Charity registration number 1069225
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr. Mark Sassoon Mr. Stephen Goldberg Mr. Benjamin Sassoon Mr. Joseph Pearlman
Charity number 1069225
Independent examiner
Syed Taufiq Pasha, FCCA Pasha & Co. 220 The Vale London NW11 8SR
Bankers
HSBC 40 Temple Fortune Parade Golders Green London NW11 0QU
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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
The objectives of the charity , as established, continued unchanged are:
1 The advancement of education according to the tenets of the Orthodox Jewish faith
2 The Alleviation of poverty
3 The relief and care of orphans, the elderly and the infirm
4 The Preservation and protection of mental and physical health
Public Benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant making policy
Grants are made to individuals, charitable institutions and organisations which accord with the objects of the Charity.
Achievements and performance
Financial review
In the period under review, the charity made a surplus of £13,145 (2022: £24,106).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity accepts requests from improvised individuals and families and on the basis applies to individuals for donations in order to alleviate property and payment are made by the Trustees as and when they see fit.
Structure, governance and management
The Rabbi Yisroel Yehudah Peritz Charitable Trust is a legal registered charity (No. 1069225) and constituted by Deed of Trust.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr. Mark Sassoon
Mr. Stephen Goldberg Mr. Benjamin Sassoon Mr. Joseph Pearlman
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The day to day activities are delegated to Mr. Mark Sassoon and supported by all other trustees.
- 1 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The trustees report was approved by the Board of Trustees.
Mr. Mark Sassoon
Trustee Dated: 16 October 2023
- 2 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Rabbi Yisroel Yehudah Peritz Charitable Trust (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements to be reached.
Syed Taufiq Pasha, FCCA Pasha & Co.
220 The Vale London NW11 8SR
Dated: 16 October 2023
- 3 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 41,216 | 42,755 |
| Investments | 4 | 28,093 | 25,941 |
| Total income | 69,309 | 68,696 | |
| Expenditure on: | |||
| Charitable activities | 5 | 56,164 | 44,590 |
| Net income for the year/ | |||
| Net movement in funds | 13,145 | 24,106 | |
| Fund balances at 1 April 2022 | 1,018,161 | 994,055 | |
| Fund balances at 31 March 2023 | 1,031,306 | 1,018,161 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand 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 Income funds Unrestricted funds |
2023 £ £ 998,432 117,351 1,643 118,994 (43,424) 75,570 1,074,002 (42,696) 1,031,306 1,031,306 1,031,306 |
2022 £ £ 998,432 125,651 2,387 128,038 (37,068) 90,970 1,089,402 (71,241) 1,018,161 1,018,161 1,018,161 |
|---|---|---|
The financial statements were approved by the Trustees on 16 October 2023
Mr. Mark Sassoon Trustee
- 5 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
The Rabbi Yisroel Yehudah Peritz Charitable Trust is a legal registered charity (No. 1069225) and constituted by Deed of Trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
NIL
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 7 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Taxation
The Charity is exempt from taxation.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 41,216 | 42,755 |
- 8 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 27,812 | 25,941 |
| Interest receivable | 281 | - |
| 28,093 | 25,941 |
5 Charitable activities
| Charitable Payments Charitable Expenditure Heading 2 2023 2023 £ £ Insurance - 2,370 Repairs and maintainence - 7,054 Management and sundry expenses - 12,295 Bank charges - 121 Loan interest - 3,262 - 25,102 Donation payments 28,362 - Share of governance costs (see note 6) 2,700 - 31,062 25,102 |
Total 2023 Charitable Payments Charitable Expenditure Heading 2 2022 2022 £ £ £ 2,370 - 2,063 7,054 - 10,241 12,295 - (11) 121 - 33 3,262 - 1,496 25,102 - 13,822 28,362 28,068 - 2,700 2,700 - 56,164 30,768 13,822 |
Total 2022 £ 2,063 10,241 (11) 33 1,496 |
|---|---|---|
| 13,822 28,068 2,700 |
||
| 44,590 |
- 9 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
6 Support costs
| Accountancy Analysed between Charitable activities |
Support costs Governance costs £ £ - 2,700 - 2,700 - 2,700 |
2023 £ 2,700 2,700 2,700 |
2022 £ 2,700 |
|---|---|---|---|
| 2,700 | |||
| 2,700 |
Governance costs includes payments to the accountant of £2,700 (2022- £2,640) for accountancy fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. There is no expenses incurred by trustees during the year.
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Land and Cost At 1 April 2022 At 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022 |
buildings £ 998,432 |
| 998,432 | |
| 998,432 | |
| 998,432 |
- 10 -
THE RABBI YISROEL YEHUDAH PERITZ CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 10 Tangible fixed assets (Continued) In the opinion of the trustees, there is no material change in market value of the properties during the year. 11 Debtors 2023 2022 Amounts falling due within one year: £ £ Other debtors 117,351 125,651 12 Loans and overdrafts 2023 2022 £ £ Bank loans 74,940 103,921 Payable within one year 32,244 32,680 Payable after one year 42,696 71,241 The long-term loans are secured by fixed charges over Charity's assets. 13 Creditors: amounts falling due within one year 2023 2022 Notes £ £ Bank loans 12 32,244 32,680 Other creditors 1,500 1,500 Accruals and deferred income 9,680 2,888 43,424 37,068 14 Creditors: amounts falling due after more than one year 2023 2022 Notes £ £ Bank loans 12 42,696 71,241 15 Related party transactions |
10 Tangible fixed assets (Continued) In the opinion of the trustees, there is no material change in market value of the properties during the year. 11 Debtors 2023 2022 Amounts falling due within one year: £ £ Other debtors 117,351 125,651 12 Loans and overdrafts 2023 2022 £ £ Bank loans 74,940 103,921 Payable within one year 32,244 32,680 Payable after one year 42,696 71,241 The long-term loans are secured by fixed charges over Charity's assets. 13 Creditors: amounts falling due within one year 2023 2022 Notes £ £ Bank loans 12 32,244 32,680 Other creditors 1,500 1,500 Accruals and deferred income 9,680 2,888 43,424 37,068 14 Creditors: amounts falling due after more than one year 2023 2022 Notes £ £ Bank loans 12 42,696 71,241 15 Related party transactions |
10 Tangible fixed assets (Continued) In the opinion of the trustees, there is no material change in market value of the properties during the year. 11 Debtors 2023 2022 Amounts falling due within one year: £ £ Other debtors 117,351 125,651 12 Loans and overdrafts 2023 2022 £ £ Bank loans 74,940 103,921 Payable within one year 32,244 32,680 Payable after one year 42,696 71,241 The long-term loans are secured by fixed charges over Charity's assets. 13 Creditors: amounts falling due within one year 2023 2022 Notes £ £ Bank loans 12 32,244 32,680 Other creditors 1,500 1,500 Accruals and deferred income 9,680 2,888 43,424 37,068 14 Creditors: amounts falling due after more than one year 2023 2022 Notes £ £ Bank loans 12 42,696 71,241 15 Related party transactions |
|---|---|---|
| 2023 £ 117,351 2023 £ 74,940 32,244 42,696 |
2022 £ 125,651 |
|
| 2022 £ 103,921 |
||
| 32,680 71,241 |
||
| 2023 £ 32,244 1,500 9,680 43,424 2023 £ 42,696 |
2022 £ 32,680 1,500 2,888 |
|
| 37,068 | ||
| 2022 £ 71,241 |
||
There were no disclosable related party transactions during the year (2022 - none).
- 11 -