REGISTERED COMPANY NUMBER: 04980421 (England and Wales) REGISTERED CHARITY NUMBER: 1101960
Report of the Trustees and
Unaudited Financial Statements FOR THE YEAR ENDED 28 February 2023
for
NORTHERN LAND TRUST
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
NORTHERN LAND TRUST
Contents of the Financial Statements FOR THE YEAR ENDED 28 FEBRUARY 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
NORTHERN LAND TRUST (REGISTERED NUMBER: 04980421)
Report of the Trustees FOR THE YEAR ENDED 28 FEBRUARY 2023
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 28 February 2023. 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
Aim, objectives and activities for the public benefit
The objectives of the charity and its principal activity is to support such charities or charitable purposes by providing assistance in the form of grants of money, equipment or any other such assistance as the trustees shall from time to time decide to be in the best interests of the charity and for wholly charitable purposes.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
The trustees identify institutions and organisations which meet its above criteria and regularly support a number of these institutions and organisations.
Grant making
Grants are made to charitable institutions and organisations after it has been satisfied that payments will accord with the objectives of the charity.
Volunteers
There were no volunteers during the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The results for the year and the financial position at the year end were considered satisfactory by the trustees.
During the year the charity continued its philanthropic activities in support of religious, educational and other charitable institutions and the donations made were £27,400 (2022: £0).
Fundraising activities
A summary of the charity's transactions and of it's financial position is shown in the financial statements together with the accompanying notes.
Investment performance
Under the memorandum and articles of association the charity has the power to invest in any way the trustees wish.
FINANCIAL REVIEW
Principal funding sources
The principal funding sources are income generated by investments and donations from corporate sponsors.
Reserves policy
The charity aims to maintain reserves in order that it is in a position to continue its grant making activities at a consistent level and to cover contingencies of additional calls being made upon the charity for support of organisations or institutions in times of need.
FUTURE PLANS
The Trustees plan to continue to support charities and charitable purposes in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is constituted as a company limited by guarantee and as such,its governing documents are its Memorandum and Articles of Association.
Page 1
NORTHERN LAND TRUST (REGISTERED NUMBER: 04980421)
Report of the Trustees FOR THE YEAR ENDED 28 FEBRUARY 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Membership of the Charity is open to any individual or organisation interested in promoting the objects who:
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applies to the charity in the form required by the Trustees;
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consents to act as a Trustee;
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is approved unanimously by the Trustees;
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signs the Register of members or consents in writing to become a member either personally or (in the case of a member organisation) through an authorised representative.
Organisational structure
The company currently has 3 trustees; names of members are listed on page 2. The charity is organised so that the trustees meet regularly to manage the affairs of the charity.
The charity has a wholly owned subsidiary, Datetree Properties Limited, a property dealing company which gift aids its profits to the charity.
Induction and training of new trustees
New Trustees must familiarise themselves with the content of the Memorandum and Articles of Association, their legal obligations under charity and company law, the organisational structure of Northern Land Trust and the recent financial performance of the charity.
Training of trustees will depend on their previous knowledge and experience.
Related parties
Details of transactions with 'Related Parties' are disclosed in Note 11 to the Financial Statements.
Risk management
The trustees have assessed the major risks to which the charity is exposed,in particular those related to the operations and finances of the charity,and are satisfied that systems are in place to mitigate exposure to major risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04980421 (England and Wales)
Registered Charity number
1101960
Registered office
First Floor, Winston House 349 Regents Park Road London N3 1DH
Trustees
Mr B M Roitenbarg Mr J Feiner Mrs D Spitzer
Company Secretary
Mr B M Roitenbarg
Independent Examiner
Aryeh Melinek FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Page 2
NORTHERN LAND TRUST (REGISTERED NUMBER: 04980421)
Report of the Trustees FOR THE YEAR ENDED 28 FEBRUARY 2023
REFERENCE AND ADMINISTRATIVE DETAILS Bankers
The Royal Bank of Scotland 62/63 Threadneedle Street London EC2R 8LA This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 19 December 2023 and signed on its behalf by:
Mr B M Roitenbarg - Trustee
Page 3
Independent Examiner's Report to the Trustees of Northern Land Trust (Registered number: 04980421)
Independent examiner's report to the trustees of Northern Land Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2023.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Aryeh Melinek FCA
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
19 December 2023
Page 4
NORTHERN LAND TRUST
Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 28 FEBRUARY 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 39,127 EXPENDITURE ON Raising funds - Charitable activities 2 Charitable activities 29,458 Total 29,458 NET INCOME/(EXPENDITURE) 9,669 RECONCILIATION OF FUNDS Total funds brought forward (820) TOTAL FUNDS CARRIED FORWARD 8,849 |
2022 Total funds £ - 1 913 914 (914) 94 (820) |
|---|---|
The notes form part of these financial statements
Page 5
NORTHERN LAND TRUST (REGISTERED NUMBER: 04980421)
Balance Sheet 28 FEBRUARY 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Investments 6 1 CURRENT ASSETS Cash at bank 10,370 CREDITORS Amounts falling due within one year 7 (1,522) NET CURRENT ASSETS/(LIABILITIES) 8,848 TOTAL ASSETS LESS CURRENT LIABILITIES 8,849 NET ASSETS/(LIABILITIES) 8,849 FUNDS 8 Unrestricted funds 8,849 TOTAL FUNDS 8,849 |
2022 Total funds £ 1 1,292 (2,113) (821) (820) (820) (820) (820) |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
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 19 December 2023 and were signed on its behalf by:
Mr B M Roitenbarg - Trustee
The notes form part of these financial statements
Page 6
NORTHERN LAND TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 28 FEBRUARY 2023
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, with the exception of investments which are included at market value.
Preparation of consolidated financial statements
The financial statements contain information about Northern Land Trust as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
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 payable consist of amounts payable to charitable institutions and organisations in the furtherance of the charitable objectives of the trust.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
All funds held are unrestricted income funds.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. Liability of each member in the event of winding-up is limited to £1.
Financial Instruments
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.
continued...
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NORTHERN LAND TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 28 FEBRUARY 2023
2. CHARITABLE ACTIVITIES COSTS
| 2. | CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Grant | ||||
| funding of | ||||
| activities | ||||
| (see note | Support | |||
| 3) | costs | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 27,400 | 2,058 | 29,458 | |
| Included within support costs are governance costs in the sum of £913. | ||||
| 3. | GRANTS PAYABLE | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Charitable activities | 27,400 | - | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Donations in support of religious, educational and other Charitable | 27,400 | - | ||
| Institutions. | ||||
| The total grants paid to institutions during the year was £27,400 | (2022: £0). A summary of grants made | |||
| institutions during the year is as follows: | ||||
| Name of institution | Amount (£) | |||
| Bikur Cholim Limited | 8,000 | |||
| Yismach Moshe | 6,395 | |||
| Beis Soroh Schneirer of Golders Green Limited | 5,335 | |||
| The Rehabilitation Trust | 4,000 | |||
| Other smaller donations | 3,670 | |||
| Total | 27,400 |
The total grants paid to institutions during the year was £27,400 (2022: £0). A summary of grants made to institutions during the year is as follows:
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2023 nor for the year ended 28 February 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2023 nor for the year ended 28 February 2022.
Therefore, there was no key management compensation.
continued...
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NORTHERN LAND TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 28 FEBRUARY 2023
5. EMPLOYEES
The average number of employees, excluding trustees, in the year was NIL (2022: NIL).
6. FIXED ASSET INVESTMENTS
| Shares in | |
|---|---|
| group | |
| undertakings | |
| £ | |
| MARKET VALUE | |
| At 1 March 2022 and 28 February 2023 | 1 |
| NET BOOK VALUE | |
| At 28 February 2023 | 1 |
| At 28 February 2022 | 1 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Datetree Properties Limited
| Registered office: | |
|---|---|
| Nature of business: Trading in | residential properties |
| % | |
| Class of share: | holding |
| Ordinary | 100 |
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accruals and deferred income |
2023 £ 1,042 480 1,522 |
2022 £ 1,633 480 2,113 |
|---|---|---|
Short term creditors are measured at transaction price, less any impairment. Other creditors are measured at amortised cost.
8. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.3.22 | in funds | 28.2.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (820) | 9,669 | 8,849 |
| TOTAL FUNDS | (820) | 9,669 | 8,849 |
continued...
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NORTHERN LAND TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 28 FEBRUARY 2023
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 39,127 | (29,458) | 9,669 |
| TOTAL FUNDS | 39,127 | (29,458) | 9,669 |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.3.21 | in funds | 28.2.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 94 | (914) | (820) |
| TOTAL FUNDS | 94 | (914) | (820) |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | - | (914) | (914) |
| TOTAL FUNDS | - | (914) | (914) |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 February 2023.
10. FINANCIAL INSTRUMENTS
The Company's principal assets are other receivables. The Company's principal liabilities are loans and other creditors.
Credit risk
The Trustees monitor credit risk closely and consider that its current policies and procedures meet its objectives of managing exposure to credit risk. The Company has no significant concentrations of credit risk.
Currency risk
The Company was not exposed to currency risk during the period.
Liquidity risk
The Company was not exposed to liquidity risk during the period.
continued...
Page 10
NORTHERN LAND TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 28 FEBRUARY 2023
10. FINANCIAL INSTRUMENTS - continued
Interest rate risk
The Company has not hedged its interest rate exposure during the year.
Page 11