CHARITY REGISTRATION NUMBER: 1057841
THE EGERTON ROAD TRUST
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
31 MARCH 2023
THE EGERTON ROAD TRUST
THE EGERTON ROAD TRUST CHARITABLE TRUST FINANCIAL STATEMENTS 31 MARCH 2023
| Pages | |
|---|---|
| Trustees' Annual Report | 2 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Statement of Cash flows | 7 |
| Notes to the Accounts | 8 |
Page 1
THE EGERTON ROAD TRUST TRUSTEES ANNUAL REPORT
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 theUK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1057841
Principal and Registered Office
28 Craven Walk London N16 6BU
Trustees
The following trustees served during the year: M Brinner M Rothfeld L Stempel
Accountants
Hirsh Accountants Limited 45 Stamford Hill London N16 5SR
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
Page 2
THE EGERTON ROAD TRUST TRUSTEES ANNUAL REPORT
Charitable activities
During the year, the charity received donations and rental income totalling £856,859 (2022: £544,520), and incurred expenditure totalling £1,001,081 (2022: £1,381,743). At 31 March 2023 the charity holds £149,474 of Restricted Reserves and £1,344,450 of Unrestricted Reserves.
FINANCIAL REVIEW
Investment policy and objectives
The Trust Deed which permits 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.
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 training 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.
STATEMENT OF COMPLIANCE
The charity is a public benefit entity, a registered charity in England and Wales and is unincorporated. The address of the principal office is 28 Craven Walk, N16 6BU.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity’s trustees
M Brinner
Trustee
Page 3
THE EGERTON ROAD TRUST INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the trustees of THE EGERTON ROAD TRUST
I report to the trustees on my examination of the financial statements of THE EGERTON ROAD TRUST for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of ACCA.
I have completed my examination. I can 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:
-
[the accounting records were not kept in respect of the charity as required by section 130 of the Act; or]
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Mr Moshe Hirsh FCCA
Hirsh Accountants 45 Stamford Hill
London N16 5SR 19 April 2024
Page 6
THE EGERTON ROAD TRUST STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
| Notes Income and endowments from: Donations and legacies 2 Investments 3 Total Expenditure on: Raising funds 4 Charitable activities 5 Other 7 Total Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Restricted and Unrestricted Funds |
Restricted and Unrestricted Funds |
|
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| 617,459 | 405,070 | ||
| 239,400 | 139,450 | ||
| 856,859 | 544,520 | ||
| 28,839 | 11,580 | ||
| 961,904 | 1,367,410 | ||
| 10,338 | 2,753 | ||
| 1,001,081 | 1,381,743 | ||
| (144,222) | (837,223) | ||
| 1,638,146 | 2,475,370 | ||
| 1,493,924 | 1,638,147 | ||
Page 7
THE EGERTON ROAD TRUST BALANCE SHEET
AS AT 31 March 2023
Charity No. 1057841
| Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors:Amount falling due within one year 13 Net current liabilities Total assets less current liabilities Creditors:Amounts falling due after more than one year 14 Total net assets The funds of the charity Restricted funds 15 Restricted income funds Unrestricted funds 15 General funds Total funds |
Restricted and Unrestricted Funds 2023 £ 260,623 4,043,462 4,304,085 153,500 77,418 230,918 (1,077,582) (846,664) 3,457,421 (1,963,497) 1,493,924 149,474 149,474 1,344,450 1,344,450 1,493,924 |
Restricted and Unrestricted Funds 2022 £ 51,539 4,043,462 |
|---|---|---|
| 4,095,001 542,362 180,218 |
||
| 722,580 (1,163,947) |
||
| (441,367) 3,653,634 (2,015,938) |
||
| 1,637,696 | ||
| 149,474 | ||
| 149,474 1,488,672 |
||
| 1,488,672 | ||
| 1,638,146 |
Approved by the trustees on 19 April 2024
And signed on their behalf by:
M Brinner Trustee 19 April 2024
Page 8
THE EGERTON ROAD TRUST STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
| Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Interest paid Dividends, interest and rents from investments Decrease/(Increase) in trade and other receivables Decrease in trade and other payables Net cash provided by/(used in) operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for investments Dividends, interest and rents from investments Net cash (used in)/from investing activities Cash flows from financing activities Repayment of borrowings Interest paid Net cash (used in)/from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2023 £ (144,222) 8,500 106,928 (147,432) 388,862 (86,365) 126,271 (217,584) - 147,432 (70,152) (51,991) (106,928) (158,919) (102,800) 180,218 77,418 |
2022 £ (837,223) 8,742 69,315 (139,452) (513,262) (367,634) |
|---|---|---|
| (1,779,514) (2,000) (104,487) 139,450 |
||
| 32,963 | ||
| (105,650) (69,315) |
||
| 1,798,750 | ||
| 52,199 | ||
| 128,019 | ||
| 180,218 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | 77,418 | 180,218 |
| 77,418 | 180,218 |
Page 9
THE EGERTON ROAD TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
| Income | |
|---|---|
| Recognition of income | Income is included in the Statement of Financial Activities (SoFA) when the charity |
| becomes entitled to, and virtually certain to receive, the income and the amount of the | |
| income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is reported gross |
| expenditure | in the SoFA. |
| Donations and legacies | Voluntary income received by way of grants, donations and gifts is included in the the SoFA |
| when receivable and only when the Charity has unconditional entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the gift/donation to |
| donations and gifts | which it relates. |
| Donated services and | These are only included in income (with an equivalent amount in expenditure) where the |
| facilities | benefit to the Charity is reasonably quantifiable, measurable and material. |
| Volunteer help | The value of any volunteer help received is not included in the accounts. |
| Investment income | This is included in the accounts when receivable. |
| Gains/(losses) on revaluation of fixed |
This includes any gain or loss resulting from revaluing investments to market value at the end of the year. |
| assets | |
| Gains/(losses) on | This includes any gain or loss on the sale of investments. |
| investment assets |
Page 10
THE EGERTON ROAD TRUST NOTES TO THE ACCOUNTS
Expenditure
| Expenditure | |
|---|---|
| Recognition of | Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot |
| expenditure | be fully recovered, and is reported as part of the expenditure to which it relates. |
| Expenditure on raising | These comprise the costs associated with attracting voluntary income, fundraising trading |
| funds | costs and investment management costs. |
| Expenditure on | These comprise the costs incurred by the Charity in the delivery of its activities and services |
| charitable activities | in the furtherance of its objects, including the making of grants and governance costs. |
| Grants payable | All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that |
| have been approved by the trustees at the end of the year but not yet paid. | |
| Governance costs | These include those costs associated with meeting the constitutional and statutory |
| requirements of the Charity, including any audit/independent examination fees, costs linked | |
| to the strategic management of the Charity, together with a share of other administration | |
| costs. | |
| Other expenditure | These are support costs not allocated to a particular activity. |
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation where relevant is provided in order to write off each asset over its estimated useful life.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2 Income from donations and legacies
| Income from donations and legacies | ||
|---|---|---|
| Donations | Total 2023 £ 617,459 617,459 |
Total 2022 £ 405,070 |
| 405,070 |
Page 11
THE EGERTON ROAD TRUST NOTES TO THE ACCOUNTS
- 3 Income from investments
| Rents received 4 Expenditure on raising funds Costs of generating voluntary income Administrative expenses 5 Expenditure on charitable activities Expenditure on charitable activities Charitable Activities in advancement of the Orthodox Jewish religion Grants made Governance costs Independent Examiner's fees |
Total 2023 £ 239,400 239,400 Total 2023 £ 28,839 28,839 Total 2023 £ 293,590 665,914 2,400 961,904 |
Total 2022 £ 139,450 |
|---|---|---|
| 139,450 | ||
| Total 2022 £ 11,580 |
||
| 11,580 | ||
| Total 2022 £ 158,335 1,207,275 1,800 |
||
| 1,367,410 |
Page 12
THE EGERTON ROAD TRUST NOTES TO THE ACCOUNTS
6 Analysis of grants
| Activity or programme Grants to individuals Grants to institutions Grants to institutions Rookwood Foundation Ltd Yeshuos Shabbos Miscellaneous grants Grants to institutions |
Total 2023 £ 125,163 540,751 |
|---|---|
| 665,914 | |
| Total 2023 £ 285,000 225,440 30,311 |
|
| 540,751 |
One of the Trustees of this charity is also a Trustee of Rookwood Foundation Ltd.
7 Other expenditure
| Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Net expenditure before transfers 2023 This is stated after charging: £ Depreciation of owned fixed assets 8,500 Independent Examiner's fee 2,400 |
Total 2023 £ 8,500 1,838 10,338 |
Total 2022 £ 8,742 2,753 |
|---|---|---|
| 11,495 | ||
| 2022 £ 8,742 1,800 |
8 Net expenditure before transfers
9 Trustee remuneration and expenses
None of the trustees have been paid any remuneration in the current or prior periods.
None of the trustees have been paid any expenses in the current or prior periods.
Page 13
THE EGERTON ROAD TRUST NOTES TO THE ACCOUNTS
10 Tangible fixed assets
| Cost or revaluation At 1 April 2022 Additions At 31 March 2023 Depreciation and impairment At 1 April 2022 Depreciation charge for the year At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 11 Investments Fair value At 1 April 2022 At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 12 Debtors Other debtors 13 Creditors: amounts falling due within one year Other creditors Accruals 14 Creditors: amounts falling due after more than one year Bank loans and overdrafts Other loans |
2023 £ 153,500 153,500 2023 £ 1,075,182 |
Total £ 300,251 217,584 |
|---|---|---|
| 517,835 | ||
| 248,712 8,500 |
||
| 257,212 | ||
| 260,623 | ||
| 51,539 | ||
| Total £ 4,043,462 |
||
| 4,043,462 | ||
| 4,043,462 | ||
| 4,043,462 | ||
| 2022 £ 542,362 |
||
| 542,362 | ||
| 2022 £ 1,162,147 |
||
| 2,400 | 1,800 | |
| 1,077,582 2023 £ 1,961,996 1,501 1,963,497 |
1,163,947 | |
| 2022 £ 2,014,437 1,501 |
||
| 2,015,938 |
Page 14
THE EGERTON ROAD TRUST NOTES TO THE ACCOUNTS
15 Movement in funds
| Restricted funds: Restricted Funds Unrestricted funds: General funds Total funds 16 Analysis of net assets between funds Fixed assets Investments Net current assets Creditors due in more than one year and provisions |
At 31 March 2023 £ 149,474 1,344,450 |
|---|---|
| 1,493,924 | |
| Total £ 260,623 |
|
| 4,043,462 | |
| (846,664) (1,963,497) |
|
| 1,493,924 |
17 Reconciliation of net debt
| Cash and cash equivalents Borrowings Bank loans Obligations under HP/Finance leases Net debt |
At 31 March 2023 £ |
|---|---|
| 77,418 | |
| 77,418 (1,501) (1,961,996) |
|
| - | |
| (1,963,497) | |
| (1,886,079) | |
18 Related party disclosures
Other than any disclosed above there were no related party transactions during the year.
Page 15