REGISTERED CHARITY NUMBER: 1091867
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
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 2023
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31 May 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 relief of poverty, sickness and infirmity amongst persons of the Jewish faith, advancement of Orthodox Jewish religious education and Jewish faith.
Significant activities
The financial results of the Company's activities for the period ended 31 May 2023 are fully reflected in the attached financial statements together with the notes thereon.
The trustees are satisfied with the results and activities of the company for the year and do not anticipate any significant changes in the forthcoming year.
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 £822,391 (2022: £812,091) and grants paid amounted to £568,487 (2022: £325,451).
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.
Page 1
KOLEL BYS SHLOME ARYE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1091867
Principal address
43 ST. KILDA'S ROAD LONDON N16 5BS
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 4 September 2023 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 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
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 member of the Institute of Chartered Accountants in England and Wales, 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
4 September 2023
Page 3
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 General Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.5.23 Unrestricted fund £ 822,391 803 823,194 9,371 784,623 1,320 795,314 27,880 1,002,594 1,030,474 |
31.5.22 Total funds £ 812,091 544 |
|---|---|---|
| 812,635 | ||
| - 373,830 72,678 |
||
| 446,508 | ||
| 366,127 636,467 |
||
| 1,002,594 |
The notes form part of these financial statements
Page 4
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF FINANCIAL POSITION 31 MAY 2023
| Notes FIXED ASSETS Tangible assets 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS |
31.5.23 Unrestricted fund £ 3,306,196 - 11,299 11,299 (3,839) 7,460 3,313,656 (2,283,182 ) 1,030,474 |
31.5.22 Total funds £ 3,306,219 100,000 21,766 121,766 (102,519) 19,247 3,325,466 (2,322,872 ) 1,002,594 |
|---|---|---|
The notes form part of these financial statements
Page 5
continued...
KOLEL BYS SHLOME ARYE TRUST
STATEMENT OF FINANCIAL POSITION - continued 31 MAY 2023
| FUNDS 15 Unrestricted funds TOTAL FUNDS |
1,030,474 1,030,474 |
1,002,594 |
|---|---|---|
| 1,002,594 |
The financial statements were approved by the Board of Trustees and authorised for issue on 4 September 2023 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 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash provided by/(used in) investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/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 |
31.5.23 £ 238,885 (210,465) 28,420 - 803 803 - (39,690) (39,690) (10,467) 21,766 11,299 |
31.5.22 £ 410,571 (44,842) 365,729 (1,556,067 ) 544 (1,555,523 ) 1,242,500 (97,622) 1,144,878 (44,916) 66,682 21,766 |
|---|---|---|
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 2023
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by operations |
31.5.23 £ 27,880 23 (803) 210,465 100,000 (98,680) 238,885 |
31.5.22 £ 366,127 27 (544) 44,842 (100,000) 100,119 410,571 |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET DEBT
| Net cash Cash at bank Debt Debts falling due after 1 year Total |
At 1.6.22 £ 21,766 21,766 (2,322,872 ) (2,322,872 ) (2,301,106 ) |
Cash flow £ (10,467) (10,467) 39,690 39,690 29,223 |
At 31.5.23 £ 11,299 11,299 (2,283,182 ) (2,283,182 ) (2,271,883 ) |
|---|---|---|---|
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 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.
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.
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.
continued...
Page 9
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Deposit account interest 4. RAISING FUNDS Investment management costs Property repairs Legal and professional fees Insurance 5. CHARITABLE ACTIVITIES COSTS General 6. GRANTS PAYABLE General |
Direct Costs £ 23 |
Grant funding of activities (see note 6) £ 568,487 |
31.5.23 £ 822,391 31.5.23 £ 803 31.5.23 £ 6,213 2,400 758 9,371 Support costs (see note 7) £ 216,113 31.5.23 £ 568,487 |
31.5.22 £ 812,091 |
|---|---|---|---|---|
| 31.5.22 £ 544 31.5.22 £ - - - - Totals £ 784,623 |
||||
| 31.5.22 £ 359,341 |
continued...
Page 10
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
7. SUPPORT COSTS
| Other resources expended General |
Governance Finance costs £ £ - 1,320 216,113 - 216,113 1,320 |
Totals £ 1,320 216,113 |
|---|---|---|
| 217,433 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
9. 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 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 812,091 544 |
|---|---|
| 812,635 | |
| 373,830 72,678 |
|
| 446,508 | |
| 366,127 636,467 |
|
| 1,002,594 |
continued...
Page 11
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
10. TANGIBLE FIXED ASSETS
| Fixtures Freehold and property fittings £ £ COST At 1 June 2022 and 31 May 2023 3,306,067 487 DEPRECIATION At 1 June 2022 - 335 Charge for year - 23 At 31 May 2023 - 358 NET BOOK VALUE At 31 May 2023 3,306,067 129 At 31 May 2022 3,306,067 152 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.23 £ Other debtors - 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.23 £ Other creditors 3,839 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.5.23 £ Bank loans (see note 14) 2,283,182 14. LOANS An analysis of the maturity of loans is given below: 31.5.23 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 1,040,682 Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 1,242,500 |
Totals £ 3,306,554 |
Totals £ 3,306,554 |
|---|---|---|
| 335 23 |
||
| 358 | ||
| 3,306,196 | ||
| 3,306,219 | ||
| 31.5.22 £ 100,000 31.5.22 £ 102,519 31.5.22 £ 2,322,872 |
31.5.22 £ 100,000 |
|
| 31.5.22 £ 102,519 |
||
| 31.5.22 £ 1,080,372 1,242,500 |
continued...
Page 12
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
15. MOVEMENT IN FUNDS
| At 1.6.22 £ Unrestricted funds General fund 1,002,594 TOTAL FUNDS 1,002,594 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 823,194 TOTAL FUNDS 823,194 Comparatives for movement in funds At 1.6.21 £ Unrestricted funds General fund 636,467 TOTAL FUNDS 636,467 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 812,635 TOTAL FUNDS 812,635 |
Net movement in funds £ 27,880 27,880 Resources expended £ (795,314) (795,314) Net movement in funds £ 366,127 366,127 Resources expended £ (446,508) (446,508) |
At 31.5.23 £ 1,030,474 1,030,474 Movement in funds £ 27,880 27,880 At 31.5.22 £ 1,002,594 1,002,594 Movement in funds £ 366,127 366,127 |
|
|---|---|---|---|
continued...
Page 13
KOLEL BYS SHLOME ARYE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
15. 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 1.6.21 £ 636,467 636,467 |
Net movement in funds £ 394,007 394,007 |
At 31.5.23 £ 1,030,474 |
|---|---|---|---|
| 1,030,474 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,635,829 | (1,241,822 ) | 394,007 |
| TOTAL FUNDS | 1,635,829 | (1,241,822 ) | 394,007 |
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2023.
Page 14