL FUNDS

20,798

21,411

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 21 December 2023 and were signed on its behalf by:

Mr B Blau - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

All funds held are unrestricted income funds.

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors and loans from banks.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Liability of each member in the event of winding-up is limited to £10.

2.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

3.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Accrued expenses

2,019

1,466

4.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.