REGISTERED CHARITY NUMBER: 1172017
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
FOR
CLYMER CHARITABLE INCORPORATED ORGANISATION
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
CLYMER CHARITABLE INCORPORATED ORGANISATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Trustees' Responsibilities | 3 | ||
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
CLYMER CHARITABLE INCORPORATED ORGANISATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022
The trustees present their report with the financial statements of the charity for the year ended 28 February 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 objective of the charity is the advancement of the orthodox Jewish religion, orthodox Jewish education and education in general, the relief of poverty, sickness and infirmity for the public benefit and such other purposes as are charitable according to the English law as the trustees may from time to time determine in their absolute discretion.
Significant activities
The charity was set up with the aim of supporting religious Jewish educational institutions and charitable organisations by making donations and grants available to them.
The financial results of the charity's activities for the period ended 28 February 2021 are fully reflected in the attached financial statements together with the notes thereon.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. The aims of the charity 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 charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review, the charity continued its activities and maintained its support of religious educational and other charitable institutions. The charity is dependent on income from its investment. The charity's total incoming resources during the year was £197,307 (2021: £140,402) and donations made totalled £60,009 (2021: £102,919).
Investment performance
During the year under review, the charity received rental income that amounted to £138,931 (2021: £132,970), dividends that amounted to £33,636 (2021: £6,910) and deposit account interest that amounted to £262 (2021: £522).
FINANCIAL REVIEW
Principal funding sources
The majority of income received by the charity during the year under review was received from voluntary donations from various institutions and from private individuals. The charity was also the beneficiary of various forms of investment income.
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.
Going concern
The trustees are confident that the charity will be able to continue operating in the foreseeable future.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
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CLYMER CHARITABLE INCORPORATED ORGANISATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document. a constitution and constitutes a charity incorporated organisation.
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.
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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1172017
Principal address
9 Filey Avenue London N16 6NU
Trustees
B Fried Mrs. H Berger Mrs. R Fried
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 14 December 2022 and signed on its behalf by:
Mrs. H Berger - Trustee
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CLYMER CHARITABLE INCORPORATED ORGANISATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUARY 2022
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLYMER CHARITABLE INCORPORATED ORGANISATION
Independent examiner's report to the trustees of Clymer Charitable Incorporated Organisation
I report to the charity trustees on my examination of the accounts of Clymer Charitable Incorporated Organisation (the Trust) for the year ended 28 February 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the 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 applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 ACA Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
14 December 2022
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CLYMER CHARITABLE INCORPORATED ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Investment management costs 4 Charitable activities 5 Charitable donation Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
28.2.22 Unrestricted fund £ 24,478 172,829 197,307 72,213 72,213 63,161 3,745 139,119 58,188 4,949,334 5,007,522 |
28.2.21 Total funds £ - 140,402 140,402 43,349 43,349 103,151 10,096 156,596 (16,194) 4,965,528 4,949,334 |
|---|---|---|
The notes form part of these financial statements
Page 5
CLYMER CHARITABLE INCORPORATED ORGANISATION
STATEMENT OF FINANCIAL POSITION 28 FEBRUARY 2022
| Notes FIXED ASSETS Investment property 10 CURRENT ASSETS Debtors 11 Investments 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
28.2.22 Unrestricted fund £ 3,871,369 - 452,037 721,095 1,173,132 (36,979) 1,136,153 5,007,522 5,007,522 5,007,522 5,007,522 |
28.2.21 Total funds £ 3,842,671 23,912 452,037 692,381 1,168,330 (61,667) 1,106,663 4,949,334 4,949,334 4,949,334 4,949,334 |
|---|---|---|
The financial statements were approved and authorized for issue by the Board of Trustees and authorised for issue on 14 December 2022 and were signed on its behalf by:
H Berger - Trustee
The notes form part of these financial statements
Page 6
CLYMER CHARITABLE INCORPORATED ORGANISATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of investment property Interest received Dividends received Net cash provided by/(used in) 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 |
28.2.22 £ 23,514 23,514 (28,698) 262 33,636 5,200 28,714 692,381 721,095 |
28.2.21 £ (15,881) (15,881) (56,075) 522 6,910 (48,643) (64,524) 756,905 692,381 |
|---|---|---|
The notes form part of these financial statements
Page 7
CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2022
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 28.2.22 | 28.2.21 | |
| £ | £ | |
| Net income/(expenditure) for the reporting period (as per the Statement | ||
| of Financial Activities) | 58,188 | (16,194) |
| Adjustments for: | ||
| Interest received | (262) | (522) |
| Dividends received | (33,636) | (6,910) |
| Decrease/(increase) in debtors | 23,912 | (23,912) |
| (Decrease)/increase in creditors | (24,688) | 31,657 |
| Net cash provided by/(used in) operations | 23,514 | (15,881) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Liquid resources Deposits included in cash Current asset investments Total |
At 1.3.21 £ 692,381 692,381 - 452,037 452,037 1,144,418 |
Cash flow £ 28,714 28,714 - - - 28,714 |
At 28.2.22 £ 721,095 |
|---|---|---|---|
| 721,095 | |||
| - 452,037 |
|||
| 452,037 | |||
| 1,173,132 |
The notes form part of these financial statements
Page 8
CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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 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.
continued...
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CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Rents received Other fixed asset inv - UnFII Deposit account interest 4. INVESTMENT MANAGEMENT COSTS Support costs 5. CHARITABLE ACTIVITIES COSTS Charitable donation 6. GRANTS PAYABLE Charitable donation |
Direct Costs £ 3,152 |
28.2.22 £ 24,478 28.2.22 £ 138,931 33,636 262 172,829 28.2.22 £ 72,213 Grant funding of activities (see note 6) £ 60,009 28.2.22 £ 60,009 |
28.2.21 £ - 28.2.21 £ 132,970 6,910 522 |
|---|---|---|---|
| 140,402 | |||
| 28.2.21 £ 43,349 Totals £ 63,161 28.2.21 £ 102,919 |
continued...
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CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Investment management costs | 72,213 | - | - | 72,213 |
| Other resources expended | 143 | 2 | 3,600 | 3,745 |
| 72,356 | 2 | 3,600 | 75,958 | |
| Support costs, included in the above, are as follows: | ||||
| 28.2.22 | 28.2.21 | |||
| Investment | Other | |||
| management | resources | Total | Total | |
| costs | expended | activities | activities | |
| £ | £ | £ | £ | |
| Rates and water | 5,435 | - | 5,435 | 5,994 |
| Insurance | 3,690 | - | 3,690 | 3,337 |
| Light and heat | 3,248 | - | 3,248 | 2,209 |
| Telephone | 396 | - | 396 | 258 |
| Postage and stationery | - | 143 | 143 | 26 |
| Travelling | 454 | - | 454 | 967 |
| Professional fees | 22,861 | - | 22,861 | 9,654 |
| Management commission | 16,672 | - | 16,672 | 15,956 |
| Repair and maintenance | 12,310 | - | 12,310 | 9,051 |
| Cleaning expenses | 2,282 | - | 2,282 | 2,369 |
| Letting fees | 4,865 | - | 4,865 | - |
| Bank charges | - | 2 | 2 | 24 |
| Independent examination fees | - | 3,600 | 3,600 | 3,600 |
| 72,213 | 3,745 | 75,958 | 53,445 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2022 nor for the year ended 28 February 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2022 nor for the year ended 28 February 2021.
continued...
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CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Investment management costs Charitable activities Charitable donation Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. INVESTMENT PROPERTY FAIR VALUE At 1 March 2021 Additions At 28 February 2022 NET BOOK VALUE At 28 February 2022 At 28 February 2021 |
Unrestricted fund £ 140,402 43,349 43,349 103,151 10,096 156,596 (16,194) 4,965,528 4,949,334 £ 3,842,671 28,698 3,871,369 3,871,369 3,842,671 |
|
|---|---|---|
continued...
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CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 12. CURRENT ASSET INVESTMENTS Listed investments 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 14. MOVEMENT IN FUNDS At 1.3.21 £ Unrestricted funds General fund 4,949,334 TOTAL FUNDS 4,949,334 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 197,307 TOTAL FUNDS 197,307 |
28.2.22 £ - 28.2.22 £ 452,037 28.2.22 £ - 36,979 36,979 Net movement in funds £ 58,188 58,188 Resources expended £ (139,119) (139,119) |
28.2.21 £ 23,912 28.2.21 £ 452,037 |
28.2.21 £ 23,912 28.2.21 £ 452,037 |
|||
|---|---|---|---|---|---|---|
| 28.2.21 £ 17,031 44,636 61,667 At 28.2.22 £ 5,007,522 |
||||||
| 5,007,522 | ||||||
| Movement in funds £ 58,188 58,188 |
||||||
| 58,188 |
continued...
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CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.3.20 £ Unrestricted funds General fund 4,965,528 TOTAL FUNDS 4,965,528 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 140,402 TOTAL FUNDS 140,402 A current year 12 months and prior year 12 months combined position is as follows: At 1.3.20 £ Unrestricted funds General fund 4,965,528 TOTAL FUNDS 4,965,528 |
Net movement in funds £ (16,194) (16,194) Resources expended £ (156,596) (156,596) Net movement in funds £ 41,994 41,994 |
At 28.2.21 £ 4,949,334 |
|
|---|---|---|---|
| 4,949,334 | |||
| Movement in funds £ (16,194) (16,194) At 28.2.22 £ 5,007,522 |
|||
| 5,007,522 |
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 £ 337,709 337,709 |
Resources Movement expended in funds £ £ (295,715) 41,994 (295,715) 41,994 |
Resources Movement expended in funds £ £ (295,715) 41,994 (295,715) 41,994 |
|---|---|---|---|
| 41,994 |
continued...
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CLYMER CHARITABLE INCORPORATED ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 February 2022.
Page 15