REGISTERED CHARITY NUMBER: 1105965
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
FOR
THE LANDMARK BENEVOLENT FOUNDATION
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
THE LANDMARK BENEVOLENT FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Trustees' Responsibility Statement | 3 | ||
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
THE LANDMARK BENEVOLENT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023
The trustees present their report with the financial statements of the charity for the year ended 30 June 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
Objectives and aims
The main objective of the charity is the advancement of the orthodox Jewish religion, orthodox Jewish education and education in general, the relief of poverty, sickness and infirmity for the public benefit and such other purposes as are charitable according to the English law as the trustees may from time to time determine in their absolute discretion.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. The aims of the charity for the public benefit are detailed in the Objectives and Activities section of the report.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review, the charity continued its activities and maintained its support of religious educational and other charitable institutions. The charity's total incoming resources during the year was £360,000 [2022 - £80,171] and donations paid totalled £142,360 [2022 - £98,780].
FINANCIAL REVIEW
Financial position
The financial position of the charity is strong with an unrestricted reserve of £1,748,487 [2022 - £1,527,069].
Principal funding sources
The majority of income received by the charity during the year under review was received from voluntary donations from various institutions and from private individuals. The charity was also the beneficiary of various forms of investment income.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity
Going concern
The trustees are confident that the charity will be able to continue operating in the foreseeable future.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a trust deed and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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THE LANDMARK BENEVOLENT FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1105965
Principal address
31 Bethune Road London N16 5DA
Trustees
Mrs S Reichman J Reichman Mrs. E M Orgel A Z Orgel
Independent Examiner
M A Venitt Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 19 April 2024 and signed on its behalf by:
J Reichman - Trustee
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THE LANDMARK BENEVOLENT FOUNDATION
TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 30 JUNE 2023
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LANDMARK BENEVOLENT FOUNDATION
Independent examiner's report to the trustees of The Landmark Benevolent Foundation
I report to the charity trustees on my examination of the accounts of The Landmark Benevolent Foundation (the Trust) for the year ended 30 June 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the 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 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.
M A Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
19 April 2024
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THE LANDMARK BENEVOLENT FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Charitable donations Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.23 Unrestricted fund £ 360,000 6,295 366,295 142,360 2,517 144,877 221,418 1,527,069 1,748,487 |
30.6.22 Total funds £ 80,000 171 80,171 98,780 1,417 100,197 (20,026) 1,547,095 1,527,069 |
|---|---|---|
The notes form part of these financial statements
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THE LANDMARK BENEVOLENT FOUNDATION
STATEMENT OF FINANCIAL POSITION 30 JUNE 2023
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 5 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 6 Unrestricted funds TOTAL FUNDS |
30.6.23 Unrestricted fund £ 2,389,687 (641,200) 1,748,487 1,748,487 1,748,487 1,748,487 1,748,487 |
30.6.22 Total funds £ 1,528,269 (1,200) 1,527,069 1,527,069 1,527,069 1,527,069 1,527,069 |
|---|---|---|
The financial statements were approved and authorised to issue by the Board of Trustees and authorised for issue on 19 April 2024 and were signed on its behalf by:
J Reichman - Trustee
The notes form part of these financial statements
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THE LANDMARK BENEVOLENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 30.6.23 | 30.6.22 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 6,295 | 171 |
continued...
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THE LANDMARK BENEVOLENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable donations Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 80,000 171 80,171 98,780 1,417 100,197 (20,026) 1,547,095 1,527,069 |
|---|---|
continued...
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THE LANDMARK BENEVOLENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
| 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 6. MOVEMENT IN FUNDS At 1.7.22 £ Unrestricted funds General fund 1,527,069 TOTAL FUNDS 1,527,069 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 366,295 TOTAL FUNDS 366,295 Comparatives for movement in funds At 1.7.21 £ Unrestricted funds General fund 1,547,095 TOTAL FUNDS 1,547,095 |
30.6.23 £ 641,200 Net movement in funds £ 221,418 221,418 Resources expended £ (144,877) (144,877) Net movement in funds £ (20,026) (20,026) |
30.6.22 £ 1,200 At 30.6.23 £ 1,748,487 |
30.6.22 £ 1,200 |
|
|---|---|---|---|---|
| 1,748,487 | ||||
| Movement in funds £ 221,418 221,418 At 30.6.22 £ 1,527,069 |
||||
| 1,527,069 |
continued...
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THE LANDMARK BENEVOLENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
6. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 80,171 80,171 |
Resources Movement expended in funds £ £ (100,197) (20,026) (100,197) (20,026) |
Resources Movement expended in funds £ £ (100,197) (20,026) (100,197) (20,026) |
|---|---|---|---|
| (20,026) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.21 £ 1,547,095 1,547,095 |
Net movement in funds £ 201,392 201,392 |
At 30.6.23 £ 1,748,487 |
|---|---|---|---|
| 1,748,487 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 446,466 446,466 |
Resources Movement expended in funds £ £ (245,074) 201,392 (245,074) 201,392 |
Resources Movement expended in funds £ £ (245,074) 201,392 (245,074) 201,392 |
|---|---|---|---|
| 201,392 |
continued...
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THE LANDMARK BENEVOLENT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
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THE LANDMARK BENEVOLENT FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| 30.6.23 | 30.6.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 360,000 | 80,000 |
| Investment income | ||
| Deposit account interest | 6,295 | 171 |
| Total incoming resources | 366,295 | 80,171 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 142,360 | 98,780 |
| Support costs | ||
| Finance | ||
| Bank charges | 217 | 217 |
| Governance costs | ||
| Accountancy and legal fees | 2,300 | 1,200 |
| Total resources expended | 144,877 | 100,197 |
| Net income/(expenditure) | 221,418 | (20,026) |
This page does not form part of the statutory financial statements
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