REGISTERED COMPANY NUMBER: 02775970 (England and Wales) REGISTERED CHARITY NUMBER: 1020301
DUSHINSKY TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
DUSHINSKY TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
DUSHINSKY TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022
TRUSTEES Z Levine S Reisner M Schischa COMPANY SECRETARY S Reisner REGISTERED OFFICE 23 Braydon Road London N16 6QL REGISTERED COMPANY 02775970 (England and Wales) NUMBER REGISTERED CHARITY 1020301 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS National Westminster Bank Plc 198 Stoke Newington High Street London N16 7GA
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DUSHINSKY TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims for public benefit
The objects of the charity are assisting in the alleviation of poverty and furtherance of Orthodox Jewish education in the UK and abroad. Particular emphasis is given to Dushinsky and Minchas Yitzchak institutions in Israel.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
GRANTMAKING
Grant Policy
Grants are made to charitable institutions, organisations and individuals, which accord with the objects of the charity.
The trustees are approached for donations by a variety of charitable institutions and individuals and consider all requests which they receive and make donations based on circumstances and funds available.
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution.
FINANCIAL REVIEW
Financial position
The Trustees are pleased with the overall results for the year. The Charity's income increased by almost 13% in comparison with the previous year; the Trustees increased grantmaking by over 23% compared with the previous year.There was deficit for the year which was funded from reserves.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end stood at £29,081 (2021 - £52,332).
FUTURE PLANS
The charity plans to continue it's activities subject to incoming resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 22 December 1992.
Recruitment, induction and training
The company's three trustees meet regularly to ensure that it's objectives are met and that any risks identified and systems are put in place to protect the charity. It is not the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk Management
The trustees actively review the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
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DUSHINSKY TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 21 December 2022 and signed on its behalf by:
S Reisner - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DUSHINSKY TRUST LIMITED
Independent examiner's report to the trustees of Dushinsky Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Association of Chartered Certified Accountants 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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
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the accounts 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.
M Hager FCCA FAPA Association of Chartered Certified Accountants Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
21 December 2022
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DUSHINSKY TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 744,857 EXPENDITURE ON Raising funds 11,416 Charitable activities 3 Grantmaking 753,515 Support costs 3,177 Total 768,108 NET INCOME/(EXPENDITURE) (23,251) RECONCILIATION OF FUNDS Total funds brought forward 52,332 TOTAL FUNDS CARRIED FORWARD 29,081 |
2021 Total funds £ 660,833 |
|---|---|
| 330 609,730 2,382 |
|
| 612,442 | |
| 48,391 3,941 |
|
| 52,332 |
The notes form part of these financial statements
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DUSHINSKY TRUST LIMITED (REGISTERED NUMBER: 02775970)
BALANCE SHEET 31 MARCH 2022
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 30,460 (1,379) 29,081 29,081 29,081 29,081 29,081 |
2021 Total funds £ 53,383 (1,051) 52,332 52,332 52,332 52,332 52,332 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21 December 2022 and were signed on its behalf by:
S Reisner - Trustee
The notes form part of these financial statements
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DUSHINSKY TRUST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (22,923) (22,923) (22,923) 53,383 30,460 |
2021 £ 47,492 |
|---|---|---|
| 47,492 | ||
| 47,492 5,891 |
||
| 53,383 |
The notes form part of these financial statements
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DUSHINSKY TRUST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase/(decrease) in creditors Net cash (used in)/provided by operations |
2022 £ (23,251) 328 (22,923) |
2021 £ 48,391 (899) |
| 47,492 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.21 | Cash flow | At 31.3.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 53,383 | (22,923) | 30,460 |
| 53,383 | (22,923) | 30,460 | |
| Total | 53,383 | (22,923) | 30,460 |
The notes form part of these financial statements
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants are only recognised in the accounts when paid.
Raising funds comprise the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Going concern
There are no material uncertainties about the charity's ability to continue.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.
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 amount expected to be received or paid and not discounted.
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 2. DONATIONS AND LEGACIES 2022 Unrestricted funds £ Donations 744,857 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 4) note 5) £ £ Grantmaking 753,515 - Support costs - 3,177 753,515 3,177 4. GRANTS PAYABLE 2022 £ Grantmaking 753,515 The total grants paid to institutions during the year was as follows: 2022 £ Relief of poverty 73,300 Advancement of religion 147,550 Advancement of education 487,665 708,515 Yeshivat Minchat Yitzchak 172,865 United Institutions Maharitz Dushinsky 103,200 Kahal Beis Yosef Dushinsky Jerusalem 35,700 Mosdot Maharitz Dushinsky Bet Shemesh 33,000 Netina Vechinuch 30,000 Keren Habinyan Dushinsky 59,050 Ahavas Yakov 30,000 Talmud Ohel Leah Bnei Brak 24,000 Lachmei Simcha Fund 23,500 Shikdu V'Shimru Scholarship Fund 20,000 Yachad Institutions 20,000 Others below £20,000 157,200 708,515 The total grants paid to individuals during the year was as follows: 2022 £ Relief of poverty 45,000 |
2021 Total funds £ 660,833 |
|---|---|
| Totals £ 753,515 3,177 |
|
| 756,692 | |
| 2021 £ 609,730 |
|
| 2021 £ 71,300 179,630 312,300 |
|
| 563,230 | |
| 2021 £ 46,500 |
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 1,075 | 2,102 | 3,177 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 1,075 | 1,332 | |
| Governance costs | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Independent examiner's fee | 690 | 550 | |
| Independent examiner's other fees | 690 | 500 | |
| General expenses | 379 | - | |
| Legal and professional fees | 343 | - | |
| 2,102 | 1,050 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
7. AVERAGE NUMBER OF STAFF
The average number of staff in the year was NIL (2021 - NIL).
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Accruals and deferred income | 1,379 | 1,051 | |||
| 9. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.4.21 | in funds | 31.3.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 52,332 | (23,251) | 29,081 | ||
| TOTAL FUNDS | 52,332 | (23,251) | 29,081 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 744,857 | (768,108) | (23,251) | ||
| TOTAL FUNDS | 744,857 | (768,108) | (23,251) | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1.4.20 | in funds | 31.3.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 3,941 | 48,391 | 52,332 | ||
| TOTAL FUNDS | 3,941 | 48,391 | 52,332 | ||
| Comparative net movement in funds, included in the above are | as follows: | ||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 660,833 | (612,442) | 48,391 | ||
| TOTAL FUNDS | 660,833 | (612,442) | 48,391 |
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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