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COMPANY REGISTRATION NUMBER: 12446464
CHARITY REGISTRATION NUMBER: 1193431
The Ashwell Trust
Company Limited by Guarantee
Unaudited Financial Statements
28 February 2023
The Ashwell Trust
Company Limited by Guarantee
Financial Statements
Year ended 28 February 2023
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
The Ashwell Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 28 February 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 28 February 2023 .
Reference and administrative details
Registered charity name
The Ashwell Trust
Charity registration number
1193431
Company registration number
12446464
Principal office and registered
16 New Hall Road
office
Salford
M7 4EL
The trustees
Joshua Waldman
(Resigned 27 May 2022)
A Vogiel
Jehuda Waldman
(Resigned 27 May 2022)
Mrs B Vogiel
(Appointed 27 May 2022)
Mrs H Krausz
(Appointed 27 May 2022)
Accountants
Haffner Hoff Ltd
Accountants
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
The Ashwell Trust is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 06 February 2020 as a company and the company number is 12446464 . It was registered as a charity on 05 February 2021 with a charity number 1193431 .
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association 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 J Waldman 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 are the sole domain of the trustees.
There are no policies for the induction or training of new 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 ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Risk management
The Trustees are responsible for the management of the risks faced by the Charity. A formal review of the charity's risk management processes is undertaken on an annual basis.
The key controls used by the charity include:
o Comprehensive strategic planning and budgeting;
o Established organisational structure and lines of reporting;
o Clear authorisation and approval levels.
Through the risk management processes established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
The objects of the charity are:
(1) For the public benefit to advance the education of people of all ages who are in full or part time education by awarding scholarships, maintenance allowances or grants; or by making grants to charities or other organisations that provide education;
(2) The prevention or relief of poverty by providing grants to individuals in financial hardship and/or charities, or other organisations working to prevent or relieve poverty or financial hardship;
(3) To advance the Orthodox Jewish religion in accordance with the principles of the code of Jewish Law (Shulchan Aruch)by providing grant funding to Synagogues and other religious institutions.
(4) The relief of sickness and the preservation of the physical and mental health of people suffering any medical condition by providing grant funding to enable such people to secure support and treatment.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations and investment income. The charity gives out grants in line with the above objects.
There were no grants paid out in the year.
The application of the funds by way of grants to either institutions or individuals and is almost always to institutions.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity received £Nil in donations during the year and paid out £21,460 by way of grants and support costs.
The charity is reporting negative income on the investment properties amounting to £27,614. This is due to a major improvement and overhaul of the investment property that was deemed appropriate by the trustees, during the year. The resulting investment will ensure increased investment income in the future.
Grants paid out during the year can be seen in the notes to the accounts.
The charity incurred governance costs comprising professional fees.
All other office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.
There were no material fundraising costs during the year.
Related party transactions are disclosed as applicable in the notes to the accounts.
There was an overall net expenditure and movement of funds for the year amounting to £49,074.
Financial review
Investment performance
During the year the investment of the charity underwent an overhaul as mentioned above, consequently there was no actual return to report this year.
The trustees look forward to next year when they hope to report on a healthy return from this investment.
The trustees feel that the activity reflects the profile and standing within the local community. The impact for future year's expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.
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.
In considering the financial obligations of the charity, the trustees have resolved to maintain a minimum reserve, being the current assets of the charity.
The trustees have considered the fair value of the investment property. The trustees consider the holding value to be the fair value.
The free reserves, represented by the net current liabilities of the charity, amounted to £(917) all of which are unrestricted. This is deemed acceptable by the trustee as mentioned above.
The trustees' annual report and the strategic report were approved on 14 January 2024 and signed on behalf of the board of trustees by:
A Vogiel
Trustee
The Ashwell Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 28 February 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Investment income
5
( 27,614)
( 27,614)
( 29,489)
--------
--------
--------
Total income
( 27,614)
( 27,614)
( 29,489)
--------
--------
--------
Expenditure
Expenditure on charitable activities
6,7
21,460
21,460
1,147
--------
--------
--------
Total expenditure
21,460
21,460
1,147
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 49,074)
( 49,074)
( 30,636)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
19,700
19,700
50,336
--------
--------
--------
Total funds carried forward
( 29,374)
( 29,374)
19,700
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Ashwell Trust
Company Limited by Guarantee
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Investments
12
( 28,457)
20,558
Current assets
Cash at bank and in hand
1,123
1,122
Creditors: amounts falling due within one year
13
2,040
1,980
-------
-------
Net current liabilities
917
858
--------
--------
Total assets less current liabilities
( 29,374)
19,700
--------
--------
Net liabilities
( 29,374)
19,700
--------
--------
Funds of the charity
Unrestricted funds
( 29,374)
19,700
--------
--------
Total charity funds
14
( 29,374)
19,700
--------
--------
For the year ending 28 February 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 14 January 2024 , and are signed on behalf of the board by:
A Vogiel
Trustee
The Ashwell Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 28 February 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 16 New Hall Road, Salford, M7 4EL.
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, as mentioned in the Trustees Annual Report.
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 besides the valuation of fixed asset investments at the year end.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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 Ashwell Trust is a registered charity and a company limited by guarantee that does not have any 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
(27,615)
(27,615)
(29,489)
(29,489)
Bank interest receivable
1
1
--------
--------
--------
--------
( 27,614)
( 27,614)
( 29,489)
( 29,489)
--------
--------
--------
--------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable grants
18,500
18,500
Support costs
2,960
2,960
1,147
1,147
--------
--------
-------
-------
21,460
21,460
1,147
1,147
--------
--------
-------
-------
7. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable grants
18,500
2,000
20,500
67
Governance costs
960
960
1,080
--------
-------
--------
-------
18,500
2,960
21,460
1,147
--------
-------
--------
-------
8. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
General office
2,000
2,000
67
Governance costs
960
960
1,080
-------
-------
-------
2,960
2,960
1,147
-------
-------
-------
9. Analysis of grants
2023
2022
£
£
Grants to institutions
Belz Communities
10,000
T T C N
8,500
--------
----
18,500
--------
----
Total grants
18,500
--------
----
10. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Investments
Investment properties
£
Cost or valuation
At 1 March 2022
20,558
Additions
(27,615)
Disposals
(21,400)
--------
At 28 February 2023
(28,457)
--------
Impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
(28,457)
--------
At 28 February 2022
20,558
--------
All investments shown above are held at valuation.
Investment properties
Investment properties above represents an investment in a UK property syndicate with a reasonably large holding. The trustees have opted to account for it as a simple investment. The trustees consider they do not exert significant influence and control over these investments. The trustees have elected to make use of relevant exemptions under FRS 102 as they do not believe it is appropriate, given the nature of these investments, to account for them as anything other than as a simple investment.
Valuation of the UK investment property is current market value which is fair value in the opinion of the trustees.
13. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,040
1,980
-------
-------
14. Analysis of charitable funds
Unrestricted funds
At 1 March 2022
Income
Expenditure
At 28 February 2023
£
£
£
£
General funds
19,700
(27,614)
(21,460)
(29,374)
--------
--------
--------
--------
At 1 March 2021
Income
Expenditure
At 28 February 2022
£
£
£
£
General funds
50,336
(29,489)
(1,147)
19,700
--------
--------
-------
--------
15. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
(28,457)
(28,457)
Current assets
1,123
1,123
Creditors less than 1 year
(2,040)
(2,040)
--------
--------
Net liabilities
(29,374)
(29,374)
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
20,558
20,558
Current assets
1,122
1,122
Creditors less than 1 year
(1,980)
(1,980)
--------
--------
Net liabilities
19,700
19,700
--------
--------
16. Taxation
The Ashwell 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.