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 2023
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 2023
| 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 (REGISTERED NUMBER: 10113963)
Report of the Trustees FOR THE YEAR ENDED 30 APRIL 2023
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 2023. 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 no donations during the year (2022: £700,000), rental income of £124,709 (2022: £145,143) and interest income of £266,691 (2022: £30,375).
The charity made total grants to charitable institutions of £59,996 (2022: £3,642,597).
At the balance sheet date, the charity had total unrestricted funds of £5,478,021 (2022: £5,208,727).
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
REMODIFYZ TRUST (REGISTERED NUMBER: 10113963)
Report of the Trustees FOR THE YEAR ENDED 30 APRIL 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10113963 (England and Wales)
Registered Charity number 1168864
Registered office
First Floor, Winston House 349 Regents Park Road London N3 1DH
Trustees
Mr D J Bloom Mr R D Noe Mrs A Noe
Independent Examiner
Mr Danny Fine, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 28 February 2024 and signed on the board's behalf by:
Mr R D Noe - Trustee
Page 2
Independent Examiner's Report to the Trustees of Remodifyz Trust
Independent examiner's report to the trustees of Remodifyz Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2023.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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.
Mr Danny Fine, FCA
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
28 February 2024
Page 3
REMODIFYZ TRUST
Statement of Financial Activities
FOR THE YEAR ENDED 30 APRIL 2023
| 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 on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ - 391,400 391,400 56,546 59,996 5,564 122,106 - 269,294 5,208,727 5,478,021 |
2022 Total funds £ 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 |
|---|---|---|
The notes form part of these financial statements
Page 4
REMODIFYZ TRUST (REGISTERED NUMBER: 10113963)
Balance Sheet 30 APRIL 2023
| 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 NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 2,083,246 3,745,832 47,670 3,793,502 (398,727) 3,394,775 5,478,021 5,478,021 5,478,021 5,478,021 |
2022 Total funds £ 2,033,871 1,872,495 2,023,383 3,895,878 (721,022) 3,174,856 5,208,727 5,208,727 5,208,727 5,208,727 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 financial statements were approved by the Board of Trustees and authorised for issue on 28 February 2024 and were signed on its behalf by:
Mr R D Noe - Trustee
The notes form part of these financial statements
Page 5
REMODIFYZ TRUST
Cash Flow Statement FOR THE YEAR ENDED 30 APRIL 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of investment property 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 |
2023 £ (2,193,029) (2,193,029) (49,375) - - 266,691 217,316 (1,975,713) 2,023,383 47,670 |
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 |
|---|---|---|
The notes form part of these financial statements
Page 6
REMODIFYZ TRUST
Notes to the Cash Flow Statement FOR THE YEAR ENDED 30 APRIL 2023
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING |
|---|---|---|---|
| ACTIVITIES | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Net income/(expenditure) for the reporting period (as per the | |||
| Statement of Financial Activities) | 269,294 | (2,166,863) | |
| Adjustments for: | |||
| Losses on investments | - | (646,648) | |
| Interest received | (266,691) | (30,375) | |
| Increase in debtors | (1,873,337) | (1,820,649) | |
| (Decrease)/increase in creditors | (322,295) | 689,684 | |
| Net cash used in operations | (2,193,029) | (3,974,851) | |
| 2. | ANALYSIS OF CHANGES IN NET FUNDS |
| Net cash Cash at bank Total |
At 1.5.22 £ 2,023,383 2,023,383 2,023,383 |
Cash flow £ (1,975,713) (1,975,713) (1,975,713) |
At 30.4.23 £ 47,670 |
|---|---|---|---|
| 47,670 | |||
| 47,670 |
The notes form part of these financial statements
Page 7
REMODIFYZ TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 30 APRIL 2023
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 |
2023 £ - 2023 £ 124,709 76 266,615 391,400 |
2022 £ 700,000 2022 £ 145,143 17,833 12,542 175,518 |
|---|---|---|
continued...
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REMODIFYZ TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 APRIL 2023
4. RAISING FUNDS
Investment management costs
| Insurance Light and heat Repairs Management Fee Rates L&P |
2023 £ 5,789 1,966 18,612 20,358 4,120 5,701 56,546 |
2022 £ 5,734 673 10,042 8,710 1,746 12,761 39,666 |
|---|---|---|
5. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note 6) £ Charitable donations 59,996 Charitable activities - 59,996 6. GRANTS PAYABLE Charitable donations The total grants paid to institutions during the year was as follows: Charitable grants |
Support costs (see note 7) £ - 5,564 5,564 2023 £ 59,996 2023 £ 59,996 |
Totals £ 59,996 5,564 65,560 2022 £ 3,642,597 2022 £ 3,642,597 |
|---|---|---|
The total grants paid to institutions during the year was £59,996 (2022: £3,642,597). A summary of grants made to institutions during the year is as follows:
| Name of institution | Amount (£) |
|---|---|
| Moreshet Hatorah Ltd | 12,000 |
| Friends of Beis Soroh Schneirer | 10,000 |
| Mifal Hachesed Vehatzdokoh | 7,200 |
| One Heart - Lev Echod | 6,000 |
| Chasdei Sholom | 5,000 |
| Congregation Sharei Sholom Tchabe Limited | 5,000 |
| Comet Charities Ltd | 3,600 |
| Other | 11,196 |
| Total | 59,996 |
continued...
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REMODIFYZ TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 APRIL 2023
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Charitable activities | 1,249 | 115 | 4,200 | 5,564 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2023 nor for the year ended 30 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2023 nor for the year ended 30 April 2022.
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 May 2022 Additions At 30 April 2023 NET BOOK VALUE At 30 April 2023 At 30 April 2022 |
£ 2,033,871 49,375 |
|---|---|
| 2,083,246 | |
| 2,083,246 | |
| 2,033,871 |
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR VAT Other creditors Accrued expenses |
2023 £ 112,106 3,627,000 6,726 3,745,832 2023 £ 3,240 387,087 8,400 398,727 |
2022 £ 87,857 1,784,638 - |
2022 £ 87,857 1,784,638 - |
|---|---|---|---|
| 1,872,495 | |||
| 2022 £ 1,105 715,717 4,200 |
|||
| 721,022 |
continued...
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REMODIFYZ TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 APRIL 2023
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2023.
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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