REGISTERED CHARITY NUMBER: 1081053
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
ATERES YEHUDAH TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
ATERES YEHUDAH TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
ATERES YEHUDAH TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
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 the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the furtherance of the Orthodox Jewish religion by way of support to educational institutions, assisting in the reduction of poverty and granting help for charitable causes at the discretion of the trustees.
Significant activities
The charity was set up to support the activities of religious Jewish organizations. These activities were undertaken for pubic benefit to further the charity's objectives. The charity made donations during the period in accordance with the charity's objectives of education, poverty reduction and granting help for charitable causes.
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.
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 period under review the charity donated £17,500 (2022: £13,720) to various charitable causes in accordance with the charity's objectives.
Investment performance
The charity's investment income of £177,301 (2022: £178,639) reflects the rental income received from investment properties held by the charity. The associated expenses of managing the investment properties are reflected in note 3 to the financial statements.
FINANCIAL REVIEW
Principal funding sources
The major source of income during the year was rent receivable from Investment Properties.
The trust continued to support institutions throughout the world in pursuance of its charitable objective.
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 trustees are not planning on making any significant changes with respect to the way the charity is operated.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Ateres Yehudah 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 Ateres Yehudah Trust continues to be to derive its income from Investment Properties and to make donations in accordance with the Trust's objects.
Page 1
ATERES YEHUDAH TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
Appointment of trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to fill the vacancies arising through resignation or death of an existing trustee.
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
1081053
Principal address
9 St Andrews Grove London N16 5NS
Trustees
Mrs H Filip J Posen
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 15 May 2024 and signed on its behalf by:
J Posen - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ATERES YEHUDAH TRUST
Independent examiner's report to the trustees of Ateres Yehudah Trust
I report to the charity trustees on my examination of the accounts of Ateres Yehudah Trust (the Trust) for the year ended 31 March 2023.
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
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
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
15 May 2024
Page 3
ATERES YEHUDAH TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Charitable Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.23 Unrestricted fund £ 4,990 177,301 182,291 65,739 84,944 2,695 153,378 28,913 3,532,267 3,561,180 |
31.3.22 Total funds £ 2,730 178,639 |
|---|---|---|
| 181,369 | ||
| 19,970 13,720 2,680 |
||
| 36,370 | ||
| 144,999 3,387,268 |
||
| 3,532,267 |
The notes form part of these financial statements
Page 4
ATERES YEHUDAH TRUST
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
31.3.23 Unrestricted fund £ 3,413,352 462,586 455,733 918,319 (112,218) 806,101 4,219,453 (658,273) 3,561,180 3,561,180 3,561,180 |
31.3.22 Total funds £ 4,170,200 415,446 15,577 431,023 (90,212) 340,811 4,511,011 (978,744) 3,532,267 3,532,267 3,532,267 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15 May 2024 and were signed on its behalf by:
J Posen - Trustee
H Filip - Trustee
The notes form part of these financial statements
Page 5
ATERES YEHUDAH TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
Freehold property - not provided
Taxation
The charity is exempt from tax on its charitable activities.
2. INVESTMENT INCOME
Rents received
31.3.23 31.3.22 £ £ 177,301 178,639
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continued...
ATERES YEHUDAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Repairs and renewals | 35,222 | - |
| Legal and professional fees | 1,026 | 5,247 |
| Bank loan interest | 28,472 | 14,723 |
| Letting fees | 865 | - |
| Rent & rates | 154 | - |
| 65,739 | 19,970 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Charitable Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 2,730 178,639 |
|---|---|
| 181,369 | |
| 19,970 13,720 2,680 |
|
| 36,370 | |
| 144,999 3,387,268 |
|
| 3,532,267 |
continued...
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ATERES YEHUDAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 Disposals At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 £ Trade debtors 13,030 Other debtors 377,595 Tax 71,961 462,586 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 £ Trade creditors 12,428 Taxation and social security 7,579 Other creditors 92,211 112,218 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.23 £ Bank loans (see note 10) 658,273 10. LOANS An analysis of the maturity of loans is given below: 31.3.23 £ Amounts falling due in more than five years: Repayable by instalments: Bank loan 24,629 Repayable otherwise than by instalments: Bank loan 633,644 |
Freehold property £ 4,170,200 (756,848) 3,413,352 3,413,352 4,170,200 31.3.22 £ 3,078 340,407 71,961 415,446 31.3.22 £ 12,310 8,331 69,571 90,212 31.3.22 £ 978,744 31.3.22 £ 32,932 945,812 |
|---|---|
continued...
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ATERES YEHUDAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. MOVEMENT IN FUNDS
| At 1.4.22 £ Unrestricted funds General fund 3,532,267 TOTAL FUNDS 3,532,267 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 182,291 TOTAL FUNDS 182,291 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 3,387,268 TOTAL FUNDS 3,387,268 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 181,369 TOTAL FUNDS 181,369 |
Net movement in funds £ 28,913 28,913 Resources expended £ (153,378) (153,378) Net movement in funds £ 144,999 144,999 Resources expended £ (36,370) (36,370) |
At 31.3.23 £ 3,561,180 3,561,180 Movement in funds £ 28,913 28,913 At 31.3.22 £ 3,532,267 3,532,267 Movement in funds £ 144,999 144,999 |
|
|---|---|---|---|
continued...
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ATERES YEHUDAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 3,387,268 3,387,268 |
Net movement in funds £ 173,912 173,912 |
At 31.3.23 £ 3,561,180 |
|---|---|---|---|
| 3,561,180 |
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 £ 363,660 363,660 |
Resources Movement expended in funds £ £ (189,748) 173,912 (189,748) 173,912 |
Resources Movement expended in funds £ £ (189,748) 173,912 (189,748) 173,912 |
|---|---|---|---|
| 173,912 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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