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2023-06-30-accounts

COMPANY REGISTRATION NUMBER: 06930982 CHARITY REGISTRATION NUMBER: 1131276

THE F W TRUST LTD

TRUSTEES' REPORT AND UNAUDITED ACCOUNTS

30 JUNE 2023

THE F W TRUST LTD

THE F W TRUST LTD COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 30 JUNE 23

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 2023.

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

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 income.

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.

ACHIEVEMENTS AND PERFORMANCE

During the year the charity pursued its philanthropic objects. Income from donations and investment income aggregated £103,879 (2022: £173,177). Total resources expended was £375,803 (2022: £117,798) resulting in net deficit of £271,924 (2022: surplus of £55,379).

Page 2

THE F W TRUST LTD TRUSTEES ANNUAL REPORT

FINANCIAL REVIEW

Financial Position

The financial results of the charity for the year ended 30 June 2023 are fully reflected in the attached Financial Statements together with the Notes thereon.

The charity's Statement of Financial Activities show a deficit of £271,924 (2022: surplus of £55,379) and total reserves of £2,108,886 (2022: £2,380,810).

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.

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

22 March 2024

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 2023 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:

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 22 March 2024

Page 4

THE F W TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted
funds
2023
Notes
£
Income and endowments from:
Donations and legacies
-
Other trading activities
-
Investments
4
103,879
Total
103,879
Expenditure on:
Charitable activities
5
375,700
Other
7
103
Total
375,803
Net movement in funds
(271,924)
Reconciliation of funds:
Total funds brought forward
14
2,380,810
Total funds carried forward
2,108,886		 Total funds
2023
£
-
-
103,879		 Total funds
2022
£
10,000
-
163,177
103,879
375,700
103		 173,177
114,960
2,838
375,803 117,798
(271,924)
2,380,810		 55,379
2,325,431
2,108,886 2,380,810

Page 5

THE F W TRUST LTD BALANCE SHEET

AS AT 30 JUNE 2023

Company No.
06930982
Notes
2023
£
Fixed assets
Investments
10
200
200
Current assets
Debtors
11
1,958,307
Cash at bank and in hand
156,379
2,114,686
Creditors:Amount falling due within one year
12
(6,000)
Net current assets
2,108,686
Total net assets
2,108,886
The funds of the charity
Unrestricted funds
General funds
14
2,108,886
Total funds
2,108,886		 2022
£
100
100
2,381,528
5,182
2,386,710
(6,000)
2,380,710
2,380,810
2,380,810
2,380,810

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 2023 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 22 March 2024

And signed on its behalf by:

J S Weiser

Trustee

22 March 2024

Page 6

THE F W TRUST LTD NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2023

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 Avenue, 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.

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

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.

Page 7

THE F W TRUST LTD NOTES TO THE ACCOUNTS

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.
Donated services and These are only included in income (with an equivalent amount in expenditure) where the
facilities benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on
revaluation of fixed		 This includes any gain or loss resulting from revaluing investments to market value at the
end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets
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.

Tangible fixed assets and depreciation

Depreciation is provided as relevant in order to write off each asset over its estimated useful life:

Page 8

THE F W TRUST LTD NOTES TO THE ACCOUNTS

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, 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

Unrestricted
£
Donations
-
-
4
Income from investments
Unrestricted
£
Income from Subsidiary
103,879
103,879
5
Expenditure on charitable activities
Unrestricted
£
Expenditure on charitable
activities
Grants made
373,700
Governance costs
Independent Examiner's Fees
1,200
Legal & Professional Fees
800
375,700		 Restricted
£
-
-
Restricted
£
-
-
Restricted
£
-
-
-
-		 Endowment
£
-
-
Endowment
£
-
-
Endowment
£
-
-
-
-		 Total
2023
£
-
-
Total
2023
£
103,879
103,879
Total
2023
£
373,700
1,200
800
375,700		 Total
2022
£
10,000
10,000
Total
2022
£
163,177
163,177
Total
2022
£
113,760
1,200
-
114,960

Page 9

THE F W TRUST LTD NOTES TO THE ACCOUNTS

6 Analysis of grants

Activity or programme
Grants
Grants to Institutions
Zoreya Tzedokos Ltd
Friends of Yeshiva Luzern
Friends of Beis Soroh Schneirer
Yesamach Levav Trust
Lev Echad
C M Z Ltd
Other grants
Total grants		 Grants to
Institutions
£		 Grants to
Individuals
£		 Support
Costs
£
-
-		 Total
2023
£
373,700
373,700		 Total
2022
£
113,760
373,700 -
373,700
Total
2023
£
60,000
58,750
50,000
50,000
50,000
50,000
54,950
373,700		 - 113,760

7 Other expenditure

Unrestricted
£
General administrative costs
103
Legal and professional costs
-
103
Net (expenditure)/income before transfers
This is stated after charging:
Independent Examiner's fee		 Restricted
£
-
-
-		 Endowment
£
-
-
-
2023
£
1,200		 Total
2023
£
103
-
103		 Total
2022
£
96
2,742
2,838
2022
£
1,200

8 Net (expenditure)/income before transfers

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.

Page 10

THE F W TRUST LTD NOTES TO THE ACCOUNTS

10 Investments

Cost or revaluation
At 1 July 2022
Additions
At 30 June 2023
Net book values
At 30 June 2023
At 30 June 2022		 Freehold
Investment
Property
£
-
-
-
-
-		 Investment in
Subsidiaries
£
100
100
200
200
100		 Other
investments -
Listed
£
-
-
-
-
-		 Other
investments -
Unlisted
£
-
-
-
-
-		 Total
£
100
100
200
200
100

Investment in Subsidiaries

The company has the following subsidiary undertakings:

Capital and Profit/(loss)
Country of reserves at for the
incorporation Class of % age of end of the relevant
Name of company (if not UK) shares held shares held relevant year year
% £ £
Brock House Investments
Limited 100 - -
Brock House Estates Limited 100 - -

The company acquired the entire share capital of Brock House Estates during the year under review by way of a dividend in specie.

11 Debtors

Amounts owed by group undertakings
12 Creditors:
amounts falling due within one year
Other creditors		 2023
£
1,958,307
1,958,307
2023
£
6,000
6,000		 2022
£
2,381,528
2,381,528
2022
£
6,000
6,000

Page 11

THE F W TRUST LTD NOTES TO THE ACCOUNTS

13 Movement in funds

13 Movement in funds
Incoming
resources
(including
other		 Resources
expended		 Gross
transfers		 At 30 June
2023
At 1 July gains/losses)
2022
£ £ £ £
Unrestricted funds:
General funds 2,380,810 103,879 (375,803) - 2,108,886
Total funds 2,380,810 103,879 (375,803) - 2,108,886
14 Analysis of net assets between funds
Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
£ £ £ £
Fixed assets - - - -
Investments 200 - - 200
Net current assets 2,108,686 - - 2,108,686
2,108,886 - - 2,108,886

15 Related party disclosures

Other than any mentioned above there are no related party transactions which require disclosure.

Page 12