REGISTERED COMPANY NUMBER: 03205478 (England and Wales) REGISTERED CHARITY NUMBER: 1060642
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
FOR
REGALCREST TRUST LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
REGALCREST TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
REGALCREST TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2024. 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 principal objectives of the charity in the year under review were that of advancement of education and religious practice in accordance with the teachings of the orthodox Jewish faith and relief of poverty.
The charity provided donations to various charitable institutions to achieve the aforementioned charitable objectives as stated under " Charitable Activities ".
Public benefit
The Trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The Trustees are satisfied that they meet their obligations.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company.
Appeal letters are received from, and personal visits made by representatives of Jewish charitable, religious and educational institutions. These requests are then considered by the trustees and grants are made in accordance with the trustees decisions.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity distributed to charitable institutions and other needy causes. During the current year total donations received were £201,999 (2023- £139,999), and total donations made amounted to £284,706 (2023 - £234,294).
Investment performance
The charity achieved rental yield of 3.78% (2023 - 3.66%) for the year from investment property.
FINANCIAL REVIEW
Financial position
The financial results of the charity's activities for the year ended 31st May 2023 are fully reflected in the attached financial statements together with the notes thereon.
Principal funding sources
The charity's activities are funded by the income received from its investment property and donations received from companies related to the trustees.
Investment policy and objectives
The trustees investment powers are governed by the company's Memorandum and Articles of Association. This permits the charity to invest and deal with monies of the company not immediately required for its purposes, in or upon such investments, securities or property as may be determined, subject nevertheless to such conditions as may for the time being be imposed or required by law.
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.
Going concern
The trustees have given due consideration to the application of going concern basis in the preparation of the financial statements. The trustees are confident that the charity has enough resources to continue for the foreseeable future without curtailing its activities significantly. Thus, the trustees have concluded that going concern basis is appropriate.
Page 1
REGALCREST TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024
FUTURE PLANS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by its Memorandum and Articles of Association.
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.
Related parties
Related party transactions, balances and disclosure notes are stated in the notes to the financial statements wherever necessary.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03205478 (England and Wales)
Registered Charity number
1060642
Registered office
36 St Kildas Road London N16 5BZ
Trustees
A Gluck Mrs P Gluck J Gluck
Company Secretary
Mrs P Gluck
Independent Examiner
M A Venitt Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Solicitors
Bude Nathan Iwanier 1-2 Temple Fortune Parade Bridge Lane London NW11 0QN
Approved by order of the board of trustees on 7 March 2025 and signed on its behalf by:
Page 2
REGALCREST TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024
Mrs P Gluck - Secretary
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REGALCREST TRUST LIMITED
Independent examiner's report to the trustees of REGALCREST TRUST LIMITED ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 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 matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
7 March 2025
Page 4
REGALCREST TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities General Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.5.24 Unrestricted funds £ 201,999 113,669 315,668 26,498 287,818 314,316 1,352 3,794,229 3,795,581 |
31.5.23 Total funds £ 139,999 109,879 249,878 28,208 237,077 265,285 (15,407) 3,809,636 3,794,229 |
|---|---|---|
The notes form part of these financial statements
Page 5
REGALCREST TRUST LIMITED
STATEMENT OF FINANCIAL POSITION 31 MAY 2024
| Notes FIXED ASSETS Tangible assets 7 Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
31.5.24 Unrestricted funds £ 1,057 2,025,000 2,026,057 2,221 1,153,451 1,155,672 (6,578) 1,149,094 3,175,151 (354,570) 2,820,581 2,820,581 2,820,581 |
31.5.23 Total funds £ 1,243 3,000,000 3,001,243 3,563 1,164,036 1,167,599 (5,642) 1,161,957 4,163,200 (368,971) 3,794,229 3,794,229 3,794,229 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
REGALCREST TRUST LIMITED
STATEMENT OF FINANCIAL POSITION - continued 31 MAY 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 7 March 2025 and were signed on its behalf by:
J Gluck - Trustee
The notes form part of these financial statements
Page 7
REGALCREST TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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 corporation 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 8
REGALCREST TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
2. INVESTMENT INCOME
| Rents received Deposit account interest 3. RAISING FUNDS Investment management costs Property repairs Insurance Light and heat Letting fees Depreciation Interest payable and similar charges 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
31.5.24 £ 113,665 4 113,669 31.5.24 £ 4,433 1,412 - - 186 20,467 26,498 31.5.24 £ 186 |
31.5.23 £ 109,875 4 |
|---|---|---|
| 109,879 | ||
| 31.5.23 £ 4,226 619 1,304 200 219 21,640 28,208 31.5.23 £ 220 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds |
Unrestricted funds £ 139,999 109,879 |
|---|---|
| 249,878 | |
| 28,208 |
continued...
Page 9
REGALCREST TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Charitable activities General Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. TANGIBLE FIXED ASSETS COST At 1 June 2023 and 31 May 2024 DEPRECIATION At 1 June 2023 Charge for year At 31 May 2024 NET BOOK VALUE At 31 May 2024 At 31 May 2023 8. INVESTMENT PROPERTY FAIR VALUE At 1 June 2023 Revaluation At 31 May 2024 NET BOOK VALUE At 31 May 2024 At 31 May 2023 |
Unrestricted funds £ 237,077 265,285 (15,407) 3,809,636 3,794,229 Fixtures and fittings £ 9,661 8,418 186 8,604 1,057 1,243 £ 3,000,000 (975,000) 2,025,000 2,025,000 3,000,000 |
|
|---|---|---|
continued...
Page 10
REGALCREST TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
8. INVESTMENT PROPERTY - continued
Fair value at 31 May 2024 is represented by:
| Valuation in 2017 Valuation in 2024 Cost 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.24 £ Trade debtors - Other debtors 2,221 2,221 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.24 £ Other creditors 1,298 Accrued expenses 5,280 6,578 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.5.24 £ Bank loans (see note 12) 354,570 12. LOANS An analysis of the maturity of loans is given below: 31.5.24 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 354,570 |
£ 156,228 (975,000) 2,843,772 2,025,000 31.5.23 £ 3,563 - 3,563 31.5.23 £ 3,122 2,520 5,642 31.5.23 £ 368,971 31.5.23 £ 368,971 |
|---|---|
continued...
Page 11
REGALCREST TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
13. SECURED DEBTS
The following secured debts are included within creditors:
| 31.5.24 | 31.5.23 | |
|---|---|---|
| £ | £ | |
| Bank loans | 354,570 | 368,971 |
Bank loan is secured by first charge over the investment properties of the charity.
14. MOVEMENT IN FUNDS
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.6.23 £ 3,638,000 156,229 3,794,229 3,794,229 Incoming resources £ 315,668 315,668 At 1.6.22 £ 3,653,407 156,229 3,809,636 3,809,636 |
Net movement in funds £ 1,352 - 1,352 1,352 Resources expended £ (314,316) (314,316) Net movement in funds £ (15,407) - (15,407) (15,407) |
At 31.5.24 £ 3,639,352 156,229 3,795,581 3,795,581 Movement in funds £ 1,352 1,352 At 31.5.23 £ 3,638,000 156,229 3,794,229 3,794,229 |
|
|---|---|---|---|---|
continued...
Page 12
REGALCREST TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 249,878 249,878 |
Resources Movement expended in funds £ £ (265,285) (15,407) (265,285) (15,407) |
Resources Movement expended in funds £ £ (265,285) (15,407) (265,285) (15,407) |
|---|---|---|---|
| (15,407) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.6.22 £ 3,653,407 156,229 3,809,636 3,809,636 |
Net movement in funds £ (14,055) - (14,055) (14,055) |
At 31.5.24 £ 3,639,352 156,229 |
|---|---|---|---|
| 3,795,581 | |||
| 3,795,581 |
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 £ 565,546 565,546 |
Resources Movement expended in funds £ £ (579,601) (14,055) (579,601) (14,055) |
Resources Movement expended in funds £ £ (579,601) (14,055) (579,601) (14,055) |
|---|---|---|---|
| (14,055) |
15. RELATED PARTY DISCLOSURES
The charity received donations of £180,000 (£50,000- 2023) from Regalcrest Properties Ltd, a company controlled by trustees.
Page 13
REGALCREST TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
| 31.5.24 | 31.5.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 201,999 | 139,999 |
| Investment income | ||
| Rents received | 113,665 | 109,875 |
| Deposit account interest | 4 | 4 |
| 113,669 | 109,879 | |
| Total incoming resources | 315,668 | 249,878 |
| EXPENDITURE | ||
| Investment management costs | ||
| Property repairs | 4,433 | 4,226 |
| Insurance | 1,412 | 619 |
| Light and heat | - | 1,304 |
| Letting fees | - | 200 |
| Fixtures and fittings | 186 | 219 |
| Bank interest | 20,467 | 21,640 |
| 26,498 | 28,208 | |
| Charitable activities | ||
| Grants to institutions | 284,706 | 234,294 |
| Support costs | ||
| Finance | ||
| Bank charges | 352 | 263 |
| Governance costs | ||
| Accountancy fees | 2,760 | 2,520 |
| Total resources expended | 314,316 | 265,285 |
| Net income/(expenditure) | 1,352 | (15,407) |
This page does not form part of the statutory financial statements
Page 14