REGISTERED COMPANY NUMBER: 04416090 (England and Wales) REGISTERED CHARITY NUMBER: 1093995
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
FOR
REISEL TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
REISEL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 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 |
| Notes to the Financial Statements | 7 | to | 12 |
REISEL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 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 main objective of the charity was that of relief of poverty amongst the elderly or persons in conditions of need, hardship and distress in the Jewish Community, the advancement of the Orthodox Jewish Religion, the advancement of education according to the tenets of the Orthodox Jewish Faith.
Significant activities
The financial results of the charity's activities for the period ended 30th April 2021 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.
The charity made donations of £16,980 (2020: £61,840) during the period in accordance with the charity's objects.
Public benefit
The trustees confirm that they 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 governors and in accordance with the principal objectives of the company. Grants other than for relief of poverty are only made to registered charities and all applications receive the fullest and most careful consideration.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity's rental income of £226,379 (2020: £522,391) reflects the rental income received from investment properties held by the charity. The associated expenses of managing the investment properties are reflected in note 3.
FINANCIAL REVIEW
Investment policy and objectives
The trustees investment powers are governed by company's Memorandum and Articles of Association. This permits the charity to invest and deal with monies of the company not immediately required for its purposes, in or upon such investments, securities or property as may be determined, subject nevertheless to such conditions as may for the time being be imposed or required by law.
The trustees policy is to invest surplus funds in commercial investment property and during the year the company's investments have performed well. The average gross rate of return on these investments is 8%. Professional advice is always sought before any investment is undertaken.
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.
The trustees are aware of future capital requirements of various educational institutions they wish to support. They have therefore determined the necessity to build a substantial capital base of at least £10 million pounds in order to meet these requirements as and when these projects come to fruition. The reserves will be built up by annual operating surpluses and by judicious management of the charity's investment assets.
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.
Page 1
REISEL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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 charity has assessed the major risks to which the charity is exposed, in particular those to the operations and finances of the charity, and is satisfied systems are in place to mitigate its exposure to those risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04416090 (England and Wales)
Registered Charity number
1093995
Registered office
115 Craven Park Road South Tottenham London N15 6BL
Trustees
P M Noe R D Noe
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 9 February 2022 and signed on its behalf by:
R D Noe - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REISEL TRUST
Independent examiner's report to the trustees of Reisel Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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
9 February 2022
Page 3
REISEL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Charitable Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.4.21 Unrestricted fund £ 241,830 169,440 16,980 9,145 195,565 1,440,922 1,487,187 3,727,250 5,214,437 |
30.4.20 Total funds £ 523,475 189,887 61,840 278,369 530,096 - (6,621) 3,733,871 3,727,250 |
|---|---|---|
The notes form part of these financial statements
Page 4
REISEL TRUST
STATEMENT OF FINANCIAL POSITION 30 APRIL 2021
| Notes FIXED ASSETS Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
30.4.21 Unrestricted fund £ 533,354 85,956 5,072,801 5,158,757 (477,674) 4,681,083 5,214,437 - 5,214,437 5,214,437 5,214,437 |
30.4.20 Total funds £ 5,721,000 155,265 2,014,333 2,169,598 (2,723,034 ) (553,436) 5,167,564 (1,440,314 ) 3,727,250 3,727,250 3,727,250 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
REISEL TRUST
STATEMENT OF FINANCIAL POSITION - continued 30 APRIL 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 9 February 2022 and were signed on its behalf by:
R D Noe - Trustee
The notes form part of these financial statements
Page 6
REISEL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
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 corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2. INVESTMENT INCOME
| Rents received Deposit account interest |
30.4.21 £ 226,379 15,451 241,830 |
30.4.20 £ 522,391 1,084 |
|---|---|---|
| 523,475 |
continued...
Page 7
REISEL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
3. RAISING FUNDS
Investment management costs
| Property repairs Rates and water Insurance Light and heat Service charges Management commission Legal & professional fees Letting fees Loan interest GRANTS PAYABLE Charitable |
30.4.21 £ 30,364 - 8,980 1,309 5,443 14,906 85,215 310 22,913 169,440 30.4.21 £ 16,980 |
30.4.20 £ 43,900 5,921 18,040 201 32,747 19,896 20,754 794 47,634 |
|---|---|---|
| 189,887 | ||
| 30.4.20 £ 61,840 |
4. GRANTS PAYABLE
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.4.21 | 30.4.20 | |
|---|---|---|
| £ | £ | |
| Deficit on disposal of fixed assets | 4,500 | 273,785 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
continued...
Page 8
REISEL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. INVESTMENT PROPERTY FAIR VALUE At 1 May 2020 Additions Disposals At 30 April 2021 NET BOOK VALUE At 30 April 2021 At 30 April 2020 |
Unrestricted fund £ 523,475 189,887 61,840 278,369 530,096 (6,621) 3,733,871 3,727,250 £ 5,721,000 77,560 (5,265,206 ) 533,354 533,354 5,721,000 |
|---|---|
continued...
Page 9
REISEL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.4.21 £ Trade debtors 85,956 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.4.21 £ VAT 13,109 Loan creditors 450,907 Accrued expenses 13,658 477,674 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.4.21 £ Bank loans (see note 12) - 12. LOANS An analysis of the maturity of loans is given below: 30.4.21 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal - 13. MOVEMENT IN FUNDS Net movement At 1.5.20 in funds £ £ Unrestricted funds General fund 3,727,250 1,487,187 TOTAL FUNDS 3,727,250 1,487,187 Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 241,830 (195,565) 1,440,922 TOTAL FUNDS 241,830 (195,565) 1,440,922 |
30.4.20 £ 155,265 30.4.20 £ 12,669 2,700,907 9,458 2,723,034 30.4.20 £ 1,440,314 30.4.20 £ 1,440,314 At 30.4.21 £ 5,214,437 5,214,437 Movement in funds £ 1,487,187 1,487,187 |
|---|---|
continued...
Page 10
REISEL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.5.19 £ Unrestricted funds General fund 3,733,871 TOTAL FUNDS 3,733,871 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 523,475 TOTAL FUNDS 523,475 |
Net movement in funds £ (6,621) (6,621) Resources expended £ (530,096) (530,096) |
At 30.4.20 £ 3,727,250 |
At 30.4.20 £ 3,727,250 |
|
|---|---|---|---|---|
| 3,727,250 | ||||
| Movement in funds £ (6,621) (6,621) |
||||
| (6,621) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.19 £ 3,733,871 3,733,871 |
Net movement in funds £ 1,480,566 1,480,566 |
At 30.4.21 £ 5,214,437 |
|---|---|---|---|
| 5,214,437 |
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 £ 765,305 765,305 |
Resources expended £ (725,661) (725,661) |
Gains and losses £ 1,440,922 1,440,922 |
Movement in funds £ 1,480,566 |
|---|---|---|---|---|
| 1,480,566 |
continued...
Page 11
REISEL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2021.
Page 12