REGISTERED CHARITY NUMBER: 1094325
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 September 2021
for
Elem Charitable Trust
Martin+Heller 5 North End Road London NW11 7RJ
Elem Charitable Trust
Contents of the Financial Statements for the Year Ended 30 September 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
Elem Charitable Trust
Report of the Trustees for the Year Ended 30 September 2021
The trustees present their report with the financial statements of the charity for the year ended 30 September 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 charity's object and principal activity continues to be that of the promotion of the Orthodox Jewish Faith and relief of poverty.
Public benefit
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from investment income.
FINANCIAL REVIEW
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1094325
Principal address
38 Windsor Court Golders Green Road London NW11 9PR
Trustees
Mr A M Cohen Mrs C E Cohen Mr L Feiner Mrs M Feiner Mr S Feiner
Page 1
Elem Charitable Trust
Report of the Trustees
for the Year Ended 30 September 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mr A Heller FCA Martin+Heller 5 North End Road London NW11 7RJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr S Feiner - Trustee
Page 2
Independent Examiner's Report to the Trustees of Elem Charitable Trust
Independent examiner's report to the trustees of Elem Charitable Trust
I report to the charity trustees on my examination of the accounts of Elem Charitable Trust (the Trust) for the year ended 30 September 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
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.
Mr A Heller FCA
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Elem Charitable Trust
Statement of Financial Activities for the Year Ended 30 September 2021
| 30.9.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 43,127 EXPENDITURE ON Charitable activities Grants to institutions 64,237 Other 3,027 Total 67,264 Net gains on investments 119,999 NET INCOME 95,862 RECONCILIATION OF FUNDS Total funds brought forward 1,044,250 TOTAL FUNDS CARRIED FORWARD 1,140,112 |
30.9.20 Total funds £ 70,489 |
|---|---|
| 60,085 960 |
|
| 61,045 | |
| - | |
| 9,444 1,034,806 |
|
| 1,044,250 |
The notes form part of these financial statements
Page 4
Elem Charitable Trust
Balance Sheet 30 September 2021
| 30.9.21 Unrestricted fund Notes £ FIXED ASSETS Investments Investments 7 246,000 Investment property 8 558,000 804,000 CURRENT ASSETS Investments 9 395,000 Cash at bank 27,014 422,014 CREDITORS Amounts falling due within one year 10 (85,902) NET CURRENT ASSETS 336,112 TOTAL ASSETS LESS CURRENT LIABILITIES 1,140,112 NET ASSETS 1,140,112 FUNDS 12 Unrestricted funds 1,140,112 TOTAL FUNDS 1,140,112 |
30.9.20 Total funds £ 243,770 499,667 743,437 345,000 30,815 375,815 (75,002) 300,813 1,044,250 1,044,250 1,044,250 1,044,250 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr S Feiner - Trustee
The notes form part of these financial statements
Page 5
Elem Charitable Trust
Notes to the Financial Statements for the Year Ended 30 September 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, with the exception of investments which are included at market value, 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.
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.
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. INVESTMENT INCOME
| Rents received Syndicate income Deposit account interest Loan interest received |
30.9.21 £ 7,350 13,229 104 22,444 43,127 |
30.9.20 £ 5,448 38,780 300 25,961 |
|---|---|---|
| 70,489 |
Page 6
continued...
Elem Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
3. GRANTS PAYABLE
| GRANTS PAYABLE | |||
|---|---|---|---|
| Grants to institutions Total grants paid to institutions is comprised as follows: |
30.9.21 £ 64,237 |
30.9.20 £ 60,085 |
|
| Achisomoch Aid Company | 7,000 | ||
| Derech Chochmoh | 7,000 | ||
| Tiferes High School Ltd | 4,000 | ||
| Give Youth A Break | 8,000 | ||
| London Gemach | 4,000 | ||
| Chesed Charity Trust | 8,000 | ||
| Seret Vishnitz | 5,800 | ||
| Yeshivas Ohr Reuven | 7,000 | ||
| Other donations less than £4,000 | 13,437 | ||
| 64,237 | |||
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 70,489 |
| EXPENDITURE ON | |
| Charitable activities | |
| Grants to institutions | 60,085 |
| Other | 960 |
| Total | 61,045 |
| NET INCOME | 9,444 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 1,034,806 |
continued...
Page 7
Elem Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 6. NET GAINS/(LOSSES) ON INVESTMENTS Net gains/(losses) on investments is split as follows: Surplus on revaluation of investment property Net gain on disposal of investment property 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1 October 2020 Additions At 30 September 2021 NET BOOK VALUE At 30 September 2021 At 30 September 2020 |
Unrestricted fund £ 1,044,250 |
Unrestricted fund £ 1,044,250 |
|
|---|---|---|---|
| 1,044,250 | |||
| 30.09.2021 | 30.09.2020 | ||
| £ | £ | ||
| 58,333 | - | ||
| 61,666 | - | ||
| 119,999 | - | ||
| Unlisted investments £ 243,770 2,230 246,000 246,000 243,770 |
Investment assets held in the UK amounted to £144,604. Investment assets held outside the UK amounted to £101,396.
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 October 2020 Disposals Revaluation At 30 September 2021 NET BOOK VALUE At 30 September 2021 At 30 September 2020 |
£ 499,667 (8,333) 66,666 558,000 558,000 499,667 |
|---|---|
continued...
Page 8
Elem Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
8. INVESTMENT PROPERTY - continued
| Fair value at 30 September 2021 is represented by: Valuation in 2016 Valuation in 2021 Cost 9. CURRENT ASSET INVESTMENTS Unlisted investments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other creditors-Feiner loans 12. MOVEMENT IN FUNDS At 1/10/20 £ Unrestricted funds General fund 1,044,250 TOTAL FUNDS 1,044,250 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 43,127 (67,264) TOTAL FUNDS 43,127 (67,264) |
30.9.21 £ 395,000 30.9.21 £ 85,902 30.9.21 £ 83,762 Net movement in funds £ 95,862 95,862 Gains and losses £ 119,999 119,999 |
£ 325,394 58,333 174,273 |
£ 325,394 58,333 174,273 |
|||
|---|---|---|---|---|---|---|
| 558,000 | ||||||
| 30.9.20 £ 345,000 |
||||||
| 30.9.20 £ 75,002 30.9.20 £ 73,762 At 30/9/21 £ 1,140,112 |
30.9.20 £ 75,002 |
|||||
| 30.9.20 £ 73,762 |
||||||
| 1,140,112 | ||||||
| Movement in funds £ 95,862 95,862 |
||||||
| 95,862 |
continued...
Page 9
Elem Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/10/19 £ Unrestricted funds General fund 1,034,806 TOTAL FUNDS 1,034,806 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 70,489 TOTAL FUNDS 70,489 |
Net movement in funds £ 9,444 9,444 Resources expended £ (61,045) (61,045) |
At 30/9/20 £ 1,044,250 |
At 30/9/20 £ 1,044,250 |
|---|---|---|---|
| 1,044,250 | |||
| Movement in funds £ 9,444 9,444 |
|||
| 9,444 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/19 £ 1,034,806 1,034,806 |
Net movement in funds £ 105,306 105,306 |
At 30/9/21 £ 1,140,112 |
|---|---|---|---|
| 1,140,112 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 113,616 | (128,309) | 119,999 | 105,306 |
| TOTAL FUNDS | 113,616 | (128,309) | 119,999 | 105,306 |
continued...
Page 10
Elem Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 30 September 2021
13. RELATED PARTY DISCLOSURES
Transactions with trustees during the year were as follows:
| S Feiner: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Balance b/f | 73,762 | 73,762 |
| Movement in year | 10,000 | - |
| Balance c/f | 83,762 | 73,762 |
Page 11
Elem Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 30 September 2021
| INCOME AND ENDOWMENTS Investment income Rents received Syndicate income Deposit account interest Loan interest received Total incoming resources EXPENDITURE Charitable activities Grants to institutions Other Accountancy Legal fees Support costs Finance Bank charges Total resources expended Net (expenditure)/income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
30.9.21 £ 7,350 13,229 104 22,444 43,127 43,127 64,237 900 2,073 2,973 54 67,264 (24,137) 53,333 29,196 |
30.9.20 £ 5,448 38,780 300 25,961 |
|---|---|---|
| 70,489 | ||
| 70,489 60,085 900 - |
||
| 900 60 |
||
| 61,045 | ||
| 9,444 - |
||
| 9,444 |
This page does not form part of the statutory financial statements
Page 12