REGISTERED COMPANY NUMBER: 10113963 (England and Wales) REGISTERED CHARITY NUMBER: 1168864
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
FOR
REMODIFYZ TRUST LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
REMODIFYZ TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
REMODIFYZ TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 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 30 April 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activities of the charitable company in the period under review were that of the advancement of education and religious practice in accordance with the teachings of the Orthodox Jewish faith and relief of poverty.
Significant activities
The charity was set up to support the activities of religious Jewish organization's especially in the field of education. The charity made donations of £73,242 (2020: £103,639) during the period in accordance with the charity's objects for advancement of education.These activities were undertaken for public benefit to further the charity's objectives.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities and setting the grant making policy for the year. The aims of the charitable company for the public benefit are detailed in the Objectives and Activities section of the report.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the charitable company.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity's investment income of £239,938 (2020: £249,085) reflects deposit account interest and the rental income received from investment properties held by the charity. The associated expenses of managing the investment properties are reflected in note 4.
FINANCIAL REVIEW
Investment policy and objectives
The company's memorandum and articles of association, which permit the company's funds to be invested in properties of any kind and situated anywhere in the world, control the trustees' investment powers.
The income and expenditure arising from the disposal of this investment property is reflected in these financial statements.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
FUTURE PLANS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Page 1
REMODIFYZ TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties
Details of transactions with related parties are disclosed in the notes to the financial statements.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The charity has no significant liquidity and credit risk.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10113963 (England and Wales)
Registered Charity number
1168864
Registered office
115 Craven Park Road South Tottenham London N15 6BL
Trustees
D J Bloom Company Director R D Noe Company Director Mrs A Noe Company Director
Independent Examiner
M A Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 21 January 2022 and signed on its behalf by:
R D Noe - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REMODIFYZ TRUST LIMITED
Independent examiner's report to the trustees of Remodifyz Trust limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 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:
-
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
-
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.
M A Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
21 January 2022
Page 3
REMODIFYZ TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Educational Grants Other Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.4.21 Unrestricted fund £ 239,938 88,455 73,242 5,860 167,557 (27,711) 44,670 7,330,920 7,375,590 |
30.4.20 Total funds £ 249,085 67,517 103,639 41,741 |
|---|---|---|
| 212,897 - |
||
| 36,188 7,294,732 |
||
| 7,330,920 |
The notes form part of these financial statements
Page 4
REMODIFYZ TRUST LIMITED
STATEMENT OF FINANCIAL POSITION 30 APRIL 2021
| Notes FIXED ASSETS Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
30.4.21 Unrestricted fund £ 2,848,871 51,846 4,506,210 4,558,056 (31,337) 4,526,719 7,375,590 7,375,590 7,375,590 7,375,590 |
30.4.20 Total funds £ 3,418,871 2,292,130 1,646,879 3,939,009 (26,960) 3,912,049 7,330,920 7,330,920 7,330,920 7,330,920 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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.
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 for issue by the Board of Trustees and authorised for issue on 21 January 2022 and were signed on its behalf by:
R D Noe - Trustee
The notes form part of these financial statements
Page 5
REMODIFYZ TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 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, as modified by the revaluation of certain assets.
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.
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.
Governance costs
Governance cost comprise all costs involving the public accountability of the charity and its compliance with regulation of good practice. The cost include costs related to statutory audit and direct governing cost.
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
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Rents received Deposit account interest |
30.4.21 £ 224,249 15,689 239,938 |
30.4.20 £ 240,878 8,207 |
|---|---|---|
| 249,085 |
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continued...
REMODIFYZ TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
3. RAISING FUNDS
Investment management costs
4.
| Investment management costs | ||
|---|---|---|
| 30.4.21 | 30.4.20 | |
| £ | £ | |
| Insurance | 3,213 | 5,019 |
| Light and heat | 805 | 2,297 |
| Repair and maintenance | 21,818 | 21,730 |
| Management commission | 24,340 | 23,408 |
| Letting fees | 906 | 1,270 |
| Rates | 7,047 | 3,749 |
| Legal and professional fees | 30,204 | 9,587 |
| Service charges | 122 | 457 |
| 88,455 | 67,517 | |
| GRANTS PAYABLE | ||
| 30.4.21 | 30.4.20 | |
| £ | £ | |
| Educational Grants | 73,242 | 103,639 |
During the period under review, the charity made following donations to UK registered charities:
| CHARITY NAME | CHARITY NO | AMOUNT |
|---|---|---|
| Hasmonean High School Charitable Trust | 1068303 | £6,000 |
| Friends of Beis Soroh Schneirer | 1153647 | £10,000 |
| Friends of Beis Chinuch Lebonos Trust | 1153187 | £5,000 |
| One Heart - Lev Echod | 1167227 | £5,000 |
| Friends of Mercaz Hatorah Belz Macnivka | 1126075 | £5,000 |
| Mifal Hachesed Vehatzedokoh | 1139320 | £5,000 |
| Other donations (less than £5,000 each) | Various | £37,242 |
| Total | £73,242 |
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.4.21 | 30.4.20 | ||
|---|---|---|---|
| £ | £ | ||
| Auditors' remuneration | - | 4,200 | |
| Deficit on disposal of fixed assets | - | 35,625 |
continued...
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REMODIFYZ TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Educational Grants Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. INVESTMENT PROPERTY FAIR VALUE At 1 May 2020 Disposals At 30 April 2021 NET BOOK VALUE At 30 April 2021 At 30 April 2020 |
Unrestricted fund £ 249,085 67,517 103,639 41,741 |
|
|---|---|---|
| 212,897 | ||
| 36,188 7,294,732 |
||
| 7,330,920 | ||
| £ 3,418,871 (570,000) 2,848,871 2,848,871 3,418,871 |
||
The charity's investment properties were valued by the trustees at open market price on 30 April 2021
continued...
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REMODIFYZ TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors VAT Other creditors Accrued expenses 11. MOVEMENT IN FUNDS At 1.5.20 £ Unrestricted funds General fund 7,330,920 TOTAL FUNDS 7,330,920 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 239,938 (167,557) TOTAL FUNDS 239,938 (167,557) Comparatives for movement in funds At 1.5.19 £ Unrestricted funds General fund 7,294,732 TOTAL FUNDS 7,294,732 |
30.4.21 £ 51,846 - 51,846 30.4.21 £ 13,586 1,886 1,705 14,160 31,337 Net movement in funds £ 44,670 44,670 Gains and losses £ (27,711) (27,711) Net movement in funds £ 36,188 36,188 |
30.4.20 £ 42,130 2,250,000 2,292,130 30.4.20 £ 13,587 1,708 1,705 9,960 26,960 At 30.4.21 £ 7,375,590 7,375,590 Movement in funds £ 44,670 44,670 At 30.4.20 £ 7,330,920 7,330,920 |
|
|---|---|---|---|
continued...
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REMODIFYZ TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 249,085 249,085 |
Resources Movement expended in funds £ £ (212,897) 36,188 (212,897) 36,188 |
Resources Movement expended in funds £ £ (212,897) 36,188 (212,897) 36,188 |
|---|---|---|---|
| 36,188 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.19 £ 7,294,732 7,294,732 |
Net movement in funds £ 80,858 80,858 |
At 30.4.21 £ 7,375,590 |
|---|---|---|---|
| 7,375,590 |
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 £ 489,023 489,023 |
Resources expended £ (380,454) (380,454) |
Gains and Movement losses in funds £ £ (27,711) 80,858 (27,711) 80,858 |
Gains and Movement losses in funds £ £ (27,711) 80,858 (27,711) 80,858 |
|---|---|---|---|---|
| 80,858 |
12. RELATED PARTY DISCLOSURES
Included within other debtors is the amount of 0 (2020: £2,250,000) due from Reisel Trust, a charitable organisation registered in England & Wales. The charity and Reisel Trust share common trustees.
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