REGISTERED CHARITY NUMBER: 1057841
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE EGERTON ROAD TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
THE EGERTON ROAD TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 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 |
THE EGERTON ROAD TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. 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 Egerton Road Trust is constituted by Trust Deed, and its objects are to provide general charitable donations and in particular for the relief of poverty and the advancement of religion and religious education.
The policy of The Egerton Road Trust continues to be to derive its income from its investment property and donations from various institutions and to make donations in accordance with the Trust's objects.
Significant activities
THE NEW SYNAGOGUE
We are glad to see that the younger members have created a terrific committee to manage the refurbishment in order to be able to open this historic building for the benefit of the general public.
We thank our dedicated team of staff and volunteers who so willingly give of their time and expertise over and above their duties. All our donors and funders who so kindly enabled all these services to run. Without you, our successful work could not have been accomplished. And to all our beneficiaries, young and old, we look forward to many more fun, educational, cultural and stimulating activities in the future.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Social investments
BREAKFAST
We thank our donors who enabled us to run the breakfast club for the youth of the community to promote a healthy lifestyle. This helped the many children who would otherwise forgo breakfast and do not eat anything other than a small snack until lunch. The breakfast club meant that the participants had an adequate diet suitable for growing children which in turn increased their learning and concentration abilities.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the charity.
FINANCIAL REVIEW
Investment policy and objectives
The Trust Deed which permit the charity's funds to be invested in securities or properties of any kind and situated anywhere in the world, controls the trustees' investment powers.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1057841
Principal address
28 Craven Walk London N16 6BU
Page 1
THE EGERTON ROAD TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Trustees M Brinner L Stempel M Rothfeld
Independent Examiner Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 14 April 2022 and signed on its behalf by:
M Brinner - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EGERTON ROAD TRUST
Independent examiner's report to the trustees of The Egerton Road Trust
I report to the charity trustees on my examination of the accounts of The Egerton Road Trust (the Trust) for the year ended 31 March 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:
-
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.
M. A. Venitt ACA Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
14 April 2022
Page 3
THE EGERTON ROAD TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 178,540 68,800 247,340 273,591 1,440 275,031 (27,691) 2,343,172 2,315,481 |
Restricted fund £ - - - - - - - 159,889 159,889 |
31.3.21 Total funds £ 178,540 68,800 247,340 273,591 1,440 275,031 (27,691) 2,503,061 2,475,370 |
31.3.20 Total funds £ 142,544 69,400 |
|---|---|---|---|---|
| 211,944 147,433 - |
||||
| 147,433 | ||||
| 64,511 2,438,550 |
||||
| 2,503,061 |
The notes form part of these financial statements
Page 4
THE EGERTON ROAD TRUST
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Tangible assets 5 Investment property 6 CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ (10,415) 3,784,516 3,774,101 29,100 128,019 157,119 (1,468,316) (1,311,197) 2,462,904 (147,423) 2,315,481 |
Restricted fund £ 68,696 154,459 223,155 - - - (63,266) (63,266) 159,889 - 159,889 |
31.3.21 Total funds £ 58,281 3,938,975 3,997,256 29,100 128,019 157,119 (1,531,582) (1,374,463) 2,622,793 (147,423) 2,475,370 2,315,481 159,889 2,475,370 |
31.3.20 Total funds £ 68,566 3,938,975 4,007,541 29,100 73,796 102,896 (1,447,002) (1,344,106) 2,663,435 (160,374) 2,503,061 2,343,172 159,889 2,503,061 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14 April 2022 and were signed on its behalf by:
M Brinner - Trustee
The notes form part of these financial statements
Page 5
THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 15% on reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
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continued...
THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Rents received | 68,800 | 69,400 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 142,544 69,400 211,944 147,433 64,511 2,278,661 2,343,172 |
Restricted fund £ - - - - - 159,889 159,889 |
Total funds £ 142,544 69,400 |
|---|---|---|---|
| 211,944 147,433 |
|||
| 64,511 2,438,550 |
|||
| 2,503,061 |
continued...
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THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
5. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 6. INVESTMENT PROPERTY FAIR VALUE At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 £ Other debtors 29,100 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 £ Other creditors 1,531,582 |
Fixtures and fittings £ 298,251 229,685 10,285 239,970 58,281 68,566 £ 3,938,975 |
Fixtures and fittings £ 298,251 |
|---|---|---|
| 229,685 10,285 |
||
| 239,970 | ||
| 58,281 | ||
| 68,566 | ||
| 3,938,975 | ||
| 3,938,975 | ||
| 31.3.20 £ 29,100 31.3.20 £ 1,447,002 |
continued...
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THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.21 £ Bank loans (see note 10) 147,423 10. LOANS An analysis of the maturity of loans is given below: 31.3.21 £ Amounts falling due between two and five years: Bank loans - 2-5 years 50,000 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 97,423 11. MOVEMENT IN FUNDS Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 2,343,172 (27,691) Restricted funds Community Fund 159,889 - TOTAL FUNDS 2,503,061 (27,691) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 247,340 (275,031) TOTAL FUNDS 247,340 (275,031) |
31.3.20 £ 160,374 31.3.20 £ - 160,374 At 31.3.21 £ 2,315,481 159,889 2,475,370 Movement in funds £ (27,691) (27,691) |
|---|---|
continued...
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THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.19 £ Unrestricted funds General fund 2,278,661 Restricted funds Community Fund 159,889 TOTAL FUNDS 2,438,550 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 211,944 TOTAL FUNDS 211,944 A current year 12 months and prior year 12 months combined position is as follows: At 1.4.19 £ Unrestricted funds General fund 2,278,661 Restricted funds Community Fund 159,889 TOTAL FUNDS 2,438,550 |
Net movement in funds £ 64,511 - 64,511 Resources expended £ (147,433) (147,433) Net movement in funds £ 36,820 - 36,820 |
At 31.3.20 £ 2,343,172 159,889 2,503,061 Movement in funds £ 64,511 64,511 At 31.3.21 £ 2,315,481 159,889 2,475,370 |
|
|---|---|---|---|
continued...
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THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 459,284 459,284 |
Resources Movement expended in funds £ £ (422,464) 36,820 (422,464) 36,820 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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