REGISTERED CHARITY NUMBER: 1174479
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2020
for
String of Pearls
Martin+Heller 5 North End Road London NW11 7RJ
String of Pearls
Contents of the Financial Statements for the Year Ended 31 August 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
String of Pearls
Report of the Trustees for the Year Ended 31 August 2020
The trustees present their report with the financial statements of the charity for the year ended 31 August 2020. 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 charity was established to advance the orthodox Jewish religion by making grants to orthodox Jewish religious educational institutions, in particular but not limited to, supporting a school for young persons under the age of twelve.The charity also supports the relief of poverty amongst persons of the Jewish faith.
Strategies for achieving objectives
The charity achieves its objectives by supporting the work of Peninim Primary School (an independent entity), based in the London Borough of Brent. The charity also makes various smaller grants to other bodies with an educational objective. The charity fundraises from the local community and beyond in order to be able to support its objectives.
Public benefit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
FINANCIAL REVIEW
Reserves policy
The charity does not maintain a reserves policy, as reserves are utilised when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objectives and the trustees consider the financial position of the charity to be satisfactory.
FUTURE PLANS
There are no significant future developments to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Decision making
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Induction and training of new trustees
It is not the intention of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1174479
Principal address
9 Woodville Road London NW11 9TP
Page 1
String of Pearls
Report of the Trustees for the Year Ended 31 August 2020
Trustees I Brief Mrs S C Muster J Barhorin
Independent Examiner
A Heller FCA 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ I Brief - Trustee
Page 2
Independent Examiner's Report to the Trustees of String of Pearls
Independent examiner's report to the trustees of String of Pearls
I report to the charity trustees on my examination of the accounts of String of Pearls (the Trust) for the year ended 31 August 2020.
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
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 registered member of ICAEW which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
A Heller FCA 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
String of Pearls
Statement of Financial Activities for the Year Ended 31 August 2020
| 31.8.20 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 307,872 EXPENDITURE ON Raising funds 10,385 Charitable activities Charitable activities 260,320 Total 270,705 NET INCOME 37,167 RECONCILIATION OF FUNDS Total funds brought forward 1,638 TOTAL FUNDS CARRIED FORWARD 38,805 |
31.8.19 Total funds £ 152,023 5,700 145,235 150,935 1,088 550 1,638 |
|---|---|
The notes form part of these financial statements
Page 4
String of Pearls
Balance Sheet 31 August 2020
| 31.8.20 | 31.8.19 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 5 | 73,965 | 10,386 |
| Cash at bank | 14,840 | 352 | |
| 88,805 | 10,738 | ||
| CREDITORS | |||
| Amounts falling due within one year | 6 | (3,333) | (9,100) |
| NET CURRENT ASSETS | 85,472 | 1,638 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 85,472 | 1,638 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 7 | (46,667) | - |
| NET ASSETS/(LIABILITIES) | 38,805 | 1,638 | |
| FUNDS | 9 | ||
| Unrestricted funds | 38,805 | 1,638 | |
| TOTAL FUNDS | 38,805 | 1,638 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. I Brief - Trustee
The notes form part of these financial statements
Page 5
String of Pearls
Notes to the Financial Statements for the Year Ended 31 August 2020
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.
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.
2. GRANTS PAYABLE
| Charitable activities | 31.8.20 £ 84,090 |
31.8.19 £ 101,586 |
|---|---|---|
Total grants paid to institutions during the year was £38,941 (2019: £84,586).
Total grants paid is comprised as follows:
| Give Youth A Break Pesach Project Other donations < £5,000 |
25,750 12,000 1,191 |
|---|---|
| 38,941 |
Page 6
continued...
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 152,023 | ||
| EXPENDITURE ON | |||
| Raising funds | 5,700 | ||
| Charitable activities | |||
| Charitable activities | 145,235 | ||
| Total | 150,935 | ||
| NET INCOME | 1,088 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 550 | ||
| TOTAL FUNDS CARRIED FORWARD | 1,638 | ||
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.8.20 | 31.8.19 | ||
| £ | £ | ||
| Other debtors | 73,965 | 10,386 |
continued...
Page 7
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.8.20 | 31.8.19 | 31.8.19 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Bank loans and overdrafts (see note 8) | 3,333 | - | |||
| Other creditors | - | 9,100 | |||
| 3,333 | 9,100 | ||||
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE | YEAR | |||
| 31.8.20 | 31.8.19 | ||||
| £ | £ | ||||
| Bank loans (see note 8) | 46,667 | - | |||
| 8. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 31.8.20 | 31.8.19 | ||||
| £ | £ | ||||
| Amounts falling due within one year on demand: | |||||
| Bank loans | 3,333 | - | |||
| Amounts falling between one and two years: | |||||
| Bank loans - 1-2 years | 10,000 | - | |||
| Amounts falling due between two and five years: | |||||
| Bank loans - 2-5 years | 30,000 | - | |||
| Amounts falling due in more than five years: | |||||
| Repayable by instalments: | |||||
| Bank loans more 5 yr by instal | 6,667 | - | |||
| 9. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1/9/19 | in funds |
31/8/20 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 1,638 | 37,167 | 38,805 | ||
| TOTAL FUNDS | 1,638 | 37,167 | 38,805 |
continued...
Page 8
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 307,872 307,872 |
Resources Movement expended in funds £ £ (270,705) 37,167 (270,705) 37,167 |
Resources Movement expended in funds £ £ (270,705) 37,167 (270,705) 37,167 |
|---|---|---|---|
| 37,167 |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/9/18 | in funds | 31/8/19 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 550 | 1,088 | 1,638 |
| TOTAL FUNDS | 550 | 1,088 | 1,638 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 152,023 152,023 |
Resources Movement expended in funds £ £ (150,935) 1,088 (150,935) 1,088 |
Resources Movement expended in funds £ £ (150,935) 1,088 (150,935) 1,088 |
|---|---|---|---|
| 1,088 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/9/18 | in funds | 31/8/20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 550 | 38,255 | 38,805 |
| TOTAL FUNDS | 550 | 38,255 | 38,805 |
continued...
Page 9
String of Pearls
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
9. MOVEMENT IN FUNDS - continued
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 £ 459,895 459,895 |
Resources Movement expended in funds £ £ (421,640) 38,255 (421,640) 38,255 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
Page 10
String of Pearls
Detailed Statement of Financial Activities for the Year Ended 31 August 2020
| 31.8.20 | 31.8.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 307,872 | 152,023 |
| Total incoming resources | 307,872 | 152,023 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising costs | 10,385 | 5,700 |
| Charitable activities | ||
| Funds expended on the school | 172,737 | 43,010 |
| Sundries | 3,493 | 639 |
| Grants to institutions | 38,941 | 84,586 |
| Grants to individuals | 45,149 | 17,000 |
| 260,320 | 145,235 | |
| Total resources expended | 270,705 | 150,935 |
| Net income | 37,167 | 1,088 |
This page does not form part of the statutory financial statements
Page 11