REGISTERED CHARITY NUMBER: 1123184
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2022
for
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Jeff Lermer & Associates Chartered Accountants 42 Lytton Road Barnet Hertfordshire EN5 5BY
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Detailed Statement of Financial Activities | 12 |
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Reference and Administrative Details for the Year Ended 31 March 2022
| TRUSTEES | F S Kelaty |
|---|---|
| Ms S Kelaty | |
| PRINCIPAL ADDRESS | OCC Estate |
| 105 Eade Road | |
| London | |
| N4 1TJ | |
| REGISTERED CHARITY | 1123184 |
| NUMBER | |
| INDEPENDENT EXAMINER | Jeff Lermer & Associates |
| Chartered Accountants | |
| 42 Lytton Road | |
| Barnet | |
| Hertfordshire | |
| EN5 5BY |
Page 1
SOLI KELATY & ISAAC LEVY MEMORIAL 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
The objectives of the charity is to provide or assist in the provision of facilities in the interests of social welfare for children, young people or other charities or voluntary bodies.
In fulfilling their obligations, the Trustees have had regard to the guidance issued by the Charity Commission on public benefit.
FINANCIAL REVIEW
The income received for the year was £35,578 and made a net surplus of £28,431.
The Trustees are satisfied with the results for the year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is an unincorporated charity, Charity No. 1129184, governed by a trust deed date 5 March 2008. There are 3 Trustees that meet to make decisions in regards to the financial management and governance of the Charity.
All trustees give their time voluntary and receive no remuneration or other benefits.
Approved by order of the board of trustees on 10 January 2023 and signed on its behalf by:
F S Kelaty - Trustee
Page 2
Independent Examiner's Report to the Trustees of Soli Kelaty & Isaac Levy Memorial Trust
Independent examiner's report to the trustees of Soli Kelaty & Isaac Levy Memorial Trust
I report to the charity trustees on my examination of the accounts of Soli Kelaty & Isaac Levy Memorial 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.
Jeffrey Ian Lermer ACA Jeff Lermer & Associates Chartered Accountants 42 Lytton Road Barnet Hertfordshire EN5 5BY
10 January 2023
Page 3
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Statement of Financial Activities for the Year Ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Other NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.22 Unrestricted fund £ 35,578 7,147 28,431 521,311 549,742 |
31.3.21 Total funds £ 35,487 10,216 25,271 496,040 521,311 |
|---|---|---|
The notes form part of these financial statements
Page 4
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Balance Sheet 31 March 2022
| Notes FIXED ASSETS Investment property 5 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 7 NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
31.3.22 Unrestricted fund £ 787,864 39,923 (29,316) 10,607 798,471 (248,729) 549,742 549,742 549,742 |
31.3.21 Total funds £ 787,864 34,655 (29,316) 5,339 793,203 (271,892) 521,311 521,311 521,311 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 January 2023 and were signed on its behalf by:
F S Kelaty - Trustee
S Kelaty - Trustee
The notes form part of these financial statements
Page 5
SOLI KELATY & ISAAC LEVY MEMORIAL 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.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
continued...
Page 6
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.22 | 31.3.21 | |
| £ | £ | |
| Rents received | 35,578 | 35,487 |
3. 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.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
|---|---|
| Investment income | 35,487 |
| EXPENDITURE ON | |
| Other | 10,216 |
| NET INCOME | 25,271 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 496,040 |
| TOTAL FUNDS CARRIED FORWARD | 521,311 |
continued...
Page 7
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 5. INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 and 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Bank loans and overdrafts (see note 8) 29,316 7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.22 £ Bank loans (see note 8) 248,729 8. LOANS An analysis of the maturity of loans is given below: 31.3.22 £ Amounts falling due within one year on demand: Bank loans 29,316 Amounts falling between one and two years: Bank loans - 1-2 years 29,316 Amounts falling due between two and five years: Bank loans - 2-5 years 87,948 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 131,465 |
£ 787,864 787,864 787,864 31.3.21 £ 29,316 31.3.21 £ 271,892 31.3.21 £ 29,316 29,316 87,948 154,628 |
|---|---|
continued...
Page 8
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 9. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 521,311 TOTAL FUNDS 521,311 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 35,578 TOTAL FUNDS 35,578 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 496,040 TOTAL FUNDS 496,040 |
Net movement in funds £ 28,431 28,431 Resources expended £ (7,147) (7,147) Net movement in funds £ 25,271 25,271 |
At 31.3.22 £ 549,742 549,742 Movement in funds £ 28,431 28,431 At 31.3.21 £ 521,311 521,311 |
|
|---|---|---|---|
continued...
Page 9
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 35,487 | (10,216) | 25,271 |
| TOTAL FUNDS | 35,487 | (10,216) | 25,271 |
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 £ 496,040 496,040 |
Net movement in funds £ 53,702 53,702 |
At 31.3.22 £ 549,742 549,742 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 71,065 (17,363) |
53,702 |
| TOTAL FUNDS | 71,065 (17,363) |
53,702 |
continued...
Page 10
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 11
SOLI KELATY & ISAAC LEVY MEMORIAL TRUST
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| Detailed Statement of Financial Activities for the Year Ended 31 March 2022 |
||
|---|---|---|
| 31.3.22 | 31.3.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 35,578 | 35,487 |
| Total incoming resources | 35,578 | 35,487 |
| EXPENDITURE | ||
| Support costs | ||
| Finance | ||
| Bank charges | 241 | 151 |
| Information technology | ||
| Repairs and renewals | 578 | 486 |
| Other 2 | ||
| Bank loan interest | 6,328 | 9,579 |
| Total resources expended | 7,147 | 10,216 |
| Net income | 28,431 | 25,271 |
This page does not form part of the statutory financial statements
Page 12