REGISTERED CHARITY NUMBER: 1124174
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Statement of Cash Flows | 6 | ||
| Notes to the Statement of Cash Flows | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The charity was constituted by Declaration of Trust dated 11th April 2008.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Charitable objects
The objects of the charity are the furtherance of the Orthodox Jewish religion by way of support to educational institutions, assisting in the reduction of poverty and granting help for charitable causes at the discretion of the trustees. 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.
Synagogue
The charity is responsible for the maintenance of premises used as a synagogue. The property is used rent free but any maintenance and repairs are the responsibility of the charity. Extensive expenditure was and will continue to be incurred in order to make the property suitable for use as a synagogue. The property is owned by another charity. The synagogue is used as a study hall and food is now provided to those requiring the facilities.
Summer camp
The charity assists with the finance of a summer camp for youth who are connected with the local Satmar community. This includes paying for the rent of suitable premises for the camp as well as for food and transport.
Medical assistance
The charity assists when requested with medical expenses incurred by individuals who are unable to pay.
Grants
The charity makes grants to charitable causes both in the UK and overseas. Such grants are made after extensive enquiries by the trustees and following satisfactory recommendations.
Grantmaking
The charity is controlled by local trustees who are very familiar with all the charitable causes that the charity supports. Regular meetings are held to review and discuss the charity's activities.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
The charity received £813,149 (2020: £789,231) in donations during the year. With the increase in donations received the charity was able to provide grants amounting to £826,611 (2020: £762,700). There were fundraising costs incurred during the year amounting to £27,544 (2020: £25,668).
Internal and external factors
The trustees have put in place systems to identify risks and review the systems regularly.
FINANCIAL REVIEW
The charity's income increased during the year and accordingly the charity was able to make substantial increases in the grants made. The reserves have increased and will be carried forward.
FUTURE PLANS
The charity plans to continue its activities subject to satisfactory incoming resources
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures
Organisational structure
The charity is controlled by local trustees who are very familiar with all the charitable causes that the charity supports. Regular meetings are held to review and discuss the charity's activities.
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
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
1124174
Principal address
66A Chardmore Road London N16 6JH
Trustees
S Gross S Seidenfeld
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 31 January 2022 and signed on its behalf by:
S Seidenfeld - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
Independent examiner's report to the trustees of Congregation Vyoel Moshe D'Satmer Charit able Trust
I report to the charity trustees on my examination of the accounts of Congregation Vyoel Moshe D'Satmer Charit able Trust (the Trust) for the year ended 31 March 2021.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of A.C.A which is one of the listed bodies.
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.
Malcolm A Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
31 January 2022
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 31.3.21 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 906,459 Investment income 3 4 Total 906,463 EXPENDITURE ON Raising funds Raising donations and legacies 4 27,544 27,544 Charitable activities 5 Charitable activities 826,611 Other 6,125 Total 860,280 NET INCOME/(EXPENDITURE) 46,183 RECONCILIATION OF FUNDS Total funds brought forward 57,542 TOTAL FUNDS CARRIED FORWARD 103,725 |
31.3.20 Total funds £ 789,231 34 789,265 25,668 25,668 762,700 6,588 794,956 (5,691) 63,233 57,542 |
|---|---|
The notes form part of these financial statements
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2021
| 31.3.21 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 15,036 CURRENT ASSETS Debtors 11 44,010 Cash at bank and in hand 75,015 119,025 CREDITORS Amounts falling due within one year 12 (30,336) NET CURRENT ASSETS 88,689 TOTAL ASSETS LESS CURRENT LIABILITIES 103,725 NET ASSETS 103,725 FUNDS 13 Unrestricted funds 103,725 TOTAL FUNDS 103,725 |
31.3.20 Total funds £ 17,690 36,500 34,569 71,069 (31,217) 39,852 57,542 57,542 57,542 57,542 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2022 and were signed on its behalf by:
S Seidenfeld - Trustee
S Gross - Trustee
The notes form part of these financial statements
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 40,442 | (1,695) |
| Net cash provided by/(used in) operating activities | 40,442 | (1,695) | |
| Cash flows from investing activities | |||
| Interest received | 4 | 34 | |
| Net cash provided by investing activities | 4 | 34 | |
| Change in cash and cash equivalents in | |||
| the reporting period | 40,446 | (1,661) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 34,569 | 36,230 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 75,015 | 34,569 |
The notes form part of these financial statements
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Net income/(expenditure) for the reporting period (as per the | ||
| Statement of Financial Activities) | 46,183 | (5,691) |
| Adjustments for: | ||
| Depreciation charges | 2,654 | 3,122 |
| Interest received | (4) | (34) |
| Increase in debtors | (7,510) | - |
| (Decrease)/increase in creditors | (881) | 908 |
| Net cash provided by/(used in) operations | 40,442 | (1,695) |
- ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.20 Cash flow At £ £ Net cash Cash at bank and in hand 34,569 40,446 34,569 40,446 Total 34,569 40,446 |
31.3.21 £ 75,015 |
|---|---|
| 75,015 | |
| 75,015 |
The notes form part of these financial statements
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 15% on reducing balance
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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 2. DONATIONS AND LEGACIES 31.3.21 £ Donations 813,149 Grants 93,310 906,459 Grants received, included in the above, are as follows: 31.3.21 £ Other grants 93,310 3. INVESTMENT INCOME 31.3.21 £ Deposit account interest 4 4. RAISING DONATIONS AND LEGACIES 31.3.21 £ Cantering - Hire Equipments 238 26,750 Other office expenses 556 27,544 5. CHARITABLE ACTIVITIES COSTS Charitable activities 6. SUPPORT COSTS Governance Finance costs £ £ Other resources expended 1,671 4,454 |
31.3.20 £ 789,231 - |
|---|---|
| 789,231 | |
| 31.3.20 £ - 31.3.20 £ 34 31.3.20 £ 8,559 305 9,716 7,088 25,668 Direct Costs £ 826,611 |
|
| Totals £ 6,125 |
continued...
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: |
31.3.21 £ 119,476 3,544 - 123,020 31.3.21 |
31.3.20 £ 100,015 470 550 |
|---|---|---|
| 101,035 | ||
| 31.3.20 |
No employees received emoluments in excess of £60,000.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 789,231 |
| Investment income | 34 |
| Total | 789,265 |
| EXPENDITURE ON | |
| Raising funds | |
| Raising donations and legacies | 25,668 |
| 25,668 | |
| Charitable activities | |
| Charitable activities | 762,700 |
| Other | 6,588 |
| Total | 794,956 |
| NET INCOME/(EXPENDITURE) | (5,691) |
continued...
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|
| Unrestricted | |||
| funds | |||
| £ | |||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 63,233 | ||
| TOTAL FUNDS CARRIED FORWARD | 57,542 | ||
| 10. | TANGIBLE FIXED ASSETS | ||
| Fixtures | |||
| and | |||
| fittings | |||
| £ | |||
| COST | |||
| At 1 April 2020 and 31 March 2021 | 60,637 | ||
| DEPRECIATION | |||
| At 1 April 2020 | 42,947 | ||
| Charge for year | 2,654 | ||
| At 31 March 2021 | 45,601 | ||
| NET BOOK VALUE | |||
| At 31 March 2021 | 15,036 | ||
| At 31 March 2020 | 17,690 | ||
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Other debtors | 44,010 | 36,500 |
continued...
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 13. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 57,542 TOTAL FUNDS 57,542 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 906,463 TOTAL FUNDS 906,463 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 63,233 TOTAL FUNDS 63,233 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 789,265 TOTAL FUNDS 789,265 |
31.3.21 31.3.20 £ £ 317 2,997 30,019 28,220 30,336 31,217 Net movement At in funds 31.3.21 £ £ 46,183 103,725 46,183 103,725 Resources Movement expended in funds £ £ (860,280) 46,183 (860,280) 46,183 Net movement At in funds 31.3.20 £ £ (5,691) 57,542 (5,691) 57,542 Resources Movement expended in funds £ £ (794,956) (5,691) (794,956) (5,691) |
|---|---|
continued...
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CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 63,233 | 40,492 | 103,725 |
| TOTAL FUNDS | 63,233 | 40,492 | 103,725 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,695,728 | (1,655,236 ) | 40,492 |
| TOTAL FUNDS | 1,695,728 | (1,655,236 ) | 40,492 |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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