**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. Page 1 REMODIFYI TRusr REPORT OF ThE TRusfEES FOR THE YEAR ENDED 30 APRIL 2022 REFERENCE AND ADMINISTRATIVE D￿AILs Registered Company number 10113963 (ErKJlarKi and Wale5) Re9lstered Charlty number 1168864 Registered office First FIC￿1r, Winston Ho 349 Regents Park Ro￿1 London N3 IDH DjBI￿rn RDNoe MrsANc Re￿rt of the tntstees, incorrtrati directors, a strategic reprt appr￿d by trder of tr* bo¥d of trustte* as tr* company .. ar*J 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 Page 3 REMODIFYI TRusr BALANCE SHEEr 30 APIUL 2022 2022 2021 Totsl fvnds fund FIXED ASSETS Investment property lo33￿71 2,848,871 CURAEMT ASSETS Debtors Cash at bank io I￿7&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 tharits￿e 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 fina￿1 strt￿ts for the year etmled 30 April 2022 in aCCordar￿e with SeCtic￿ 476 of Crynpanie5 Art 2tQ6. The trustees ackThJwledge their TesK*Jw￿l1thes for la) ensuring that the charitsble company keep5 acccwntirKJ recwds that CoM￿Y Section5 386 387 of the Companies Act 2C()6 and eparing finarKial StateTr￿ts 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 ststen￿ts, ￿ far a5 41[A￿Able to ￿ th￿table 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 stat￿n 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 re￿rt 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 c0rnrni￿0n 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 appli￿￿le 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 Page 6 **REMODIFYZ TRUST** ## **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 Page 7 **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... Page 8 **REMODIFYZ TRUST** ## **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... Page 9 **REMODIFYZ TRUST** **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... Page 10 **REMODIFYZ TRUST** ## **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. Page 11