REGISTERED CHARITY NUMBER: 1115249
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 2024
| 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 | 12 |
| Detailed Statement of Financial Activities | 13 |
BARDYOV TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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;
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Providing a summer camp for teenage boys, and offering tutoring and other assistance as required throughout the year.
During the past year, the synagogue has seen an increase in its membership and is well attended daily, both by members and other local individuals.
FINANCIAL REVIEW
Financial results
The financial results for the year to 31 March 2024 are shown in the attached financial statements.
Total income decreased from £259,673 to £110,590 and total expenditure decreased from £259,331 to £127,659 in comparison with the previous period.
There was a net decrease in funds of £17,069 (2023 - increase of £342) with total unrestricted funds carried forward of £651,019 (2023 - £668,088).
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 2024 would be three months of resources expended which equates to approximately £30,000. The free reserves as at 31 March 2024 were £651,001.
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.
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BARDYOV TRUST
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of the 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.
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 Mr D Mendelowitz
Independent Examiner
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
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BARDYOV TRUST
REPORT OF THE TRUSTEES for the year ended 31 March 2024
Approved by order of the board of trustees on 8 January 2025 and signed on its behalf by:
Mr A Horowitz - Trustee
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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 2024.
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:
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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.
Mr Yedidya Zaiden, FCCA
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
8 January 2025
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BARDYOV TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2024
| 2024 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 110,590 EXPENDITURE ON Charitable activities 2 Relief of poverty, advancement of religion and education 127,659 NET INCOME/(EXPENDITURE) (17,069) RECONCILIATION OF FUNDS Total funds brought forward 668,088 TOTAL FUNDS CARRIED FORWARD 651,019 |
2023 Total funds £ 259,673 |
|---|---|
| 259,331 | |
| 342 667,746 |
|
| 668,088 |
The notes form part of these financial statements
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BARDYOV TRUST
BALANCE SHEET 31 March 2024
| 2024 Unrestricted funds Notes £ FIXED ASSETS Investments 6 18 CURRENT ASSETS Debtors 7 642,670 Cash at bank and in hand 11,391 654,061 CREDITORS Amounts falling due within one year 8 (3,060) NET CURRENT ASSETS 651,001 TOTAL ASSETS LESS CURRENT LIABILITIES 651,019 NET ASSETS 651,019 FUNDS 9 Unrestricted funds 651,019 TOTAL FUNDS 651,019 |
2023 Total funds £ 18 650,495 23,156 673,651 (5,581) 668,070 668,088 668,088 668,088 668,088 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 January 2025 and were signed on its behalf by:
Mr A Horowitz - Trustee
The notes form part of these financial statements
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
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.
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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
| Relief of poverty, advancement of religion and education |
Direct Costs £ 73,425 |
Grant funding of activities (see note 3) £ 43,964 |
Support costs £ 10,270 |
Totals £ 127,659 |
|---|---|---|---|---|
continued...
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024
3. GRANTS PAYABLE
| Relief of poverty, advancement of religion and education The following grants were paid to institutions in the year ended 31st March 2024. Other donations less than £5,000 Grants to individuals Total grants paid 4. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the charity's independent examiner for the independent examination of the charity's financial statements. |
2024 £ 43,964 2024 £ 3,060 |
2024 £ 43,964 2024 £ 3,060 |
2023 £ 162,074 £29,289 £14,675 £43,964 2023 £ 2,880 |
|---|---|---|---|
| 2024 £ 3,060 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| COST | |
| At 1 April 2023 and 31 March 2024 | 18 |
| NET BOOK VALUE | |
| At 31 March 2024 | 18 |
| At 31 March 2023 | 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 2024
| 7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 9. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 668,088 TOTAL FUNDS 668,088 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 110,590 TOTAL FUNDS 110,590 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 667,746 TOTAL FUNDS 667,746 |
2024 2023 £ £ 642,670 650,495 2024 2023 £ £ 3,060 5,581 Net movement At in funds 31.3.24 £ £ (17,069) 651,019 (17,069) 651,019 Resources Movement expended in funds £ £ (127,659) (17,069) (127,659) (17,069) Net movement At in funds 31.3.23 £ £ 342 668,088 342 668,088 |
|---|---|
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BARDYOV TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 259,673 259,673 |
Resources Movement expended in funds £ £ (259,331) 342 (259,331) 342 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 667,746 667,746 |
Net movement in funds £ (16,727) (16,727) |
At 31.3.24 £ 651,019 651,019 |
|---|---|---|---|
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 £ 370,263 370,263 |
Resources Movement expended in funds £ £ (386,990) (16,727) (386,990) (16,727) |
|---|---|---|
10. RELATED PARTY DISCLOSURES
During the year, donations of £104,100 (2023 - £196,700) were received from the charity's subsidiary undertaking.
At the balance sheet date, the charity was owed £640,000 (2023 - £640,000) by its parent undertaking and £2,670 (2023 - £3,495) by a company of which certain of the charity trustees are directors.
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