CHARITY REGISTRATION NUMBER: 1082560
THE MA'OS YESOMIM CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS
5 APRIL 2021
THE MA'OS YESOMIM CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2021
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
THE MA'OS YESOMIM CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
YEAR ENDED 5 APRIL 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Ma'os Yesomim Charitable Trust Charity registration number 1082560 Principal office Roeder House Vale Road London N4 1QE The trustees R Berkovits S Sinitsky Independent examiner Keith Sussman FCA New Burlington House 1075 Finchley Road LONDON NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The official name of the charity is The Ma'os Yesomim Charitable Trust. It is a registered charity constituted by Deed of Trust. Its registered charity number is 1082560.
Management of the charity
The trustees and other volunteers, who provide their services to help run the charity, make no charge for their time and effort.
Appointment, training and recruitment of trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and induction procedures, which includes an understanding of the content of the Deed of Trust and their legal obligations under the Charity Act.
Related parties and co-operation with other organisations
None of the trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a donee must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year, no such related party transactions were reported.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
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THE MA'OS YESOMIM CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2021
OBJECTIVES AND ACTIVITIES
The charity's objectives are to utilise its funds for the charitable purposes at the discretion of the trustees. These are for the relief in cases of poverty, need, hardship or distress by reason of their social and/or economic circumstances, orphan children of the Jewish community in England.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant making policy
Grants are made to charitable institutions, organisations and authorised individuals which accord with the objects of the charity.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued its philanthropic activities in support of religious, education and other charitable Institutions and aggregate donations were paid in the sum of £16,000 (2020: £172,500).
The charity's investments in UK property realised a gross income of £27,556 (2020: £20,857).
FINANCIAL REVIEW
Reserves Policy
At the year-end £1,063,292 (2020: £1,063,622) was held as unrestricted funds. It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level, which the trustees think appropriate, in-order to maintain and finance the charity's investment portfolio, the future commitments of the charity and the likely administrative costs of the charity for the next year.
Investment Powers, Policy and Objectives
Under the Memorandum and Articles of Association, the charity has the power to make any investment, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
The trustees believe their experience within the UK investment property market will maximise the charity's income from its investments.
The trustees' annual report was approved on 3 February 2022 and signed on behalf of the board of trustees by:
R Berkovits Trustee
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THE MA'OS YESOMIM CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MA'OS YESOMIM CHARITABLE TRUST
YEAR ENDED 5 APRIL 2021
I report to the trustees on my examination of the financial statements of The Ma'os Yesomim Charitable Trust ('the charity') for the year ended 5 April 2021.
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 Act’).
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
In connection with my examination, no matter has come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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.
Keith Sussman FCA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
3 February 2022
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THE MA'OS YESOMIM CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 27,556 | 27,556 | 20,857 |
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| Total income | 27,556 | 27,556 | 20,857 | |
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| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | (10,366) | (10,366) | (10,580) |
| Expenditure on charitable activities | 6,7 | (17,520) | (17,520) | (174,900) |
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| Total expenditure | (27,886) | (27,886) | (185,480) | |
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| Net expenditure and net movement in funds | (330) | (330) | (164,623) | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 1,063,622 | 1,063,622 | 1,228,245 | |
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| Total funds carried forward | 1,063,292 | 1,063,292 | 1,063,622 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
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THE MA'OS YESOMIM CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION
5 APRIL 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 12 | 1,013,752 | 750,000 | ||
| CURRENT ASSETS | |||||
| Debtors | 13 | 265,000 | 275,000 | ||
| Cash at bank and in hand | 30,531 | 292,097 | |||
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| 295,531 | 567,097 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 14 | (22,860) | (16,500) | ||
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| NET CURRENT ASSETS | 272,671 | 550,597 | |||
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| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 1,286,423 | 1,300,597 | |||
| CREDITORS: amounts falling due | |||||
| after more than one year | 15 | (223,131) | (236,975) | ||
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| NET ASSETS | 1,063,292 | 1,063,622 | |||
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| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 1,063,292 | 1,063,622 | |||
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| Total charity funds | 16 | 1,063,292 | 1,063,622 | ||
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These financial statements were approved by the board of trustees and authorised for issue on 3 February 2022, and are signed on behalf of the board by:
R Berkovits Trustee
The notes on pages 6 to 11 form part of these financial statements.
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THE MA'OS YESOMIM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Roeder House, Vale Road, London, N4 1QE.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
(i) BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The charity meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) GOING CONCERN
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity. In addition, the trustees recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
(iii) JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 18.
(iv) FUND ACCOUNTING
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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THE MA'OS YESOMIM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
3. ACCOUNTING POLICIES (continued)
(v) INCOMING RESOURCES
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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investment income represents amounts invoiced during the year, inclusive of Value Added Tax and rents and charges receivable in respect of its investments and interest on funds held on deposit and invested are included when receivable and the amount can be measured reliably by the charity.
(vi) RESOURCES EXPENDED
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(vii) INVESTMENT PROPERTY
The charity has investment in a number of unincorporated property joint venture syndicates. The investments are shown at cost. Income arising from such investments is shown in the statement of financial activities. All joint venture syndicates make up their accounts to 31 March each year and the results are included on this basis.
Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property.
After initial recognition, investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit or loss account in the year that they arise.
No depreciation is provided in respect of investment properties applying the fair value model.
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THE MA'OS YESOMIM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
3. ACCOUNTING POLICIES (continued)
(viii) FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Trade and other debtors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Trade and other creditors
Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank.
4. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 27,556 | 27,556 | 20,857 | 20,857 |
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5. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Investment property insurance costs | 919 | 919 | 868 | 868 |
| Investment property costs | 1,084 | 1,084 | 421 | 421 |
| Interest payable | 8,363 | 8,363 | 9,291 | 9,291 |
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| 10,366 | 10,366 | 10,580 | 10,580 | |
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6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | 16,000 | 16,000 | 172,500 | 172,500 |
| Support costs | 1,520 | 1,520 | 2,400 | 2,400 |
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| 17,520 | 17,520 | 174,900 | 174,900 | |
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THE MA'OS YESOMIM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Donations | 16,000 | – |
16,000 | 172,500 |
| Governance costs | – | 1,520 |
1,520 | 2,400 |
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|
| 16,000 | 1,520 |
17,520 | 174,900 | |
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|
| ANALYSIS OF GRANTS | ||||
| 2021 | ||||
| £ | ||||
| S & J Charitable Trust | 13,000 | |||
| Keren Hatzolas Doros Alei Siach | 3,000 | |||
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| Total grants | 16,000 | |||
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8. ANALYSIS OF GRANTS
All grants made during the year were for the provision of basic necessities and financial support to the poor and furtherance of the Jewish religion.
9. INDEPENDENT EXAMINATION FEES
| INDEPENDENT EXAMINATION FEES | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,860 | 2,400 |
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10. STAFF COSTS
No staff costs or wages have been paid to employees, including the members of the committee, during the year.
11. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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THE MA'OS YESOMIM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
12. INVESTMENTS
| INVESTMENTS | |||
|---|---|---|---|
| Investment | Other | ||
| properties | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 6 April 2020 | 750,000 | – | 750,000 |
| Additions | 18,752 | 245,000 | 263,752 |
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|
| At 5 April 2021 | 768,752 | 245,000 | 1,013,752 |
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|
| Impairment | |||
| At 6 April 2020 and 5 April 2021 | – | – | |
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| Carrying amount | |||
| At 5 April 2021 | 768,752 | 245,000 | 1,013,752 |
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|
| At 5 April 2020 | 750,000 | – | 750,000 |
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All investments shown above are held at valuation.
Investment properties
No depreciation has been provided in respect of investment properties, applying the fair value model.
The charity carries its investment properties at fair value, with changes in fair value being recognised in the statement of financial activities. The trustees revalued the charity's investment properties as at 31 March 2021 using techniques detailed below together with their knowledge of the UK property market.
The investment property was valued using the investment method of valuation. The trustees review the relevant income streams, deducting any non-recoverable costs to be incurred by the landlord to arrive at a net income. The income is then capitalised at a market yield which is deducted along with purchaser's costs to arrive at the fair value.
13. DEBTORS
| 13. | DEBTORS | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Other debtors | 265,000 | 275,000 | |
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| 14. | CREDITORS: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bank loans and overdrafts | 6,900 | – | |
| Accruals and deferred income | 15,960 | 16,500 | |
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| 22,860 | 16,500 | ||
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| 15. | CREDITORS: amounts falling due after more than one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bank loans and overdrafts | 223,131 | 236,975 | |
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THE MA'OS YESOMIM CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
16. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 6 April 2020 | Income | Expenditure | 5 April 2021 | |
| £ | £ | £ | £ | |
| General funds | 1,063,622 | 27,556 | (27,886) | 1,063,292 |
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|
| At | At | |||
| 6 April 2019 | Income | Expenditure | 5 April 2020 | |
| £ | £ | £ | £ | |
| General funds | 1,228,245 | 20,857 | (185,480) | 1,063,622 |
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| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | |||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Investments | 1,013,752 | 1,013,752 | ||
| Current assets | 295,531 | 295,531 | ||
| Creditors less than 1 year | (15,960) | (15,960) |
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| Creditors greater than 1 year | (230,031) | (230,031) |
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| Net assets | 1,063,292 | 1,063,292 | ||
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| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Investments | 750,000 | 750,000 | ||
| Current assets | 567,497 | 567,497 | ||
| Creditors less than 1 year | (16,900) | (16,900) |
||
| Creditors greater than 1 year | (236,975) | (236,975) |
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| Net assets | 1,063,622 | 1,063,622 | ||
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17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
18. ACCOUNTING ESTIMATES AND JUDGEMENTS
Revaluation of investment properties
The charity carries its investment properties at fair value, with changes in fair value being recognised in the statement of financial activities. The trustees revalued the charity's investment properties as at 31 March 2021 using techniques detailed below together with their knowledge of the UK property market.
Valuation techniques and key inputs
The investment property was valued using the investment method of valuation. The trustees review the relevant income streams, deducting any non-recoverable costs to be incurred by the landlord to arrive at a net income. The income is then capitalised at a market yield which is derived from comparable transactions. Any refurbishment costs or other capital items are then deducted along with purchaser's costs to arrive at the fair value.
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