REGISTERED CHARITY NUMBER: 1045296
OIZER DALIM TRUST
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
OIZER DALIM TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
| 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 | |
| Notes to the Financial Statements | 7 to | 11 |
OIZER DALIM TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2021
TRUSTEES M Cohen M Freund M Cik PRINCIPAL ADDRESS 68 Osbaldeston Road London N16 7DR REGISTERED CHARITY 1045296 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS The Co-operatuve Bank plc P O Box 250 Skelmersdale WN8 6WT
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OIZER DALIM TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021
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
The charitable object are to support such charities, institutions or charitable purposes as the the trustees R may from time to time in their discretion determine. The charity helps to alleviate poverty amongst members of the Orthodox Jewish faith in the UK and overseas and assist in the furtherance of Orthodox Jewish education throughout the world.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased with the results of the year. Although the was a decline in income of about 40% the trustees increased grantmaking. There was a surplus for the year.
FINANCIAL REVIEW
Investment policy
In accordance with the trust deed the charity has the power to make any investment which the trustees see fit. The trustees consider that investment in property and listed investments meets their criteria for income and capital growth. The return is considered satisfactory in the current financial climate.
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 were £833,599 (2020 - £775,262).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted and governed by a Declaration of Trust dated 24 February 1994.
Recruitment and appointment of new 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.
Charity management
There are three permanent trustees, one of whom acts as administrator. They meet regularly, especially before the Jewish holidays in order to ensure that grants are justified and reasonable.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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OIZER DALIM TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 24 March 2022 and signed on its behalf by:
M Cik - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OIZER DALIM TRUST
Independent examiner's report to the trustees of Oizer Dalim Trust
I report to the charity trustees on my examination of the accounts of Oizer Dalim Trust (the Trust) for the year ended 30 June 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the 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 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.
M M Hager FCCA FAPA Association of Chartered Certified Accountants Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
24 March 2022
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OIZER DALIM TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 130,158 Investment income 2 28,781 Total 158,939 EXPENDITURE ON Raising funds 3 2,013 Charitable activities 4 Charitable activities 98,589 Total 100,602 NET INCOME 58,337 RECONCILIATION OF FUNDS Total funds brought forward 775,262 TOTAL FUNDS CARRIED FORWARD 833,599 |
2020 Total funds £ 254,207 12,827 |
|---|---|
| 267,034 13,190 59,211 |
|
| 72,401 | |
| 194,633 580,629 |
|
| 775,262 |
The notes form part of these financial statements
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OIZER DALIM TRUST
BALANCE SHEET 30 JUNE 2021
| Notes FIXED ASSETS Investment property 8 CURRENT ASSETS Investments 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2021 Total funds £ 726,068 38,925 69,446 108,371 (840) 107,531 833,599 833,599 833,599 833,599 |
2020 Total funds £ 699,868 62,625 13,489 76,114 (720) 75,394 775,262 775,262 775,262 775,262 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 March 2022 and were signed on its behalf by:
M Cik - Trustee
The notes form part of these financial statements
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OIZER DALIM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
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.
Donations are included in full in the Statement of Financial Activities when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Raising funds comprise investment management costs relating to the investment properties.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
Taxation
The charity is exempt from tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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OIZER DALIM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
| 2. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Rents received | 28,781 | 12,827 | ||
| 3. | RAISING FUNDS | |||
| Raising donations and legacies | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Advertising | 1,217 | - | ||
| Investment management costs | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Portfolio management | 796 | 13,190 | ||
| Aggregate amounts | 2,013 | 13,190 | ||
| 4. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 5) | note 6) | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 97,720 | 869 | 98,589 | |
| 5. | GRANTS PAYABLE | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Charitable activities | 97,720 | 58,420 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Advanement of education | 59,300 | 23,660 | ||
| Relief of poverty | 26,300 | 12,860 | ||
| 85,600 | 36,520 | |||
| The total grants paid to individuals during the year was as follows: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Relief of poverty | 12,120 | 21,900 |
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OIZER DALIM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Charitable activities | 29 | 840 | 869 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2021 | 2020 | ||
| Charitable | Total | ||
| activities | activities | ||
| £ | £ | ||
| Bank charges | 29 | 71 | |
| Governance costs | |||
| 2021 | 2020 | ||
| Charitable | Total | ||
| activities | activities | ||
| £ | £ | ||
| Independent examiner's fee | 420 | 360 | |
| Independent examiner's other fees | 420 | 360 | |
| 840 | 720 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.
8. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 July 2020 Additions At 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 |
£ 699,868 26,200 |
| 726,068 | |
| 726,068 | |
| 699,868 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
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OIZER DALIM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
| 9. CURRENT ASSET INVESTMENTS Listed investments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.7.20 £ Unrestricted funds General fund 775,262 TOTAL FUNDS 775,262 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 158,939 TOTAL FUNDS 158,939 Comparatives for movement in funds At 1.7.19 £ Unrestricted funds General fund 580,629 TOTAL FUNDS 580,629 |
2021 £ 38,925 2021 £ 840 Net movement in funds £ 58,337 58,337 Resources expended £ (100,602) (100,602) Net movement in funds £ 194,633 194,633 |
||
|---|---|---|---|
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OIZER DALIM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 267,034 267,034 |
Resources Movement expended in funds £ £ (72,401) 194,633 (72,401) 194,633 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
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