REGISTERED CHARITY NUMBER: 1091867
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
FOR
KOLEL BYS SHLOME ARYE TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
KOLEL BYS SHLOME ARYE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 14 |
KOLEL BYS SHLOME ARYE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021
The trustees present their report with the financial statements of the charity for the year ended 31 May 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 relief of poverty, sickness and infirmity amongst persons of the Jewish faith, advancement of Orthodox Jewish religious education and Jewish faith.
Public benefit
The Trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The Trustees are satisfied that they meet their obligations.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the objectives of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity continued its activities and maintained its support of religious educational and other charitable institutions in England and abroad. The charity is dependent on income from voluntary donations. The charity's incoming resources during the year were £450,418 (2020: £548,302) and grants paid amounted to £370,244 (2020: £407,476).
FINANCIAL REVIEW
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.
Going concern
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.
FUTURE PLANS
The charity intends to carry on its policy of making grants in pursuant of its objects, and continue its activities, as outlined above, for the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a declaration of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment 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
1091867
Principal address
43 ST. KILDA'S ROAD LONDON N16 5BS
Page 1
KOLEL BYS SHLOME ARYE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021
Trustees I ECKSTEIN P GOLDSTEIN S B KRAUSZ MRS Z KRAUSZ
Independent Examiner
M A 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 27 May 2022 and signed on its behalf by:
S B KRAUSZ - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KOLEL BYS SHLOME ARYE TRUST
Independent examiner's report to the trustees of KOLEL BYS SHLOME ARYE TRUST
I report to the charity trustees on my examination of the accounts of KOLEL BYS SHLOME ARYE TRUST (the Trust) for the year ended 31 May 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 _ 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 A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
27 May 2022
Page 3
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2021
| 31.5.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 450,418 Investment income 3 313 Total 450,731 EXPENDITURE ON Charitable activities 4 General 391,476 Other 36,954 Total 428,430 NET INCOME 22,301 Other recognised gains/(losses) Gains on revaluation of fixed assets - Net movement in funds 22,301 RECONCILIATION OF FUNDS Total funds brought forward 614,166 TOTAL FUNDS CARRIED FORWARD 636,467 |
31.5.20 Total funds £ 548,302 107 |
|---|---|
| 548,409 473,708 1,609 |
|
| 475,317 | |
| 73,092 47,975 |
|
| 121,067 493,099 |
|
| 614,166 |
The notes form part of these financial statements
Page 4
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF FINANCIAL POSITION 31 MAY 2021
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS |
31.5.21 Unrestricted fund £ 1,750,179 - 66,682 66,682 (2,400) 64,282 1,814,461 (1,177,994) 636,467 |
31.5.20 Total funds £ 1,750,211 2,520 37,358 39,878 (1,200) 38,678 1,788,889 (1,174,723) 614,166 |
|---|---|---|
The notes form part of these financial statements
Page 5
continued...
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF FINANCIAL POSITION - continued 31 MAY 2021
| FUNDS 14 Unrestricted funds TOTAL FUNDS |
636,467 636,467 |
614,166 |
|---|---|---|
| 614,166 |
The financial statements were approved by the Board of Trustees and authorised for issue on 27 May 2022 and were signed on its behalf by:
S B KRAUSZ - Trustee
Z KRAUSZ - Trustee
I ECKSTEIN - Trustee
P GOLDSTEIN - Trustee
The notes form part of these financial statements
Page 6
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by/(used in) 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 |
31.5.21 £ 61,436 (35,696) 25,740 313 313 50,000 (46,729) 3,271 29,324 37,358 66,682 |
31.5.20 £ 113,525 (43,983) 69,542 107 107 - (42,421) (42,421) 27,228 10,130 37,358 |
|---|---|---|
The notes form part of these financial statements
Page 7
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2021
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 31.5.21 | 31.5.20 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 22,301 | 73,092 | |
| Adjustments for: | |||
| Depreciation charges | 32 | 37 | |
| Interest received | (313) | (107) | |
| Interest paid | 35,696 | 43,983 | |
| Decrease/(increase) in debtors | 2,520 | (2,520) | |
| Increase/(decrease) in creditors | 1,200 | (960) | |
| Net cash provided by operations | 61,436 | 113,525 |
2.
ANALYSIS OF CHANGES IN NET DEBT
| Net cash Cash at bank Debt Debts falling due after 1 year Total |
At 1.6.20 £ 37,358 37,358 (1,174,723) (1,174,723) (1,137,365) |
Cash flow £ 29,324 29,324 (3,271) (3,271) 26,053 |
At 31.5.21 £ 66,682 66,682 (1,177,994) (1,177,994) (1,111,312) |
|---|---|---|---|
The notes form part of these financial statements
Page 8
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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, as modified by the revaluation of certain assets.
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 - 25% on cost
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
Donations
| 31.5.21 | 31.5.20 |
|---|---|
| £ | £ |
| 450,418 | 548,302 |
continued...
Page 9
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
3. INVESTMENT INCOME
| Deposit account interest 4. CHARITABLE ACTIVITIES COSTS General 5. GRANTS PAYABLE General The total grants paid to institutions during the year w Grants to institutions 6. SUPPORT COSTS Other resources expended General |
Direct Costs £ 20,032 s as follows: Finance £ 35,696 - 35,696 |
31.5.21 £ 313 Grant funding of activities Support (see note costs (see 5) note 6) £ £ 370,244 1,200 31.5.21 £ 370,244 31.5.21 £ 57,145 Governance Other costs £ £ 1,258 - - 1,200 1,258 1,200 |
31.5.20 £ 107 Totals £ 391,476 |
31.5.20 £ 107 Totals £ 391,476 |
|
|---|---|---|---|---|---|
| a | 31.5.20 £ 407,476 |
||||
| 31.5.20 £ 94,100 Totals £ 36,954 1,200 38,154 |
|||||
| Totals £ 36,954 1,200 |
|||||
| 38,154 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
continued...
Page 10
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities General Other Total NET INCOME Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. TANGIBLE FIXED ASSETS COST At 1 June 2020 and 31 May 2021 DEPRECIATION At 1 June 2020 Charge for year At 31 May 2021 NET BOOK VALUE At 31 May 2021 At 31 May 2020 |
Freehold property £ 1,750,000 - - - 1,750,000 1,750,000 |
Fixtures and fittings £ 487 276 32 308 179 211 |
Unrestricted fund £ 548,302 107 548,409 473,708 1,609 475,317 73,092 47,975 121,067 493,099 614,166 Totals £ 1,750,487 276 32 308 1,750,179 1,750,211 |
|---|---|---|---|
continued...
Page 11
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.5.21 | 31.5.20 | ||
| £ | £ | ||
| Other debtors | - | 2,520 | |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.5.21 | 31.5.20 | ||
| £ | £ | ||
| Other creditors | 2,400 | 1,200 | |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 31.5.21 | 31.5.20 | ||
| £ | £ | ||
| Bank loans (see note 13) | 1,177,994 | 1,174,723 |
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.
13. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 14. 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 |
At 1.6.20 £ 614,166 614,166 Incoming resources £ 450,731 450,731 |
31.5.21 £ 50,000 1,127,994 Net movement in funds £ 22,301 22,301 Resources expended £ (428,430) (428,430) |
31.5.20 £ - |
31.5.20 £ - |
|---|---|---|---|---|
| 1,174,723 At 31.5.21 £ 636,467 636,467 Movemen in funds £ 22,301 22,301 |
||||
| 22,301 |
continued...
Page 12
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.6.19 £ 493,099 493,099 |
Net movement in funds £ 121,067 121,067 |
At 31.5.20 £ 614,166 |
|---|---|---|---|
| 614,166 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 548,409 548,409 |
Resources expended £ (475,317) (475,317) |
Gains and Movement losses in funds £ £ 47,975 121,067 47,975 121,067 |
Gains and Movement losses in funds £ £ 47,975 121,067 47,975 121,067 |
|---|---|---|---|---|
| 121,067 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.6.19 £ 493,099 493,099 |
Net movement in funds £ 143,368 143,368 |
At 31.5.21 £ 636,467 |
|---|---|---|---|
| 636,467 |
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 £ 999,140 999,140 |
Resources expended £ (903,747) (903,747) |
Gains and Movement losses in funds £ £ 47,975 143,368 47,975 143,368 |
Gains and Movement losses in funds £ £ 47,975 143,368 47,975 143,368 |
|---|---|---|---|---|
| 143,368 |
continued...
Page 13
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
Page 14