**REGISTERED CHARITY NUMBER: 1115249**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **FOR**
## **BARDYOV TRUST**
Raffingers Holdings Limited Chartered 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 2025**
|||**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 2025**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 aims 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.
## **ACHIEVEMENTS 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.
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 2025 are shown in the attached financial statements.
Total income increased to £155,551 from £110,590 and total expenditure increased to £166,865 from £127,659 in comparison with the previous period.
There was a net decrease in funds of £11,314 (2024 - decrease of £17,069) with total unrestricted funds carried forward of £639,705 (2024 - £651,019).
## **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 2025 would be three months of resources expended which equates to approximately £40,000. The free reserves as at 31 March 2025 were £639,705.
## **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 the charity and their recognised experience in specific fields which will further support the work of the Bardyov Trust.
Page 1
**BARDYOV TRUST**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **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 (resigned 4.11.24) Mr D Mendelowitz (resigned 4.11.24)
## **Independent Examiner**
Raffingers Holdings Limited Chartered Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 22 January 2026 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 2025.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 Holdings Limited Chartered Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
22 January 2026
Page 3
## **BARDYOV TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025**
|2025
Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
155,551
**EXPENDITURE ON**
**Charitable activities**
2
Relief of poverty, advancement of religion and
education
166,865
**NET INCOME/(EXPENDITURE)**
(11,314)
**RECONCILIATION OF FUNDS**
Total funds brought forward
651,019
**TOTAL FUNDS CARRIED FORWARD**
639,705|2024
Total
funds
£
110,590
127,659
(17,069)
668,088
651,019|
|---|---|
The notes form part of these financial statements
Page 4
## **BARDYOV TRUST**
## **BALANCE SHEET**
## **31 March 2025**
|2025
Unrestricted
funds
Notes
£
**FIXED ASSETS**
Investments
6
18
**CURRENT ASSETS**
Debtors
7
639,170
Cash at bank
4,897
644,067
**CREDITORS**
Amounts falling due within one year
8
(4,380)
**NET CURRENT ASSETS**
639,687
**TOTAL ASSETS LESS CURRENT LIABILITIES**
639,705
**NET ASSETS**
639,705
**FUNDS**
9
Unrestricted funds
639,705
**TOTAL FUNDS**
639,705|2024
Total
funds
£
18
642,670
11,391
654,061
(3,060)
651,001
651,019
651,019
651,019
651,019|
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22 January 2026 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 2025**
## **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.
continued...
Page 6
**BARDYOV TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025**
## **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**
|**CHARITABLE ACTIVITIES COSTS**|||||
|---|---|---|---|---|
|||Grant|||
|||funding of|||
|||activities|||
||Direct|(see note|Support||
||Costs|3)|costs|Totals|
||£|£|£|£|
|Relief of poverty, advancement of religion|||||
|and education|86,579|74,353|5,933|166,865|
continued...
Page 7
**BARDYOV TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **for the year ended 31 March 2025**
## **3. GRANTS PAYABLE**
## **4.**
**----- Start of picture text -----**
2025 2024
£ £
Relief of poverty, advancement of religion and education 74,353 43,964
The following grants were paid to institutions in the year ended 31st March 2025.
Beer Shmuel Limited £8,000
Ben Amram Charitable Trust £5,400
MHBM £7,300
Other donations less than £5,000 £43,597
Grants to individuals £10,056
Total grants paid £74,353
INDEPENDENT EXAMINER'S REMUNERATION
2025 2024
£ £
Fees payable to the charity's independent examiner for the independent examination
of the charity's financial statements. 4,380 3,060
**----- End of picture text -----**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **6. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
|**COST**|Shares in
group
undertakings
£|
|At 1 April 2024 and 31 March 2025|18|
|**NET BOOK VALUE**||
|At 31 March 2025|18|
|At 31 March 2024|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...
Page 8
**BARDYOV TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025**
|**7.**|**DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|**DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**|||
|---|---|---|---|---|
||||2025|2024|
||||£|£|
||Other debtors||639,170|642,670|
|**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||Accrued expenses||2025
£
4,380|2024
£
3,060|
|**9.**|**MOVEMENT IN FUNDS**||||
||**Unrestricted funds**|At 1.4.24
£|Net
movement
in funds
£|At
31.3.25
£|
||General fund|651,019|(11,314)|639,705|
||**TOTAL FUNDS**|651,019|(11,314)|639,705|
||Net movement in funds, included in the above are as follows:||||
||**Unrestricted funds**|Incoming
resources
£|Resources
expended
£|Movement
in funds
£|
||General fund|155,551|(166,865)|(11,314)|
||**TOTAL FUNDS**|155,551|(166,865)|(11,314)|
||**Comparatives for movement in funds**||||
||**Unrestricted funds**|At 1.4.23
£|Net
movement
in funds
£|At
31.3.24
£|
||General fund|668,088|(17,069)|651,019|
||**TOTAL FUNDS**|668,088|(17,069)|651,019|
||||||
continued...
Page 9
**BARDYOV TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025**
## **9. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
A current year 12 months and prior year 12 months combined position is as
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
110,590
(127,659)
(17,069)
110,590
(127,659)
(17,069)
follows:
Net
movement
At
At 1.4.23
in funds
31.3.25
£
£
£
668,088
(28,383)
639,705
668,088
(28,383)
639,705|
|---|---|
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
£
266,141
266,141|Resources
Movement
expended
in funds
£
£
(294,524)
(28,383)
(294,524)
(28,383)|
|---|---|---|
## **10. RELATED PARTY DISCLOSURES**
During the year, donations of £115,750 (2024 - £86,900) were received from the charity's subsidiary undertaking.
At the balance sheet date, the charity was owed £637,539 (2024 - £640,000) by its parent undertaking and £1,631 (2024 - £2,670) by a company of which certain of the charity trustees are directors.
Page 10