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 2023
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 2023
| 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 2023
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 (REGISTERED NUMBER: 02775970)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
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 2023. 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
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENT AND PERFORMANCE
Review of activities
The trustees are pleased with the overall results for the year. The charity's income increased by about 10% with an increase in grantmaking of 6% compared with the previous year.This left a surplus for the year. During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty.
FINANCIAL REVIEW
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 £42,974 (2022 - £29,081).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 22 December 1992.
Organisational structure
The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed 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 (REGISTERED NUMBER: 02775970)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
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 19 March 2024 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 2023.
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 member of the Institute of Chartered Accountants in England and Wales, 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:
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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.
E Meyer FCA BSc
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
19 March 2024
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DUSHINSKY TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 820,788 EXPENDITURE ON Raising funds 3 1,142 Charitable activities 4 Grantmaking 803,360 Support costs 2,393 Total 806,895 NET INCOME/(EXPENDITURE) 13,893 RECONCILIATION OF FUNDS Total funds brought forward 29,081 TOTAL FUNDS CARRIED FORWARD 42,974 |
2022 Total funds £ 744,857 11,416 753,515 3,177 768,108 (23,251) 52,332 29,081 |
|---|---|
The notes form part of these financial statements
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DUSHINSKY TRUST LIMITED (REGISTERED NUMBER: 02775970)
BALANCE SHEET 31 MARCH 2023
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds: General fund TOTAL FUNDS |
2023 Total funds £ 44,534 (1,560) 42,974 42,974 42,974 42,974 42,974 |
2022 Total funds £ 30,460 (1,379) 29,081 29,081 29,081 29,081 29,081 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 19 March 2024 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 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) 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 |
2023 £ 14,074 14,074 14,074 30,460 44,534 |
2022 £ (22,923) (22,923) (22,923) 53,383 30,460 |
|---|---|---|
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 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in creditors Net cash provided by/(used in) operations |
2023 £ 13,893 181 14,074 |
2022 £ (23,251) 328 |
| (22,923) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.22 | Cash flow | At 31.3.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 30,460 | 14,074 | 44,534 |
| 30,460 | 14,074 | 44,534 | |
| Total | 30,460 | 14,074 | 44,534 |
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 2023
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. DONATIONS AND LEGACIES
| 2023 | 2022 | |
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Donations | 820,788 | 744,857 |
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. RAISING FUNDS
Raising donations and legacies
Function
| 2023 | 2022 |
|---|---|
| Unrestricted | Total |
| funds | funds |
| £ | £ |
| 1,142 | 11,416 |
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note 5) £ Grantmaking 803,360 Support costs - 803,360 GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Relief of poverty Advancement of religion Advancement of education Socal welfare |
Support costs (see note 6) £ - 2,393 2,393 2023 £ 803,360 2023 £ 116,204 346,978 250,290 48,808 762,280 128,503 64,947 63,094 47,058 37,943 31,955 30,000 28,300 25,900 24,000 21,000 20,500 239,080 762,280 |
Totals £ 803,360 2,393 |
|---|---|---|
| 805,753 | ||
| 2022 £ 753,515 |
||
| 2022 £ 73,300 147,550 487,665 - |
||
| 708,515 | ||
| Mivzar Beit Joseph | ||
| Beit Yosef Tzvi | ||
| United Institutions Maharitz Dushinsky | ||
| Shalvat Habait | ||
| Yeshivat Minchat Yitzchok | ||
| Kahal Beis Yosef Dushinsky | ||
| Keren Habinyan Dushinsky | ||
| Merkaz Mosdot Dushinsky | ||
| Netina Vechinuch | ||
| Ahavat Israel Synagogue | ||
| Ish Lerehu Aid Trust | ||
| Tarbitza Dushinsky Kollel | ||
| Others below £20,000 | ||
5. GRANTS PAYABLE
Mosdot Maharitz mesh
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| The total grants paid to individuals during the year was as | follows: | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Relief of poverty | 41,080 | 45,000 | ||
| 6. | SUPPORT COSTS | |||
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Support costs | 316 | 2,077 | 2,393 | |
| Support costs, included in the above, are as follows: | ||||
| Finance | ||||
| 2023 | 2022 | |||
| Support | Total | |||
| costs | activities | |||
| £ | £ | |||
| Bank charges | 316 | 1,075 | ||
| Governance costs | ||||
| 2023 | 2022 | |||
| Support | Total | |||
| costs | activities | |||
| £ | £ | |||
| Independent examiner's fee | 600 | 690 | ||
| Independent examiner's other fees | 960 | 690 | ||
| General expenses | 517 | 379 | ||
| Legal and professional fees | - | 343 | ||
| 2,077 | 2,102 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. AVERAGE NUMBER OF STAFF
The average number of staff in the year was NIL (2022 - NIL).
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 10. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 29,081 TOTAL FUNDS 29,081 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 820,788 TOTAL FUNDS 820,788 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 52,332 TOTAL FUNDS 52,332 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 744,857 TOTAL FUNDS 744,857 |
2023 2022 £ £ 1,560 1,379 Net movement At in funds 31.3.23 £ £ 13,893 42,974 13,893 42,974 Resources Movement expended in funds £ £ (806,895) 13,893 (806,895) 13,893 Net movement At in funds 31.3.22 £ £ (23,251) 29,081 (23,251) 29,081 Resources Movement expended in funds £ £ (768,108) (23,251) (768,108) (23,251) |
|---|---|
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DUSHINSKY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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