**REGISTERED CHARITY NUMBER: 1091867**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024**
## **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 2024**
|||**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 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 May 2024. 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 2024 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 £854,690 (2023: £822,391) and grants paid amounted to £578,880 (2023: £568,487).
## **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 2024**
## **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 13 January 2025 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 2024.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
13 January 2025
Page 3
## **KOLEL BYS SHLOME ARYE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024**
|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 gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31.5.24
Unrestricted
fund
£
854,690
27,207
881,897
2,161
846,006
1,440
849,607
(100,000)
(67,710)
1,030,474
962,764|31.5.23
Total
funds
£
822,391
803|
|---|---|---|
|||823,194|
|||9,371
784,623
1,320|
|||795,314|
|||-|
|||27,880
1,002,594|
|||1,030,474|
The notes form part of these financial statements
Page 4
## **KOLEL BYS SHLOME ARYE TRUST**
## **STATEMENT OF FINANCIAL POSITION 31 MAY 2024**
|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**|31.5.24
Unrestricted
fund
£
3,216,703
1,138
29,254
30,392
(10,479)
19,913
3,236,616
(2,273,852 )
962,764|31.5.23
Total
funds
£
3,306,196
50,000
11,299
61,299
(3,839)
57,460
3,363,656
(2,333,182 )
1,030,474|
|---|---|---|
The notes form part of these financial statements
Page 5
continued...
**KOLEL BYS SHLOME ARYE TRUST**
## **STATEMENT OF FINANCIAL POSITION - continued 31 MAY 2024**
|**FUNDS**
15
Unrestricted funds
**TOTAL FUNDS**|962,764
962,764|1,030,474|
|---|---|---|
|||1,030,474|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 January 2025 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 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by 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**|31.5.24
£
314,318
(227,389)
86,929
(10,526)
882
(9,644)
(50,000)
(9,330)
(59,330)
17,955
11,299
29,254|31.5.23
£
188,885
(210,465)
(21,580)
-
803
803
50,000
(39,690)
10,310
(10,467)
21,766
11,299|
|---|---|---|
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 2024**
## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
Losses on investments
Interest received
Interest paid
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by operations**|31.5.24
£
(67,710)
19
100,000
(882)
227,389
48,862
6,640
314,318|31.5.23
£
27,880
23
-
(803)
210,465
50,000
(98,680)
188,885|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET DEBT**
|**Net cash**
Cash at bank
**Debt**
Debts falling due after 1 year
**Total**|At 1.6.23
£
11,299
11,299
(2,333,182 )
(2,333,182 )
(2,321,883 )|Cash flow
£
17,955
17,955
59,330
59,330
77,285|At 31.5.24
£
29,254
29,254
(2,273,852 )
(2,273,852 )
(2,244,598 )|
|---|---|---|---|
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 2024**
## **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
- 15% on reducing balance
## **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 2024**
|**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**INVESTMENT INCOME**
Rents received
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
£
36,349|Grant
funding of
activities
(see note
6)
£
578,880|31.5.24
£
854,690
31.5.24
£
26,325
882
27,207
31.5.24
£
-
-
2,161
2,161
Support
costs (see
note 7)
£
230,777
31.5.24
£
578,880|31.5.23
£
822,391|
|---|---|---|---|---|
|||||31.5.23
£
-
803
803
31.5.23
£
6,213
2,400
758
9,371
Totals
£
846,006|
|||||31.5.23
£
568,487|
continued...
Page 10
**KOLEL BYS SHLOME ARYE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024**
## **7. SUPPORT COSTS**
|Other resources expended
General|Governance
Finance
costs
£
£
-
1,440
230,777
-
230,777
1,440|Totals
£
1,440
230,777|
|---|---|---|
|||232,217|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.
## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
822,391
803|
|---|---|
||823,194|
||9,371
784,623
1,320|
||795,314|
||27,880
1,002,594|
||1,030,474|
continued...
Page 11
**KOLEL BYS SHLOME ARYE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024**
## **10. TANGIBLE FIXED ASSETS**
|Fixtures
Freehold
and
property
fittings
£
£
**COST**
At 1 June 2023
3,306,067
487
Additions
10,526
-
Impairments
(100,000)
-
At 31 May 2024
3,216,593
487
**DEPRECIATION**
At 1 June 2023
-
358
Charge for year
-
19
At 31 May 2024
-
377
**NET BOOK VALUE**
At 31 May 2024
3,216,593
110
At 31 May 2023
3,306,067
129
**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.5.24
£
Other debtors
-
Prepayments
1,138
1,138
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.5.24
£
Other creditors
10,479
**13.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.5.24
£
Bank loans (see note 14)
2,273,852|Totals
£
3,306,554
10,526
(100,000)
3,217,080
358
19
377
3,216,703
3,306,196
31.5.23
£
50,000
-
50,000
31.5.23
£
3,839
31.5.23
£
2,333,182|
|---|---|
continued...
Page 12
**KOLEL BYS SHLOME ARYE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024**
## **14. 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
Repayable otherwise than by instalments:
Bank loans more 5 yrs non-inst|31.5.24
£
27,500
1,003,852
1,242,500|31.5.23
£
50,000|
|---|---|---|
|||1,040,682
1,242,500|
## **15. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|follows:
Incoming
resources
£
881,897
881,897|At 1.6.23
£
1,030,474
1,030,474
Resources
expended
£
(849,607)
(849,607)
At 1.6.22
£
1,002,594
1,002,594||Net
movement
in funds
£
(67,710)
(67,710)
Gains and
losses
£
(100,000)
(100,000)
Net
movement
in funds
£
27,880
27,880|At
31.5.24
£
962,764|
|---|---|---|---|---|---|
||||||962,764|
||||||Movement
in funds
£
(67,710)
(67,710)
At
31.5.23
£
1,030,474|
||||||1,030,474|
continued...
Page 13
**KOLEL BYS SHLOME ARYE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024**
## **15. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
823,194
823,194|Resources
Movement
expended
in funds
£
£
(795,314)
27,880
(795,314)
27,880|Resources
Movement
expended
in funds
£
£
(795,314)
27,880
(795,314)
27,880|
|---|---|---|---|
||||27,880|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.6.22
£
1,002,594
1,002,594|Net
movement
in funds
£
(39,830)
(39,830)|At
31.5.24
£
962,764|
|---|---|---|---|
||||962,764|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,705,091
(1,644,921 )
**TOTAL FUNDS**
1,705,091
(1,644,921 )|Gains and
Movement
losses
in funds
£
£
(100,000)
(39,830)
(100,000)
(39,830)|Gains and
Movement
losses
in funds
£
£
(100,000)
(39,830)
(100,000)
(39,830)|
|---|---|---|
|||(39,830)|
## **16. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 May 2024.
Page 14