The C. & E. Trust Limited Charity Accounts

THE C. & E. TRUST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07548796

CHARITY REGISTRATION NUMBER: 1141632

The C. & E. Trust Limited

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2023

The C. & E. Trust Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2023

	Page

Trustees' annual report (incorporating the director's report)	1

Statement of financial activities (including income and expenditure account)	4

Statement of financial position	5

Notes to the financial statements	6

The C. & E. Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2023

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .

Reference and administrative details

Registered charity name	The C. & E. Trust Limited

Charity registration number	1141632

Company registration number	07548796

Principal office and registered	686 Finchley Road
office	Golders Green
	London
	NW11 7NN

The trustees

	N Cohen
	R Freilich
	M Morawiecki
	C Morawiecki

Accountants	Haffner Hoff Ltd
	Accountants
	2nd Floor - Parkgates
	Bury New Road
	Prestwich
	Manchester
	M25 0TL

Structure, governance and management

The C. & E. Trust is incorporated under Memorandum and Articles dated 08 February 2011. It was registered at Companies House on 02 March 2011 with Company registration number 07548796 . It is a registered charity with a charity number 1141632 and was registered on 15 January 2019.

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

There is no chief executive officer. The day to day affairs are undertaken by Mr C Morawiecki on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity's employees is the sole domain of the trustees.

A policy and procedure for the induction and training of new trustees has been developed in line with requirements of trustees.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

The risks faced by the trust are principally operational risks from direct charitable activity.

These risks are managed by the trustees researching potential beneficiaries before paying out funds for direct charitable activity.

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all payments.

Objectives and activities

The charity's object and its principal activities are the advancement of the Orthodox Jewish Faith, religious education and the relief of poverty, sickness and infirmity amongst members of the Jewish Faith.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The directors and trustees consider that the performance of the charity has been most satisfactory.

The charity received £5,224 in investment income during the year. The charity paid out £6,924 on charitable grants and other direct costs and support costs.

The trustees consider that the above expenditure is in line with the objects of the charity.

The charity has governance costs that comprise professional fees and sundry office costs.

All charitable activity was done via grants.

Related party transactions in the reporting period are as detailed in the notes to the accounts.

The split between restricted and unrestricted funds is as disclosed on the face of SOFA.

There was a net expenditure and net movement of funds of £1,700 .

Financial review

Investment performance

The investments of the charity have provided a 4% gross return on investments. The investment income is lower this year due to the investment property being untenanted for a lot of the year.

The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.

Reserves policy

The Unrestricted Fund represents the unrestricted funds arising from past operating results.

The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.

The trustees consider the holding value to be the fair value.

The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.

The free reserves, being the net current liabilities stand at (£250), all of which are unrestricted.

The trustees' annual report and the strategic report were approved on 19 January 2024 and signed on behalf of the board of trustees by:

C Morawiecki

Trustee

The C. & E. Trust Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2023

	2023		2022
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Investment income	5	5,224	5,224	13,570
		-------	-------	--------
Total income		5,224	5,224	13,570
		-------	-------	--------

Expenditure

Expenditure on raising funds:

	Investment management costs	6	3,289	3,289	–
Expenditure on charitable activities		7,8	3,635	3,635	11,835
			-------	-------	--------
Total expenditure			6,924	6,924	11,835
			-------	-------	--------

	-------	-------	--------
Net (expenditure)/income and net movement in funds	( 1,700)	( 1,700)	1,735
	-------	-------	--------

Reconciliation of funds

Total funds brought forward	121,450	121,450	119,715
	---------	---------	---------
Total funds carried forward	119,750	119,750	121,450
	---------	---------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The C. & E. Trust Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Investments	13	120,000	120,000

Current assets

Cash at bank and in hand	1,250	4,030

Creditors: amounts falling due within one year	14	1,500	2,580
		-------	-------
Net current liabilities		( 250)	1,450
		---------	---------
Total assets less current liabilities		119,750	121,450
		---------	---------
Net assets		119,750	121,450
		---------	---------

Funds of the charity

Unrestricted funds		119,750	121,450
		---------	---------
Total charity funds	15	119,750	121,450
		---------	---------

For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

These financial statements were approved by the board of trustees and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:

C Morawiecki

Trustee

The C. & E. Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 686 Finchley Road, Golders Green, London, NW11 7NN.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The C. & E. Trust is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.

5. Investment income

	Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	£	£	£	£
Income from investment properties	5,224	5,224	13,570	13,570
	-------	-------	--------	--------

6. Investment management costs

	Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	£	£	£	£
Investment management costs	3,289	3,289	–	–
	-------	-------	----	----

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	£	£	£	£
Grant Activity	2,770	2,770	11,037	11,037
Support costs	865	865	798	798
	-------	-------	--------	--------
	3,635	3,635	11,835	11,835
	-------	-------	--------	--------

8. Expenditure on charitable activities by activity type

	Grant funding of activities	Support costs	Total funds 2023	Total fund 2022
	£	£	£	£
Grant Activity	2,770	265	3,035	11,054
Governance costs	–	600	600	781
	-------	----	-------	--------
	2,770	865	3,635	11,835
	-------	----	-------	--------

9. Analysis of support costs

	Analysis of support costs activity 1	Total 2023	Total 2022
	£	£	£
General office	265	265	18
Governance costs	600	600	780
	----	----	----
	865	865	798
	----	----	----

10. Analysis of grants

	2023	2022
	£	£

Grants to institutions

Care All Ltd	–	1,800
Grants under £1,000	970	3,437
Keren	–	1,000
Keren Chochmas Shlomo	1,800	2,500
Keren Hashviis	–	1,300
Zlotchov	–	1,000
	-------	--------
	2,770	11,037
	-------	--------
Total grants	2,770	11,037
	-------	--------

11. Staff costs

No employee received employee benefits of more than £60,000 during the year (2019: Nil).

12. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

13. Investments

	Other investments
	£
Cost or valuation
At 1 April 2022	120,000
Additions	–
	---------
At 31 March 2023	120,000
	---------
Impairment
At 1 April 2022 and 31 March 2023	–
	---------
Carrying amount
At 31 March 2023	120,000
	---------
At 31 March 2022	120,000
	---------

All investments shown above are held at valuation.

Investment properties consists of a single 100% owned residential property. Valuation of the investment property is at fair value in the opinion of the trustees and is based on rental yield.

The investment forms the main source of income for the charity and is held with minimal exposure to risk.

14. Creditors: amounts falling due within one year

	2023	2022
	£	£
Accruals and deferred income	600	1,680
Other creditors	900	900
	-------	-------
	1,500	2,580
	-------	-------

15. Analysis of charitable funds

Unrestricted funds

	At 1 April 2022	Income	Expenditure	At 31 March 2023
	£	£	£	£
General funds	121,450	5,224	(6,924)	119,750
	---------	-------	-------	---------

	At 1 April 2021	Income	Expenditure	At 31 March 2022
	£	£	£	£
General funds	119,715	13,570	(11,835)	121,450
	---------	--------	--------	---------

16. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2023
	£	£
Investments	120,000	120,000
Current assets	1,250	1,250
Creditors less than 1 year	(1,500)	(1,500)
	---------	---------
Net assets	119,750	119,750
	---------	---------

	Unrestricted Funds	Total Funds 2022
	£	£
Investments	120,000	120,000
Current assets	4,030	4,030
Creditors less than 1 year	(2,580)	(2,580)
	---------	---------
Net assets	121,450	121,450
	---------	---------

17. Related parties

Mr C Morawiecki , trustee of The C. & E. Trust, is also a director and shareholder of Eutrex Holdings Ltd. In a previous year, Eutrex Holdings Ltd lent the charity £900 on an interest free basis and this was still the balance at the year end.

18. Taxation

The C. & E. Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.