REGISTERED COMPANY NUMBER: 09550385 (England and Wales) REGISTERED CHARITY NUMBER: 1163312
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
FOR
JEG TRUST LIMITED
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
JEG TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Cash Flow Statement | 6 |
| Notes to the Cash Flow Statement | 7 |
| Notes to the Financial Statements | 8 to 11 |
JEG TRUST LIMITED (REGISTERED NUMBER: 09550385)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021
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 31 May 2021. 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
Charitable objectives
The principal activity of the company was that of a charity, with particular reference to the relief of poverty and advancement of the Jewish religion.
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 period
To achieve the objects, the charity uses its income to make charitable donations and grants to Jewish organisations and other charities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the period under review a total of £882,272 (2020: £870,225) was provided in direct assistance of the charity's aims.
FINANCIAL REVIEW
Principal funding sources
The principal funding sources of the charity are voluntary donations.
Reserves policy
The trustees have been able, and continue to be able, to meet the trust's liabilities as they fall due and they also hold sufficient funds which are unrestricted and available for use to meet the charity's objectives. Therefore, at present, the trustees do not consider it necessary to have a specific reserves policy.
Funds
At the period end, total funds held by the charity amounted to £247,818 (2020: £165,338).
FUTURE DEVELOPMENTS
The Trustees plan to continue to support charities and charitable purposes in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
STRATEGIC REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association and was incorporated on the 20th April 2015.
Risk management
The trustees are of the opinion that there are no major risks to which the charity is exposed.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09550385 (England and Wales)
Registered Charity number
1163312
Page 1
JEG TRUST LIMITED (REGISTERED NUMBER: 09550385)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021
Registered office
First Floor, Winston House 349 Regents Park Road London N3 1DH
Trustees
Mr J Gurvits Mrs E Gurvits Mrs Y Davis
Independent Examiner
Aryeh Melinek FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 16 June 2021 and signed on the board's behalf by:
Mrs E Gurvits - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JEG TRUST LIMITED (REGISTERED NUMBER: 09550385)
Independent examiner's report to the trustees of JEG Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2021.
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 the Institute of Chartered Accountants in England and Wales 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Aryeh Melinek FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
18 June 2021
Page 3
JEG TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2021
| Year Ended 31.5.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 965,851 Investment income 3 350 Total 966,201 EXPENDITURE ON Charitable activities 4 Donations paid 882,272 Charitable activities 1,449 Total 883,721 NET INCOME/(EXPENDITURE) 82,480 RECONCILIATION OF FUNDS Total funds brought forward 165,338 TOTAL FUNDS CARRIED FORWARD 247,818 |
Period 1.7.19 to 31.5.20 Total funds £ 866,180 530 866,710 870,225 1,441 871,666 (4,956) 170,294 165,338 |
|---|---|
The notes form part of these financial statements
Page 4
JEG TRUST LIMITED (REGISTERED NUMBER: 09550385)
BALANCE SHEET 31 MAY 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Investment property 8 31,850 CURRENT ASSETS Cash at bank 267,168 CREDITORS Amounts falling due within one year 9 (11,200) NET CURRENT ASSETS 255,968 TOTAL ASSETS LESS CURRENT LIABILITIES 287,818 CREDITORS Amounts falling due after more than one year 10 (40,000) NET ASSETS 247,818 FUNDS Unrestricted funds 247,818 TOTAL FUNDS 247,818 |
2020 Total funds £ 31,850 135,888 (2,400) 133,488 165,338 - 165,338 165,338 165,338 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 financial statements were approved by the Board of Trustees and authorised for issue on 16 June 2021 and were signed on its behalf by:
Mr J Gurvits - Trustee
Mrs E Gurvits - Trustee
The notes form part of these financial statements
Page 5
JEG TRUST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2021
| Year Ended 31.5.21 Notes £ Cash flows from operating activities Cash generated from operations 1 81,280 Net cash provided by/(used in) operating activities 81,280 Cash flows from investing activities Sale of investment property - Interest received - Net cash provided by investing activities - Cash flows from financing activities New loans in year 50,000 Net cash provided by financing activities 50,000 Change in cash and cash equivalents in the reporting period 131,280 Cash and cash equivalents at the beginning of the reporting period 135,888 Cash and cash equivalents at the end of the reporting period 267,168 |
Period 1.7.19 to 31.5.20 £ (3,761) (3,761) 35,650 5 35,655 - - 31,894 103,994 135,888 |
|---|---|
The notes form part of these financial statements
Page 6
JEG TRUST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Year Ended 31.5.21 £ Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) 82,480 Adjustments for: Interest received - (Decrease)/increase in creditors (1,200) Net cash provided by/(used in) operations 81,280 |
Period 1.7.19 to 31.5.20 £ (4,956) (5) 1,200 (3,761) |
|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Debt Debts falling due within 1 year Debts falling due after 1 year Total |
At 1.6.20 £ 135,888 135,888 - - - 135,888 |
Cash flow At 31.5.21 £ £ 131,280 267,168 131,280 267,168 (10,000) (10,000) (40,000) (40,000) (50,000) (50,000) 81,280 217,168 |
|---|---|---|
The notes form part of these financial statements
Page 7
JEG TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
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. For donations and legacies, entitlement is the earlier of the charity being notified of an impending distribution or the donation or legacy being received.
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.
Allocation and apportionment of costs
Support costs have been allocated to governance costs and comprise costs involving the public accountability of the charity and its compliance with regulations.
Governance costs have been allocated to donations paid under charitable activities.
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
All funds are unrestricted and can be used in accordance with the charitable objectives at the discretion of the trustees.
Going concern
The accounts have been prepared on the going concern basis. The trustees consider that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements.
continued...
Page 8
JEG TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
2. DONATIONS AND LEGACIES
| Donations INVESTMENT INCOME Rents received Deposit account interest CHARITABLE ACTIVITIES COSTS Donations paid Charitable activities |
Year Ended 31.5.21 £ 965,851 Year Ended 31.5.21 £ 350 - 350 Grant funding of activities Support (see note costs (see 5) note 6) £ £ 882,272 - - 1,449 882,272 1,449 |
Period 1.7.19 to 31.5.20 £ 866,180 Period 1.7.19 to 31.5.20 £ 525 5 530 Totals £ 882,272 1,449 |
Period 1.7.19 to 31.5.20 £ 866,180 |
|---|---|---|---|
| 883,721 |
3. INVESTMENT INCOME
4. CHARITABLE ACTIVITIES COSTS
5. GRANTS PAYABLE
Donations paid
| Year Ended 31.5.21 £ 882,272 |
Period 1.7.19 to 31.5.20 £ 870,225 |
|---|---|
Donations and grants comprise amounts paid to institutions in accordance with the charity's objects. All donations were paid directly from the charity to the institutions, as follows:
| Name of charitable organisation | Total donation (£) |
|---|---|
| Chasdei Dov Trust | 168,000 |
| Aniyei Haolam Trust | 155,500 |
| Mercaz Chasidei Wiznitz Trust | 77,500 |
| The Rehabilitation Trust | 68,500 |
| Care All Limited | 58,500 |
| Edupoor Limited | 54,500 |
| Tchabe Kollel Limited | 38,300 |
| Chasdei Sholom | 22,000 |
| College For Higher Rabbinical Studies | 20,000 |
| Keren Habinyan Limited | 20,000 |
| Comet Charities Ltd | 20,000 |
| Torah (5759) Limited | 10,000 |
| Friends Of Chevron Yeshiva Givaat Mordechai | 10,000 |
| Support The Charity Worker | 10,000 |
continued...
Page 9
JEG TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
5. GRANTS PAYABLE - continued
| British Friends Of Chatzer Hakodesh Viznitz | 10,000 |
|---|---|
| Yesamach Levav | 9,000 |
| Vishnitz Girls School Limited | 8,500 |
| Kupath Gemach Chaim Bechesed Viznitz Trust | 7,500 |
| Mercaz Hatorah Netzach Yisroel | 5,500 |
| Other | 108,972 |
| Total | 882,272 |
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Charitable activities | 80 | 1,369 | 1,449 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the period ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the period ended 31 May 2020.
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 June 2020 and 31 May 2021 NET BOOK VALUE At 31 May 2021 At 31 May 2020 |
£ 31,850 |
£ 31,850 |
|---|---|---|
| 31,850 | ||
| 31,850 |
continued...
Page 10
JEG TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 11) Accruals and deferred income 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 11) 11. 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 |
2021 £ 10,000 1,200 11,200 2021 £ 40,000 2021 £ 10,000 10,000 30,000 |
2020 £ - 2,400 2,400 2020 £ - 2020 £ - - - |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2021.
Page 11