REGISTERED CHARITY NUMBER: 1115249
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
BARDYOV TRUST
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
BARDYOV TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
BARDYOV TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 objects of the charity shall be that of poverty and hardship alleviation among the Jewish Communities. The charity achieves its objectives by making donations to qualifying institutions and individuals.
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The period proved very successful in terms of both donations received and donations paid.
In furtherance of the charity's objectives, the charity also provides financial support to Ohel Rochel Synagogue D'Bardyov. The synagogue has undertaken the following functions:
-
A synagogue and community centre;
-
Providing a summer camp for teenage boys, and offering tutoring and other assistance as required throughout the year.
FINANCIAL REVIEW
Financial results
The financial results for the year to 31 March 2022 are shown in the attached financial statements.
Total income decreased to £79,301 from £184,625 and total expenditure increased to £186,318 from £156,288 in comparison with the previous period.
There was a net decrease in funds of £107,017 (2021 - £28,337) with total unrestricted funds carried forward of £667,746 (2021 - £774,763).
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on charitable activities and receiving resources through voluntary donations and grants. The trustees consider that the ideal level of reserves as at 31 March 2022 would be three months of resources expended which equates to approximately £50,000. The free reserves as at 31 March 2022 were £667,746.
FUTURE PLANS
Bardyov Trust will continue with its work to relieve poverty and assist those in need.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of charity and their recognised experience in specific fields which will further support the work of the Bardyov Trust.
Organisational structure
The day to day operation of the charity is controlled and managed by the trustees.
All applications for grants are considered by the trustees and distributions are made based on the funds available, the ability of the trustees to verify the application and their assessment of the impact the donation will make to the cause.
Page 1
BARDYOV TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
New trustees are given a full induction by the other trustees of the charity.Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Related parties
Bardyov Trust has a 100% owned trading subsidiary, Fanduke Co. Limited. The charity receives donations from the subsidiary in accordance with the Deed of Covenant.
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.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1115249
Principal address
45 Moresby Road London E5 9LE
Trustees
Mr A Horowitz Mrs P Horowitz Mr D Brander Mr A Frankl (appointed 1.2.22) Mr D Mendelowitz (appointed 1.2.22)
Independent Examiner
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 6 January 2023 and signed on its behalf by:
Mr A Horowitz - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BARDYOV TRUST
Independent examiner's report to the trustees of Bardyov Trust
I report to the charity trustees on my examination of the accounts of Bardyov Trust (the Trust) for the year ended 31 March 2022.
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
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Mr Suda Ratnam FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
6 January 2023
Page 3
BARDYOV TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022
| 2022 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 79,301 EXPENDITURE ON Charitable activities 2 Relief of poverty, advancement of religion and education 186,318 NET INCOME/(EXPENDITURE) (107,017) RECONCILIATION OF FUNDS Total funds brought forward 774,763 TOTAL FUNDS CARRIED FORWARD 667,746 |
2021 Total funds £ 184,625 |
|---|---|
| 156,288 28,337 746,426 |
|
| 774,763 |
The notes form part of these financial statements
Page 4
BARDYOV TRUST
BALANCE SHEET
31 March 2022
| 2022 Unrestricted funds Notes £ FIXED ASSETS Investments 6 18 CURRENT ASSETS Debtors 7 628,973 Cash at bank 42,729 671,702 CREDITORS Amounts falling due within one year 8 (3,974) NET CURRENT ASSETS 667,728 TOTAL ASSETS LESS CURRENT LIABILITIES 667,746 NET ASSETS 667,746 FUNDS 10 Unrestricted funds 667,746 TOTAL FUNDS 667,746 |
2021 Total funds £ 18 691,669 85,596 777,265 (2,520) 774,745 774,763 774,763 774,763 774,763 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 6 January 2023 and were signed on its behalf by:
Mr A Horowitz - Trustee
The notes form part of these financial statements
Page 5
BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
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, with the exception of investments which are included at market value.
Exemption from preparing cash flow statement
The financial statements do not include a cash flow statement because the charitable company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Charities SORP (FRS 102) Update Bulletin 1, Module 14.
Critical accounting judgments and key sources of estimation uncertainty
Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made to include: - allocation of support costs across charitable activites.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material.
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.
Charitable activities
The cost of charitable activities confirm those incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the accountancy fees and costs linked to the strategic management of the charity.
Allocation and apportionment of costs
Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to charitable activities have been apportioned based on usage.
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.
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continued...
BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.
Non-charitable subsidiary company
Fanduke Co. Limited is a non-charitable company incorporated in the UK. It is a 100% subsidiary of the charity as part of its general-purpose property investment and trading and is held primarily for the purpose of furthering the charity's objectives for the public benefit, not as a commercial company. The shares are shown in the charity's balance sheet as fixed asset investments and are valued at cost after impairment as no open market valuation is available given the company is privately owned. The unaudited accounts have been filed with the Registrar of Companies and are not consolidated with those of Bardyov Trust financial statements presented here.
Fixed asset investments
Investments in shares are measured at cost less impairment.
2. CHARITABLE ACTIVITIES COSTS
3.
| Grant funding of activities Direct (see note Costs 3) £ £ Relief of poverty, advancement of religion and education 21,083 145,889 GRANTS PAYABLE Relief of poverty, advancement of religion and education The following grants were paid to institutions in the year ended 31st March 2022. |
Support costs £ 19,346 2022 £ 145,889 |
Support costs £ 19,346 2022 £ 145,889 |
Totals £ 186,318 2021 £ 139,529 |
|---|---|---|---|
| Beer Shmuel Limited | £14,075 | ||
| Beth Tiferes Elimelech Desch VZW | £5,000 | ||
| Gemiluth Chesed and Endowment of Brides Society | £11,050 | ||
| Machzikei Lomdei Torah | £5,000 | ||
| Reb Shayale's Tzeduke | £10,000 | ||
| Start Upright | £5,050 | ||
| Tchabe Kollel Limited | £5,000 | ||
| Toras Chesed Talmud | £10,000 | ||
| Yesamach Levav | £7,525 | ||
| Yetev Lev London Jerusalem Trust | £5,000 | ||
| Other donations less than £5,000 | £60,521 | ||
continued...
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
3. GRANTS PAYABLE - continued
4.
| £138,221 £7,668 £145,889 |
£138,221 £7,668 £145,889 |
|
|---|---|---|
| Grants to individuals | ||
| Total grants paid | ||
| INDEPENDENT EXAMINER'S REMUNERATION | ||
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the charity's independent examiner for the independent examination | ||
| of the charity's financial statements. | 2,700 | 2,670 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| COST | |
| At 1 April 2021 and 31 March 2022 | 18 |
| NET BOOK VALUE | |
| At 31 March 2022 | 18 |
| At 31 March 2021 | 18 |
There were no investment assets outside the UK.
The principal activity of the subsidiary undertaking, Fanduke Co. Limited, during the year was that of property investment.
continued...
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 9) Accrued expenses 9. LOANS At the year end there was a bank overdraft of £1,274. 10. MOVEMENT IN FUNDS |
2022 £ 628,973 2022 £ 1,274 2,700 3,974 |
2021 £ 691,669 |
2021 £ 691,669 |
|---|---|---|---|
| 2021 £ - 2,520 |
|||
| 2,520 | |||
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 774,763 774,763 Incoming resources £ 79,301 79,301 At 1.4.20 £ 746,426 746,426 |
Net movement At in funds 31.3.22 £ £ (107,017) 667,746 (107,017) 667,746 Resources Movement expended in funds £ £ (186,318) (107,017) (186,318) (107,017) Net movement At in funds 31.3.21 £ £ 28,337 774,763 28,337 774,763 |
At 31.3.22 £ 667,746 |
|---|---|---|---|
| 667,746 | |||
| (107,017) | |||
| At 31.3.21 £ 774,763 |
|||
| 774,763 |
continued...
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 184,625 184,625 |
Resources Movement expended in funds £ £ (156,288) 28,337 (156,288) 28,337 |
Resources Movement expended in funds £ £ (156,288) 28,337 (156,288) 28,337 |
|---|---|---|---|
| 28,337 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 746,426 746,426 |
Net movement in funds £ (78,680) (78,680) |
At 31.3.22 £ 667,746 |
|---|---|---|---|
| 667,746 |
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 £ 263,926 263,926 |
Resources Movement expended in funds £ £ (342,606) (78,680) (342,606) (78,680) |
Resources Movement expended in funds £ £ (342,606) (78,680) (342,606) (78,680) |
|---|---|---|---|
| (78,680) |
11. RELATED PARTY DISCLOSURES
During the year, donations of £75,301 (2021 - £298,500) were received from the charity's subsidiary undertaking, Fanduke Co. Limited.
At the balance sheet date, the charity was owed £650,000 (2021 - £683,349) by Fanduke Co. Limited.
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