CHARITY REGISTRATION NUMBER: 1096349
Shulom Rov Charities
Unaudited Financial Statements
Year ended
31 March 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Shulom Rov Charities
Financial Statements
Year ended 31 March 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 12 |
Shulom Rov Charities
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
Registered charity name Shulom Rov Charities Charity registration number 1096349 Principal office 10 Cubley Road Salford Manchester M7 4GN The trustees Mrs M Weiss S Weiss F Weiss Independent examiner D Schwarz FCCA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Shulom Rov Charities is a charitable trust constituted by a Deed of Trust dated 28 May 2002, and is a registered charity, Number 1096349.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed, including variations in the property market. 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.
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Shulom Rov Charities
Trustees' Annual Report (continued)
Year ended 31 March 2021
Objectives and activities
The objects of the Charity are the advancement of the Jewish faith and Jewish education and the relief of poverty in the Jewish Community.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Investment Policy
It is the policy of the Charity to maintain cash reserves so as to be able to take advantage of any investment opportunities that arise. This policy is regularly reviewed by the trustees and their investment advisors, who advise as to safe investments and when to sell properties and as to rent reviews.
Achievements and performance
During the year the Charity received £104,987 surplus realised on joint property ventures. During the year a total of £117,892 was donated to various charitable institutions as above, in accordance with the Trust Deed.
To this purpose the Charity has invested in various joint property ventures and during this year, these investments have yielded returns of over 15%.
Financial review
As at 31 March 2021 the charity held reserves of £778,287 (2020:£792,455).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. It is the policy of the charity to hold investments sufficient to generate the average annual grants made by the charity. For this purpose, reserves are maintained to enable the charity to take advantage of any possible investments arising.
The trustees' annual report was approved on 18 January 2022 and signed on behalf of the board of trustees by:
Mrs M Weiss Trustee
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Shulom Rov Charities
Independent Examiner's Report to the Trustees of Shulom Rov Charities
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Shulom Rov Charities ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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 charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
D Schwarz FCCA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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Shulom Rov Charities
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | – | – | 206,000 |
| Investment income | 5 | 104,987 | 104,987 | 73,434 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 104,987 | 104,987 | 279,434 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | – | – | 4,600 |
| Expenditure on charitable activities | 7,8 | 119,155 | 119,155 | 113,983 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 119,155 | 119,155 | 118,583 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (14,168) | (14,168) | 160,851 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 792,455 | 792,455 | 631,604 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 778,287 | 778,287 | 792,455 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
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Shulom Rov Charities
Statement of Financial Position
31 March 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 14 | 650,812 | 630,447 |
| Current assets | |||
| Debtors | 15 | 27,500 | 27,500 |
| Cash at bank and in hand | 102,771 | 136,150 | |
| -------------------------------- | -------------------------------- | ||
| 130,271 | 163,650 | ||
| Creditors: amounts falling due within one year | 16 | 2,796 | 1,642 |
| -------------------------------- | -------------------------------- | ||
| Net current assets | 127,475 | 162,008 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 778,287 | 792,455 | |
| -------------------------------- | -------------------------------- | ||
| Net assets | 778,287 | 792,455 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Unrestricted funds | 778,287 | 792,455 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 17 | 778,287 | 792,455 |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 18 January 2022, and are signed on behalf of the board by:
Mrs M Weiss Trustee
The notes on pages 6 to 12 form part of these financial statements.
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Shulom Rov Charities
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 10 Cubley Road, Salford, Manchester, M7 4GN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Shulom Rov Charities
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Investments in joint property syndicates
This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties.
The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these accounts.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
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Shulom Rov Charities
Notes to the Financial Statements (continued)
Year ended 31 March 2021
4. Donations and legacies
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 |
Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | – | – |
206,000 | 206,000 | |
| ============== | ============== | ================================ | ================================ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2021 |
Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 104,987 | 104,987 |
73,434 | 73,434 | |
| ================================ | ================================ | ============================ | ============================ | ||
| 6. | Investment management costs | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2021 |
Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Administration of investments | – | – |
4,600 | 4,600 | |
| ============== | ============== | ======================= | ======================= | ||
| 7. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2021 |
Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 117,892 | 117,892 |
112,506 | 112,506 | |
| Support costs | 1,263 | 1,263 |
1,477 | 1,477 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 119,155 | 119,155 |
113,983 | 113,983 | ||
| ================================ | ================================ | ================================ | ================================ | ||
| 8. | Expenditure on charitable activities | by activity type | |||
| Grant funding | Support |
Total funds | Total fund | ||
| of activities | costs |
2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 117,892 | – |
117,892 | 112,506 | |
| Governance costs | – | 1,263 |
1,263 | 1,477 | |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| 117,892 | 1,263 |
119,155 | 113,983 | ||
| ================================ | ======================= | ================================ | ================================ | ||
| 9. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | |||||
| activity 1 | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Governance costs | 1,200 | 1,200 | 1,380 | ||
| ======================= | ======================= | ======================= |
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Shulom Rov Charities
Notes to the Financial Statements (continued)
Year ended 31 March 2021
10. Analysis of grants
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Ateres Yoel | – | 5,700 |
| Beis Malka Ltd | – | 6,850 |
| Beis Minchas Yitzchok Trust | 6,000 | 18,800 |
| Belz Machnovka (M/CR) Ltd | – | 10,300 |
| Bnos Zion D'Bobov Ltd | – | 8,300 |
| Chasdei Usher | – | 4,400 |
| Chasdei Yoel Charitable Trust | – | 13,600 |
| Edupoor | 7,200 | – |
| Friends Of Toldos Avrohom Yitzchok | 5,000 | – |
| Grants over £4,000 | 19,892 | 29,256 |
| Keren Habinyan D'Satmar | 10,000 | – |
| Keren Hatzolas Doros Alei Siach | 10,000 | – |
| Shir Chesed Beis Yisroel | 29,400 | – |
| Support The Charity Worker | 14,400 | – |
| Talmud Torah Yetev Lev | – | 4,900 |
| Telz Academy & Talmud Torah | 5,000 | – |
| The Friends Of The Bobover Yeshiva | – | 4,400 |
| Toimchei Shabbos Manchester | – | 6,000 |
| Zorea Tzedokos | 11,000 | – |
| -------------------------------- | -------------------------------- | |
| 117,892 | 112,506 | |
| -------------------------------- | -------------------------------- | |
| Total grants | 117,892 | 112,506 |
| ================================ | ================================ |
The above grants were made to institutions and went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
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Shulom Rov Charities
Notes to the Financial Statements (continued)
Year ended 31 March 2021
11. Independent examination fees
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,200 | 1,380 |
| ======================= | ======================= |
12. Staff costs
Nil Nil
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Investments
Other investments £ Cost or valuation At 1 April 2020 630,447 Additions Other movements 20,365 -------------------------------- At 31 March 2021 650,812 ================================ Impairment At 1 April 2020 and 31 March 2021 ================================ Carrying amount At 31 March 2021 650,812 ================================ At 31 March 2020 630,447
All investments shown above are held at valuation.
Investments in joint property syndicates
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
15. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Other debtors | 27,500 | 27,500 |
| ============================ | ============================ |
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Shulom Rov Charities
Notes to the Financial Statements (continued)
Year ended 31 March 2021
16. Creditors: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 2,534 | 1,380 |
| Other creditors | 262 | 262 |
| ----------------------- | ----------------------- | |
| 2,796 | 1,642 | |
| ======================= | ======================= |
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 March 20 | |||
| 1 April 2020 | Income | Expenditure | 21 | |
| £ | £ | £ | £ | |
| General funds | 792,455 | 104,987 | (119,155) | 778,287 |
| ================================ | ================================ | ================================ | ================================ | |
| At | ||||
| At | 31 March 20 | |||
| 1 April 2019 | Income | Expenditure | 20 | |
| £ | £ | £ | £ | |
| General funds | 631,604 | 279,434 | (118,583) | 792,455 |
| ================================ | ================================ | ================================ | ================================ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Investments | 650,812 | 650,812 | ||
| Current assets | 130,271 | 130,271 | ||
| Creditors less than 1 year | (2,796) | (2,796) |
||
| -------------------------------- | -------------------------------- | |||
| Net assets | 778,287 | 778,287 | ||
| ================================ | ================================ | |||
| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Investments | 630,447 | 630,447 | ||
| Current assets | 163,650 | 163,650 | ||
| Creditors less than 1 year | (1,642) | (1,642) |
||
| -------------------------------- | -------------------------------- | |||
| Net assets | 792,455 | 792,455 | ||
| ================================ | ================================ |
18. Analysis of net assets between funds
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Shulom Rov Charities
Notes to the Financial Statements (continued)
Year ended 31 March 2021
19. Related parties
Mr S Weiss, a trustee of the charity is also a trustee of Beis Minchas Yitzchok Trust. During the year, the charity donated £6,000 to Beis Minchas Yitzchok Trust.
Other debtors represents amounts due from Localtrent Limited, a charity with common trustees to this charity. The loan is interest free and repayable on demand.
Other creditors represents amounts owing to Ultramonor Limited, a company whose directors are also trustees of this charity. The loan is interest free and repayable on demand.
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