**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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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...
Page 10
**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...
Page 11
**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