REGISTERED CHARITY NUMBER: 1046945
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2023
for
Premishlaner Charitable Trust
Thornton Springer LLP Chartered Accountants
67 Westow Street London SE19 3RW
Premishlaner Charitable Trust
Contents of the Financial Statements for the Year Ended 30 June 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Detailed Statement of Financial Activities | 12 |
Premishlaner Charitable Trust
Report of the Trustees
for the Year Ended 30 June 2023
The trustees present their report with the financial statements of the charity for the year ended 30 June 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objectives of the Trust are to advance orthodox Jewish education and to advance the religion of the Jewish faith in accordance with the orthodox practice.
The Trustees have given due consideration to the Charity Commission's published guidance on the Public Benefit requirements.
Significant activities
During the year charitable donations amounting to £96,796 were made in furtherance of the charity's objectives as set out in note 4 to the accounts.
FINANCIAL REVIEW
Reserves policy
The Trustees consider the level of reserves when deciding upon the amounts to be made available for donations. Reserves are maintained at a level to meet the short and long term funding requirements of the charity. At 30 June 2023 unrestricted funds amounted to £359,183 of which £344,308 were required to maintain the Charity's investments.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Premishlaner Charitable Trust was founded by a Declaration of Trust dated 7 February 1995 between the original Trustees: C. M. Margulies, C. Freudenberger and S. Honig. The Trust is a registered charity number 1046945.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1046945
Principal address
186 Lordship Road London N16 5ES
Trustees
C M Margulies Trustee C Freudenberger Trustee
Independent Examiner
Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW
Page 1
Premishlaner Charitable Trust
Report of the Trustees
for the Year Ended 30 June 2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... C M Margulies - Trustee
Page 2
Independent Examiner's Report to the Trustees of Premishlaner Charitable Trust
Independent examiner's report to the trustees of Premishlaner Charitable Trust
I report to the charity trustees on my examination of the accounts of Premishlaner Charitable Trust (the Trust) for the year ended 30 June 2023.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
S B Ison FCCA
Thornton Springer LLP Chartered Accountants 67 Westow Street London SE19 3RW
Date: .............................................
Page 3
Premishlaner Charitable Trust
Statement of Financial Activities
for the Year Ended 30 June 2023
| 30.6.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 55,174 Investment income 3 17,332 Total 72,506 EXPENDITURE ON Charitable activities Charitable Activities 96,796 Other 1,591 Total 98,387 NET INCOME/(EXPENDITURE) (25,881) RECONCILIATION OF FUNDS Total funds brought forward 385,013 TOTAL FUNDS CARRIED FORWARD **359,132 ** |
30.6.22 Total funds £ 61,621 17,024 |
|---|---|
| 78,645 | |
| 51,938 950 |
|
| 52,888 | |
| 25,757 359,256 |
|
| 385,013 |
The notes form part of these financial statements
Page 4
Premishlaner Charitable Trust
Balance Sheet
30 June 2023
| 30.6.23 Unrestricted fund Notes £ FIXED ASSETS Investments 7 344,308 CURRENT ASSETS Debtors 8 16,108 Cash at bank 756 16,864 CREDITORS Amounts falling due within one year 9 (2,040) NET CURRENT ASSETS 14,824 TOTAL ASSETS LESS CURRENT LIABILITIES 359,132 NET ASSETS 359,132 FUNDS 10 Unrestricted funds 359,132 TOTAL FUNDS **359,132 ** |
30.6.22 Total funds £ 344,308 14,318 27,167 41,485 (780) 40,705 385,013 385,013 385,013 385,013 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. C M Margulies - Trustee
The notes form part of these financial statements
Page 5
Premishlaner Charitable Trust
Notes to the Financial Statements for the Year Ended 30 June 2023
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, with the exception of investments which are included at market value.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| Gifts | **55,174 ** | 61,621 |
777Donations received include £61,621 from Hallstate Limited, a wholly owned subsidiary of Premishlaner Charitable Trust.
continued...
Page 6
Premishlaner Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
| 3. INVESTMENT INCOME Share of rental income Loan interest receivable 4. GRANTS PAYABLE Charitable Activities The total grants paid to institutions during the year was as follows: CML J & R Margulies Charity Trust Other donations under £5,000 |
30.6.23 £ 8,074 8,950 16,130 96,796 58,000 18,000 20,796 96,796 |
30.6.22 £ 8,074 8,950 |
|---|---|---|
| 16,130 | ||
| 51,778 | ||
| - - 51,778 |
||
| 51,778 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable Activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund £ 61,621 17,024 |
|---|---|
| 78,645 | |
| 51,938 950 |
|
| 52,888 | |
| 25,757 359,256 |
continued...
Page7
Premishlaner Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 7. FIXED ASSET INVESTMENTS Loans Other Loans to group undertakings £ At 1 July 2022 and 30 June 2023 324,858 |
Unrestricted fund £ 385,013 30.6.23 30.6.22 £ £ 325,608 325,608 18,700 18,700 344,308 344,308 Other loans Totals £ £ 750 325,608 |
|---|---|
Other investments represent the cost of 2% of freehold property held as Trustees in Wembley Securities Limited, a company incorporated in England. The object of the company is to invest in properties.
Loans represent amount advanced to Hallstate Limited plus accrued interest. Interest is payable quarterly at the rate of 2.5% above base rate. At 30 June 2017 the balance outstanding was £324,858. The loan is secured by a second charge on the property held by Hallstate Ltd.
Investments (neither listed nor unlisted) were as follows:
| 30.6.23 | 30.6.22 | ||
|---|---|---|---|
| £ | £ | ||
| Other investments | 18,700 | 18,700 | |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 30.6.23 | 30.6.22 | ||
| £ | £ | ||
| Income tax recoverable | 16,108 | 14,318 |
continued...
Page 8
Premishlaner Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.7.22 £ Unrestricted funds General fund 385,013 TOTAL FUNDS 385,013 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 72,506 TOTAL FUNDS 72,506 Comparatives for movement in funds At 1.7.21 £ Unrestricted funds General fund 359,256 TOTAL FUNDS 359,256 |
30.6.23 30.6.22 £ £ 2,040 780 Net movement At in funds 30.6.23 £ £ (25,881) 359,132 (25,881) 359,132 Resources Movement expended in funds £ £ (98,387) (25,881) (98,387) (25,881) Net movement At in funds 30.6.22 £ £ 25,757 385,013 25,757 385,013 |
|---|---|
continued...
Page 9
Premishlaner Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 30 June 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 78,645 | (52,888) | 25,757 |
| TOTAL FUNDS | 78,645 | (52,888) | 25,757 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.21 £ 359,256 359,256 |
Net movement in funds £ (124) (124) |
At 30.6.23 £ 359,132 359,132 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 151,151 | (151,275) | (124) |
| TOTAL FUNDS | 151,151 | (151,275) | (124) |
continued...
Page 10
Premishlaner Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 30 June 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
Page 11
Premishlaner Charitable Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 30 June 2023 | ||
| 30.6.23 | 30.6.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 55,174 | 61,621 |
| Investment income | ||
| Share of rental income | 8,382 | 8,074 |
| Loan interest receivable | 8,950 | 8,950 |
| **17,332 ** | 17,024 | |
| Total incoming resources | 72,506 | 78,645 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations to institutions | 96,796 | 51,778 |
| Support costs | ||
| Finance | ||
| Sundries | 331 | 160 |
| Bank charges | - | (250) |
| 331 | (90) | |
| Governance costs | ||
| Accountancy and legal fees | 1,260 | 1,200 |
| Total resources expended | 98,387 | 52,888 |
| Net (expenditure)/income | (25,881) | 25,757 |
This page does not form part of the statutory financial statements
Page 12