**COMPANY REGISTRATION NUMBER: 08585461 CHARITY REGISTRATION NUMBER: 1154569** 

## **UTRY** 

## **Company Limited by Guarantee Unaudited Financial Statements** 

**30 June 2021** 

**COHEN ARNOLD** Chartered accountants 

New Burlington House 1075 Finchley Road LONDON NW11 0PU 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **Year ended 30 June 2021** 

||**Pages**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1 to 3**|
|Independent examiner's report to the trustees|**4**|
|Statement of financial activities (including income and||
|expenditure account)|**5**|
|Statement of financial position|**6**|
|Statement of cash flows|**7**|
|Notes to the financial statements|**8 to 14**|





## **UTRY** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** 

## **Year ended 30 June 2021** 

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2021. 

## **Reference and administrative details** 

**Registered charity name** UTRY 

**Charity registration number** 1154569 

**Company registration number** 08585461 **Principal office and registered** New Burlington House **office** 1075 Finchley Road London NW11 0PU 

## **The trustees** 

Mr S Cik Mr M Fogel Mr B Berger **Independent examiner** Cohen Arnold New Burlington House 1075 Finchley Road LONDON NW11 0PU 

## **Structure, governance and management** 

## **Legal Status** 

The Charity was incorporated on 26th June 2013 and is governed by its Memorandum and Articles of Association. 

## **Management** 

The Charity is run by the trustees who all act in an honorary capacity. 

**- 1 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **Objectives and activities** 

## **Objectives** 

The objectives of the Charity are: 

(a) The advancement and furtherance of the Jewish Religion and Jewish religious education, 

(b) The alleviation of poverty and sickness for the public benefit in particular but not exclusively amongst members of the Jewish faith by provision of grants to individuals in need and/or other organisations working to prevent or relieve poverty and sickness, 

(c)Other charitable activities that the Trustees may from time to time determine. 

## **Grant making policy** 

Grants are made to charitable institutions and organisations which accord with the objects of the Charity. 

The Trustees are approached for donations by a wide variety of charitable institutions operating all over England (and also abroad). The trustees consider all requests which they receive and make donations based on the level of funds available. 

## **Public benefit** 

The Trustees have taken due heed of the Charity Commission's guidance on the requirement to provide public benefit. 

## **Achievements and performance** 

During the period the Charity made donations totalling £750,191 to individuals and to other charitable institutions both in Great Britain and abroad. No change in activities is envisaged in the immediate future. 

## **Financial review** 

As at 30 June 2021 the Charity had £1,372,085 Unrestricted Funds. 

## **Reserve Policy** 

It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level, which the Trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. 

## **Plans for future periods** 

The Charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources. 

**- 2 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **Small company provisions** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

The trustees' annual report was approved on 29 April 2022 and signed on behalf of the board of trustees by: 

Mr M Fogel Trustee 

**- 3 -** 



**UTRY** 

## **Company Limited by Guarantee** 

## **Independent Examiner's Report to the Trustees of UTRY** 

## **Year ended 30 June 2021** 

I report to the trustees on my examination of the financial statements of UTRY ('the charity') for the year ended 30 June 2021. 

## **Responsibilities and basis of report** 

As the trustees of the company (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 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 the 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 the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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: 

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements 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 

4. the financial statements 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. 

David Goldberg FCA DChA Independent Examiner 

New Burlington House 1075 Finchley Road LONDON NW11 0PU 

**- 4 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 30 June 2021** 

||||**2021**||2020|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|<br>**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies|**5**|<br>729,841|10,000|<br>**739,841**|635,618|
|Investment income|**6**|<br>106,753|–|<br>**106,753**|92,073|
|||------------------------------------|-------------------------------|------------------------------------|------------------------------------|
|**Total income**||836,594|10,000|<br>**846,594**|727,691|
|||====================================|===============================|====================================|====================================|
|**Expenditure**||||||
|Expenditure on raising funds:||||||
|Investment management costs|<br>**7**|<br>37,190|–|<br>**37,190**|45,005|
|Expenditure on charitable activities|**8,9**|<br>784,201|10,000|<br>**794,201**|642,644|
|||------------------------------------|-------------------------------|------------------------------------|------------------------------------|
|**Total expenditure**||821,391|10,000|<br>**831,391**|687,649|
|||====================================|===============================|====================================|====================================|
|||------------------------------------|-------------------------------|------------------------------------|------------------------------------|
|**Net income and net movement in**||||||
|**funds**||15,203|–|<br>**15,203**|40,042|
|||====================================|===============================|====================================|====================================|
|**Reconciliation of funds**||||||
|Total funds brought forward||1,366,882|–|<br>**1,366,882**|1,326,840|
|||----------------------------------------------|-------------------------------|----------------------------------------------|----------------------------------------------|
|**Total funds carried forward**||1,382,085|–|<br>**1,382,085**|1,366,882|
|||==============================================|===============================|==============================================|==============================================|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 8 to 14 form part of these financial statements.** 

**- 5 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **30 June 2021** 

||||**2021**|2020|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Investments|**13**||**2,239,320**|2,239,320|
|**Current assets**|||||
|Debtors|**14**|**6,654**||4,030|
|Cash at bank and in hand||**70,314**||163,169|
|||-------------------------------||------------------------------------|
|||**76,968**||167,199|
|**Creditors: amounts falling due within one**|||||
|**year**|**15**||**–**|1,400|
|||-------------------------------||------------------------------------|
|**Net current assets**|||**76,968**|165,799|
||||----------------------------------------------|----------------------------------------------|
|**Total assets less current liabilities**|||**2,316,288**|2,405,119|
|**Creditors: amounts falling due after more**|||||
|**than one year**|**16**||**934,203**|1,038,237|
||||----------------------------------------------|----------------------------------------------|
|**Net assets**|||**1,382,085**|1,366,882|
||||==============================================|==============================================|
|**Funds of the charity**|||||
|Unrestricted funds|||**1,382,085**|1,366,882|
||||----------------------------------------------|----------------------------------------------|
|**Total charity funds**|**17**||**1,382,085**|1,366,882|
||||==============================================|==============================================|



For the year ending 30 June 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

These financial statements were approved by the board of trustees and authorised for issue on 29 April 2022, and are signed on behalf of the board by: 

Mr M Fogel Trustee 

**The notes on pages 8 to 14 form part of these financial statements.** 

**- 6 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Statement of Cash Flows** 

## **Year ended 30 June 2021** 

|**Year ended 30 June 2021**|||
|---|---|---|
||**2021**|2020|
||**£**|£|
|**Cash flows from operating activities**|||
|Net income|**15,203**|40,042|
|_Adjustments for:_|||
|Dividends, interest and rents from investments|**(106,753)**|(92,073)|
|Interest payable and similar charges|**2,420**|1,936|
|_Changes in:_|||
|Trade and other debtors|**(2,624)**|878|
|Trade and other creditors|**(51,400)**|46,400|
||------------------------------------|-------------------------------|
|Cash generated from operations|**(143,154)**|(2,817)|
|Interest paid|**(2,420)**|(1,936)|
||------------------------------------|--------------------------|
|Net cash used in operating activities|**(145,574)**|(4,753)|
||====================================|==========================|
|**Cash flows from investing activities**|||
|Dividends, interest and rents from investments|**106,753**|92,073|
|Purchases of other investments|**–**|(25,412)|
||------------------------------------|-------------------------------|
|Net cash from investing activities|**106,753**|66,661|
||====================================|===============================|
|**Cash flows from financing activities**|||
|Proceeds from borrowings|**(54,034)**|(55,019)|
||------------------------------------|-------------------------------|
|Net cash used in financing activities|**(54,034)**|(55,019)|
||====================================|===============================|
|**Net (decrease)/increase in cash and cash equivalents**|**(92,855)**|6,889|
|**Cash and cash equivalents at beginning of year**|**163,169**|156,280|
||------------------------------------|------------------------------------|
|**Cash and cash equivalents at end of year**|**70,314**|163,169|
||====================================|====================================|



**The notes on pages 8 to 14 form part of these financial statements.** 

**- 7 -** 



**UTRY** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **Year ended 30 June 2021** 

## **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 New Burlington House, 1075 Finchley Road, London, NW11 0PU. 

## **2. 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. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis. 

The accounts are prepared in Sterling which is the functional currency of the charity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Taxation** 

The charity is not liable to direct taxation (income tax) on its income as it falls within the various exemptions liable to registered charities. 

## **Judgements and key sources of estimation uncertainty** 

There are no judgements, estimates and assumptions that affect the amounts reported. 

## **Incoming resources** 

- These are included in the Statement of Financial Activities ("the SOFA") when: the charity becomes entitled to the resources; 

it is probable the charity will receive the resources; 

the monetary value can be measured with sufficient reliability 

## **Investment property** 

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. 

Investment property is revalued to its fair value at each reporting date and any changes 

in fair value are recognised in income or expenditure. 

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. 

**- 8 -** 



## **UTRY Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **4. Limited by guarantee** 

The Charity is a Company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 

## **5. Donations and legacies** 

|**5.**|**Donations and legacies**|||||
|---|---|---|---|---|---|
||||Unrestricted|<br>Restricted|<br>**Total**|
||||Funds|<br>Funds|<br>**Funds 2021**|
||||£|£|**£**|
||**Donations**|||||
||Donations Received||729,841|<br>10,000|<br>**739,841**|
||||====================================|===============================|====================================|
||||Unrestricted|<br>Restricted|<br>Total Funds|
||||Funds|<br>Funds|<br>2020|
||||£|£|£|
||**Donations**|||||
||Donations Received||535,618|<br>100,000|<br>635,618|
||||====================================|====================================|====================================|
|**6.**|**Investment income**|||||
|||Unrestricted|<br>**Total**|<br>Unrestricted|<br>Total Funds|
|||Funds|<br>**Funds 2021**|<br>Funds|<br>2020|
|||£|**£**|£|£|
||Income from investment properties|<br>106,753|<br>**106,753**|<br>92,073|<br>92,073|
|||====================================|====================================|===============================|===============================|
|**7.**|**Investment management costs**|||||
|||Unrestricted|<br>**Total**|<br>Unrestricted|<br>Total Funds|
|||Funds|<br>**Funds 2021**|<br>Funds|<br>2020|
|||£|**£**|£|£|
||Investment Property - Finance|||||
||Costs|37,190|<br>**37,190**|<br>45,005|<br>45,005|
||Invesment Property -  Finance|||||
||Costs|26,830|<br>**26,830**|<br>31,510|<br>31,510|
|||-------------------------------|-------------------------------|-------------------------------|-------------------------------|
|||64,020|<br>**64,020**|<br>76,515|<br>76,515|
|||===============================|===============================|===============================|===============================|



**- 9 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **8. Expenditure on charitable activities by fund type** 

||Unrestricted|Restricted|<br>**Total**|
|---|---|---|---|
||Funds|Funds|<br>**Funds 2021**|
||£|£|**£**|
|Grants|772,039|10,000|<br>**782,039**|
|Support costs|12,162|–|<br>**12,162**|
||------------------------------------|-------------------------------|------------------------------------|
||784,201|10,000|<br>**794,201**|
||====================================|===============================|====================================|
||Unrestricted|Restricted|<br>Total Funds|
||Funds|Funds|<br>2020|
||£|£|£|
|Grants|534,267|100,000|<br>634,267|
|Support costs|8,377|–|<br>8,377|
||------------------------------------|------------------------------------|------------------------------------|
||542,644|100,000|<br>642,644|
||====================================|====================================|====================================|



## **9. Expenditure on charitable activities by activity type** 

||Activities|Grant||||
|---|---|---|---|---|---|
||undertaken|funding of|Support|<br>**Total funds**|Total fund|
||directly|activities|costs|<br>**2021**|2020|
||£|£|£|**£**|£|
|Grants|30,848|751,191|–|<br>**782,039**|634,267|
|Governance costs|–|–|12,162|<br>**12,162**|8,377|
||-------------------------------|------------------------------------|-------------------------------|------------------------------------|------------------------------------|
||30,848|751,191|12,162|<br>**794,201**|642,644|
||===============================|====================================|===============================|====================================|====================================|
|**Analysis of grants**||||||
|||||**2021**|2020|
|||||**£**|£|
|**Grants to institutions**||||||
|Grants to institutions||||**280,720**|318,905|
|**Grants to individuals**||||||
|Grants to individuals||||**470,471**|292,241|
|||||------------------------------------|------------------------------------|
|Total grants||||**751,191**|611,146|
|||||====================================|====================================|



## **10. Analysis of grants** 

**- 10 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2021** 

Grants were made to the following institutions 

|ts were made to the following institutions||
|---|---|
||**2021**|
||**£**|
|Palmcourt Limited|125,000|
|Yeshiva Gedolah Torah Veyirah Seven Oaks Ltd|63,720|
|Friends of Yeshiva Gedolah Sevenoaks|44,000|
|Further Grants|41,000|
|**Total Grants Payable**|**£273,720**|



The above grants were made to institutions and went towards the following purposes; the relief of poverty, the advancement of Jewish religion and the advancement of Jewish religious education. 

## **11. Auditors remuneration** 

|**Auditors remuneration**|||
|---|---|---|
||**2021**|2020|
||**£**|£|
|Fees payable for the audit of the financial statements|**6,240**|6,240|
||==========================|==========================|



## **12. Trustee remuneration and expenses** 

There was no remuneration paid to the trustees.  The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 

**- 11 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **13. Investments** 

|**Investments**||
|---|---|
||**Investment**|
||**properties**|
||**£**|
|**Cost or valuation**||
|**At 1 July 2020 and 30 June 2021**|**2,239,320**|
||==============================================|
|**Impairment**||
|**At 1 July 2020 and 30 June 2021**||
|**Carrying amount**||
|**At 30 June 2021**|**2,239,320**|
||==============================================|
|At 30 June 2020|2,239,320|
||==============================================|



All investments shown above are held at valuation. 

## **Investment properties** 

The investment property is stated at Trustees' valuation as at 30 June 2021. The historical cost of the property at 30 June 2021 is £2,313,908. 

## **14. Debtors** 

|**14.**|**Debtors**|||
|---|---|---|---|
|||**2021**|2020|
|||**£**|£|
||Other debtors|**6,654**|4,030|
|||==========================|==========================|
|**15.**|**Creditors:** **amounts falling due within one year**|||
|||**2021**|2020|
|||**£**|£|
||Other creditors|**–**|1,400|
|||===============|==========================|
|**16.**|**Creditors:** **amounts falling due after more than one year**|||
|||**2021**|2020|
|||**£**|£|
||Bank loans and overdrafts|**934,203**|988,237|
||Other creditors|**–**|50,000|
|||------------------------------------|----------------------------------------------|
|||**934,203**|1,038,237|
|||====================================|==============================================|



The bank loans are secured by way of fixed charges against the assets of the charity. 

**- 12 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **17. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**|||||
|---|---|---|---|---|
||At|||**At 30 June**|
||1 July 2020|Income|Expenditure|**2021**|
||£|£|£|**£**|
|General funds|1,366,882|836,594|<br>(821,391)|**1,382,085**|
||==============================================|====================================|====================================|==============================================|
||At|||At 30 June|
||1 July 2019|Income|Expenditure|2020|
||£|£|£|£|
|General funds|1,326,840|627,691|<br>(587,649)|1,366,882|
||==============================================|====================================|====================================|==============================================|
|**Restricted funds**|||||
||At|||**At 30 June**|
||1 July 2020|Income|Expenditure|**2021**|
||£|£|£|**£**|
|Restricted Fund|–|10,000|<br>(10,000)|<br>**–**|
||===============|===============================|===============================|===============|
||At|||At 30 June|
||1 July 2019|Income|Expenditure|2020|
||£|£|£|£|
|Restricted Fund|–|100,000|<br>(100,000)|<br>–|
||===============|====================================|====================================|===============|



**- 13 -** 



## **UTRY** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 30 June 2021** 

## **18. Analysis of net assets between funds** 

||Unrestricted|Restricted|<br>**Total**|
|---|---|---|---|
||Funds|Funds|<br>**Funds 2021**|
||£|£|**£**|
|Tangible fixed assets|2,239,320|–|<br>**2,239,320**|
|Current assets|76,968|–|<br>**76,968**|
|Creditors less than 1 year|–|–|<br>**–**|
|Creditors greater than 1 year|(934,203)|–|<br>**(934,203)**|
||----------------------------------------------|-------------------------------|----------------------------------------------|
|**Net assets**|1,382,085|–|<br>**1,382,085**|
||==============================================|===============================|==============================================|
||Unrestricted|Restricted|<br>Total Funds|
||Funds|Funds|<br>2020|
||£|£|£|
|Tangible fixed assets|2,239,320|–|<br>2,239,320|
|Current assets|–|167,199|<br>167,199|
|Creditors less than 1 year|(1,400)|–|<br>(1,400)|
|Creditors greater than 1 year|(1,038,237)|–|(1,038,237)|
||----------------------------------------------|------------------------------------|----------------------------------------------|
|**Net assets**|1,199,683|167,199|<br>1,366,882|
||==============================================|====================================|==============================================|



## **19. Related parties** 

During the period the Charity made donations totalling £10,000 to Kollel Torah Ve Yirah Limited, £63,720 to Yeshiva Gedoilah Torah VeYirah Limited and £125,000 to Palmcourt Limited, Charities of which a Trustee of this Charity is also a Trustee. The Trustees have mitigated the risk of impartiality and sought professional advice to ensure a legally binding contract was in place for donations of this significance. 

**- 14 -**