CHARITY REGISTRATION NUMBER: 1186036
PAGET C.I.O
UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2021
COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road London NW11 0PU
PAGET C.I.O
FINANCIAL STATEMENTS
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
PAGET C.I.O
TRUSTEES' ANNUAL REPORT
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
The trustees present their report and the unaudited financial statements of the charity for the period ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Paget C.I.O Charity registration number 1186036 Principal office 5 Paget Road London N16 5ND THE TRUSTEES Mr Richard Spitzer (Appointed 29 October 2019) Mr Neil Spitzer (Appointed 29 October 2019) Mr Ruben Spitzer (Appointed 29 October 2019) Mrs Esther Spitzer (Appointed 29 October 2019)
INDEPENDENT EXAMINER David Goldberg FCA, DChA
New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is constituted and governed as a CIO.
The day-to-day affairs of the charity are administered by the trustees. None of the trustees have any beneficial interest in the charity.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and procedures.
OBJECTIVES AND ACTIVITIES
The charity's objects and its principal activity continues to be that providing grants for the enhancement of education and religion, for the relief of poverty and other charitable purposes according to English law.
The charity receives income from voluntary donations and investments which it utilises in the provision and distribution of grants and donations.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant making policy
Grants are made to charitable institutions, organisations and to individuals in accordance with the objects of the charity.
The trustees are approached for donations by a wide variety of charitable institutions and individuals operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.
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PAGET C.I.O TRUSTEESI ANNUAL REPORT (coKthAfed) PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021 ACHIEVEMENTS AND PERFORMANCE During the yf ar the charity started its philanthropic activities in support of religious, educational and other charitsble institutions and individuals and, aggregate donations in the sum of £20,847 were paid in the period to 31 Mawh 2021. The financial results of the charity's activities for the period ended 31 March 2021 are fully reflected in the attached financial statements togeiher with the noies ihereon. FINAf4CIAL REVIEW Reserve Poli¢y It is the policy of the charity to maintain unrestricted funds, ai a level which the Irustees think appropriate, after considering the future commitments ol the chariiy and the likely costs of the chariry for the next year. A5 at 31 March 2021 Ihe Charity has total funds of £575.154. all of which are unrestri¢ted funds. Investment Powers and Policy and Objectives Under the governing document, the ¢hariiy has the power to make any investment. which the trustees see fit. The trustees regularly review the charity's Position and needs in respe¢t of the investment policy. The charity's investment policy is to make investments of its free funds which provide a s¢cure 51ream of income with poteniial for increases in ¢apit8] growth with particular preference for low risk secure syndicaies investments. Risk Management The trustees have identified and reviewed the major risks to which the charity is ¢xposed, in particular Ihose related lo the op¢rations and finance of the charify, and are satisfied ihat sysiems are in pla¢e to manage those risks. PLANS FOR FUTURE PERIODS The irust¢es plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained. The Irustees, annual report was approved on 27 January 2022 and signed on behalf of the board of trusiees by-. MR R SPITZER Tnjstee
PAGET C.I.O INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAGET C.I.O PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021 I report to the trust¢¢s ott my examination of the financial slatcmcnis of Pag¢t C.l.O {'th¢ Chari) for the period ended 31 Mkr¢h 2021. REsPONSIBIL[Es AND BASIS OF REPORT As the tNstees of the charity you are responsible for the prepar2tlDn of the financial statements in a¢¢ordan¢e with the requirements of the Charities Act 2011 ('Ihe Act,). I report in respect of my examination of the charity's finllncial statements carried out under se¢tion 145 of the 201 l Act and in ¢arrying out my ex&mination I havc followed all the applie&ble Directions givcn by thc Charity Commission under section 145(5)(b) of the Act. INDEPETrIDENT EXAMINER'S STATEMENT Since the charity's gross incom¢ ex¢ced¢d £250,000 your examiner must be & member of a body listed in scction 145 of the 2011 A¢t. l ¢onfinn that l am qualified to undertake the examinolion because I am a member of Ihc Insti1¢ of Chartered Accountants in England and Wales {ICAEW), which is one of the listed bodies. I have ¢ompl¢ted my examination. I conf]rn) that no muteriftl matters have come to my attention in connection with the examination giving me causc to b¢li¢ve that in any matrrial respect.. accountin8 records were not kept in respect of the chuity as required by section 130 of the the financial stat¢m¢nts do not accord with those records. or the financial siatements do not comply with rhe applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any rcquiremcnt that Ihc o¢counts give a 'true and fair, vi¢w which 15 not a matter considcrcd as part of an ind¢pcnd¢nt examination. I have no concerns and have come across no other matters in ronnertion wilh the examination lo which ottention should be drawn in this rcport in order io enable a proper understanding of th¢ accounrs ro be roached. DAVID GO Indepe ew Burlington Housc 1075 Finchley Road London NWII OPU BERG FCA. DCHA t Ex&min¢r 27 January 2022
PAGET C.I.O
STATEMENT OF FINANCIAL ACTIVITIES
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
| Period from 29 Oct 19 to | Period from 29 Oct 19 to | ||
|---|---|---|---|
| 31 Mar 21 | |||
| Unrestricted | |||
| fundsTotal funds | |||
| Note | £ | £ | |
| INCOME AND ENDOWMENTS | |||
| Donations | 4 | 541,762 | 541,762 |
| Investment income | 5 | 59,639 | 59,639 |
| ------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 601,401 | 601,401 | |
| ===================================== | ===================================== | ||
| Expenditure | |||
| Expenditure on charitable activities | 6,7 | (26,247) | (26,247) |
| ------------------------------------- | ------------------------------------- | ||
| TOTAL EXPENDITURE | (26,247) | (26,247) | |
| ===================================== | ===================================== | ||
| ------------------------------------- | ------------------------------------- | ||
| NET INCOME AND NET MOVEMENT IN FUNDS | 575,154 | 575,154 | |
| ===================================== | ===================================== | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | – | – | |
| ------------------------------------- | ------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 575,154 | 575,154 | |
| ===================================== | ===================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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PAGET C.I.O STATEMEWf OF FINANCIAL POSITION 31 MARCH 2021 31 Mar 21 Note FIXED ASSETS nvestmenis li 264,031 CURRETrif ASSETS Debtors Cash at bank and in hand 12 1,204 315,319 316,523 (5,400) CREDITORS: amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS 13 311.123 575,154 575.154 FUNDS OF THE CHARITY Unrestricted funds TOTAL CHARITY FUNDS These financial statements were approved by the board of truslees and authori5¢d for issu¢ on 27 Jan 22, and are signed on behalf of the board by.. 575,154 575,154 14 MR R SPITZER Trustee The llot¢$ pAges 7 to 11 form part of these fiDoDci81 ytAttm¢nts.
PAGET C.I.O
STATEMENT OF CASH FLOWS
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
| 31 Mar 21 | |
|---|---|
| £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |
| Net income | 575,154 |
| Adjustments for: | |
| Dividends, interest and rents from investments | (59,639) |
| Accrued expenses | 5,400 |
| Changes in: | |
| Trade and other debtors | (1,204) |
| ------------------------------------- | |
| Cash generated from operations | 519,711 |
| ------------------------------------- | |
| Net cash from operating activities | 519,711 |
| ===================================== | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |
| Dividends, interest and rents from investments | 59,639 |
| Purchases of investments | (298,988) |
| Proceeds from sale of investments | 34,957 |
| ------------------------------------- | |
| Net cash used in investing activities | (204,392) |
| ===================================== | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 315,319 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | – |
| ------------------------------------- | |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 315,319 |
| ===================================== |
The notes on pages 7 to 11 form part of these financial statements.
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PAGET C.I.O
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Paget Road, London, N16 5ND.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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PAGET C.I.O
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
3. ACCOUNTING POLICIES (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Charitable activities
Grants payable are charged to the statement of financial activities once the foundation has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
4. DONATIONS
| DONATIONS | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| DONATIONS | ||
| Donations | 541,762 | 541,762 |
| ===================================== | ===================================== |
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PAGET C.I.O
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
5. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Income from investments | 59,639 | 59,639 |
| =============================== | =============================== | |
| EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Grants and donations | 20,847 | 20,847 |
| Support costs | 5,400 | 5,400 |
| ------------------------------- | ------------------------------- | |
| 26,247 | 26,247 | |
| =============================== | =============================== |
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | |||
|---|---|---|---|
| undertaken | Total funds | ||
| directly | Support costs | 2021 | |
| £ | £ | £ | |
| Grants and donations | 20,847 | – |
20,847 |
| Governance costs | – | 5,400 |
5,400 |
| ------------------------------- | -------------------------- | ------------------------------- | |
| 20,847 | 5,400 |
26,247 | |
| =============================== | ========================== | =============================== | |
| The charity made grants towards the following | institutions: | ||
| 2021 | |||
| £ | |||
| British Friends Of Mosdos Tchernobel | 5,000 | ||
| Kollel Torah Ve Yirah Limited | 3,000 | ||
| JCOCI Educational Foundation Ltd | 2,250 | ||
| Chasdei Aharon Limited | 2,000 | ||
| Yesamach Levav | 1,130 | ||
| Chaim Charitable Company Limited | 1,000 | ||
| Friends Of Mercaz Hatorah Belz Macnivka | 500 | ||
| Donations below £500 | 5,967 | ||
| ------------------------------- | |||
| Total | 20,847 | ||
| =============================== |
Grants were made for the advancement of Jewish religion and education, and for the prevention or relief of poverty.
8. INDEPENDENT EXAMINATION FEES
| Period from | |
|---|---|
| 29 Oct 19 to | |
| 31 Mar 21 | |
| £ | |
| Fees payable to the independent examiner for: | |
| Independent examination of the financial statements | 2,040 |
| ========================== |
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PAGET C.I.O
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
9. STAFF COSTS
The average head count of employees during the period was Nil.
No employee received employee benefits of more than £60,000 during the year.
10. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any expenses incurred by the trustee for services provided to the charity.
11. INVESTMENTS
| INVESTMENTS | ||||
|---|---|---|---|---|
| Investments | ||||
| £ | ||||
| Cost or valuation | ||||
| At 29 October 2019 | – | |||
| Additions | 298,988 | |||
| Disposals | (34,957) | |||
| ------------------------------------- | ||||
| At 31 March 2021 | 264,031 | |||
| ===================================== | ||||
| Impairment | ||||
| At 29 October 2019 and 31 March 2021 | – | |||
| ===================================== | ||||
| Carrying amount | ||||
| At 31 March 2021 | 264,031 | |||
| ===================================== | ||||
| All investments shown above are held at valuation. | ||||
| DEBTORS | ||||
| 31 Mar 21 | ||||
| £ | ||||
| Trade debtors | 1,204 | |||
| ========================== | ||||
| CREDITORS: amounts falling due within | one year | |||
| 31 Mar 21 | ||||
| £ | ||||
| Accruals and deferred income | 5,400 | |||
| ========================== | ||||
| ANALYSIS OF CHARITABLE FUNDS | ||||
| Unrestricted funds | ||||
| At | At | |||
| 29 | October | 31 March | ||
| 2019 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| General funds | – | 601,401 | (26,247) | 575,154 |
| ================ | ===================================== | =============================== | ===================================== |
12. DEBTORS
13. CREDITORS: amounts falling due within one year
14. ANALYSIS OF CHARITABLE FUNDS
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PAGET C.I.O
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 29 OCTOBER 2019 TO 31 MARCH 2021
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2021 | |||
| £ | £ | |||
| Investments | 264,031 | 264,031 | ||
| Current assets | 316,523 | 316,523 | ||
| Creditors less than 1 year | (5,400) | (5,400) |
||
| ------------------------------------- | ------------------------------------- | |||
| Net assets | 575,154 | 575,154 | ||
| ===================================== | ===================================== | |||
| 16. | ANALYSIS OF CHANGES IN NET DEBT | |||
| At | At | |||
| 29 Oct 2019 | Cash flows | 31 Mar 2021 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | – | 315,319 | 315,319 | |
| ================ | ===================================== | ===================================== |
17. RELATED PARTIES
Included in donations is £541,762 received from related charities.
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