REGISTERED CHARITY NUMBER: 1057841
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 9 | to | 15 |
THE EGERTON ROAD TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees 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).
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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the charity received donations totalling £405,069 (2021: £178,540), and made grants totalling £1,209,076 (2021: £254,263). The charity received investment income totalling £139,450 (2021: £68,800).
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.
FUTURE PLANS
The charity intends to carry on its policy of making grants in pursuant of its objects, and continue and expand on its activities for the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a trust deed and constitutes an unincorporated charity.
Page 1
THE EGERTON ROAD TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
It is not currently 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 taining procedures.
Risk management
The trustees have a duty to identify and review the risks to which charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1057841
Principal address
28 Craven Walk London N16 6BU
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 9 May 2023 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 2022.
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
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 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 A.C.A The Institute of Chartered Accountants in England and Wales
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
9 May 2023
Page 3
THE EGERTON ROAD TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 405,069 139,450 544,519 11,580 1,367,410 2,753 1,381,743 (837,224) 2,325,896 1,488,672 |
Restricted fund £ 1 - 1 - 1 - 1 - 149,474 149,474 |
31.3.22 Total funds £ 405,070 139,450 544,520 11,580 1,367,411 2,753 1,381,744 (837,224) 2,475,370 1,638,146 |
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 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 4
THE EGERTON ROAD TRUST
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Tangible assets 10 Investment property 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ (6,742) 3,889,003 3,882,261 542,362 180,218 722,580 (1,100,681 ) (378,101) 3,504,160 (2,015,488 ) 1,488,672 |
Restricted fund £ 58,281 154,459 212,740 - - - (63,266) (63,266) 149,474 - 149,474 |
31.3.22 Total funds £ 51,539 4,043,462 4,095,001 542,362 180,218 722,580 (1,163,947 ) (441,367) 3,653,634 (2,015,488 ) 1,638,146 1,488,672 149,474 1,638,146 |
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 2,325,896 149,474 2,475,370 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 May 2023 and were signed on its behalf by:
M Brinner - Trustee
The notes form part of these financial statements
Page 5
THE EGERTON ROAD TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property Net cash (used in)/provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by/(used in) financing 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 |
31.3.22 £ (1,640,063 ) (69,315) (1,709,378 ) (2,000) (104,487) (106,487) 1,973,715 (105,650) 1,868,065 52,200 128,019 180,218 |
31.3.21 £ 74,364 (7,190) 67,174 - - - 50,000 (62,951) (12,951) 54,223 73,796 128,019 |
|---|---|---|
The notes form part of these financial statements
Page 6
THE EGERTON ROAD TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid Increase in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
31.3.22 £ (837,224) 8,742 69,315 (513,262) (367,634) (1,640,063 ) |
31.3.21 £ (27,691) 10,285 7,190 - 84,580 74,364 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| Net cash Cash at bank Debt Debts falling due after 1 year Total |
At 1.4.21 £ 128,019 128,019 (147,423) (147,423) (19,404) |
Cash flow £ (128,019) (128,019) (1,868,065 ) (1,868,065 ) (1,996,084 ) |
At 31.3.22 £ 180,218 180,218 (2,015,488 ) (2,015,488 ) (1,835,270 ) |
|---|---|---|---|
The notes form part of these financial statements
Page 7
THE EGERTON ROAD TRUST
ERROR MESSAGES FROM THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
** CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS AS CALCULATED IN CASH FLOW STATEMENT DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET COMPARE MOVEMENT ON CASH FLOW STATEMENT 52,200
TO MOVEMENT PER BALANCE SHEET CASH AND CASH EQUIVALENTS 52,199
THE EGERTON ROAD TRUST
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 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.
continued...
Page 9
THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 2. DONATIONS AND LEGACIES Gifts Donations under gift aid 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Administrative expenses 5. CHARITABLE ACTIVITIES COSTS Charitable 6. GRANTS PAYABLE Charitable |
Direct Costs £ 134,864 |
Grant funding of activities (see note 6) £ 1,209,076 |
|
|---|---|---|---|
continued...
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THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Other resources expended | 1,800 |
| Charitable | |
| 23,471 | |
| 25,271 |
8. 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.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 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 68,800 247,340 263,306 1,440 264,746 (17,406) 2,343,302 2,325,896 |
Restricted fund £ - - - 10,285 - 10,285 (10,285) 159,759 149,474 |
Total funds £ 178,540 68,800 |
|---|---|---|---|
| 247,340 | |||
| 273,591 1,440 |
|||
| 275,031 | |||
| (27,691) 2,503,061 |
|||
| 2,475,370 |
continued...
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THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
10. TANGIBLE FIXED ASSETS
| COST At 1 April 2021 Additions At 31 March 2022 DEPRECIATION At 1 April 2021 Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 11. INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Other debtors 542,362 |
Fixtures and fittings £ 298,251 2,000 300,251 239,970 8,742 248,712 51,539 58,281 £ 3,938,975 104,487 |
Fixtures and fittings £ 298,251 2,000 |
|---|---|---|
| 300,251 | ||
| 239,970 8,742 |
||
| 248,712 | ||
| 51,539 | ||
| 58,281 | ||
| 4,043,462 | ||
| 4,043,462 | ||
| 3,938,975 | ||
| 31.3.21 £ 29,100 |
continued...
Page 12
THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
|---|---|---|---|---|---|
| 31.3.22 | 31.3.21 | ||||
| £ | £ | ||||
| Other creditors | 1,163,947 | 1,531,582 | |||
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 31.3.22 | 31.3.21 | ||||
| £ | £ | ||||
| Bank loans (see note 15) | 2,015,488 | 147,423 | |||
| 15. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 31.3.22 | 31.3.21 | ||||
| £ | £ | ||||
| Amounts falling due between two and five years: | |||||
| Bank loans - 2-5 years | 41,773 | 50,000 | |||
| Amounts falling due in more than five years: | |||||
| Repayable by instalments: | |||||
| Bank loans more 5 yr by instal | - | 97,423 | |||
| Repayable otherwise than by instalments: | |||||
| Bank loans more 5 yrs non-inst | 1,973,715 | - | |||
| 16. | SECURED DEBTS | ||||
| The following secured debts are included within creditors: | |||||
| 31.3.22 | 31.3.21 | ||||
| £ | £ | ||||
| Bank loans | 2,015,488 | 147,423 | |||
| Under the bank loan, £41,773 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, | |||||
| interest free for the first year, then capped at 2.5% afterwards and backed | by HM Government. | ||||
| 17. | MOVEMENT IN FUNDS |
| Unrestricted funds General fund Restricted funds Community Fund TOTAL FUNDS |
At 1.4.21 £ 2,325,896 149,474 2,475,370 |
Net movement in funds £ (837,224) - (837,224) |
At 31.3.22 £ 1,488,672 149,474 |
|---|---|---|---|
| 1,638,146 |
continued...
Page 13
THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 544,519 Restricted funds Community Fund 1 TOTAL FUNDS 544,520 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 2,343,302 Restricted funds Community Fund 159,759 TOTAL FUNDS 2,503,061 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 247,340 Restricted funds Community Fund - TOTAL FUNDS 247,340 |
Resources expended £ (1,381,743 ) (1) (1,381,744 ) Net movement in funds £ (17,406) (10,285) (27,691) Resources expended £ (264,746) (10,285) (275,031) |
Movement in funds £ (837,224) - (837,224) At 31.3.21 £ 2,325,896 149,474 2,475,370 Movement in funds £ (17,406) (10,285) (27,691) |
|---|---|---|
continued...
Page 14
THE EGERTON ROAD TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.4.20 | in funds | 31.3.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 2,343,302 | (854,630) | 1,488,672 | |
| Restricted funds | ||||
| Community Fund | ||||
| 159,759 | (10,285) | 149,474 | ||
| TOTAL FUNDS | 2,503,061 | (864,915) | 1,638,146 | |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above | ||||
| as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 791,859 | (1,646,489 ) | (854,630) | |
| Restricted funds | ||||
| Community Fund | ||||
| 1 | (10,286) | (10,285) | ||
| TOTAL FUNDS | 791,860 | (1,656,775 ) | (864,915) | |
| 18. | RELATED PARTY DISCLOSURES |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
There were no related party transactions for the year ended 31 March 2022.
Page 15