**Charity registration number 1114498** ## **FRIENDS OF BOYAN TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **FRIENDS OF BOYAN TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mr J Getter Mr M Freund Mr N Kuflik **Charity number** 1114498 **Registered office** 23 Durley Road London N16 5JW **Independent examiner** Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW ## **FRIENDS OF BOYAN TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1| |Independent examiner's report|2| |Statement of financial activities|3| |Balance sheet|4| |Statement of cash flows|5| |Notes to the financial statements|6 - 11| ## **FRIENDS OF BOYAN TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The trustees present their annual report and financial statements for the year ended 31 December 2024. 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 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 charity's objects are the advancement of the orthodox Jewish faith, orthodox Jewish religious education, and the relief of poverty in the orthodox Jewish community. To this end the charity has made various grants in the year under review. The charity is also involved in the running of a synagogue. The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance issued by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities. Grants on the unrestricted fund are made at the trustees' discretion from their knowledge of the various institutions, applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader. ## **Achievements and performance** During the year the charity continued to raise funds, and has applied the funds in grants in furtherance of its objectives and to cover the costs of the running of a synagogue. ## **Financial review** In the year under review the charity generated income of £974,237 (2023: £953,872) and incurred expenses of £897,784 (2023: £1,122,101) resulting in net incoming resources of £76,453. The charity had £22,116 of unrestricted funds at the year end. The trustees are satisfied with the results for the year. The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. There are no current plans to change the activities or modus operandi in the foreseeable future. ## **Structure, governance and management** The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The charity is constituted and governed by a Trust Deed dated 2 April 2006. The charity is managed and controlled by the trustees, who meet regularly. The trustees who served during the year and up to the date of signature of the financial statements were: Mr J Getter Mr M Freund Mr N Kuflik It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. None of the trustees has any beneficial interest in the charity. The trustees' report was approved by the Board of Trustees. .............................. ## **Mr J Getter** Trustee Dated: ......................... Oct 30, 2025 - 1 - ## **FRIENDS OF BOYAN TRUST** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF FRIENDS OF BOYAN TRUST** I report to the trustees on my examination of the financial statements of Friends of Boyan Trust (the charity) for the year ended 31 December 2024. ## **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 2011 Act). I report in respect of my examination of the charity’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** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies. 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: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 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 financial statements to be reached. **Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW** Dated: ......................... - 2 - ## **FRIENDS OF BOYAN TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|974,237|953,872| |**Expenditure on:**|||| |Raising funds|**4**|-|5,771| |Charitable activities|**5**|897,784|1,116,330| |**Total expenditure**||897,784|1,122,101| |**Net income/(expenditure) for the year/**|||| |**Net movement in funds**||76,453|(168,229)| |Fund balances at 1 January 2024||(54,337)|113,892| |**Fund balances at 31 December 2024**||22,116|(54,337)| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 3 - ## **FRIENDS OF BOYAN TRUST** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2024**_ |**Notes**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets/(liabilities)
**Income funds**
Unrestricted funds|**2024**
**£**
3,400
20,156
23,556
(1,440)|**2023**
**£**
**£**
8,150
38,953
47,103
(101,440)
22,116
22,116
22,116|**£**
(54,337)
(54,337)
(54,337)| |---|---|---|---| The financial statements were approved by the Trustees on ......................... .............................. Mr J Getter **Trustee** - 4 - ## **FRIENDS OF BOYAN TRUST** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**2024**
**Notes**
**£**
**Cash flows from operating activities**
Cash absorbed by operations
**14**
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net decrease in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
**£**
(18,797)
-
-
(18,797)
38,953
20,156|**£**
(75,989)
-
-
(75,989)
114,942
38,953| |---|---|---| - 5 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** ## **Charity information** Friends of Boyan Trust is a unincorporated charity. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, based upon the continued financial support from the community. 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. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity 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 charity 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. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 6 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** 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. ## **1.6 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. ## **1.7 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.8 Taxation** The charity is exempt from tax on its charitable activities. ## **1.9 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 7 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’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 preparation of these financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported. ## **3 Donations and legacies** |**4**
**5**|**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Donations and gifts
974,237
953,872
**Raising funds**
**Total**
Unrestricted
funds
**2024**
2023
**£**
£
Fundraising and publicity
Other fundraising costs
-
5,771
**Charitable activities**
**Charitable**
**Activities**
**Charitable**
**Activities**
**2024**
**2023**
**£**
**£**
Synagogue expenses & other charitable activities
124,595
10,439
Grant funding of activities (see note 6)
769,497
1,102,922
Share of governance costs (see note 7)
3,692
2,969
897,784
1,116,330| |---|---| - 8 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **6 Grants payable** ||**Charitable**| |---|---| ||**Activities**| ||**2024**| ||**£**| |Grants to institutions:|| |Talpiot - Mishkonois Torah Vehorah|234,280| |Mercaz Hachasidus Boyan|102,280| |Yaazoire Boyan|72,164| |Mifal Torah Vochesed - Chasidei Boyan Beitar Illit|30,000| |Yeshivat Rozin-Boyan Metivta Tiferet Israel-Modi'i|28,500| |Tiferet Yisrael Kiryat Gat|93,960| |Ben Amram Charitable Trust|20,000| |Beis Aharon Charitable Trust|20,000| |Bais Rizhin Trust|51,578| |Other|100,207| ||752,969| |Grants to individuals|16,528| ||769,497| - ## **7 Support costs** |Accountancy
Legal and professional
Bank and other finance charges
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
2,520
-
456
-
716
-
3,692
-
3,692|**2024**
**£**
2,520
456
716
3,692
3,692|**2023**
**£**
1,440
690
839| |---|---|---|---| ||||2,969| ||||2,969| ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 9 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **9 Employees** The average monthly number of employees during the year was: ||**2024**|**2023**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. ## **10 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **11 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Other debtors
The above debtors relate to loans advanced for charitable purposes.
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income|**2024**
**£**
3,400
**2024**
**£**
-
1,440
1,440|**2023**
**£**
8,150| |||**2023**
**£**
100,000
1,440| |||101,440| ## **12 Creditors: amounts falling due within one year** ## **13 Related party transactions** During the year the charity lent £3,400 (2023: £1,500) and donated £51,578 (2023: £9,597) to a charity where one of the trustees of this charity is also a trustee together with some of his close family members. Other than the above there were no disclosable related party transactions during the year (2023 - none). |**14**|**Cash generated from operations**|**2024**|**2023**| |---|---|---|---| |||**£**|**£**| ||Surplus/(deficit) for the year|76,453|(168,229)| ||Movements in working capital:||| ||Decrease/(increase) in debtors|4,750|(8,150)| ||(Decrease)/increase in creditors|(100,000)|100,390| ||**Cash absorbed by operations**|(18,797)|(75,989)| - 10 - ## **FRIENDS OF BOYAN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **15 Analysis of changes in net funds** The charity had no debt during the year. - 11 -