CHARITY REGISTRATION NUMBER: 1102215
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The Warshaw Family Charitable Trust Unaudited Financial Statements 31 December 2021
R WALTERS & CO Chartered Certified Accountants Suite A 4 - 6 Canfield Place London England NVV6 3BT
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The Warshaw Family Charitable Trust
Financial Statements
’ Year ended 31 December 2021
| Page | |
|---|---|
| Trustees' annual report | 1-3 |
| Independent examiner's report to the trustees | 4 |
| Statement offinancial activities | 5 |
| Statement offinancial position | 6 |
| Notestothefinancialstatements | 7-12 |
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The Warshaw Family Charitable Trust
Trustees’ Annual Report
’ Year ended 31 December 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
Reference and administrative details
Registered charity name The Warshaw Family Charitable Trust Charity registratlon number 1102215 Principal office 804 Pavillion Apartments St Jones Wood Road London NW8 7HF The trustees Mr Michael Warshaw Mrs Marion Warshaw Mr Simon Warshaw {Appointed 8 June 2021) Mr Mark Warshaw (Appointed 8 June 2021) Independent examiner Raymond Walters FCCA R Walters & Co Chartered Certified Accountants Suite A 4-6 Canfield Place London England NW6 3BT
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The Warshaw Family Charitable Trust
Trustees’ Annual Report (continued)
’ Year ended 31 December 2021
The trustees present their annual report and financial statements for the year ended 31 December 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 charity's Deed of Trust, 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 activitles
The objects of the trust are to apply any of its money and assets to advance any charitable purpose, as defined from time to time by the law of England and Waies, as the trustees may in their discretion determine.
In planning our activities for the year we kept in mind the Charity Commission guidance on public benefit at our trustees meetings.
The trustees have paid due regard to guidance issued by the Charity Commission In deciding what activities the charity should undertake.
The Warshaw Family Charitable Trust
/ Trustees' Annual Report (continued) Year ended 31 December 2021
Financtal review
The financial results for the year are shown on page 5 of the accounts.
It is the policy of the charity that unrestricted funds which have not been dasignated for a specific use should be maintained at a level equivalent to between three and six month's expenditure, The trustees consider that reserves at this level will ensure that, in the event of a significant drop In funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may bé raised. This level of reserves has been maintained throughout the year. Thereserves Reserveof the Fundtrust. represents the unrestricted funds accumulated to date and also represents the free The trustees have assessed the major risk to which the charity is exposed, in particular those related exposureto the operationsto major andrisks, finances of the trust, and are satisfied that systems are in place to mitigate the
The trustees will continue to make donations to various charitable and voluntary organisations of all sizes in accordance with the Trust objectives.
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Structure, governance and management : The trust was established by a Dead of Trust declared on Sth January 2004.
The trustees who have served during the year and since the year end are set out on page 1. Trustees of Trust. are appointed by the board of trustees and hold office subject to the provisions contained in the Deed
Mr Michael Warshaw Mrs Marion Warshaw MrMr Simon Mark Warshaw Warshaw (appointed (appointed 8 June8 June 2021) 2021) . fundThe trusteesraising and are responsibleappropriation forof the benefits. overall management policy of the fund and for the development of The trustees report was approved by the Board oftrustees on Lf lip,[2)] Mr Michael Warshaw Mr Mark Warshaw Trustee Trustee
The Warshaw Family Charitable Trust
Independent Examiner's Report to the Trustees of The Warshaw Family , Charitable Trust
Year ended 31 December 2021
| report to the trustees on my examination of the financial statements of The Warshaw Family Charitable Trust (‘the charity’) for the year ended 31 December 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’).
| 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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_ the financial statements do not accord with those records; or
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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 ard nable a proper understanding of the accounts to be reached.
MME RaymondFor Walters FCCA (Independent Examiner) R Waltexs &dyJjAOR and on behalf of Charteredharte Certified‘ Accountantg R Walters & Co | 4-6 Cuntie!d Place Chartered CertifiedCertified AAccountants London Nwe SBT Suite A . 4-6 Canfield Place London ; England NW6 3BT
The Warshaw Family Charitable Trust
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Statement of Financial Activities
’ Year ended 31 December 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | Totalfunds = Totalfunds £ £ |
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| Income and endowments | |||
| Donations and legacies | 4 | 52,683 | 79,167 |
| Investment income | 5 | 17,380 | 16,262 |
| Total Income | 70,063 | 95,429 | |
| Expenditure | |||
| Expenditure on raising funds: | |||
| Costs of raising donations and legacies | 6 | 77,306 | 69,693 |
| Total expenditure | 77,306 | 69,693 | |
| Net gains/(losses) on Investments | 33,148 | (52,118) | |
| Net movement In funds | 25,905 | (26,382) | |
| . | |||
| Reconciliation offunds | |||
| Total funds brought forward | 524,913 | 551,295 | |
| Totalfundscarrledforward | 550,818 | 524,913 |
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 7 to 16 form part of these financial statements.
The Warshaw Family Charitable Trust
f Statement of Financial Position
31 December 2021
| Fixed assets investments |
Note | 2021 £ |
2020 £ |
|---|---|---|---|
| Current assets Debtors |
10 | 471,509 | 477,155 |
| Cash at bank and in hand | 11 | 10,000 74,318 |
14,134 45,382 |
| Creditors: amountsfallingduewithinoneyear Net current assets |
12 | 84,318 5,070 |
59,516 11,758 |
| Total assets less current liabilitles | 79,308 | 47,758 | |
| Net assets | 550,818 | 524,913 | |
| 550,818 | 524,913 | ||
| Funds ofthecharity Unrestricted funds |
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| Total charityfunds | 550,818 | 524,913 | |
| 13 | §50,818 | $24,913 |
2These Visesjal andstatements are signedwere on behalapproved of theby boardthe by:board of trustees and authorised for issue on Md béker, Mr Mark Warshaw Trustee Trustee
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The notes on Pages 7 to 15 form part of these financla] statoments.
The Warshaw Family Charitable Trust
Notes to the Financial Statements
" Year ended 31 December 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 804 Pavillion Apartments, St John’s Wood Road, London, NW8 7HF.
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.
- 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
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There are no material uncertainties about the charity's ability to continue.
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.
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The Warshaw Family Charitable Trust.
Notes to the Financial Statements (continueg)
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/ Year ended 31 December 2021
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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:
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e 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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e legacy income is recognised when receipt is probable and entitlement is established.
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e 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.
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e 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
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. 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:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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¢ 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.
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¢ 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
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impainnent.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
The Warshaw Family Charitable Trust
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Notes to the Financial Statements (continueg)
Year ended 31 December 2021
- Accounting policies (continued)
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments In joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate. is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
The Warshaw Family Charitable Trust Notes to the Financial Statements (continuew
‘ Year ended 31 December 2021
3. Accounting pollcles (continued)
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present vaiue of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are aliocated to each period s0 as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the charity 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. .
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Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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The Warshaw Family Charitable Trust
Notes to the Financial Statements (continued)
’ Year ended 31 December 2021
| ) | |||||
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| 4. | Donations and legacles | ||||
| Total Funds | Total Funds | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Donations | ; | ||||
| Donations and legacies | 52,683 | 79,167 | |||
| 5. | Investment income | ||||
| Total Funds | Total Funds | ||||
| 2021 | 2020 | ||||
| £ | — | £ | |||
| Investments | 17,380 | 16,262 | |||
| 6. | Costs of ralsing donations and legacies | ||||
| Total Funds = Totai Funds | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Costs of raising donations and legacies— | —Donations | 77,306 | 69,693 | ||
| 7. | Net gains/(losses) on Investments | ||||
| Total Funds | Total Funds | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Revaluation ofinvestments Gains/(losses) on sale of investments |
34,045 (897) |
(5,204) (46,914) |
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| 33,148 | (52,118) |
8. Staff costs
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
9. Trustee remuneration and expenses
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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The Warshaw Family Charitable Trust
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Notes to the Financial Statements (continueg)
Year ended 31 December 2021
10. Investments
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| Listed | Other | ||||
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| investments | investments | Total | |||
| £ | £ | £ | |||
| Cost orvaluation | |||||
| At 1 January 2021 | 396,809 | 80,346 | 477,155 | ||
| Additions Disposals |
53,497 (74,920) |
-~ (17,371) |
53,497 (92,291) |
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| Othermovements | 33,148 | - | 33,148 | ||
| At 31 December 2021 | ) | 408,534 | 62,975 | 471,509 | |
| Carrying amount | |||||
| At31 December 2021 | 408,534 | 62,975 | 471,509 | ||
| At 31 December2020 | 396,809 | 80,346 | 477,155 | ||
| All investments shown above are held at valuation. | |||||
| 11. | Debtors | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Trade debtors | 10,000 | 14,134 | |||
| 12. | Creditors: amounts falllng due within oneyear | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Bank loans and overdrafts | - | 6,300 | |||
| Accruals and deferred income | 5010 | 5,458 | |||
| 11,158 | 11,758 |
13. Analysis of charitable funds
Unrestricted funds
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| 1 | January | 20. 21 |
= | Gains and 31 December losses 2021 |
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| £ | £ | £ | |||||
| General | funds | 524,913 | 25,905 | 550,818 | |||
| At | At | ||||||
| 1 | January20 | 20 | Gains and31 December | ||||
| 20 | losses | 2020 | |||||
| £ | £ | £ | |||||
| General | funds | 551,295 | (26,382) | 524,913 |