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COMPANY REGISTRATION NUMBER: 12152003
CHARITY REGISTRATION NUMBER: 1188179
ABG Trust Fund
Company Limited by Guarantee
Unaudited Financial Statements
31 August 2024
ABG Trust Fund
Company Limited by Guarantee
Financial Statements
Year ended 31 August 2024
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
ABG Trust Fund
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 August 2024
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 August 2024 .
Reference and administrative details
Registered charity name
ABG Trust Fund
Charity registration number
1188179
Company registration number
12152003
Principal office and registered
130 Bury New Road
office
Northhold Group
New Maxdov House
Manchester
M25 0AA
The trustees
A Bruner
Mrs G M Frank
I Luftig
Accountants
Haffner Hoff Ltd
Accountants
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
ABG Trust Fund is incorporated under Memorandum and Articles dated 09 August 2019. It was registered at Companies House on 12 August 2019 with Company registration number 12152003 . It is a registered charity with a charity number 1188179 and was registered on 25 February 2020.
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 A Bruner 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 objects and it's principal activities are:-
(i) For the public benefit to promote the education of people of all ages around the world in such ways as the charity's trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations worldwide that provide education;
(ii) The prevention or relief of poverty or financial hardship anywhere in the world by providing grants or loans to individuals in need and/or charities, or other organisations working to prevent or relieve poverty or financial hardship;
(iii) To advance the Orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the code of Jewish law (Shulchan Aruch);
(iv) To promote and protect the physical and mental health of sufferers of any medical condition around the world through the provision of financial assistance, support and medical advice.
Achievements and performance
The directors and trustees consider that the performance of the charity has been satisfactory.
The charity received £12,500 in donations and paid out £23,676 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..
Related party transactions in the reporting period are as detailed in the notes to the accounts.
There was an overall net expenditure and net movement in funds for the year amounting to £11,176, all of which are unrestricted.
Financial review
Reserves policy
The unrestricted fund represents the unrestricted funds arising from past operating results. The trustees wish to keep reserves as low as possible in order to maximise its charitable grants.
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 limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve practical for donations which are seasonal.
The free reserves, represented by the net current liabilities of the charity stand at (£846) all of which are unrestricted.
Although the charity had net liabilities at the year year-end, the trustees are of the view that the charity remains a going concern as these liabilities relate to accrued accountancy costs for the year in question which were not actually payable at the year-end. The trustees ensure that adequate funds are available to cover the charity's limited obligations.
The trustees' annual report was approved on 21 November 2024 and signed on behalf of the board of trustees by:
A Bruner
Trustee
ABG Trust Fund
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 August 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
12,500
12,500
162,114
--------
--------
---------
Total income
12,500
12,500
162,114
--------
--------
---------
Expenditure
Expenditure on charitable activities
6,7
23,676
23,676
154,006
--------
--------
---------
Total expenditure
23,676
23,676
154,006
--------
--------
---------
--------
--------
---------
Net (expenditure)/income and net movement in funds
( 11,176)
( 11,176)
8,108
--------
--------
---------
Reconciliation of funds
Total funds brought forward
10,330
10,330
2,222
--------
--------
---------
Total funds carried forward
( 846)
( 846)
10,330
--------
--------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
ABG Trust Fund
Company Limited by Guarantee
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Current assets
Cash at bank and in hand
1,077
11,770
Creditors: amounts falling due within one year
13
1,923
1,440
-------
--------
Net current liabilities
( 846)
10,330
----
--------
Total assets less current liabilities
( 846)
10,330
----
--------
Net liabilities
( 846)
10,330
----
--------
Funds of the charity
Unrestricted funds
( 846)
10,330
----
--------
Total charity funds
14
( 846)
10,330
----
--------
For the year ending 31 August 2024 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 21 November 2024 , and are signed on behalf of the board by:
A Bruner
Trustee
ABG Trust Fund
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 August 2024
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 130 Bury New Road, Northhold Group, New Maxdov House, Manchester, M25 0AA.
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. Although the charity had net liabilities at the year year-end, the trustees are of the view that the charity remains a going concern as these liabilities relate to accrued accountancy costs for the year in question which were not actually payable at the year-end. The trustees ensure that adequate funds are available to cover the charity's limited obligations.
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.
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.
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
ABG Trust Fund 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. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
12,500
12,500
162,114
162,114
--------
--------
---------
---------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable activity
22,663
22,663
152,289
152,289
Support costs
1,013
1,013
1,717
1,717
--------
--------
---------
---------
23,676
23,676
154,006
154,006
--------
--------
---------
---------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
£
Charitable activity
963
21,700
53
22,716
153,045
Governance costs
960
960
961
----
--------
-------
--------
---------
963
21,700
1,013
23,676
154,006
----
--------
-------
--------
---------
8. Analysis of support costs
Analysis of support costs
Total 2024
Total 2023
£
£
£
General office
53
53
756
Governance costs
960
960
961
-------
-------
-------
1,013
1,013
1,717
-------
-------
-------
9. Analysis of grants
2024
2023
£
£
Grants to institutions
Asser Bishvil
40,000
Bayis Lepleitos
8,570
Bederech Kovod
1,000
Beis Nadvorne
5,000
Bikur Cholim
2,000
6,000
Grants £5,000 & under
47,400
Grants Under £500
200
Kolyom Trust
10,500
MH Synagogue
3,000
Rabbinical College
6,000
T T T
8,500
9,000
Toras Moshe Ltd
5,000
20,000
--------
---------
21,700
150,470
--------
---------
Total grants
21,700
150,470
--------
---------
10. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
960
----
----
11. Staff costs
The average head count of employees during the year was Nil.
No employee received employee benefits of more than £60,000 during the year.
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. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
963
Accruals and deferred income
960
1,440
-------
-------
1,923
1,440
-------
-------
14. Analysis of charitable funds
Unrestricted funds
At 1 September 2023
Income
Expenditure
At 31 August 2024
£
£
£
£
General funds
10,330
12,500
(23,676)
(846)
--------
--------
--------
----
At 1 September 2022
Income
Expenditure
At 31 August 2023
£
£
£
£
General funds
2,222
162,114
(154,006)
10,330
-------
---------
---------
--------
15. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Current assets
1,077
1,077
Creditors less than 1 year
(1,923)
(1,923)
-------
-------
Net liabilities
(846)
(846)
-------
-------
Unrestricted Funds
Total Funds 2023
£
£
Current assets
11,770
11,770
Creditors less than 1 year
(1,440)
(1,440)
--------
--------
Net liabilities
10,330
10,330
--------
--------
16. Related parties
The charity received donations totalling £12,500 from related parties.
17. Taxation
ABG Trust Fund is a registered charity and is therefore 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.