Charity Registration No. 1164841
LEV L'LEV TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
LEV L'LEV TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Y Kohn Mrs S Kohn Charity number 1164841 Registered office 32 Castlewood Road London N16 6DW Accountants Mr J Silver FCCA 32 Castlewood Road London N16 6DW
LEV L'LEV TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Accountants' report | |
| Statement of financial activities | 2 |
| Balance sheet | 3 |
| Notes to the financial statements | 4 - 7 |
FOR THE YEAR ENDED 31 MARCH 2022
LEV L'LEV TRUST
TRUSTEES' REPORT
The trustees present their annual report and financial statements for the year ended 31 March 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 the prevention and relief of poverty. In order to achieve these objectives the charity provides grants to educational institutions, charities, individuals in need and other organisations working to prevent or relieve poverty.
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 grant making policy for the year.
The charity is funded by donations. Grants are made to charitable institutions and organisations in Great Britain which accord with the objects of the charity. The trustees consider all requests which they receive and make donations based on the level of funds available.
Achievements and performance
The re was no activity during the year .
Financial review
The charity's statement of financial activities shows total free reserves of £ (1,200), the trustees intend to further their fund-raising efforts to recover the shortfall in funds in the short term.
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 which will not impinge on its ability to support Charitable institutions .
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The trustees who served during the year and up to the date of signature of the financial statements were: Mr Y Kohn Mrs S Kohn
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 trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity. None of the trustees' has any beneficial interest in the c harity.
The trustees' r eport was approved by the Board of Trustees.
..............................
Mr Y Kohn
Trustee Dated: .........................
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LEV L'LEV TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | - | 20,000 |
| Expenditure on: | |||
| Charitable activities | 4 | - | 20,000 |
| Net income for the year/ | |||
| Net movement in funds | - | - | |
| Fund balances at 1 April 2021 | (1,200) | (1,200) | |
| Fund balances at 31 March 2022 | (1,200) | (1,200) |
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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LEV L'LEV TRUST
BALANCE SHEET
AS AT 31 MARCH 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | - | - | |||
| Creditors: amounts falling due within | |||||
| one year | 8 | (1,200) | (1,200) | ||
| Net current liabilities | (1,200) | (1,200) | |||
| Income funds | |||||
| Unrestricted funds | (1,200) | (1,200) | |||
| (1,200) | (1,200) | ||||
| The financial statements were approved by the Trustees on ......................... | |||||
| .............................. | |||||
| Mr Y Kohn | |||||
| Trustee |
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LEV L'LEV TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Lev L'lev 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. 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 will continue for the foreseeable future based upon the continued financial support from the community . 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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LEV L'LEV TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 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 on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates .
1.6 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.
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.
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
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
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LEV L'LEV TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
3 Donations and legacies
| Total | Unrestricted | ||
|---|---|---|---|
| funds | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Donations and gifts | - | 20,000 | |
| Charitable activities | |||
| Charitable | Charitable |
||
| Expenditure | Expenditure |
||
| 2022 | 2021 |
||
| £ | £ |
||
| Grant funding of activities (see note 5) | - | 20,000 |
|
| Grants payable | |||
| Charitable | Charitable |
||
| Expenditure | Expenditure |
||
| 2022 | 2021 |
||
| £ | £ |
||
| Grants to institutions: | |||
| Toldos Aharon Trust Limited | - | 7,500 |
|
| Giving Day | - | 5,000 |
|
| Other | - | 7,500 |
|
| - | 20,000 |
4 Charitable activities
5 Grants payable
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 | - | - |
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LEV L'LEV TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 7 | Employees | (Continued) | |
|---|---|---|---|
| There were no employees whose annual remuneration was more than £60,000. | |||
| 8 | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 1,200 | 1,200 |
9 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
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