REGISTERED COMPANY NUMBER: 09664506 (England and Wales) REGISTERED CHARITY NUMBER: 1167231
C R AND I TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
C R AND I TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 12 |
C R AND I TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES S M Itzinger S Itzinger A Freudenberger REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 09664506 (England and Wales) NUMBER REGISTERED CHARITY 1167231 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Lloyds Bank plc 198-200 Marlowes Hemel Hempstead HP1 1BH
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C R AND I TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 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 December 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).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
The objects of the charity are the advancement of the Orthodox Jewish Faith and the relief of poverty. The charity carries out its objects by grantmaking.
The trustees have considered the Charity Commission's general guidance on public benefit.
FINANCIAL REVIEW
Financial position
The trustees are satisfied with the results of the year. Income decreased slightly and the trustees increased grantmaking, resulting in a deficit for the year of £52,545 (2020: surplus £9,590). The deficit was funded by reserves held.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £926,673 (2020: £979,218), of which £23,383 were free reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 30 June 2015.
Organisational structure
The power to appoint new trustees is vested in the continuing board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.
Risk review
The trustees have confirmed that there are no major risks to which the charity is exposed.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 29 September 2022 and signed on its behalf by:
S M Itzinger - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF C R AND I TRUST LIMITED
Independent examiner's report to the trustees of C R And I Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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
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.
E Meyer FCA BSc Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
29 September 2022
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C R AND I TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| 2021 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 123,084 EXPENDITURE ON Raising funds 3 25,867 Charitable activities 4 Charitable activities 149,762 Total 175,629 NET INCOME/(EXPENDITURE) (52,545) RECONCILIATION OF FUNDS Total funds brought forward 979,218 TOTAL FUNDS CARRIED FORWARD 926,673 |
2020 Total funds £ 131,730 22,974 99,166 122,140 9,590 969,628 979,218 |
|---|---|
The notes form part of these financial statements
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C R AND I TRUST LIMITED (REGISTERED NUMBER: 09664506)
BALANCE SHEET 31 DECEMBER 2021
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS FUNDS 15 Unrestricted funds: General fund Fair value reserve TOTAL FUNDS |
2021 Total funds £ 1,167,186 472,004 44,188 516,192 (20,805) 495,387 1,662,573 (735,900) 926,673 626,673 300,000 926,673 926,673 |
2020 Total funds £ 1,167,186 550,040 32,690 582,730 (18,395) 564,335 1,731,521 (752,303) 979,218 679,218 300,000 979,218 979,218 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 notes form part of these financial statements
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C R AND I TRUST LIMITED (REGISTERED NUMBER: 09664506)
BALANCE SHEET - continued 31 DECEMBER 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 September 2022 and were signed on its behalf by:
S M Itzinger - Trustee
The notes form part of these financial statements
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
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.
Income from investments is included in the year in which it is receivable.
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.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
2. INVESTMENT INCOME
| 2021 Unrestricted funds £ Rents received 96,534 Interest received 26,550 123,084 |
2020 Total funds £ 101,730 30,000 131,730 |
|---|---|
3. RAISING FUNDS
Investment management costs
| 2021 Unrestricted funds £ Repairs and maintenance 4,982 Light and heat 246 Insurance 1,864 Loan interest and finance costs 18,775 25,867 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 5) note 6) £ £ Charitable activities 147,835 1,927 5. GRANTS PAYABLE 2021 £ Charitable activities 147,835 The total grants paid to institutions during the year was as follows: 2021 £ Advancement of religion 27,152 Relief of poverty 98,433 Religious education 20,250 Medical - 145,835 |
2020 Total funds £ 680 171 2,519 19,604 22,974 Totals £ 149,762 2020 £ 97,526 2020 £ 34,416 36,180 18,930 5,500 95,026 |
|---|---|
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
5. GRANTS PAYABLE - continued
| Vaad Harabonim | 60,000 | ||||
|---|---|---|---|---|---|
| Achisomoch | 31,365 | ||||
| Chesed Charity Trust | 12,000 | ||||
| Kahal Chasidim Bobov | 5,500 | ||||
| Seaquins | 5,000 | ||||
| String of Pearls | 5,000 | ||||
| Tchabe Kollel | 5,000 | ||||
| Grants below £5,000 | 21,970 | ||||
| Total | 145,835 | ||||
| The total grants paid to individuals during the year was as follows: | |||||
| Relief of poverty | 2021 £ 2,000 |
2020 £ 2,500 |
|||
| SUPPORT COSTS | |||||
| Charitable activities | Finance £ 227 |
Governance costs £ 1,700 |
Totals £ 1,927 |
||
| Support costs, included in the above, are as follows: | |||||
| Bank charges | 2021 Charitable activities £ 227 |
2020 Total activities £ 193 |
|||
| Independent examiner's fee | 360 | 360 | |||
| Independent examiner's other fees | 840 | 780 | |||
| General expenses | - | 307 | |||
| Legal and professional fees | 500 | - | |||
| 1,927 | 1,640 | ||||
6. SUPPORT COSTS
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2020 - Nil).
9. INVESTMENT PROPERTY
£
| FAIR VALUE At 1 January 2021 and 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
1,167,186 1,167,186 1,167,186 |
|---|---|
The fair value of investment properties has been arrived at on the basis of a valuation carried out by the trustees who have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 £ Other debtors 472,004 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Bank loans and overdrafts (see note 13) 16,130 Other creditors 3,475 Accruals and deferred income 1,200 20,805 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 13) 735,900 13. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due within one year on demand: Bank loans 16,130 Amounts falling due between two and five years: Bank loans - 2-5 years 20,273 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal - |
2020 £ 550,040 2020 £ 13,780 3,475 1,140 18,395 2020 £ 752,303 2020 £ 13,780 34,776 1,900 |
|---|---|
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
13. LOANS - continued
| 13. | LOANS - continued | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Repayable otherwise than by instalments: | ||||
| Bank loans more 5 yrs non-inst | 715,627 | 715,627 | ||
| 14. | SECURED DEBTS | |||
| The following secured debts are included within creditors: | ||||
| Bank loans | 2021 £ 752,030 |
2020 £ 766,083 |
||
| The bank loans are secured by legal charges over the company's investment property. | ||||
| 15. | MOVEMENT IN FUNDS | |||
| Unrestricted funds | At 1.1.21 £ |
Net movement in funds £ |
At 31.12.21 £ |
|
| General fund | 679,218 | (52,545) | 626,673 | |
| Fair value reserve | 300,000 | - | 300,000 | |
| 979,218 | (52,545) | 926,673 | ||
| TOTAL FUNDS | 979,218 | (52,545) | 926,673 | |
| Net movement in funds, included in the above are as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|
| General fund | 123,084 | (175,629) | (52,545) | |
| TOTAL FUNDS | 123,084 | (175,629) | (52,545) | |
| Comparatives for movement in funds | ||||
| Unrestricted funds | At 1.1.20 £ |
Net movement in funds £ |
At 31.12.20 £ |
|
| General fund | 669,628 | 9,590 | 679,218 | |
| Fair value reserve | 300,000 | - | 300,000 | |
| 969,628 | 9,590 | 979,218 | ||
| TOTAL FUNDS | 969,628 | 9,590 | 979,218 | |
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 131,730 131,730 |
Resources Movement expended in funds £ £ (122,140) 9,590 (122,140) 9,590 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.1.20 £ 669,628 300,000 969,628 969,628 |
Net movement in funds £ (42,955) - (42,955) (42,955) |
At 31.12.21 £ 626,673 300,000 926,673 926,673 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 254,814 254,814 |
Resources Movement expended in funds £ £ (297,769) (42,955) (297,769) (42,955) |
|---|---|---|
16. RELATED PARTY DISCLOSURES
Other debtors (note 10) represents amounts due from related companies under control.
Interest received from Telcroft Ltd during the year amounted to £26,550 (2020: £30,000) and the loan balance at the year end was £471,590.
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