Charity registration number 1000637
THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr. M. L. Weinstein Mrs. L. Weinstein Charity number 1000637 Principal address 32 Fairholme Gardens London N3 3EB Independent examiner Berish Hoffman FCA Landau Morley LLP 325-327 Oldfield Lane North Middlesex UB6 0FX
THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their annual report and financial statements for the year ended 5 April 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The objective of the Charity is to utilise the Trust's funds for such charitable purposes as the Trustees think fit principally by making grants to other charitable institutions.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
The main achievements of the Charity during the year were to achieve its objectives.
The Trustees confirm that they have complied with the Charity Commissioners guidance on public benefit.
Financial review
The performance of the Charity in the year is detailed on the Statement of Financial Activities. The level of reserves held by the Charity (unrestricted funds less fixed assets) at the year end was £30,138 (2021: £80,658).
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.
There have been no significant events affecting the Charity since the year end and no major future developments in the activities of the Charity are anticipated.
Structure, governance and management
The Charity was formed under a Trust Deed dated 20th August 1990. The Trustees administer the Charity on a day to day basis making whatever decisions they consider necessary to enable it to achieve its objectives.
The power to appoint new trustees is vested in the existing trustees who, if required, will invite an individual to be appointed to act in this capacity.
The Trustees control and manage the Trust's assets on an active basis which they believe minimises any risks in respect thereof. This also ensures that at any time the Trust has sufficient reserves available to enable it to operate and fulfil its objectives.
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Structure, governance and management (continued)
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr. M. L. Weinstein Mrs. L. Weinstein Mr. P. M. Keane (Deceased 10 April 2022)
The Trustees report was approved by the Board of Trustees.
Mr. M. L. Weinstein
Trustee Dated: 11 January 2023
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Linda and Michael Weinstein Charitable Trust (the charity) for the year ended 5 April 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
Berish Hoffman FCA
Landau Morley LLP 325-327 Oldfield Lane North Middlesex UB6 0FX
Dated: 12 January 2023
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 64,083 | 62,500 |
| Investments | 3 | 5,820 | 6,316 |
| Total income | 69,903 | 68,816 | |
| Expenditure on: | |||
| Raising funds | 4 | 7,642 | 6,198 |
| Charitable activities | 5 | 110,643 | 64,286 |
| Total expenditure | 118,285 | 70,484 | |
| Net gains/(losses) on investments | 10 | 469 | 113,820 |
| Net movement in funds | (47,913) | 112,152 | |
| Fund balances at 6 April 2021 | 567,787 | 455,635 | |
| Fund balances at 5 April 2022 | 519,874 | 567,787 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 31,967 (1,829) |
£ 489,736 30,138 519,874 519,874 519,874 |
2021 £ 83,412 (2,754) |
£ 487,129 80,658 |
|---|---|---|---|---|
| 567,787 | ||||
| 567,787 | ||||
| 567,787 |
The financial statements were approved by the Trustees on 11 January 2023
Mr. M. L. Weinstein Trustee
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
The Linda and Michael Weinstein Charitable Trust is a registered charity in England and Wales and is unincorporated. The address of the principal office is 32 Fairholme Gardens, London, N3 3EB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
There are no material uncertainties about the charity's ability to continue.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred and is classified under headings of the statement of financial activities to which it relates,
Expenditure on charitable activities is in respect of grants payable in furtherance of the Charities objectives.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Donations and legacies
| 3 4 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ Donations and gifts 64,083 62,500 Investments Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 5,724 5,248 Income from overseas listed investments 70 950 Interest receivable 26 118 5,820 6,316 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Investment management 7,642 6,198 7,642 6,198 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ Donations and gifts 64,083 62,500 Investments Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 5,724 5,248 Income from overseas listed investments 70 950 Interest receivable 26 118 5,820 6,316 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Investment management 7,642 6,198 7,642 6,198 |
|---|---|---|
| 6,198 |
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
5 Charitable activities
| Grant funding of activities (see note 6) Share of governance costs (see note 7) |
2022 £ 110,243 400 110,643 |
2021 £ 63,206 1,080 |
|---|---|---|
| 64,286 |
6 Grants payable
| Grants to institutions: British Friends of Talmudic Encyclopedia Camp Simcha Chai Cancer Care British Emunah Fund Ezras Hakohol Trust Friends of Bnei Akiva HTVC Amud Hatzdokoh Trust (AHT) The Initiation Society Jews College (LSJS) Jenetics Jami UK World Jewish Relief United Synagogue Other <£2,000 |
2022 £ - 7,500 5,000 5,500 2,250 15,000 2,250 4,890 5,000 4,000 4,000 5,000 2,000 21,533 26,320 110,243 |
2021 £ 5,000 8,500 6,000 5,000 2,500 - - - - - 1,050 6,000 - 3,416 25,740 |
|---|---|---|
| 63,206 |
Grants paid during the year were to various charitable institutions in accordance with the objectives of the charity.
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
7 Support costs
| Accountancy fees Analysed between Charitable activities |
2022 £ 400 400 400 |
2021 £ 1,080 |
|---|---|---|
| 1,080 | ||
| 1,080 |
Support costs includes governance costs totalling £400 (2021: £1,080)
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
There were no employees during the year.
| There were no employees during the year. | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Number | Number | ||
| Total | - | - | |
| 10 | Net gains/(losses) on investments | ||
| Unrestricted | Total | ||
| funds | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Revaluation of investments | 469 | 113,820 |
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THE LINDA AND MICHAEL WEINSTEIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
11 Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Valuation changes Disposals At 5 April 2022 Carrying amount At 05 April 2022 At 05 April 2021 12 Creditors: amounts falling due within one year Accruals and deferred income 13 Related party transactions |
Listed investments £ 487,129 90,430 469 (88,293) 489,735 489,735 487,129 2022 2021 £ £ 1,829 2,754 |
|---|---|
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
Donations of £50,000 (2021: £50,000) were received from Mr. M. L. Weinstein, a Trustee of the charity.
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