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 2022
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 2022
| 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 | 13 |
C R AND I TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022
TRUSTEES S M Itzinger S Itzinger A Freudenberger REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS PRINCIPAL ADDRESS 43 Bridge Lane London NW11 0ED 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 (REGISTERED NUMBER: 09664506)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022. 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 increased slightly and the trustees prudently decreased grantmaking taking into account the deficit incurred in the previous year, this resulted in a surplus for the year of £27,483 (2021: deficit £52,545).
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 £962,385 (2021: £926,673), of which £51,636 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 12 September 2023 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 2022.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
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
-
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
12 September 2023
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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 2022
| 2022 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 133,003 EXPENDITURE ON Raising funds 3 32,485 Charitable activities 4 Grantmaking 62,645 Support costs 2,161 Total 97,291 NET INCOME/(EXPENDITURE) 35,712 RECONCILIATION OF FUNDS Total funds brought forward 926,673 TOTAL FUNDS CARRIED FORWARD 962,385 |
2021 Total funds £ 123,084 25,867 147,835 1,927 175,629 (52,545) 979,218 926,673 |
|---|---|
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 2022
| 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 |
2022 Total funds £ 1,167,186 471,273 64,275 535,548 (728,266) (192,718) 974,468 (12,083) 962,385 662,385 300,000 962,385 962,385 |
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 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 notes form part of these financial statements
Page 5
C R AND I TRUST LIMITED (REGISTERED NUMBER: 09664506)
BALANCE SHEET - continued 31 DECEMBER 2022
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 12 September 2023 and were signed on its behalf by:
S M Itzinger - Trustee
The notes form part of these financial statements
Page 6
C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
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.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Going concern
There are no material uncertainties about the charity's ability to continue.
2. INVESTMENT INCOME
| 2022 Unrestricted funds £ Rents received 98,914 Interest received 34,089 133,003 |
2021 Total funds £ 96,534 26,550 |
|---|---|
| 123,084 |
3. RAISING FUNDS
Investment management costs
| 2022 Unrestricted funds £ Repairs and maintenance 2,064 Light and heat 458 Insurance 1,525 Loan interest and finance costs 28,438 32,485 |
2021 Total funds £ 4,982 246 1,864 18,775 |
|---|---|
| 25,867 |
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | Support | ||
| (see note | costs (see | ||
| 5) | note 6) | Totals | |
| £ | £ | £ | |
| Grantmaking | 62,645 | - | 62,645 |
| Support costs | - | 2,161 | 2,161 |
| 62,645 | 2,161 | 64,806 | |
| GRANTS PAYABLE | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Grantmaking | 62,645 | 147,835 |
5. GRANTS PAYABLE
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Advancement of religion | 4,360 | 27,152 | |
| Relief of poverty | 34,075 | 98,433 | |
| Religious education | 10,000 | 20,250 | |
| Medical | 180 | - | |
| Social Welfare | 10,530 | - | |
| General | 3,500 | - | |
| 62,645 | 145,835 | ||
| Chesed Charity Trust | 20,000 | ||
| Tchabe Kollel Limited | 10,000 | ||
| Start Upright | 10,000 | ||
| Chasdei Aharon Limited | 5,000 | ||
| Chasdei Sholom | 5,000 | ||
| Grants below £5,000 | 12,645 | ||
| Total | 62,645 | ||
| The total grants paid to individuals during the year was as follows: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Relief of poverty | - | 2,000 | |
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 261 | 1,900 | 2,161 |
| Support costs, included in the above, are as follows: | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 261 | 227 | |
| Independent examiner's fee | 360 | 360 | |
| Independent examiner's other fees | 840 | 840 | |
| Legal and professional fees | 700 | 500 | |
| 2,161 | 1,927 |
6. SUPPORT COSTS
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2021 - Nil).
9. INVESTMENT PROPERTY
£
| FAIR VALUE At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
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
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 13) Trade creditors Other creditors Accruals and deferred income |
2022 £ 471,273 2022 £ 723,545 45 3,476 1,200 728,266 |
2021 £ 472,004 |
| 2021 £ 16,130 - 3,475 1,200 |
||
| 20,805 |
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 13) 13. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 14. SECURED DEBTS The following secured debts are included within creditors: Bank loans The bank loans are secured by legal charges over the company's investment 15. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 626,673 Fair value reserve 300,000 926,673 TOTAL FUNDS 926,673 |
2022 £ 12,083 2022 £ 723,545 12,083 (715,627) 715,627 2022 £ 735,628 property. Net movement in funds £ 35,712 - 35,712 35,712 |
2021 £ 735,900 |
|---|---|---|
| 2021 £ 16,130 |
||
| 20,273 | ||
| - 715,627 |
||
| 2021 £ 752,030 |
||
| At 31.12.22 £ 662,385 300,000 |
||
| 962,385 | ||
| 962,385 |
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
Incoming resources £ 133,003 133,003 At 1.1.21 £ 679,218 300,000 979,218 979,218 |
Resources Movement expended in funds £ £ (97,291) 35,712 (97,291) 35,712 Net movement At in funds 31.12.21 £ £ (52,545) 626,673 - 300,000 (52,545) 926,673 (52,545) 926,673 |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 123,084 123,084 |
Resources Movement expended in funds £ £ (175,629) (52,545) (175,629) (52,545) |
|---|---|---|
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 1.1.21 £ 679,218 300,000 979,218 979,218 |
Net movement in funds £ (16,833) - (16,833) (16,833) |
At 31.12.22 £ 662,385 300,000 |
|---|---|---|---|
| 962,385 | |||
| 962,385 |
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C R AND I TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
15. MOVEMENT IN FUNDS - continued
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 £ 256,087 256,087 |
Resources Movement expended in funds £ £ (272,920) (16,833) (272,920) (16,833) |
|---|---|---|
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 £34,089 (2021: £26,550) and the loan balance at the year end was £470,859 (2021: £471,590).
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