REGISTERED CHARITY NUMBER: 1083443
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
FOR
CHASODIM FUND
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
CHASODIM FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
CHASODIM FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2020
The trustees present their report with the financial statements of the charity for the year ended 31 October 2020. 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 advancement of Orthodox Jewish religious education; and
the advancement of Orthodox Jewish religion,
the relief of poverty generally and in particular amongst persons of the Jewish faith,
such other charitable purpose trusts and organisations which the trustees may from time to time determine.
Public benefit
The trustees confirm that the 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
Investment performance
The charity received gross rental income of £162,126 (£184,525 - 2019) and expenses related to properties amounted to £495,710 (£35,332 - 2019)
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 objects.
Investment policy and objectives
The Trust Deed which permit 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 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 controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Chasodim Fund 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 Chasodim Fund continues to be to derive its income from Investment Properties and to make donations in accordance with the Trust's objects.
Page 1
CHASODIM FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2020
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
1083443
Principal address
17 St Andrews Grove London N16 5NF
Trustees
Mrs C Stern J Stern I Honig
Independent Examiner
Malcolm Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 18 February 2021 and signed on its behalf by:
Mrs C Stern - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHASODIM FUND
Independent examiner's report to the trustees of Chasodim Fund
I report to the charity trustees on my examination of the accounts of Chasodim Fund (the Trust) for the year ended 31 October 2020.
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 A.C.A 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.
Malcolm Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
18 February 2021
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CHASODIM FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Other income Total EXPENDITURE ON Raising funds 3 Charitable activities General Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.10.20 Unrestricted fund £ - 162,127 296,194 458,321 48,940 - 501,710 2,253 552,903 (94,582) 1,846,785 1,752,203 |
31.10.19 Total funds £ - 184,525 - 184,525 35,332 99 150,259 2,313 188,003 (3,478) 1,850,263 1,846,785 |
|---|---|---|
The notes form part of these financial statements
Page 4
CHASODIM FUND
STATEMENT OF FINANCIAL POSITION 31 OCTOBER 2020
| Notes FIXED ASSETS Tangible assets 6 Investment property 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
31.10.20 Unrestricted fund £ 864 2,384,700 2,385,564 81,216 66,799 148,015 (113,164) 34,851 2,420,415 (668,212) 1,752,203 1,752,203 1,752,203 |
31.10.19 Total funds £ 864 2,626,461 2,627,325 11,143 9,003 20,146 (109,861) (89,715) 2,537,610 (690,825) 1,846,785 1,846,785 1,846,785 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 February 2021 and were signed on its behalf by:
J Stern - Trustee
C Stern - Trustee
I Honig - Trustee
The notes form part of these financial statements
Page 5
CHASODIM FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
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.
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 tax on its charitable activities.
2. INVESTMENT INCOME
Rents received
31.10.20 31.10.19 £ £ 162,127 184,525
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continued...
CHASODIM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2020
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.10.20 | 31.10.19 | |
| £ | £ | |
| Property repairs | 9,154 | 5,906 |
| Rates and water | 791 | 500 |
| Insurance | 1,211 | 347 |
| Management commission | 3,167 | 3,157 |
| Legal & professional fees | 12,888 | - |
| Bank loan interest | 21,729 | 25,422 |
| 48,940 | 35,332 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2020 nor for the year ended 31 October 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2020 nor for the year ended 31 October 2019.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities General Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 184,525 35,332 99 150,259 2,313 188,003 (3,478) 1,850,263 1,846,785 |
|---|---|
continued...
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CHASODIM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2020
6. TANGIBLE FIXED ASSETS
| COST At 1 November 2019 and 31 October 2020 DEPRECIATION At 1 November 2019 and 31 October 2020 NET BOOK VALUE At 31 October 2020 At 31 October 2019 7. INVESTMENT PROPERTY FAIR VALUE At 1 November 2019 Disposals At 31 October 2020 NET BOOK VALUE At 31 October 2020 At 31 October 2019 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.20 £ Trade debtors 31,216 Other debtors 50,000 81,216 |
Fixtures and fittings £ 1,656 792 864 864 £ 2,626,462 (241,762) 2,384,700 2,384,700 2,626,462 31.10.19 £ 11,143 - 11,143 |
|---|---|
continued...
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CHASODIM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2020
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.10.20 £ Trade creditors 16,540 Taxation and social security 913 Other creditors 95,711 113,164 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.10.20 £ Bank loans (see note 11) 668,212 11. LOANS An analysis of the maturity of loans is given below: 31.10.20 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 66,305 Building Society Mortgage 601,907 668,212 12. MOVEMENT IN FUNDS Net At movement 1.11.19 in funds £ £ Unrestricted funds General fund 1,846,785 (94,582) TOTAL FUNDS 1,846,785 (94,582) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 458,321 (552,903) TOTAL FUNDS 458,321 (552,903) |
31.10.19 £ 11,036 1,401 97,424 109,861 31.10.19 £ 690,825 31.10.19 £ 69,893 620,932 690,825 At 31.10.20 £ 1,752,203 1,752,203 Movement in funds £ (94,582) (94,582) |
|---|---|
continued...
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CHASODIM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2020
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.11.18 £ Unrestricted funds General fund 1,850,263 TOTAL FUNDS 1,850,263 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 184,525 TOTAL FUNDS 184,525 |
Net movement in funds £ (3,478) (3,478) Resources expended £ (188,003) (188,003) |
At 31.10.19 £ 1,846,785 |
At 31.10.19 £ 1,846,785 |
|
|---|---|---|---|---|
| 1,846,785 | ||||
| Movement in funds £ (3,478) (3,478) |
||||
| (3,478) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.11.18 £ 1,850,263 1,850,263 |
Net movement in funds £ (98,060) (98,060) |
At 31.10.20 £ 1,752,203 |
|---|---|---|---|
| 1,752,203 |
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 £ 642,846 642,846 |
Resources Movement expended in funds £ £ (740,906) (98,060) (740,906) (98,060) |
Resources Movement expended in funds £ £ (740,906) (98,060) (740,906) (98,060) |
|---|---|---|---|
| (98,060) |
continued...
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CHASODIM FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2020
13. RELATED PARTY DISCLOSURES
The charity donated £96,000 (2019- £24,900) to the SB & C Stern CIO, a charity in which Mr Joseph Stern is a trustee.
During the year charity sold one of its investment property to Mr J Stern and Mr M Stern. Independent valuation was obtained before sale.
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