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 2022
FOR
REMODIFYZ TRUST
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
REMODIFYZ TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Cash Flow Statement | 6 |
| Notes to the Cash Flow Statement | 7 |
| Notes to the Financial Statements | 8 to 11 |
REMODIFYZ TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 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 30 April 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objectives of the charity is that of relief of poverty amongst the elderly or persons in conditions of need, hardship and distress in the Jewish community, the advancement of the Orthodox Jewish religion and the advancement of education according to the tenants of the Orthodox Jewish faith.
Significant activities
During the year the charity disposed of investment property, making realised gains.
The charity had donations of £700,000 (2021: £0), rental income of £145,143 (2021: £224,249) and interest of £30,375 (2021: £15,689).
The charity made total grants to charitable institutions of £3,642,597 (2021: £73,242).
At the balance sheet date, the charity had total unrestricted funds of £5,208,727 (2021: £7,375,590).
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grantmaking policy.
Grantmaking
Grants are made to charitable institutions, organisations and individuals after it has been satisfied that payments will accord with the objectives of the charity.
Staff and volunteers
The charity has no staff or volunteers.
STRATEGIC REPORT
Achievement and performance
Investment performance
The charity holds investment properties in order to create income to further its charitable objectives. These investment are managed by professional third parties. The trustees have reviewed the performance of these investments and consider it satisfactory.
Internal and external factors
There are no specific factors to report.
Financial review
Principal funding sources
The principle funding of the charity is from the investments that the charity owns.
Reserves policy
The trustees do not consider it necessary to hold a specific amount of reserves because the main activity of the charity is the provision of grants.
Future plans
The trustees intend to continue to provide grants to charitable organisations that further the charity's objectives for the benefit of the public.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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REMODIFYI TRusr REPORT OF ThE TRusfEES FOR THE YEAR ENDED 30 APRIL 2022 REFERENCE AND ADMINISTRATIVE DAILs Registered Company number 10113963 (ErKJlarKi and Wale5) Re9lstered Charlty number 1168864 Registered office First FIC1r, Winston Ho 349 Regents Park Ro1 London N3 IDH DjBIrn RDNoe MrsANc Rert of the tntstees, incorrtrati directors, a strategic reprt apprd by trder of tr bo¥d of trustte as tr company .. arJ sgned on the t¥Jard's behalf by: R D Noe- Trustee e2
REMODIFYZ TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Charitable donations Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 700,000 175,518 875,518 39,666 3,642,597 6,766 3,689,029 646,648 (2,166,863) 7,375,590 5,208,727 |
2021 Total funds £ - 239,938 239,938 88,455 73,242 5,860 167,557 (27,711) 44,670 7,330,920 7,375,590 |
|---|---|---|
The notes form part of these financial statements
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REMODIFYI TRusr BALANCE SHEEr 30 APIUL 2022 2022 2021 Totsl fvnds fund FIXED ASSETS Investment property lo3371 2,848,871 CURAEMT ASSETS Debtors Cash at bank io I7&495 51,846 4 506 211 3,895,878 4,558,057 CREDMIRS Amounts fallir¥J due thIn cffle year li (721,022) (31,338) NET CURRENT ASSETS 3 174 856 4 526 719 TOTAL ASSEfs LESS CURRElff UABILtriES 5.208,727 7,375,590 5 208 727 7 375 590 FUNDS Unrestricted fiJnds 5 208 727 7 375 590 TOTAL FUNDS 5 208 727 7 375 590 The tharitse company is entilknl to frryn K11t 477 of Crynpanie5 Art 2C06 ts the year end&J 30 April 2022. The members have not required the ccxmpany to thin an aKIrt of its fina1 strtts for the year etmled 30 April 2022 in aCCordare with SeCtic 476 of Crynpanie5 Art 2tQ6. The trustees ackThJwledge their TesKJwl1thes for la) ensuring that the charitsble company keep5 acccwntirKJ recwds that CoMY Section5 386 387 of the Companies Act 2C()6 and eparing finarKial StateTrts whith gNe a true h'r ¥iew c tk e of affairs of the tharitatAe company as at the end of &ich financial year arKI of its or defiot ftr each financial year in accordance with the requirements of kn'ons 394 aThJ 395 and which otherwse comply the requirements of the Companies Art 20(6 rdabng to finanoal ststents, far a5 41[AAble to thtable company. Ibl The financial statements w aFvroved by the P•Jard of Truths arKI auth)ri for is5 on wtye ggned its bthalf by: R D Noe- Trustee te5 frym part Of1 finaroal statn e4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REMODIFYZ TRUST Independent examSner's report to the trustees of Remodlfyz Trust ('the Companv,) I report to the tharlty trustees on my examination of the accounts of the Company for the year ended 30 Aprll 2022. Re5ponsibilitie5 and ba515 of repurt As the chayity's trustees of the Company (and also its directors for the purposes of company law) you are restx)nsible for the preparatlon of the accounts in accordance wth the requirements of the Companies Act 2(M)6 { the 2006 Att,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I rert in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {Ihe 2011 Art}. In carrying out my examinatiork I have followed the Directions given by the Charity c0rnrni0n under Secknon 145(5} (b) of the 2011 Act. Independent examinerfs statement Since your charity's gr055 illcgtne exceeded £250,000 your examlner must be a member of a Ilsted body. l can conflrm that l am qualbfled to undertake the examlnatlon because l am a regfjster member of the Institute of Chartered Accountsnts in Erigland and Wales which 15 one of the listed bodies. I have completed my examlnabon. I ccmfirm that no matters have (xjme to my attention in connection with the examination giving rne cause to believe: accounting record5 were not kept in respect of the Company a5 required by Section 386 of the 2006 Att; or 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 examlnation,. or the accounts have not been prepared In accordance with the methods and princlples of the Ststement of Recommended prattl for accounting and reporting by charitles {applicable to charittes preparing their accounts In accordan wlth the Financial Rewjrting Standard applile in the UK and Republic of Ireknd (FRS 102}1. I have no concerns alld have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Mr Danny Fine, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 IDH 28 February 2023 Page 5
REMODIFYZ TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Sale of fixed asset investments Sale of investment property Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (3,974,851) (3,974,851) 646,648 815,000 30,375 1,492,023 (2,482,828) 4,506,211 2,023,383 |
2021 £ 2,301,354 2,301,354 (27,711) 570,000 15,689 557,978 2,859,332 1,646,879 4,506,211 |
|---|---|---|
The notes form part of these financial statements
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NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Interest received (Increase)/decrease in debtors Increase in creditors Net cash (used in)/provided by operations |
2022 £ (2,166,863) (646,648) (30,375) (1,820,649) 689,684 (3,974,851) |
2021 £ 44,670 27,711 (15,689) 2,240,284 4,378 2,301,354 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.5.21 £ 4,506,211 4,506,211 4,506,211 |
Cash flow £ (2,482,828) (2,482,828) **(2,482,828) ** |
At 30.4.22 £ 2,023,383 2,023,383 2,023,383 |
|---|---|---|---|
The notes form part of these financial statements
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REMODIFYZ TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 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.
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.
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received Deposit account interest Curr asset inv income |
2022 £ 700,000 2022 £ 145,143 17,833 12,542 175,518 |
2021 £ - 2021 £ 224,249 15,689 - 239,938 |
|---|---|---|
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
4. RAISING FUNDS
Investment management costs
| Insurance Light and heat Repairs Management Fee Letting fees Rates L&P Service charges |
2022 £ 5,734 673 10,042 8,710 - 1,746 12,761 - 39,666 |
2021 £ 3,213 805 21,818 24,340 906 7,047 30,204 122 88,455 |
|---|---|---|
5. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note 6) £ Charitable donations 3,642,597 Charitable activities - 3,642,597 6. GRANTS PAYABLE Charitable donations The total grants paid to institutions during the year was as follows: Charitable grants |
Support costs (see note 7) £ - 6,766 6,766 2022 £ 3,642,597 2022 £ **3,642,597 ** |
Totals £ 3,642,597 6,766 3,649,363 2021 £ 73,242 2021 £ 73,242 |
|
|---|---|---|---|
| The total grants paid to institutions during the year was £3,642,597 (2021: £73,242). A summary of grants made | The total grants paid to institutions during the year was £3,642,597 (2021: £73,242). A summary of grants made |
|---|---|
| to institutions during the year is as follows: | |
| Name of institution | Amount (£) |
| ROBANNA CHARITABLE ORGANISATION | 900,000 |
| BENLEY | 650,000 |
| JOSHA | 650,000 |
| KKMG | 650,000 |
| MANOE FAMILY | 650,000 |
| BRITISH FRIENDS OF RINAT AHARON | 50,000 |
| START UPRIGHT | 10,000 |
| Other | 82,597 |
| Total | 3,642,597 |
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Charitable activities | 2,409 | 157 | 4,200 | 6,766 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 May 2021 Disposals At 30 April 2022 NET BOOK VALUE At 30 April 2022 At 30 April 2021 |
£ 2,848,871 (815,000) |
|
|---|---|---|
| 2,033,871 | ||
| 2,033,871 | ||
| 2,848,871 |
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors VAT Other creditors Accrued expenses |
2022 £ 87,857 1,784,638 1,872,495 2022 £ - 1,105 715,717 4,200 721,022 |
2021 £ 51,846 - 51,846 2021 £ 13,587 1,886 1,705 14,160 31,338 |
|
|---|---|---|---|
continued...
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2022.
13. FINANCIAL INSTRUMENTS
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.
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