REGISTERED CHARITY NUMBER: 1073284
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
VIZNITZ INSTITUTIONS TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
VIZNITZ INSTITUTIONS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 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 | 8 | to | 12 |
VIZNITZ INSTITUTIONS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. 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 objects of the charity are:
-
1) the advancement of the Orthodox Jewish Religion;
-
2) the advancement of Orthodox Jewish Religious Education and education generally;
3) the relief of poverty; and
- 4) other such charitable purposes that the trustees may from time to time determine.
The trustees carry out the objects by making grants to religious, educational and welfare institutions, especially by maintaining the Talmudical College of Viznitz, London and providing assistance to individuals suffering from poverty and financial hardship in England and abroad.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. The aims of the charity for the public benefit are detailed in the Objectives and Activities section of the report.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review the charity raised substantial funds and has spent almost all of the funds raised in the furtherance of its objectives.
During the year under review the charity received generous donations that amounted to £554,780 (2020: £245,902) and paid grants that amounted to £313,023 (2020: £115,542).
FINANCIAL REVIEW
Financial position
The trustees are pleased with the results of the year. Income more than doubled. The trustees continued aid to the Talmudical College in London and increased grantmaking substantially, There was a surplus for the year.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. Reserves at the year end were £53,115 (2020: £15,104), free reserves were £50,115 (2020: £12,104).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a declaration of trust and constitutes an unincorporated charity.
Page 1
VIZNITZ INSTITUTIONS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
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 Charity number
1073284
Principal address
8 JESSAM AVENUE LONDON E5 9DU
Trustees
A Deutch I Vizel (appointed 6.5.20) M Steren (appointed 6.5.20)
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 23 March 2022 and signed on its behalf by:
A Deutch - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VIZNITZ INSTITUTIONS TRUST
Independent examiner's report to the trustees of VIZNITZ INSTITUTIONS TRUST
I report to the charity trustees on my examination of the accounts of VIZNITZ INSTITUTIONS TRUST (the Trust) for the year ended 31 March 2021.
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 registered member of ACA 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 ACA Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
23 March 2022
Page 3
VIZNITZ INSTITUTIONS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 31.3.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 554,780 EXPENDITURE ON Charitable activities 3 Charitable activities 313,023 College expenditure 202,340 Other 1,406 Total 516,769 NET INCOME 38,011 RECONCILIATION OF FUNDS Total funds brought forward 15,104 TOTAL FUNDS CARRIED FORWARD 53,115 |
31.3.20 Total funds £ 245,902 115,542 113,905 1,728 |
|---|---|
| 231,175 | |
| 14,727 377 |
|
| 15,104 |
The notes form part of these financial statements
Page 4
VIZNITZ INSTITUTIONS TRUST
BALANCE SHEET 31 MARCH 2021
| 31.3.21 Unrestricted fund Notes £ CURRENT ASSETS Debtors 8 3,000 Cash at bank 104,135 107,135 CREDITORS Amounts falling due within one year 9 (4,020) NET CURRENT ASSETS 103,115 TOTAL ASSETS LESS CURRENT LIABILITIES 103,115 CREDITORS Amounts falling due after more than one year 10 (50,000) NET ASSETS 53,115 FUNDS 12 Unrestricted funds 53,115 TOTAL FUNDS 53,115 |
31.3.20 Total funds £ 3,000 14,924 17,924 (2,820) 15,104 15,104 - 15,104 15,104 15,104 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 March 2022 and were signed on its behalf by:
A Deutch - Trustee
M Steren - Trustee
I Vizel - Trustee
The notes form part of these financial statements
Page 5
VIZNITZ INSTITUTIONS TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from financing activities New loans in year Net cash provided by 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 |
31.3.21 £ 39,211 39,211 50,000 50,000 89,211 14,924 104,135 |
31.3.20 £ 11,859 |
|---|---|---|
| 11,859 | ||
| - | ||
| - | ||
| 11,859 3,065 |
||
| 14,924 |
The notes form part of these financial statements
Page 6
VIZNITZ INSTITUTIONS TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 38,011 | 14,727 | |
| Adjustments for: | |||
| Increase in debtors | - | (3,000) | |
| Increase in creditors | 1,200 | 132 | |
| Net cash provided by operations | 39,211 | 11,859 | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.4.20 | Cash flow | At 31.3.21 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 14,924 | 89,211 | 104,135 |
| 14,924 | 89,211 | 104,135 | |
| Debt | |||
| Debts falling due after 1 year | - | (50,000) | (50,000) |
| - | (50,000) | (50,000) | |
| Total | 14,924 | 39,211 | 54,135 |
The notes form part of these financial statements
Page 7
VIZNITZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
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.
2. DONATIONS AND LEGACIES
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Donations | 554,780 | 245,902 |
continued...
Page 8
VIZNITZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
3. CHARITABLE ACTIVITIES COSTS
| Charitable activities College expenditure 4. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Advancement of religion Relief of poverty Education 5. SUPPORT COSTS Other resources expended |
Direct Costs £ - 202,340 202,340 |
Grant funding of activities (see note 4) Totals £ £ 313,023 313,023 - 202,340 313,023 515,363 31.3.21 31.3.20 £ £ 313,023 115,542 31.3.21 31.3.20 £ £ 246,620 44,500 - 5,450 39,075 34,915 285,695 84,865 Governance costs £ 1,406 |
|---|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
continued...
Page 9
VIZNITZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 245,902 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities | 115,542 | ||
| College expenditure | 113,905 | ||
| Other | 1,728 | ||
| Total | 231,175 | ||
| NET INCOME | 14,727 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 377 | ||
| TOTAL FUNDS CARRIED FORWARD | 15,104 | ||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Other debtors | 3,000 | 3,000 | |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Other creditors | 4,020 | 2,820 |
continued...
Page 10
VIZNITZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 31.3.21 | 31.3.20 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans (see note | 11) | 50,000 | - |
Included within creditors due after more than one year is the amount of £50,000 received under the Bounce Back Loan Scheme (BBLS). The loan is unsecured, guaranteed by the government, and attracts an interest rate of 2.5% after the interest free period in the first year.
11. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due between two and five years: Bank loans - 2-5 years 12. MOVEMENT IN FUNDS Unrestricted funds General fund 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 TOTAL FUNDS |
At 1.4.20 £ 15,104 15,104 Incoming resources £ 554,780 554,780 At 1.4.19 £ 377 377 |
31.3.21 31.3.20 £ £ 50,000 - Net movement At in funds 31.3.21 £ £ 38,011 53,115 38,011 53,115 Resources Movement expended in funds £ £ (516,769) 38,011 (516,769) 38,011 Net movement At in funds 31.3.20 £ £ 14,727 15,104 14,727 15,104 |
31.3.21 31.3.20 £ £ 50,000 - Net movement At in funds 31.3.21 £ £ 38,011 53,115 38,011 53,115 Resources Movement expended in funds £ £ (516,769) 38,011 (516,769) 38,011 Net movement At in funds 31.3.20 £ £ 14,727 15,104 14,727 15,104 |
31.3.21 31.3.20 £ £ 50,000 - Net movement At in funds 31.3.21 £ £ 38,011 53,115 38,011 53,115 Resources Movement expended in funds £ £ (516,769) 38,011 (516,769) 38,011 Net movement At in funds 31.3.20 £ £ 14,727 15,104 14,727 15,104 |
|---|---|---|---|---|
| 38,011 | ||||
| At 31.3.20 £ 15,104 15,104 |
||||
| 15,104 |
continued...
Page 11
VIZNITZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 245,902 245,902 |
Resources Movement expended in funds £ £ (231,175) 14,727 (231,175) 14,727 |
Resources Movement expended in funds £ £ (231,175) 14,727 (231,175) 14,727 |
|---|---|---|---|
| 14,727 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 377 | 52,738 | 53,115 |
| TOTAL FUNDS | 377 | 52,738 | 53,115 |
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 £ 800,682 800,682 |
Resources Movement expended in funds £ £ (747,944) 52,738 (747,944) 52,738 |
Resources Movement expended in funds £ £ (747,944) 52,738 (747,944) 52,738 |
|---|---|---|---|
| 52,738 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 12