**CHARITY REGISTRATION NUMBER: 1099593**
## **Peninim Charity Trust**
## **Unaudited Financial Statements**
**31 August 2022**
**COHEN ARNOLD** Chartered Accountant New Burlington House 1075 Finchley Road LONDON NW11 0PU
## **Peninim Charity Trust**
## **Financial Statements**
## **Year ended 31 August 2022**
||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**3**|
|Statement of financial activities|**4**|
|Statement of financial position|**5**|
|Notes to the financial statements|**6**|
## **Peninim Charity Trust**
## **Trustees' Annual Report**
## **Year ended 31 August 2022**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2022.
## **Reference and administrative details**
|**Registered charity name**|Peninim Charity Trust|
|---|---|
|**Charity registration number**|1099593|
|**Principal office**|51 Bridge Lane|
||London|
||NW11 0ED|
|**The trustees**|Mrs B Itzinger|
||Mr E Itzinger|
||Mrs R Gancz|
|**Independent examiner**|Cohen Arnold|
||New Burlington House|
||1075 Finchley Road|
||LONDON|
||NW11 0PU|
## **Structure, governance and management**
## Structure
The charity is governed by a Trust Deed dated 11th August 2003.
## Government and management
The Trust Deed provides for a minimum of three trustees. Were there a requirement for new trustees, these would be identified and appointed by the existing trustees.
## **Objectives and activities**
## Objectives
The supporting of institutions advancing or providing Jewish religious education in accordance with orthodox tenets of the Jewish religion.
## Activities
The charity owns a freehold property which is being used as a facility for providing the local community with a venue at which various educational activities are held. These include lectures, study rooms, youth groups, library and prayer rooms. The charity makes grants to various institutions which are identified by the trustees as advancing the objectives of the charity.
## Public benefit
The trustees have considered the Charity Commission's guidance on public benefit and consider that the charity conforms with them.
## **Achievements and performance**
During the year grants were made to over eighty organisations and institutions.
**1**
## **Peninim Charity Trust**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 August 2022**
## **Financial review**
The trustees have set a policy that the funds pending distribution be invested so as to maximise the total return with a low level of risk.
As at 31 August 2022 the charity had 2,259,695 unrestricted reserves
The trustees' annual report was approved on 9 June 2023 and signed on behalf of the board of trustees by:
## **Mr E Itzinger**
Trustee
**2**
**Peninim Charity Trust**
## **Independent Examiner's Report to the Trustees of Peninim Charity Trust**
## **Year ended 31 August 2022**
I report to the trustees on my examination of the financial statements of Peninim Charity Trust ('the charity') for the year ended 31 August 2022.
## **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.
## **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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. 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.
## **David Goldberg, FCA DChA**
Cohen Arnold New Burlington House 1075 Finchley Road LONDON NW11 0PU
9 June 2023
**3**
## **Peninim Charity Trust**
## **Statement of Financial Activities**
## **Year ended 31 August 2022**
||||**2022**||2021|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations|**4**|89,371|13,800|103,171|111,302|
|Charitable activities|**5**|12,000|–|12,000|12,000|
|Investment income|**6**|–|–|–|2,835|
|Other income|**7**|78,125|–|78,125|51,501|
|||`──────────`|`─────────`|`──────────`|`──────────`|
|**Total income**||179,496|13,800|193,296|177,638|
|||`══════════`|`═════════`|`══════════`|`══════════`|
|**Expenditure**||||||
|Expenditure on raising funds:||||||
|Investment management costs|**8**|11,100|–|11,100|4,362|
|Expenditure on charitable activities|**9,10**|186,219|13,800|200,019|165,696|
|||`──────────`|`─────────`|`──────────`|`──────────`|
|**Total expenditure**||197,319|13,800|211,119|170,058|
|||`══════════`|`═════════`|`══════════`|`══════════`|
|Net losses on investments|**12**|–|–|–|(13,520)|
|||`──────────`|`─────────`|`──────────`|`──────────`|
|**Net expenditure**||(17,823)|–|(17,823)|(5,940)|
|||`══════════`|`═════════`|`══════════`|`══════════`|
|**Other recognised gains and losses**||||||
|Fair value movements||124,089|–|124,089|287,500|
|||`──────────`|`─────────`|`──────────`|`──────────`|
|**Net movement in funds**||106,266|–|106,266|281,560|
|**Reconciliation of funds**||||||
|Total funds brought forward||2,153,429|–|2,153,429|1,871,869|
|||`─────────────`|`─────────`|`─────────────`|`─────────────`|
|**Total funds carried forward**||2,259,695|–|2,259,695|2,153,429|
|||`═════════════`|`═════════`|`═════════════`|`═════════════`|
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 13 form part of these financial statements.**
**4**
## **Peninim Charity Trust**
## **Statement of Financial Position**
## **31 August 2022**
|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets|**17**|2,611,660|2,491,458|
|**Current assets**||||
|Debtors|**18**|14,307|517,231|
|Cash at bank and in hand||94,472|41,698|
|||`──────────`|`──────────`|
|||108,779|558,929|
|**Creditors: amounts falling due within one year**|**19**|106,346|55,156|
|||`──────────`|`──────────`|
|**Net current assets**||2,433|503,773|
|||`─────────────`|`─────────────`|
|**Total assets less current liabilities**||2,614,093|2,995,231|
|**Creditors: amounts falling due after more than one year**|**20**|354,398|841,802|
|||`─────────────`|`─────────────`|
|**Net assets**||2,259,695|2,153,429|
|||`═════════════`|`═════════════`|
|**Funds of the charity**||||
|Unrestricted funds||2,259,695|2,153,429|
|||`─────────────`|`─────────────`|
|**Total charity funds**|**21**|2,259,695|2,153,429|
|||`═════════════`|`═════════════`|
These financial statements were approved by the board of trustees and authorised for issue on 9 June 2023, and are signed on behalf of the board by:
## **Mr E Itzinger**
Trustee
**The notes on pages 6 to 13 form part of these financial statements.**
**5**
**Peninim Charity Trust Notes to the Financial Statements**
## **Year ended 31 August 2022**
## **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 51 Bridge Lane, London, NW11 0ED.
## **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.
## **Disclosure exemptions**
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
**6**
**Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **3. Accounting policies** _**(continued)**_
## **Incoming resources**
All incoming resources are 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.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **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.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
**7**
**Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **3. Accounting policies** _**(continued)**_
## **Tangible assets** _**(continued)**_
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
- 25% reducing balance
No depreciation is provided in respect of freehold property as the trustees consider that this accounting policy results in the Financial Statements giving a true and fair view.
## **Investments**
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
## **Investment property**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
## **Impairment of fixed assets**
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
**8**
## **Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **4. Donations**
|**4.**|**Donations**|||||
|---|---|---|---|---|---|
||||Unrestricted|Restricted|**Total Funds**|
||||Funds|Funds|**2022**|
||||£|£|**£**|
||**Donations**|||||
||Donations||89,371|13,800|103,171|
||||`═════════`|`═════════`|
`══════════`|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||||£|£|£|
||**Donations**|||||
||Donations||111,302|–|111,302|
||||`══════════`|`════`|
`══════════`|
|**5.**|**Charitable activities**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Income from non-investment property|||||
||in furtherance of the charity's objects|12,000|12,000|12,000|12,000|
|||`═════════`|
`═════════`|`═════════`|
`═════════`|
|**6.**|**Investment income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Income from investment properties|–|–|2,835|2,835|
|||`════`|
`════`|`═══════`|
`═══════`|
|**7.**|**Other income**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Gift aid|2,502|2,502|13,501|13,501|
||Other income|75,623|75,623|38,000|38,000|
|||`─────────`|
`─────────`|`─────────`|
`─────────`|
|||78,125|78,125|51,501|51,501|
|||`═════════`|
`═════════`|`═════════`|
`═════════`|
|**8.**|**Investment management costs**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2022**|Funds|2021|
|||£|**£**|£|£|
||Investment property expenses|11,100|11,100|4,362|4,362|
|||`═════════`|
`═════════`|`═══════`|
`═══════`|
**9**
## **Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **9. Expenditure on charitable activities by fund type**
||||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|---|
||||Funds|Funds|**2022**|
||||£|£|**£**|
|Charitable activities|||170,096|13,800|183,896|
|Support costs|||16,123|–|16,123|
||||`──────────`|`─────────`|
`──────────`|
||||186,219|13,800|200,019|
||||`══════════`|`═════════`|
`══════════`|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2021|
||||£|£|£|
|Charitable activities|||153,365|–|153,365|
|Support costs|||12,331|–|12,331|
||||`──────────`|`────`|
`──────────`|
||||165,696|–|165,696|
||||`══════════`|`════`|
`══════════`|
|**Expenditure on charitable activities by activity type**||||||
||Activities|||||
||undertaken|
Grant funding||**Total funds**|Total fund|
||directly|
of activities Support costs||**2022**|2021|
||£|£|£|**£**|£|
|Charitable activities|67,476|
116,420|6,363|190,259|153,365|
|Governance costs|–|
–|9,760|9,760|12,331|
||`─────────`|
`──────────`|`─────────`|`──────────`|
`──────────`|
||67,476|
116,420|16,123|200,019|165,696|
||`═════════`|
`══════════`|`═════════`|`══════════`|
`══════════`|
## **10. Expenditure on charitable activities by activity type**
## **11. Analysis of grants**
||2022|
|---|---|
||**£**|
|Beis Gavriel|13,070|
|Chabad Centre of Novi|5,369|
|Chabad Centre of Solon|11,228|
|Chabad Lubavitch|10,215|
|Keren Shmuel|5,280|
|Yom Tov Assistance Fund|17,900|
|Sundry grants (under £5,000)|53,358|
||`──────────`|
||116,420|
||`══════════`|
Grants were made to institutions in the fields of religion, education and the relief of poverty.
## **12. Net losses on investments**
|**Net losses on investments**|||||
|---|---|---|---|---|
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2022**|Funds|2021|
||£|**£**|£|£|
|Gains/(losses) on investment property|–|–|(13,520)|(13,520)|
||`════`|
`════`|`═════════`|`═════════`|
**10**
## **Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **13. Net expenditure**
Net expenditure is stated after charging/(crediting):
||Net expenditure is stated after charging/(crediting):|||
|---|---|---|---|
|||**2022**|2021|
|||**£**|£|
||Depreciation of tangible fixed assets|3,887|5,182|
|||`═══════`|`═══════`|
|**14.**|**Independent examination fees**|||
|||**2022**|2021|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|5,400
`═══════`|6,600
`═══════`|
## **15. Staff costs**
No salaries or wages have been paid to employees during the year.
## **16. Trustee remuneration and expenses**
There was no remuneration paid to trustees. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
## **17. Tangible fixed assets**
|**Tangible fixed assets**||||
|---|---|---|---|
||Freehold|Fixtures and||
||property|fittings|**Total**|
||£|£|**£**|
|**Cost**||||
|At 1 September 2021|2,475,911|56,526|2,532,437|
|Revaluations|124,089|–|124,089|
||`─────────────`|`─────────`|`─────────────`|
|**At 31 August 2022**|2,600,000|56,526|2,656,526|
||`═════════════`|`═════════`|`═════════════`|
|**Depreciation**||||
|At 1 September 2021|–|40,979|40,979|
|Charge for the year|–|3,887|3,887|
||`─────────────`|`─────────`|`─────────────`|
|**At 31 August 2022**|–|44,866|44,866|
||`═════════════`|`═════════`|`═════════════`|
|**Carrying amount**||||
|**At 31 August 2022**|2,600,000|11,660|2,611,660|
||`═════════════`|`═════════`|`═════════════`|
|At 31 August 2021|2,475,911|15,547|2,491,458|
||`═════════════`|`═════════`|`═════════════`|
**11**
## **Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **18. Debtors**
|**Debtors**|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Prepayments and accrued income|5,500|17,231|
|Other debtors|8,807|500,000|
||`─────────`|`──────────`|
||14,307|517,231|
||`═════════`|`══════════`|
|**Creditors:** **amounts falling due within one year**|||
||**2022**|2021|
||**£**|£|
|Mortgage loans|30,000|–|
|Accruals and deferred income|5,400|10,200|
|Trustees loan accounts|69,529|40,644|
|Other creditors|1,417|4,312|
||`──────────`|`─────────`|
||106,346|55,156|
||`══════════`|`═════════`|
|**Creditors:** **amounts falling due after more than one year**|||
||**2022**|2021|
||**£**|£|
|Mortgage loans|354,398
`══════════`|841,802
`══════════`|
## **19. Creditors: amounts falling due within one year**
## **20. Creditors: amounts falling due after more than one year**
## **21. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**|||||||
|---|---|---|---|---|---|---|
||At|||||**At**|
||1 September|||Gains and||**31 August**|
||2021|Income|Expenditure|losses||**2022**|
||£|£|£|£||£|
|General funds|1,865,929|179,496|(197,319)|–||1,848,106|
|Fair value reserve|287,500|–|–|124,089||411,589|
||`─────────────`|`──────────`|`──────────`|`──────────`||`─────────────`|
||2,153,429|179,496|(197,319)|124,089||2,259,695|
||`═════════════`|`══════════`|`══════════`|`══════════`||`═════════════`|
||At||||||
||1 September|||Gains and|
At|31 August|
||2020|Income|Expenditure|losses||2021|
||£|£|£|£||£|
|General funds|1,871,869|177,638|(170,058)|(13,520)||1,865,929|
|Fair value reserve|–|–|–|287,500||287,500|
||`─────────────`|`──────────`|`──────────`|`──────────`||`─────────────`|
||1,871,869|177,638|(170,058)|273,980||2,153,429|
||`═════════════`|`══════════`|`══════════`|`══════════`||`═════════════`|
**12**
## **Peninim Charity Trust**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2022**
## **21. Analysis of charitable funds** _**(continued)**_
## **Restricted funds**
|**Restricted funds**|||||||
|---|---|---|---|---|---|---|
||At|||||**At**|
||1 September|||Gains and||**31 August**|
||2021|Income|Expenditure|losses||**2022**|
||£|£|£|£||£|
|Restricted Fund|–|13,800|(13,800)|–||–|
||`════`|`═════════`|`═════════`|`════`||`════`|
||At||||||
||1 September|||Gains and|
At 31 August||
||2020|Income|Expenditure|losses||2021|
||£|£|£|£||£|
|Restricted Fund|–|–|–|–||–|
||`════`|`════`|`════`|`════`||`════`|
|**Analysis of net assets between funds**|||||||
|||||Unrestricted||**Total Funds**|
|||||Funds||**2022**|
|||||£||**£**|
|Tangible fixed assets||||2,611,660||2,611,660|
|Current assets||||108,779||108,779|
|Creditors less than 1 year||||(106,346)||
(106,346)|
|Creditors greater than 1 year||||(354,398)||
(354,398)|
|||||`─────────────`||`─────────────`|
|**Net assets**||||2,259,695||2,259,695|
|||||`═════════════`||`═════════════`|
|||||Unrestricted||Total Funds|
|||||Funds||2021|
|||||£||£|
|Tangible fixed assets||||2,491,458||2,491,458|
|Investments||||–||–|
|Current assets||||558,929||558,929|
|Creditors less than 1 year||||(55,156)||
(55,156)|
|Creditors greater than 1 year||||(841,802)||
(841,802)|
|||||`─────────────`||`─────────────`|
|**Net assets**||||2,153,429||2,153,429|
|||||`═════════════`||`═════════════`|
## **22. Analysis of net assets between funds**
## **23. Related parties**
There were no related party transactions during the year.
**13**