Charity Registration No. 1100973
THE LEON & NAOMI BRENIG FAMILY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE LEON & NAOMI BRENIG FAMILY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr L Brenig Mrs N Brenig Mrs E Mozes Charity number 1100973 Principal address 29 Princes Park Avenue London NW11 0JR Independent examiner Michael Weissbraun, FCA Michael, Pasha & Co. 220 The Vale London NW11 8SR
THE LEON & NAOMI BRENIG FAMILY TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
THE LEON & NAOMI BRENIG FAMILY TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report and accounts for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's [governing document], the Charities Act 2011 and "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
The objectives of the charity are the relief of poverty, mental & physical health preservation and others.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The activity of the charity is to fulfil the charity's objectives by obtaining share of profits from trustees and their families.
Achievements and performance Financial review
In the period under review, the charity made a surplus of £12,601. (2020: £35,952).
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Risk management
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the trust's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Structure, governance and management
The charity is registered with the Charity Commissioners (No. 1100973) and constituted by Deed of Trust.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr L Brenig Mrs N Brenig Mrs E Mozes
Recruitment policy
The Charity recognizes that an effective board of trustees is essential if the charity is to be effective in achieving its objects. The board therefore always looking for the representative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. Currently, the Charity believe that the current board of trustees has the necessary skills to run the operations.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
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THE LEON & NAOMI BRENIG FAMILY TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
The day to day management is delegated to Mr Leon Brenig and supported by all other trustees.
The trustees report was approved by the Board of Trustees.
Mr L Brenig
Trustee Dated: 11 October 2021
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THE LEON & NAOMI BRENIG FAMILY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LEON & NAOMI BRENIG FAMILY TRUST
I report to the trustees on my examination of the financial statements of The Leon & Naomi Brenig Family Trust (the trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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 financial statements to be reached.
Michael Weissbraun, FCA Michael, Pasha & Co. 220 The Vale London NW11 8SR
Dated: 11 October 2021
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THE LEON & NAOMI BRENIG FAMILY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 72,000 | 85,000 |
| Investments | 4 | 15,704 | 15,578 |
| Total income | 87,704 | 100,578 | |
| Expenditure on: | |||
| Charitable activities | 5 | 75,103 | 64,626 |
| Net income for the year/ | |||
| Net movement in funds | 12,601 | 35,952 | |
| Fund balances at 6 April 2020 | 500,412 | 464,460 | |
| Fund balances at 5 April 2021 | 513,013 | 500,412 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE LEON & NAOMI BRENIG FAMILY TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investment properties 9 Current assets Cash at bank and in hand 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 Income funds Unrestricted funds |
2021 £ 132,207 (10,416) |
£ 399,000 121,791 520,791 (7,778) 513,013 513,013 513,013 |
2020 £ 118,833 (9,643) |
£ 399,000 109,190 508,190 (7,778) 500,412 500,412 500,412 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 11 October 2021
Mr L Brenig Trustee
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THE LEON & NAOMI BRENIG FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
The Leon & Naomi Brenig Family Trust is a Charity, incorporated by trust deed.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's trust deed, the Charities Act 2011 and "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance are allocated or apportioned to the applicable expenditure headings.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
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THE LEON & NAOMI BRENIG FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Taxation
The Trust is exempt from taxation.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 72,000 | 85,000 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Rental income | 15,704 | 15,578 |
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THE LEON & NAOMI BRENIG FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
5 Charitable activities
| Charitable payments Rental expenses 2021 2021 £ £ Charitable payments 72,756 731 Agent commissions - 386 Sundry - 155 Insurance & water rates - 439 72,756 1,711 Share of governance costs (see note 6) 636 - 73,392 1,711 Support costs Support costs Governance costs £ £ Accountancy - 636 - 636 Analysed between Charitable activities - 636 |
Total 2021 Charitable payments Rental expenses 2020 2020 £ £ £ 73,487 62,175 - 386 - 1,941 155 - - 439 - - 74,467 62,175 1,941 636 510 - 75,103 62,685 1,941 2021 Support costs Governance costs £ £ £ 636 - 510 636 - 510 636 - 510 |
Total 2020 £ 62,175 1,941 - - |
|
|---|---|---|---|
| 64,116 510 |
|||
| 64,626 | |||
| 2020 £ 510 |
|||
| 510 | |||
| 510 |
6 Support costs
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration and benefit during the year, and no expenses were incurred by trustees.
8 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 |
|---|---|
| Number | Number |
| 2 | 2 |
There were no employees whose annual remuneration was more than £60,000.
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THE LEON & NAOMI BRENIG FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
9 Investment property
| Investment property | |
|---|---|
| 2021 | |
| £ | |
| Fair value | |
| At 6 April 2020 and 5 April 2021 | 399,000 |
The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
10 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income 11 Creditors: amounts falling due after more than one year Other creditors |
2021 £ 9,780 636 10,416 2021 £ 7,778 |
2020 £ 9,073 570 |
|---|---|---|
| 9,643 | ||
| 2020 £ 7,778 |
12 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
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