Charity Registration No. 1158948
AMHURST TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
AMHURST TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr J A Grunhut Mr A Grunhut
(Appointed 1 September 2022)
Charity number 1158948
Registered office
Independent examiner
OCC Estate, Building A, Suite 8 105 Eade Road London England N4 1TJ J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
AMHURST TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
AMHURST TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
The trustees present their annual report and financial statements for the year ended 31 August 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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
The charity's objects are the advancement of the Orthodox Jewish Religion, the advancement of Orthodox Jewish education and education generally. The relief of poverty, sickness and infirmity for the public benefit. The charity achieves these objectives primarily through asisting its subsidiary maintain a property for educational purposes.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
In the year under review the charity generated income of £171,000 and incurred expenses of £2,176 resulting in net incoming resources of £168,824.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on 23 October 2014.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr J A Grunhut (Appointed 1 September 2022) Mr A Grunhut
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
The day to day affairs of the charity are administered by the trustees.
The trustees' report was approved by the Board of Trustees.
.............................. .............................. Mr J A Grunhut Mr A Grunhut Trustee Trustee Date: .............................................
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AMHURST TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AMHURST TRUST
I report to the trustees on my examination of the financial statements of Amhurst Trust (the charity) for the year ended 31 August 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
J Silver FCCA Independent Examiner Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
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AMHURST TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2022 | 2021 |
||
| Notes | £ |
£ |
|
| Income from: | |||
| Donations and legacies | 3 | 171,000 | 685,906 |
| Expenditure on: | |||
| Charitable activities | 4 | 2,176 | - |
| Net income for the year/ | |||
| Net movement in funds | 168,824 | 685,906 |
|
| Fund balances at 1 September 2021 | 685,929 | 23 |
|
| Fund balances at 31 August 2022 | 854,753 | 685,929 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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AMHURST TRUST
BALANCE SHEET
AS AT 31 AUGUST 2022
| 2022 Notes £ Fixed assets Investments 8 Current assets Debtors 9 166,400 Cash at bank and in hand 3,527 169,927 Creditors: amounts falling due within one year 10 (1,080) Net current assets Total assets less current liabilities Income funds Unrestricted funds The financial statements were approved by the Trustees on ...................... .............................. .............................. Mr J A Grunhut Mr A Grunhut Trustee Trustee |
£ 685,906 168,847 854,753 854,753 854,753 ... |
2021 £ - 143 143 (120) |
£ 685,906 23 685,929 685,929 685,929 |
|---|---|---|---|
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
Charity information
Amhurst Trust is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:
(i) Investment valuation
The subsidiary's property is currently subject to a dispute which could potentially effect the value of the charity's investment.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 171,000 | 685,906 |
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
4 Charitable activities
| Share of governance costs (see note 5) Support costs Support costs Governance costs £ £ Accountancy - 2,100 Bank fees - 76 - 2,176 Analysed between Charitable activities - 2,176 |
Charitable Expenditure 2022 £ 2,176 2022 Support costs Governance costs £ £ £ 2,100 - - 76 - - 2,176 - - 2,176 - - |
2021 £ - 2021 £ - - - - |
|---|---|---|
5 Support costs
Governance costs includes payments to the independant examiners of £ 960.
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
| 8 Fixed asset investments Cost or valuation At 1 September 2021 & 31 August 2022 Carrying amount At 31 August 2022 At 31 August 2021 Other investments comprise: Notes Investments in subsidiaries 12 9 Debtors Amounts falling due within one year: Other debtors |
Other investments 685,906 685,906 685,906 2022 2021 £ £ 685,906 685,906 2022 2021 £ £ 166,400 - |
|---|---|
Other debtors represent loans made on behalf of the charity's subsidiary to fund the legal fees incurred by its subsidiary in the process of trying to preserve its assets.
10 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 120 960 1,080 |
2021 £ 120 - 120 |
|---|---|---|
11 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) other than those disclosed in note 9 above .
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
12 Subsidiaries
The charity owns 100% of the ordinary shares of Amhurst Park Holdings Ltd (Company No. 05538651) a company incorporated and registered in England and Wales.
The market value as at 31 December 2021 of the investment in the subsidiary undertaking is based on the Trustees' valuation of net assets of the undertaking.
Consolidated financial statements have not been prepared as the charity has taken advantage of the exemptions conferred by the charity SORP .
Details of the charity's subsidiaries at 31 August 2022 are as follows:
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
| Name of undertaking | Class of | % Held | Profit/(Loss) | Capital and Reserves | Capital and Reserves |
|---|---|---|---|---|---|
| shares held | Direct | £ | £ | ||
| Amhurst Park Holdings Ltd | 100 | (20,610) | 685 | 906 , |
|
| Prior period adjustment | |||||
| Changes to the balance sheet | |||||
| At 31 August 2021 | |||||
| As previously | Adjustment | As restated |
|||
| reported | |||||
| £ | £ | £ |
|||
| Fixed assets | |||||
| Investments | - | 685,906 | 685,906 |
||
| Capital funds | |||||
| Income funds | |||||
| Unrestricted funds | 23 | 685,906 | 685,929 |
||
| Total equity |
23 | 685,906 | 685,929 |
13 Prior period adjustment
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AMHURST TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
13 Prior period adjustment
(Continued)
Fixed assets Changes to the profit and loss account
| Fixed assets Changes to the profit and loss account |
Fixed assets Changes to the profit and loss account |
Fixed assets Changes to the profit and loss account |
Fixed assets Changes to the profit and loss account |
|---|---|---|---|
| Period ended 31 August 2021 As previously reported Adjustment As restated £ £ £ Donations and legacies - 685,906 685,906 Net movement in funds - 685,906 685,906 |
|||
| - | 685,906 | 685,906 |
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