CHARITY REGISTRATION NUMBER: 1015244
é
THE SOLOMON HERBST CHARITABLE TRUST Unaudited Financial Statements
For the year ended
5 April 2021
COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 OPU
|
THE SOLOMON HERBST CHARITABLE TRUST
Financial Statements
Year ended 5 April 2021
| PAGES | |
|---|---|
| Trustee's Annual Report | 1 to2 |
| Independent Examiner's Report to theTrustee | 3 |
| Statement ofFinancial Activities | 4 |
| Statement ofFinancial Position | 5 |
| NotestotheFinancialStatements | 6to11 |
.
THE SOLOMON HERBST CHARITABLE TRUST
Trustee's Annual Report
Year ended 5 April 2021
The trustee presents his report and the unaudited financial statements of the charity for the year ended 5 April 2021.
Reference and administrative details
| Registered charityname | The Solomon Herbst Charitable Trust | The Solomon Herbst Charitable Trust |
|---|---|---|
| Charity registration number | 1015244 | |
| Principal office | 21 CravenWalk | |
| London | ||
| N16 6BS | ||
| The trustees | MrS B Herbst | (passedaway 26 September2020) |
| Mr IL Herbst | ||
| Independent Examiner | MosheBroner-CohenFCA | |
| New Burlington House | ||
| 1075 Finchley Road | ||
| LONDON | ||
| NW11OPU |
Structure, governance and management
Governing Document
The organisation is governed by a Declaration of Trust dated 2nd April 1981.
Appointment and Recruitment of Trustees
The Trustees administer the day-to-day affairs of the charity.
None of the trustees have any beneficial interest in the charity.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures.
Risk Management
The trustees have identified and reviewed the major risks to which the Trust is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that systems are in place to mitigate those risks.
Objectives and activities
The Trust is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. Pursuant to the objects and having regard to the guidance of the Charity Commission relating to Public Benefit, the Trustees made grants to religious and educational organisations for the relief of poverty.
Achievements and performance
During the year under review £80,000 (2020: £30,000) was distributed in furtherance of the charity's objectives.
ws
THE SOLOMON HERBST CHARITABLE TRUST
Trustee's Annual Report (continued)
Year ended 5 April 2021
Financial review
Income from investments and donations aggregated £77,505. Total resources expended were £81,680 resulting in net deficit of £4,175.
The Market Value of the quoted Investments increased by £8,065 during the year, while the Market Value of the Investments in associated undertakings decreased by £102,158, giving an overall net loss on investments of £94,093.
The financial results of the Charity's activities for the year to 5 April 2021 are fully reflected in the attached Financial Statements together with the Notes thereon.
Events after the end of the reporting period
The trustees acknowledge the material uncertainties regarding the ongoing Covid-19 pandemic and the impact these might have on the charity's activities.
The trustee's annual report was approved on 27 January 2022 and signed on behalf of the board of trustees by:
Mr IL Herbst Trusteege I.dA
Bn
) THE SOLOMON HERBST CHARITABLE TRUST Independent Examiner's Report to the Trustee of The Solomon Herbst Charitable Trust
Year ended 5 April 2021
I report to the trustee on my examination of the financial statements of The Solomon Herbst Charitable Trust (‘the charity’) for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
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 accounts to be reached.
Moshe Broner-Cohen FCA Independent Examiner
27 January 2022
New Burlington House 1075 Finchley Road LONDON NW11 OPU
-3-
THE SOLOMON HERBST CHARITABLE TRUST
Statement of Financial Activities
Year ended 5 April 2021
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|
|funds|Totalfunds|Total|funds|
|Note|£|£|Ee|
|Income|and|endowments|
|Donations|and|legacies|4|75,000|75,000|45,000|
|Investment|income|5|2,505|2,505|4,751|
|Total income|77,505|77,505|49,751|
|Expenditure|
|Expenditure|on|charitable|activities|6,7|(81,680)|(81,680)|(31,680)|
|Total|expenditure|(81,680)|(81,680)|(31,680)|
|Net|(losses)/gains|on|investments|9|(94,093)|(94,093)|327,031|
|Net|(expenditure)/income|and net movement in funds|(98,268)|(98,268)|345,102|
|Reconciliation|of funds|
|Total|funds brought forward|1,498,865|1,498,865|1,153,763|
|Total funds carried forward|1,400,597|1,400,597|1,498,865|
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements. -4-
THE SOLOMON HERBST CHARITABLE TRUST
Statement of Financial Position
5 April 2021
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2021|2020|
|Note|£|£|£|£|
|Fixed|assets|
|Investments|12|1,351,131|1,445,224|
|Current|assets|
|Cash|at bank and|in|hand|51,146|55,321|
|Creditors:|amounts|falling due|
|within|one|year|13|(1,680)|(1,680)|
|Net current|assets|49,466|53,641|
|Total|assets|less current|liabilities|1,400,597|1,498,865|
|Net|assets|1,400,597|1,498,865|
|Funds|of the|charity|
|Unrestricted|funds|1,400,597|1,498,865|
|Total charity|funds|14|1,400,597|1,498,865|
----- End of picture text -----
These financial statements were approved by the board of trustees and authorised for issue on 27 January 2022, and are signed on behalf of the board by:
Mr IL Herbst TrusteeOt ed
The notes on pages 6 to 11 form part of these financial statements. -5-
THE SOLOMON HERBST CHARITABLE TRUST
Notes to the Financial Statements
Year ended 5 April 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 21 Craven Walk, London, N16 6BS.
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 Charities Act 2011.
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 outbreak of the Covid-19 during 2020 has presented the charity with some challenges regarding investment income which the trustees believe will continue for the foreseeable future. In addition, the uncertainty surrounding Brexit may also impact the UK economy and sources of income for the charity. These risks are beyond the control of the charity and represents uncertainty to the income of the charity.
Notwithstanding the uncertainty, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance. The Trustees recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no uncertainties, judgements, estimates and assumptions that materially affect the amounts reported.
a6 =
THE SOLOMON HERBST CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 5 April 2021
- Accounting policies (continued)
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.
-
e legacy income is recognised when receipt is probable and entitlement is established.
-
e 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, noncharitable 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.
-
e 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 in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates 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.
a x
,
THE SOLOMON HERBST CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Investments in associates (continued)
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
4. Donations and legacies
| 4. | Donations and legacies | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 75,000 | 75,000 | 45,000 | 45,000 | |
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| z | £ | £ | £ | ||
| Incomefrom listed investments | 2,903 | 2,503 | 4,749 | 4,749 | |
| Bank interest receivable | 2 | 2 | 2 | 2 | |
| 2,505 | 2,505 | 4,751 | 4,751 |
6. Expenditure on charitable activities by fund type
| Expenditure on charitableon charitablecharitable | activities by fundfund type | |||
|---|---|---|---|---|
| Unrestricted Total | Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | & | £ | |
| Donations Paid | 80,000 | 80,000 | 30,000 | 30,000 |
| Supportcosts | 1,680 | 1,680 | 1,680 | 1,680 |
| 81,680 | 81,680 | 31,680 | 31,680 |
7, Expenditure on charitable activities by activity type
| Expenditure on charitableon charitablecharitable | activities by activity type | |||
|---|---|---|---|---|
| Grant funding | Totalfunds | Total fund | ||
| ofactivities Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | |
| DonationsPaid | 80,000 | - | 80,000 | 30,000 |
| Governance costs | - | 1,680 | 1,680 | 1,680 |
| 80,000 | 1,680 | 81,680 | 31,680 |
os ae
,
THE SOLOMON HERBST CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 5 April 2021
8. Analysis of grants
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Grants|to|institutions|
|Friends|of Yeshiva Daas|Sholem|Shotz|~|10,000|
|Inspirations|-|10,000|
|Alymos|Limited|-|10,000|
|Binyen|Torah|Limited|5,000|-|
|The New|Rachmistrivke|Synagogue|Trust|50,000|-|
|Sharei|Chesed (London)|10,000|-|
|Yeshiva Gedoilah Torah Veyirah Limited|15,000|=|
|80,000|30,000|
|Total|grants|80,000|30,000|
----- End of picture text -----
- Net (losses)/gains on investments
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2021|Funds|2020|
|£|£|£|£|
|Gains/(losses)|on|listed|investments|8,065|8,065|(20,456)|(20,456)|
|Gains/(losses)|on|other|investment|
|assets|(102,158)|(102,158)|347,487|347,487|
|(94,093)|(94,093)|327,031|327,031|
|10.|Independent examination|fees|
|2021|2020|
|£|£|
|Fees|payable|to|the|independent|examiner|for:|
|Independent|examination|of the|financial|statements|1,680|1,680|
----- End of picture text -----
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
-9-
THE SOLOMON HERBST CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 5 April 2021
12. Investments
| Listed | Other | ||
|---|---|---|---|
| investments | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 6 April 2020 | 60,489 | 1,384,735 | 1,445,224 |
| Additions | _ | ~ | = |
| Fair value movements | 8,065 | (102,158) | (94,093) |
| At5 April 2021 | 68,554 | 1,282,577 | 1,351,131 |
| Impairment | |||
| At 6April 2020and5 April2021 | - | ~ | |
| Carryingamount | |||
| At5April 2021 | 68,554 | 1,282,577 | 1,351,131 |
| At5April2020 | 60,489 | 1,384,735 | 1,445,224 |
All investments shown above are held at valuation.
Financial assets held at fair value
Listed investments are measured at fair value using quoted market share prices.
Other Investments are included in the accounts at fair value, based on the charity's percentage share of the net assets of the associate. The trustees have been advised that in the circumstances it would be appropriate to apply a 20% discount to the market value of the shareholding and the financial statements have been prepared on this basis. The charity has no control and no dominant influence over the operation and financial policies of the investment.
13. Creditors: amounts falling due within one year
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Accruals and deferred income | 1,680 | 1,680 | |||||
| 14. | Analysis ofcharitable funds | ||||||
| Unrestricted funds | |||||||
| At | Gains and | At | |||||
| 6April | 2020 | Income | Expenditure | losses | 5April 2021 | ||
| £ | £ | & | 22 | £ | |||
| General funds | 1,498,865 | 77,505 | (81,680) | (94,093) | 1,400,597 | ||
| At | Gains and | At | |||||
| 6April | 2019 | Income | Expenditure | losses | 5 April 2020 | ||
| £ | £ | £ | Be | £ | |||
| Generalfunds | 1,153,763 | 49,751 | (31,680) | 327,031 | 1,498,865 |
-10-
.
THE SOLOMON HERBST CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 5 April 2021
15. Analysis of net assets between funds
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Total|Funds|
|Funds|2021|
|£|£|
|Investments|1,351,131|1,351,131|
|Current|assets|51,146|51,146|
|Creditors|less|than|1|year|(1,680)|(1,680)|
|Net|assets|1,400,597|1,400,597|
|Unrestricted|Total|Funds|
|Funds|2020|
|£|£|
|Investments|1,445,224|1,445,224|
|Current|assets|95.321|55,321|
|Creditors|less|than|1|year|(1,680)|(1,680)|
|Net assets|1,498,865|1,498,865|
----- End of picture text -----
16. Related parties
During the year the charity received donations of £75,000 (2020: £45,000) from the associated undertaking.
-ll-