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COMPANY REGISTRATION NUMBER: 11534977
CHARITY REGISTRATION NUMBER: 1183303
Convalescent Retreat Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 August 2024
Convalescent Retreat Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 August 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10
Convalescent Retreat Limited
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
Convalescent Retreat Limited
Charity registration number
1183303
Company registration number
11534977
Principal office and registered
Allanadale Court, Flat 1
office
Waterpark Road
Salford
M7 4JN
The trustees
R T Halpern
B Hassan
D Neuwirth
Independent examiner
Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Convalescent Retreat Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 24 August 2018 as a company and the company number is 11534977 . It was registered as a charity on 08 May 2019 with a charity number 1183303 .
There is no chief executive officer. The day to day affairs are undertaken by the management 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.
The trustees of the charity are legally responsible for the overall management and control of the charity and meet regularly. A management committee which includes the trustees, user representatives, volunteers and staff representatives meet monthly to review financial and performance reports. The committee has delegated responsibility for scrutiny and strategic planning.
A policy and procedure for the induction and training of new trustees is currently being developed and will be implemented in the coming year.
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 or direct charitable activity. These risks are managed by the trustees researching potential beneficiaries before granting donations or payment of direct charitable activity.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants and direct charitable activity
Objectives and activities
The objects of the charity are:
(i) the preservation and protection of the health generally of Jewish women and their families, and in particular the physical, mental and emotional health of Jewish mothers recovering from childbirth by the provision of a mother and baby home;
(ii) the relief of financial hardship and ill health, either generally or individually, amongst women and their families within the Jewish community by assisting in the provision of items directed at improving their post natal conditions of life
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 does not normally pay out any material grants.
The application of the funds by way of direct charitable activity on the mother and baby home.
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 of women attending the mother and baby home each year. The expenditure on the mother and baby home is 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
During the year, the charity received £980,000 (2023: £962,110) in donations.
The charity spent £1,047,147 (2023: £909,340) on direct running costs of the centre including support costs for the Centre and the charity.
The Centre offers short residential breaks to low risk postnatal mothers and their babies in an effort to promote rest and relaxation. Day to day needs of mother and baby are fully catered for by a range of hospitality staff and experienced health care support workers whilst qualified midwives carry out postpartum checks and observations.
The charity has 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 fundraising costs incurred during the year.
Related party transactions in the reporting period are as disclosed in the notes to the accounts as applicable.
There was a net expenditure and net movement in funds for the year amounting to (£66,997) (2023: £52,770).
Financial review
The trustees consider that the year was an excellent one in terms of donations and the number of mothers who came to the Centre and were able to recuperate in their immediate postnatal period. The trustees are delighted to have made many valuable contributions to the community.
Reserves policy
The unrestricted fund is in deficit and the trustees consider this to be acceptable as they are confident that the shortfall will be made up through fundraising in future periods.
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 are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
The total funds held by the charity at the year-end were (£137,815) (2023: (£70,818)). Of these, all were unrestricted. The free reserves of the charity represented by the net current liabilities of the charity stood at (£117,815) (2023: (£70,871)). This excludes any reserves held in restricted funds or held for any designated purpose.
The charity has net current liabilities and an overall deficit on its reserves.
The trustees acknowledge the above and are confident that the charity will be able to continue for the foreseeable future as they have obtained assurances from a local philanthropist that the charity will be able to continue to operate for the foreseeable future. Furthermore, the trustees are committed to raising funds to ensure the charity is able to repay its creditors as they fall due for repayment.
It should be noted that the creditors are made up of accruals and interest free other creditors made up of trade creditors and other creditors who have acknowledged that they will not call in their loans to the detriment of the charity. Additionally, the charity returned a surplus in the year.
It is appropriate therefore for the financial statements to be prepared on a going concern basis.
The trustees' annual report and the strategic report were approved on 14 May 2025 and signed on behalf of the board of trustees by:
D Neuwirth
Trustee
Convalescent Retreat Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Convalescent Retreat Limited
Year ended 31 August 2024
I report to the trustees on my examination of the financial statements of Convalescent Retreat Limited ('the charity') for the year ended 31 August 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
14 May 2025
Convalescent Retreat Limited
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
980,000
980,000
962,110
Charitable activities
6
150
150
---------
---------
---------
Total income
980,150
980,150
962,110
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
1,047,147
1,047,147
909,340
------------
------------
---------
Total expenditure
1,047,147
1,047,147
909,340
------------
------------
---------
------------
------------
---------
Net (expenditure)/income and net movement in funds
( 66,997)
( 66,997)
52,770
------------
------------
---------
Reconciliation of funds
Total funds brought forward
( 70,818)
( 70,818)
( 123,588)
------------
------------
---------
Total funds carried forward
( 137,815)
( 137,815)
( 70,818)
------------
------------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Convalescent Retreat Limited
Company Limited by Guarantee
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
14
9
53
Current assets
Debtors
15
18,910
22,745
Cash at bank and in hand
68,397
40,085
--------
--------
87,307
62,830
Creditors: amounts falling due within one year
17
205,131
133,701
---------
---------
Net current liabilities
117,824
70,871
---------
--------
Total assets less current liabilities
( 117,815)
( 70,818)
Creditors: amounts falling due after more than one year
18
20,000
---------
--------
Net liabilities
( 137,815)
( 70,818)
---------
--------
Funds of the charity
Unrestricted funds
( 137,815)
( 70,818)
---------
--------
Total charity funds
20
( 137,815)
( 70,818)
---------
--------
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 14 May 2025 , and are signed on behalf of the board by:
D Neuwirth
Trustee
Convalescent Retreat Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 August 2024
2024
2023
Note
£
£
Cash flows from operating activities
Net (expenditure)/income
(66,997)
52,770
Adjustments for:
Depreciation of tangible fixed assets
44
44
Interest payable and similar charges
58
2
Accrued expenses/(income)
5,227
( 13,466)
Changes in:
Trade and other debtors
3,835
( 4,612)
Trade and other creditors
71,974
( 19,560)
--------
--------
Cash generated from operations
14,141
15,178
Interest paid
( 58)
( 2)
--------
--------
Net cash from operating activities
14,083
15,176
--------
--------
Net increase in cash and cash equivalents
14,083
15,176
Cash and cash equivalents at beginning of year
(47,443)
(62,619)
--------
--------
Cash and cash equivalents at end of year
16
( 33,360)
( 47,443)
--------
--------
Convalescent Retreat Limited
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 Allanadale Court, Flat 1, Waterpark Road, Salford, M7 4JN.
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
The charity has net current liabilities and an overall deficit on its reserves. The trustees acknowledge the above and are confident that the charity will be able to continue for the foreseeable future as they have obtained assurances from a local philanthropist that the charity will be able to continue to operate for the foreseeable future. Furthermore, the trustees are committed to raising funds to ensure the charity is able to repay its creditors as they fall due for repayment. It should be noted that the creditors are made up of accruals and interest free other creditors made up of trade creditors and other creditors who have acknowledged that they will not call in their loans to the detriment of the charity. Additionally, the charity returned a surplus in the year. It is appropriate therefore for the financial statements to be prepared on a going concern basis.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Convalescent Retreat Limited 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
980,000
980,000
962,110
962,110
---------
---------
---------
---------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Other income from charitable activities
150
150
----
----
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Nursing & other direct costs of the Centre
990,003
990,003
848,072
848,072
Support costs
57,144
57,144
61,268
61,268
------------
------------
---------
---------
1,047,147
1,047,147
909,340
909,340
------------
------------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Nursing & other direct costs of the Centre
990,003
52,716
1,042,719
904,315
Governance costs
4,428
4,428
5,025
---------
--------
------------
---------
990,003
57,144
1,047,147
909,340
---------
--------
------------
---------
9. Analysis of support costs
Analysis of support costs activity 1
Total 2024
Total 2023
£
£
£
Staff costs
52,036
52,036
55,768
General office
680
680
475
Governance costs
4,428
4,428
5,025
--------
--------
--------
57,144
57,144
61,268
--------
--------
--------
10. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
44
44
----
----
11. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
3,300
3,000
-------
-------
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
525,128
477,886
Social security costs
32,261
25,498
Employer contributions to pension plans
8,144
7,073
---------
---------
565,533
510,457
---------
---------
The average head count of employees during the year was 40 (2023: 35 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of administrative staff
1
1
Number of nursing and ancillary staff
39
34
----
----
40
35
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
Equipment
£
Cost
At 1 September 2023 and 31 August 2024
219
----
Depreciation
At 1 September 2023
166
Charge for the year
44
----
At 31 August 2024
210
----
Carrying amount
At 31 August 2024
9
----
At 31 August 2023
53
----
15. Debtors
2024
2023
£
£
Prepayments and accrued income
18,910
22,745
--------
--------
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
68,397
40,085
Bank overdrafts
( 101,757)
( 87,528)
---------
--------
( 33,360)
( 47,443)
---------
--------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
101,757
87,528
Trade creditors
71,329
20,803
Accruals and deferred income
20,636
15,409
Social security and other taxes
9,512
7,083
Other creditors
1,897
2,878
---------
---------
205,131
133,701
---------
---------
18. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
20,000
--------
----
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 8,144 (2023: £ 7,073 ).
20. Analysis of charitable funds
Unrestricted funds
At 1 September 2023
Income
Expenditure
At 31 August 2024
£
£
£
£
General funds
(70,818)
980,150
(1,047,147)
(137,815)
--------
---------
------------
---------
At 1 September 2022
Income
Expenditure
At 31 August 2023
£
£
£
£
General funds
(123,588)
962,110
(909,340)
(70,818)
---------
---------
---------
--------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
9
9
Current assets
87,307
87,307
Creditors less than 1 year
(205,131)
(205,131)
Creditors greater than 1 year
(20,000)
(20,000)
---------
---------
Net liabilities
(137,815)
(137,815)
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
53
53
Current assets
62,830
62,830
Creditors less than 1 year
(133,701)
(133,701)
Creditors greater than 1 year
---------
---------
Net liabilities
(70,818)
(70,818)
---------
---------
22. Analysis of changes in net debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
40,085
28,312
68,397
Bank overdrafts
(87,528)
(14,229)
(101,757)
--------
--------
---------
( 47,443)
14,083
( 33,360)
--------
--------
---------
23. Related parties
Mr D Neuwirth of Convalescent Retreat Limited , has directorships and trusteeships as detailed below:- The Helping Foundation - director and trustee; Newmarston Ltd - director and trustee; Mr R Halpern, trustee of Convalescent Retreat Limited , is also a director and trustee Newmarston Ltd. During the year, The Helping Foundation donated £360,000 and Newmarston Ltd provided an interest free loan of £20,000 to Convalescent Retreat Limited .
Convalescent Retreat Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 August 2024
24. Taxation
Convalescent Retreat Limited is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.