Charity number: 1163838
KROPIFKO CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
KROPIFKO CHARITABLE TRUST
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 16 |
KROPIFKO CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
Trustees Adam Kaye Samuel Kaye Jonathon Samuel Kaye Samantha Sanson Charity registered number 1163838 Principal office 1A Downshire Hill London NW3 1NR Accountants Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP
Page 1
KROPIFKO CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial statements of the charity for the 6 April 2020 to 5 April 2021.
Objectives and activities
a. Policies and objectives
The objectives of the charity are
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1) The prevention or rellef of poverty among children and young people;
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2) To advance and promote the education of children and young people;
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3) The advancement of health or the saving of lives of children and young people;
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4) The relief of children and young people who are in need.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The charity owns an investment property purchased in 2016. This ensures that the charity has a steady source of income with which to achieve its objectives.
Achievements and performance
a. Key performance indicators
Financial performance is measured by assessing the level of donations received and investment income attained. The trustees are satisfied with the levels attained during the year.
b. Investment policy and performance
The trust has invested in a commercial property from which it receives rental income. Performance is measured by ensuring that rental yield is a reasonable rate.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees aim to ensure that the charity has reserves to match six months of property maintenance costs and other overheads. This was largely exceeded at the year end and the trustees are continuing a program of grant making in the next financial year
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KROPIFKO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
c. Principal risks and uncertainties
The trustees have reviewed the principal risks that the charity faces, and are confident that the charity has plans to deal with these risks and uncertainties.here - user input
d. Financial risk management objectives and policies
Reserves at the year end were £1,700,632 (2020: £1,719,213) which included £514,467 (2020: £553,538) of cash at bank. Donations received in the year totalled £6,500 (2020: £7,500) and investment income totalled £65,392 (2020: £76,414). The trustees are pleased with this performance. The trustees are pleased to have been able to make £46,500 (2020: £65,434) of grants in the year.
Structure, governance and management
a. Constitution
The charity was set up by trust deed on 29 April 2015 and recognised by the Charity Commission on 5 October 2016.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
Trustee meetings are held throughout the year, with decisions being taken on the basis of a majority vote of the trustees.
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KROPIFKO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
adam kaye Samuel Kaye Adam Kaye Samuel Kaye Trustee Trustee Date 20/01/2022 Date 24/01/2022
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KROPIFKO CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Independent Examiner's Report to the Trustees of Kropifko Charitable Trust ('the charity')
We report to the charity Trustees on our examination of the accounts of the charity for the year ended 5 April 2021.
Responsibilities and Basis of Report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
We report in respect of our examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed 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 the accounts in accordance with 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) 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 been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 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 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.
We 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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our work or for this report.
Ian Saunderson 24/01/2022
Signed:
Dated:
Ian Saunderson FCA
Berg Kaprow Lewis LLP London
Page 5
KROPIFKO CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 6,500 65,392 71,892 42,135 48,338 90,473 (18,581) 1,719,213 (18,581) 1,700,632 |
Total funds 2021 £ 6,500 65,392 71,892 42,135 48,338 90,473 (18,581) 1,719,213 (18,581) 1,700,632 |
Total funds 2020 £ 7,500 76,714 84,214 32,357 89,644 122,001 (37,787) 1,757,000 (37,787) 1,719,213 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
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KROPIFKO CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2021
| 2021 | 2021 | 2020 | 2020 | |||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Investment property | 9 | 1,196,923 | 1,196,923 | |||
| 1,196,923 | 1,196,923 | |||||
| Current assets | ||||||
| Debtors | 10 | 17,019 | 9,340 | |||
| Cash at bank and in hand | 514,467 | 553,538 | ||||
| 531,486 | 562,878 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 11 | (27,777) | (40,588) | |||
| Net current assets | 503,709 | 522,290 | ||||
| Total net assets | 1,700,632 | 1,719,213 | ||||
| Charity funds | ||||||
| Unrestricted funds | 12 | 1,700,632 | 1,719,213 | |||
| Total funds | 1,700,632 | 1,719,213 | ||||
| The financial statements were approved and | authorised | for issue by the Trustees and signed on their behalf by: | ||||
| adam kaye | Samuel Kaye | |||||
| Adam Kaye | Samuel Kaye | |||||
| Trustee | Trustee | |||||
| Date: 20/01/2022 |
24/01/2022 |
The notes on pages 8 to 16 form part of these financial statements.
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn
Kropifko Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the charity had a healthy cash balance and large net assets at the year end. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likely to be affected in a material manner by the current Coronavirus outbreak.
The accounts have therefore been prepared on a going concern basis.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 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 on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies (continued)
1.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Unrestricted funds 2021 £ Donated services 6,500 Total 2020 7,500 |
Total funds 2021 £ 6,500 7,500 |
Total funds 2020 £ 7,500 |
|---|---|---|
3. Investment income
| Unrestricted funds 2021 £ Rental income 64,063 Bank interest receivable 1,329 65,392 Total 2020 76,714 |
Total funds 2021 £ 64,063 1,329 65,392 76,714 |
Total funds 2020 £ 74,929 1,785 |
|---|---|---|
| 76,714 | ||
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
4. Investment management costs
| Unrestricted funds 2021 £ Property costs 35,635 Property management fees 6,500 42,135 Total 2020 32,357 Analysis of grants Grants to Institutions 2021 £ Grants paid 46,500 Total 2020 65,434 |
Total funds 2021 £ 35,635 6,500 42,135 32,357 Total funds 2021 £ 46,500 65,434 |
Total funds 2020 £ 24,857 7,500 |
|---|---|---|
| 32,357 | ||
| Total funds 2020 £ 65,434 |
||
5. Analysis of grants
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
5. Analysis of grants (continued)
The charity has made the following material grants to institutions during the year:
| Name of institution Grief Encounter Chai Cancer Care Icandance West London Synagogue Children Today Spread a Smile Jewish Care ZSV Trust Camp Simcha Community Security Trust Analysis of charitable expenditures Children's Healthcare Religous Education Community Total |
2021 £ 10,000 10,000 10,000 10,000 - - - - 5,000 1,500 46,500 2021 £ 15,000 10,000 10,000 11,500 46,500 |
2020 £ 20,000 10,000 10,000 10,000 6,934 4,000 4,000 500 - - |
|---|---|---|
| 65,434 | ||
| 2020 £ 30,934 10,000 10,000 14,500 |
||
| 65,434 |
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
6. Analysis of expenditure by activities
| Direct costs Other costs Total 2020 |
Grant funding of activities 2021 £ 46,500 - 46,500 65,434 |
Other costs 2021 £ 1,800 38 1,838 24,210 |
Total funds 2021 £ 48,300 38 48,338 89,644 |
Total funds 2020 £ 67,594 22,050 |
|---|---|---|---|---|
| 89,644 | ||||
Analysis of support costs
| Bad debt Subscriptions Accounting fees Total 2020 |
Governance costs 2021 £ - - 1,800 1,800 2,160 |
Support costs 2021 £ - 38 - 38 22,050 |
Total funds 2021 £ - 38 1,800 1,838 24,210 |
Total funds 2020 £ 22,050 - 2,160 |
|---|---|---|---|---|
| 24,210 | ||||
7. Independent Examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,050 (2020 - £1,050) , and other services of £750 ( 2020 - £1,110 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year, no Trustee expenses have been incurred (2020 - £NIL) .
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
9. Investment property
| Valuation At 6 April 2020 At 5 April 2021 |
Freehold investment property £ 1,196,923 |
|---|---|
| 1,196,923 |
The 2021 valuations were made by the trustees, on an open market value for existing use basis. The directors have considered the market value of the property and assessed that there is no significant revaluation movement required.
10. Debtors
| Due within one year Prepayments and accrued income |
2021 £ 17,019 17,019 |
2020 £ 9,340 |
|---|---|---|
| 9,340 |
11. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 9,835 5,769 8,312 3,861 27,777 |
2020 £ 10,590 2,143 8,180 19,675 |
|---|---|---|
| 40,588 |
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
12. Statement of funds
Statement of funds - current year
| Balance at 6 | Balance at 6 | Balance at 6 | Balance at 5 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| April 2020 | Income | Expenditure | April 2021 | |||||||
| £ | £ | £ | £ | |||||||
| Unrestricted funds | ||||||||||
| Designated funds | ||||||||||
| Designated Funds - all funds | 1,196,223 | - | - | 1,196,223 | ||||||
| General funds | ||||||||||
| General Funds - all funds | 522,990 | 71,892 | (90,473) | 504,409 | ||||||
| Total Unrestricted funds | 1,719,213 | 71,892 | (90,473) | 1,700,632 | ||||||
| Designated funds are funds held by the trustees as an | investment | property with | the objective o | |||||||
| generating an income stream for the charity. | ||||||||||
| Statement of funds - prior year | ||||||||||
| Balance at | Balance at | |||||||||
| 6 April 2019 | Income | Expenditure | 5 April 2020 | |||||||
| £ | £ | £ | £ | |||||||
| Unrestricted funds | ||||||||||
| Designated funds | ||||||||||
| Designated Funds - all funds | 1,196,223 | - | - | 1,196,223 | ||||||
| General funds | ||||||||||
| General Funds - all funds | 560,777 | 84,214 | (122,001) | 522,990 | ||||||
| Total Unrestricted funds | 1,757,000 | - | (122,001) | 1,719,213 | ||||||
Designated funds are funds held by the trustees as an investment property with the objective of generating an income stream for the charity.
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KROPIFKO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Investment property 1,196,923 Current assets 531,486 Creditors due within one year (27,777) Total 1,700,632 |
Total funds 2021 £ 1,196,923 531,486 (27,777) 1,700,632 |
|---|---|
Analysis of net assets between funds - prior year
| Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 1,196,923 562,878 (40,588) 1,719,213 |
Total funds 2020 £ 1,196,923 562,878 (40,588) 1,719,213 |
|---|---|---|
14. Related party transactions
The trustees provide professional property management services through their company free of charge. This is included in the accounts as donated services and property management fees of £6,500 (2020: £7,500).
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