**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 2023**
**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 2023**
||**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 2023**
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 2023. 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 £629,311 (2022: £941,691) 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 £114,020 (2022: £1,837).
## **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 2023**
## **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 12 June 2023 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 2023.
## **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 member of the **ERROR - relevant professional body must be completed**, 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 Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
12 June 2023
Page 3
**JEG TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2023**
|**2023**
**Unrestricted**
**fund**
Notes
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**743,368**
Investment income
3
**525**
**Total**
**743,893**
**EXPENDITURE ON**
**Charitable activities**
4
Donations paid
**629,311**
Charitable activities
**2,399**
**Total**
**631,710**
**NET INCOME/(EXPENDITURE)**
**112,183**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**1,837**
**TOTAL FUNDS CARRIED FORWARD**
**114,020**|2022
Total
funds
£
697,612
525
698,137
941,691
2,427
944,118
(245,981)
247,818
1,837|
|---|---|
The notes form part of these financial statements
Page 4
## **JEG TRUST LIMITED (REGISTERED NUMBER: 09550385)**
## **BALANCE SHEET 31 MAY 2023**
|**2023**
**Unrestricted**
**fund**
Notes
**£**
**FIXED ASSETS**
Investment property
8
**31,850**
**CURRENT ASSETS**
Debtors
9
**96,641**
Cash at bank
**18,395**
**115,036**
**CREDITORS**
Amounts falling due within one year
10
**(11,200)**
**NET CURRENT ASSETS**
**103,836**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**135,686**
**CREDITORS**
Amounts falling due after more than one year
11
**(21,666)**
**NET ASSETS**
**114,020**
**FUNDS**
Unrestricted funds
**114,020**
**TOTAL FUNDS**
**114,020**|2022
Total
funds
£
31,850
-
12,854
12,854
(11,200)
1,654
33,504
(31,667)
1,837
1,837
1,837|
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 financial statements were approved by the Board of Trustees and authorised for issue on 12 June 2023 and were signed on its behalf by:
Mr J Gurvits - Trustee
The notes form part of these financial statements
Page 5
**JEG TRUST LIMITED**
## **CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 MAY 2023**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from financing activities**
Loan repayments in year
Net cash used in financing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|**2023**
**£**
**15,541**
**15,541**
**(10,000)**
**(10,000) **
**5,541**
**12,854 **
**18,395**|2022
£
(245,981)
(245,981)
(8,333)
(8,333)
(254,314)
267,168
12,854|
|---|---|---|
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 2023**
|**1.**
**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW**
**ACTIVITIES**
**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Increase in debtors
**Net cash provided by/(used in) operations**
**2.**
**ANALYSIS OF CHANGES IN NET DEBT**
At 1.6.22
£
**Net cash**
Cash at bank
**12,854 **
**12,854 **
**Debt**
Debts falling due within 1 year
**(10,000)**
Debts falling due after 1 year
**(31,667)**
**(41,667)**
**Total**
**(28,813)**|**FROM OPERATING**
**2023**
2022
**£**
£
**112,183**
(245,981)
**(96,642)**
-
**15,541**
(245,981)
Cash flow
**At 31.5.23**
£
**£**
**5,541**
**18,395**
**5,541**
**18,395**
**-**
**(10,000)**
**10,001 **
**(21,666) **
**10,001**
**(31,666) **
**15,542**
**(13,271)**|
|---|---|
The notes form part of these financial statements
Page 7
**JEG TRUST LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023**
## **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 2023**
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
**INVESTMENT INCOME**
Rents received
**CHARITABLE ACTIVITIES COSTS**
Donations paid
Charitable activities
**GRANTS PAYABLE**
Donations paid|Grant
funding of
activities
(see note
5)
£
**629,311**
**-**
**629,311**|**2023**
**£**
**646,727**
**96,641**
**743,368**
**2023**
**£**
**525**
Support
costs (see
note 6)
£
**-**
**2,399**
**2,399**
**2023**
**£**
**629,311**|2022
£
697,612
-
697,612
2022
£
525
Totals
£
**629,311**
**2,399**
**631,710**
2022
£
941,691|
|---|---|---|---|
|||||
## **3. INVESTMENT INCOME**
## **4. CHARITABLE ACTIVITIES COSTS**
## **5. GRANTS PAYABLE**
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 (£)**|
|---|---|
|Keren Habinyan Limited|145,000|
|The Rehabilitation Trust|124,800|
|Chasdei Dov Trust|54,200|
|Kupath Gemach Chaim Bechesed Viznitz Trust|40,000|
|Mercaz Chasidei Wiznitz Trust|37,500|
|Aniyei Haolam Trust|32,000|
|Keren Yedidei Beis Viznitz Ltd|20,000|
|Chana Charity Ltd|19,000|
|Aiming High London|15,000|
|Viznitz Limited|15,000|
|Friends Of Orchos Torah|12,000|
|Menorah Foundation|11,100|
|Torah (5759) Limited|9,900|
|Borehamwood Torah Centre|9,000|
|Beis Yaakov Primary School Foundation|8,821|
|Edgware Yeshiva|8,500|
|Community Concern London|7,000|
|MGS Charitable Trust|7,000|
|Mercaz Hatorah Netzach Yisroel|6,600|
|North London Welfare and Educational Foundation|6,000|
|Ateres Beis Yaakov Limited|5,000|
|Achisomoch Aid Company Ltd|5,000|
|Other smaller donations|30,890|
continued...
Page 9
**JEG TRUST LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023**
## **6. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Finance|costs|Totals|
||£|£|£|
|Charitable activities|**1,030**|**1,369**|**2,399**|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
## **8. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 June 2022
and 31 May 2023
**NET BOOK VALUE**
At 31 May 2023
At 31 May 2022
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors|**2023**
**£**
**96,641**|**£**
**31,850**|**£**
**31,850**|
|---|---|---|---|
|||**31,850**||
||||31,850|
||||2022
£
-|
continued...
Page 10
**JEG TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023**
|**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 12)
Accruals and deferred income
**11.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Bank loans (see note 12)
**12.**
**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|**2023**
**£**
**10,000**
**1,200**
**11,200**
**2023**
**£**
**21,666**
**2023**
**£**
**10,000**
**10,000**
**11,666**|2022
£
10,000
1,200
11,200
2022
£
31,667
2022
£
10,000
10,000
21,667|
|---|---|---|
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 May 2023.
Page 11