2022-03-31-accounts - Congregation Vyoel Moshe D'satmer Charitable Trust

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REGISTERED CHARITY NUMBER: 1124174

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2022

		Page
Report of the Trustees	1	to	2
Statement of Trustees' Responsibilities		3
Independent Examiner's Report		4
Statement of Financial Activities		5
Statement of Financial Position		6
Statement of Cash Flows		7
Notes to the Statement of Cash Flows		8
Notes to the Financial Statements	9	to	14

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

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 £525,425 (2021: £813,149) in donations during the year. With the increase in donations received the charity was able to provide grants amounting to £575,6341 (2021: £826,611). There were fundraising costs incurred during the year amounting to £17,855 (2021: £27,544).

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

Page 1

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

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 (resigned 7.1.22) M Rothbart (appointed 7.1.22)

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 25 January 2023 and signed on its behalf by:

M Rothbart - Trustee

Page 2

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

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 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

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

25 January 2023

Page 4

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 562,675 Investment income 3 1 Total 562,676 EXPENDITURE ON Raising funds Raising donations and legacies 4 17,855 17,855 Charitable activities 5 Charitable activities 577,077 Other 5,003 Total 599,935 NET INCOME/(EXPENDITURE) (37,259) RECONCILIATION OF FUNDS Total funds brought forward 103,725 TOTAL FUNDS CARRIED FORWARD 66,466	31.3.21 Total funds £ 906,459 4
	906,463
	27,544
	27,544 826,611 6,125
	860,280
	46,183 57,542
	103,725

The notes form part of these financial statements

Page 5

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

STATEMENT OF FINANCIAL POSITION 31 MARCH 2022

31.3.22 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 12,781 CURRENT ASSETS Debtors 11 44,010 Cash at bank and in hand 40,580 84,590 CREDITORS Amounts falling due within one year 12 (30,905) NET CURRENT ASSETS 53,685 TOTAL ASSETS LESS CURRENT LIABILITIES 66,466 NET ASSETS 66,466 FUNDS 13 Unrestricted funds 66,466 TOTAL FUNDS 66,466	31.3.21 Total funds £ 15,036 44,010 75,015 119,025 (30,336) 88,689 103,725 103,725 103,725 103,725

The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2023 and were signed on its behalf by:

M Rothbart - Trustee

S Gross - Trustee

The notes form part of these financial statements

Page 6

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

		31.3.22	31.3.21
	Notes	£	£
Cash flows from operating activities
Cash generated from operations	1	(34,436)	40,442
Net cash (used in)/provided by operating activities		(34,436)	40,442
Cash flows from investing activities
Interest received		1	4
Net cash provided by investing activities		1	4

Change in cash and cash equivalents in the
reporting period		(34,435)	40,446
Cash and cash equivalents at the beginning
of the reporting period		75,015	34,569
Cash and cash equivalents at the end of the
reporting period		40,580	75,015

The notes form part of these financial statements

Page 7

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
	31.3.22	31.3.21
	£	£
Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)	(37,259)	46,183
Adjustments for:
Depreciation charges	2,255	2,654
Interest received	(1)	(4)
Increase in debtors	-	(7,510)
Increase/(decrease) in creditors	569	(881)
Net cash (used in)/provided by operations	(34,436)	40,442

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.21 Cash flow At £ £ Net cash Cash at bank and in hand 75,015 (34,435) 75,015 (34,435) Total 75,015 (34,435)	31.3.22 £ 40,580
	40,580
	40,580

The notes form part of these financial statements

Page 8

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE 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.

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.

2. DONATIONS AND LEGACIES

Donations Grants Grants received, included in the above, are as follows: Other grants	31.3.22 £ 525,425 37,250 562,675 31.3.22 £ 37,250	31.3.21 £ 813,149 93,310
		906,459
		31.3.21 £ 93,310

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 2022

3. INVESTMENT INCOME

Deposit account interest 4. RAISING DONATIONS AND LEGACIES Hire Equipments Print Other office expenses 5. CHARITABLE ACTIVITIES COSTS Charitable activities 6. SUPPORT COSTS Management £ Other resources expended 400 Charitable activities - 400	31.3.22 £ 1 31.3.22 £ 11,585 5,760 510 17,855 Support Direct costs (see Costs note 6) £ £ 575,634 1,443 Governance Finance costs £ £ 348 4,255 1,443 - 1,791 4,255	31.3.21 £ 4 31.3.21 £ 238 26,750 556 27,544 Totals £ 577,077	31.3.21 £ 4 31.3.21 £ 238 26,750 556 27,544 Totals £ 577,077
		Totals £ 5,003 1,443 6,446
			6,446

7. 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.

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 2022

8. STAFF COSTS

Wages and salaries Social security costs The average monthly number of employees during the year was as follows: The average employee during the year No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Raising donations and legacies Charitable activities Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	31.3.22 31.3.21 £ £ 124,518 119,476 - 3,544 124,518 123,020 31.3.22 31.3.21 14 13 Unrestricted funds £ 906,459 4 906,463 27,544 27,544 826,611 6,125 860,280 46,183 57,542 103,725	31.3.22 31.3.21 £ £ 124,518 119,476 - 3,544 124,518 123,020 31.3.22 31.3.21 14 13 Unrestricted funds £ 906,459 4 906,463 27,544 27,544 826,611 6,125 860,280 46,183 57,542 103,725
		906,463
		27,544
		27,544 826,611 6,125
		860,280
		46,183 57,542
		103,725

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

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 2022

10. TANGIBLE FIXED ASSETS

COST At 1 April 2021 and 31 March 2022 DEPRECIATION At 1 April 2021 Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 13. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS	At 1.4.21 £ 103,725 103,725	31.3.22 £ 44,010 31.3.22 £ 379 30,526 30,905 Net movement in funds £ (37,259) (37,259)	Fixtures and fittings £ 60,637 45,601 2,255 47,856 12,781 15,036 31.3.21 £ 44,010 31.3.21 £ 317 30,019 30,336 At 31.3.22 £ 66,466	Fixtures and fittings £ 60,637
				45,601 2,255
				47,856
				12,781
				15,036
			66,466

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 2022

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
562,676
TOTAL FUNDS
562,676
Comparatives for movement in funds
At 1.4.20
£
Unrestricted funds
General fund
57,542
TOTAL FUNDS
57,542
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
906,463
TOTAL FUNDS
906,463
A current year 12 months and prior year 12 months combined position is as follows:
At 1.4.20
£
Unrestricted funds
General fund
57,542
TOTAL FUNDS
57,542

Resources
Movement
expended
in funds
£
£
(599,935)
(37,259)
(599,935)
(37,259)
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
31.3.22
£
£
8,924
66,466
8,924
66,466

continued...

Page 13

CONGREGATION VYOEL MOSHE D'SATMER CHARIT ABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

13. MOVEMENT IN FUNDS - continued

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	1,469,139	(1,460,215 )	8,924
TOTAL FUNDS	1,469,139	(1,460,215 )	8,924

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

Page 14