COMPANY REGISTRATION NUMBER: 06930982 CHARITY REGISTRATION NUMBER: 1131276
THE F W TRUST LTD
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
30 JUNE 2022
Hirsh Accountants Limited 45 Stamford Hill London N16 5SR
THE F W TRUST LTD
THE F W TRUST LTD COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 30 JUNE 22
| Pages | |
|---|---|
| Trustees' Annual Report | 2 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
Page 1
THE F W TRUST LTD TRUSTEES ANNUAL REPORT
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 June 2022.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives are to further those purposes both in the UK and overseas which are recognised as charitable under English Law.
The charity receives income from charitable donations and investment income, which it utilises in the provision and distribution of grants and donations.
The charity's activity in principally, but not limited to, the provision and distribution of grants and donations to charitable organisations and needy individuals for the purpose of the advancement of the orthodox Jewish religion and the prevention and relief of poverty.
ACHEIVEMENTS AND PERFORMANCE
During the year the charity pursued its philanthropic objects. Income from donations and investment income aggregated £173,177 (2021: £45,640). Total resources expended was £117,798 (2021: £119,108) resulting in net surplus of £55,379 (2021: deficit of £73,468).
FINANCIAL REVIEW
Financial Position
The financial results of the charity for the year ended 30 June 2022 are fully reflected in the attached Financial Statements together with the Notes thereon.
The charity's Statement of Financial Activities show a surplus of £55,379 (2021: deficit of £73,468) and total reserves of £2,380,810 (2021: £2,325,431).
Reserves Policy
It is the policy of the charity to maintain Unrestricted Funds, which include the Free Reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.
PLANS FOR FUTURE PERIODS
The future plans of the charity are to continue to support organisations advancing the orthodox Jewish religion and relief of poverty in the orthodox Jewish community worldwide.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.
New trustees are appointed based on personal competence, availability and knowledge and familiarity with the community which the charity serves. New trustees are inducted into the workings of the charity by the existing trustees. The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
Page 2
THE F W TRUST LTD TRUSTEES ANNUAL REPORT
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 06930982
Charity No. 1131276
Principal and Registered Office
30 Warwick Grove London E5 9HU
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law.
The following Directors and Trustees served during the year:
B Weiser
J Frankel J Sofer J S Weiser
Accountants
Hirsh Accountants Limited
45 Stamford Hill
London N16 5SR
The Trustees are responsible for keeping proper accounting records that 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 Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
J S Weiser
Trustee 26 April 2023
Page 3
THE F W TRUST LTD INDEPENDENT EXAMINERS REPORT
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE F W TRUST LTD
I report to the charity trustees on my examination of the financial statements of THE F W TRUST LTD for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).
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 financial statements to be reached.
Moshe Hirsh FCCA
Hirsh Accountants Limited 45 Stamford Hill
London N16 5SR 26 April 2023
Page 4
THE F W TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2022
| Notes Income and endowments from: Donations and legacies 3 Investments 4 Total Expenditure on: Charitable activities 5 Other 7 Total Net income/(expenditure) Reconciliation of funds: Total funds brought forward 13 Total funds carried forward |
Total funds 2022 £ 10,000 163,177 |
Total funds 2021 £ 25 45,615 |
|---|---|---|
| 173,177 113,760 4,038 |
45,640 101,050 18,058 |
|
| 117,798 | 119,108 | |
| 55,379 2,325,431 |
(73,468) 2,398,899 |
|
| 2,380,810 | 2,325,431 |
Page 5
THE F W TRUST LTD BALANCE SHEET
AS AT 30 JUNE 2022
| Company No. 06930982 Notes 2022 £ Fixed assets Investments 10 100 100 Current assets Debtors 11 2,381,528 Cash at bank and in hand 5,182 2,386,710 Creditors:Amount falling due within one year 12 (6,000) Net current assets 2,380,710 Total assets less current liabilities 2,380,810 Total net assets 2,380,810 The funds of the charity Unrestricted funds General funds 14 2,380,810 Total funds 2,380,810 |
2021 £ 100 |
|---|---|
| 100 2,326,351 6,180 |
|
| 2,332,531 (7,200) |
|
| 2,325,331 2,325,431 |
|
| 2,325,431 | |
| 2,325,431 | |
| 2,325,431 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 June 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 26 April 2023
And signed on its behalf by:
J S Weiser
Trustee
26 April 2023
Page 6
THE F W TRUST LTD NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2022
1 General Information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 30 Warwick Grove, London, E5 9HU.
Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Limited liability
In the event of a wind-up each member's liability is limited to £1.
- 2 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
| Fund accounting | |
|---|---|
| Unrestricted funds | These are available for use at the discretion of the trustees in furtherance of the general |
| objects of the charity. | |
| Designated funds | These are unrestricted funds earmarked by the trustees for particular purposes. |
| Revaluation funds | These are unrestricted funds which include a revaluation reserve representing the restatement |
| of investment assets at their market values. | |
| Restricted funds | These are available for use subject to restrictions imposed by the donor or through terms of |
| an appeal. | |
| Income | |
| Recognition of income | Income is included in the Statement of Financial Activities (SoFA) when the charity |
| becomes entitled to, and virtually certain to receive, the income and the amount of the | |
| income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is reported gross |
| expenditure | in the SoFA. |
| Donations and legacies | Voluntary income received by way of grants, donations and gifts is included in the the SoFA |
| when receivable and only when the Charity has unconditional entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the gift/donation to |
| donations and gifts | which it relates. |
Page 7
THE F W TRUST LTD NOTES TO THE ACCOUNTS
Expenditure
| Expenditure | |
|---|---|
| Recognition of | Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot |
| expenditure | be fully recovered, and is reported as part of the expenditure to which it relates. |
| Expenditure on raising | These comprise the costs associated with attracting voluntary income, fundraising trading |
| funds | costs and investment management costs. |
| Expenditure on | These comprise the costs incurred by the Charity in the delivery of its activities and services |
| charitable activities | in the furtherance of its objects, including the making of grants and governance costs. |
| Grants payable | All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that |
| have been approved by the trustees at the end of the year but not yet paid. | |
| Governance costs | These include those costs associated with meeting the constitutional and statutory |
| requirements of the Charity, including any audit/independent examination fees, costs linked | |
| to the strategic management of the Charity, together with a share of other administration | |
| costs. | |
| Other expenditure | These are support costs not allocated to a particular activity. |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, when applicable, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
3 Income from donations and legacies
| Income from donations and legacies | |||
|---|---|---|---|
| Income from Donations | Unrestricted 2022 £ 10,000 10,000 |
Total 2022 £ 10,000 10,000 |
Total 2021 £ 25 |
| 25 |
Page 8
THE F W TRUST LTD NOTES TO THE ACCOUNTS
- 4 Income from investments
| Income from Investments 5 Expenditure on charitable activities Expenditure on charitable activities Grants made Governance costs Independent Examiner's Fees 6 Analysis of grants Activity or programme Grants to institutions |
Unrestricted 2022 £ 163,177 163,177 Unrestricted 2022 £ 113,760 1,200 114,960 Grants to Institutions 2022 £ 113,760 113,760 |
Total 2022 £ 163,177 163,177 Total 2022 £ 113,760 1,200 114,960 Total 2022 £ 113,760 113,760 |
Total 2021 £ 45,615 |
|---|---|---|---|
| 45,615 | |||
| Total 2021 £ 101,050 1,200 |
|||
| 102,250 | |||
| Total 2021 £ 101,050 |
|||
| 101,050 |
All grants and donations were made in furtherance of the charity’s objectives.
The composition of donations is shown below.
| Bikur Cholim Ltd Ezer Bekovoid Ltd Sharei Chesed (London) Chasdei Aharon Ltd Other donations below £10,000 Total Donations |
Total 2022 £ 35,000 20,000 12,000 10,000 36,760 |
|---|---|
| 113,760 |
Page 9
THE F W TRUST LTD NOTES TO THE ACCOUNTS
7 Other expenditure
| General administrative costs Legal and professional costs 8 Net income/(expenditure) before transfers This is stated after charging: Independent Examiner's fee |
Unrestricted 2022 £ 96 3,942 4,038 2022 £ 1,200 |
Total 2022 £ 96 3,942 4,038 2021 £ 1,200 |
Total 2021 £ 77 17,981 |
|---|---|---|---|
| 18,058 | |||
9 Trustee remuneration and expenses
None of the trustees have been paid any remuneration in the current or prior periods.
None of the trustees have been paid any expenses in the current or prior periods.
10 Investments
| Cost or revaluation At 1 July 2021 At 30 June 2022 Net book values At 30 June 2022 At 30 June 2021 Debtors Amounts owed by group undertakings Creditors: amounts falling due within one year Other creditors Accruals |
2022 £ 2,381,528 2,381,528 2022 £ 4,800 1,200 6,000 |
Investment in Subsidiaries £ 100 100 100 100 2021 £ 2,326,351 2,326,351 2021 £ 4,800 2,400 7,200 |
Total £ 100 |
|---|---|---|---|
| 100 | |||
| 100 | |||
| 100 | |||
11 Debtors
12 Creditors:
Page 10
THE F W TRUST LTD NOTES TO THE ACCOUNTS
13 Movement in funds
| 13 Movement in funds | ||||
|---|---|---|---|---|
| Restricted funds: Unrestricted funds: General funds Total funds 14 Analysis of net assets between funds Investments Net current assets |
At 1 July 2021 £ 2,325,431 2,325,431 |
Incoming resources £ 173,177 173,177 |
Resources expended £ (117,798) (117,798) Unrestricted funds 2022 £ 100 2,380,710 2,380,810 |
At 30 June 2022 £ 2,380,810 |
| 2,380,810 | ||||
| Total 2022 £ 100 2,380,710 |
||||
| 2,380,810 |
15 Related party disclosures
There are no related party transactions as require disclosure.
Page 11