REGISTERED COMPANY NUMBER: 07789512 (England and Wales) REGISTERED CHARITY NUMBER: 1145607
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 September 2020
for
Interstar Foundation Ltd
Martin+Heller 5 North End Road London NW11 7RJ
Interstar Foundation Ltd
Contents of the Financial Statements for the Year Ended 30 September 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
Interstar Foundation Ltd
Report of the Trustees for the Year Ended 30 September 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2020. 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
Objectives and aims
The Charity was established to support the activities of religious Jewish organisations recognised as charitable by English law both in the UK and abroad, especially those in the field of education and relief of poverty.
The Charity receives income from its investment properties which it utilises in the provision of grants to organisations that fall within the objectives of the Charity.
The Charity also receives donations from related parties which are then utilised the same way as above.
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grantmaking
In making grants and donations, the Trustees use their personal knowledge of the institution, its representatives, operational efficiency and reputation. The Trustees monitor the application of the grants and donations by meeting with representatives of the institutions and obtain information as to the utilisation of funds.
FINANCIAL REVIEW
Reserves policy
The Charity is required to maintain reserves in order to ensure that it is in a position to continue its grant making activities. Consequently, the Trustees consider it appropriate to maintain unrestricted funds at a level which will not impinge on its ability to support charitable institutions.
The unrestricted funds of the Charity stood at £637,366 as at the year end as compared to £626,305 at the beginning of the year.This year the Trustees were only able to consider slightly reduced number of applications for grants and have paid out a total of £235,006 as compared to £292,561 during last year.
It is hoped that during the coming years, the Charity will be able to either maintain or even better the level of grants paid during this year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.
Recruitment and appointment of new trustees
Trustees are appointed according to the Articles of Association and all Trustees give their time voluntarily and no benefits or expenses were paid to them during the year.
The Trustees meet regularly to discuss applications for grants. Each application is decided upon on its own merits. The Trustees are responsible for preparing the Trustees annual report and the financial statements in accordance with applicable law and regulations.
Page 1
Interstar Foundation Ltd
Report of the Trustees
for the Year Ended 30 September 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
New trustees undergo a briefing on their legal obligations under charity and company law.
Risk management
The Trustees have a risk management strategy which comprises an annual review of the principal risks and uncertainties to which the Charity is exposed; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review.
The principal risks to which the Charity is exposed are:
" Liabilities arising from property investment activity
" Tenant defaults
" Damage to property from flood, fire or terrorist action
" The availability of liquid funds to make grants and donations
" The economic cycle generally
The Charity seeks to manage or mitigate such risks wherever possible through such measures as insurance, tenant screening, external expert advice and monitoring cash and economic outlook.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07789512 (England and Wales)
Registered Charity number
1145607
Registered office
5 North End Road London NW11 7RJ
Trustees
A Klein Mrs C Klein Mrs E Zalcberg
Independent Examiner
Martin+Heller 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... A Klein - Trustee
Page 2
Independent Examiner's Report to the Trustees of Interstar Foundation Ltd
Independent examiner's report to the trustees of Interstar Foundation Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 accounts 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
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 _ which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 accounts to be reached.
A Heller FCA Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Interstar Foundation Ltd
Statement of Financial Activities for the Year Ended 30 September 2020
| 30.9.20 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 226,400 Investment income 2 35,089 Total 261,489 EXPENDITURE ON Charitable activities Donations 235,006 Other 15,423 Total 250,429 NET INCOME/(EXPENDITURE) 11,060 RECONCILIATION OF FUNDS Total funds brought forward 626,305 TOTAL FUNDS CARRIED FORWARD 637,365 |
30.9.19 Total funds £ 226,899 34,906 261,805 292,561 11,211 303,772 (41,967) 668,272 626,305 |
|---|---|
The notes form part of these financial statements
Page 4
Interstar Foundation Ltd
Balance Sheet 30 September 2020
| 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 |
30.9.20 Unrestricted fund £ 800,000 5,747 (13,241) (7,494) 792,506 (155,141) 637,365 637,365 637,365 |
30.9.19 Total funds £ 800,000 3,085 (12,666) (9,581) 790,419 (164,114) 626,305 626,305 626,305 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
Interstar Foundation Ltd
Balance Sheet - continued 30 September 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
A Klein - Trustee
The notes form part of these financial statements
Page 6
Interstar Foundation Ltd
Notes to the Financial Statements for the Year Ended 30 September 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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 corporation 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...
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Interstar Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
2. INVESTMENT INCOME
| Rents received Deposit account interest 3. GRANTS PAYABLE Donations Beis Chinuch Lebonos Care All Ltd Edupoor Ltd Friends of Beis Soroh Schneirer Merkaz Atzedaka Mercaz Hatorah Belz Mifal Hachesed Vehatzedokoh One Heart Lev Echod Support The Charity Worker Others (less than £4,000) Total |
30.9.20 £ 35,089 - 35,089 30.9.20 £ 235,006 2020 £ 33,000 7,500 23,500 39,800 6,127 23,000 23,000 |
30.9.19 £ 34,897 9 34,906 30.9.19 £ 292,561 |
|---|---|---|
| 32,000 | ||
| 21,000 | ||
| 26,079 ======= 235,006 ======= |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2020 nor for the year ended 30 September 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2020 nor for the year ended 30 September 2019.
continued...
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Interstar Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
| 5. INVESTMENT PROPERTY FAIR VALUE At 1 October 2019 and 30 September 2020 NET BOOK VALUE At 30 September 2020 At 30 September 2019 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 8) Rent deposits Accrued expenses 7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 8) 8. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal |
30.9.20 £ 8,430 2,575 2,236 13,241 30.9.20 £ 155,141 30.9.20 £ 8,430 8,430 25,291 121,420 |
£ 800,000 |
|---|---|---|
| 800,000 | ||
| 800,000 | ||
| 30.9.19 £ 7,889 2,575 2,202 12,666 30.9.19 £ 164,114 |
||
| 30.9.19 £ 7,889 |
||
| 7,889 | ||
| 23,667 | ||
| 132,558 |
continued...
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Interstar Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
9. MOVEMENT IN FUNDS
| At 1/10/19 £ Unrestricted funds General fund 626,305 TOTAL FUNDS 626,305 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 261,489 TOTAL FUNDS 261,489 Comparatives for movement in funds At 1/10/18 £ Unrestricted funds General fund 668,272 TOTAL FUNDS 668,272 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 261,805 TOTAL FUNDS 261,805 |
Net movement At in funds 30/9/20 £ £ 11,060 637,365 11,060 637,365 Resources Movement expended in funds £ £ (250,429) 11,060 (250,429) 11,060 Net movement At in funds 30/9/19 £ £ (41,967) 626,305 (41,967) 626,305 Resources Movement expended in funds £ £ (303,772) (41,967) (303,772) (41,967) |
|---|---|
continued...
Page 10
Interstar Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
10. RELATED PARTY DISCLOSURES
During the year, material transactions with related parties were as follows:
The charity has received Grants and donations from business interest connected with a trustee as follows:
| 30.09.20 | 30.09.19 | |
|---|---|---|
| £ | £ | |
| ------------- | -------------- | |
| Interstar Properties Limited | 223,000 | 215,500 |
| Westking Estates Ltd | 3,400 | 11,400 |
| ------------- | ------------- | |
| 226,400 | 226,900 | |
| ------------- | -------------- |
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Interstar Foundation Ltd
Detailed Statement of Financial Activities for the Year Ended 30 September 2020
| 30.9.20 | 30.9.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 226,400 | 226,899 |
| Investment income | ||
| Rents received | 35,089 | 34,897 |
| Deposit account interest | - | 9 |
| 35,089 | 34,906 | |
| Total incoming resources | 261,489 | 261,805 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 235,006 | 292,561 |
| Other | ||
| Legal and professional fees | 160 | 200 |
| Accountancy | 1,200 | 1,200 |
| Insurance | 1,036 | 1,002 |
| Repairs | 5,380 | 210 |
| Bank charges | 322 | 405 |
| Bank loan interest | 7,325 | 8,194 |
| 15,423 | 11,211 | |
| Total resources expended | 250,429 | 303,772 |
| Net income/(expenditure) | 11,060 | (41,967) |
This page does not form part of the statutory financial statements
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