REGISTERED CHARITY NUMBER: 1187800
BENLEY (CIO)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
BENLEY (CIO)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 12 |
BENLEY (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OCTOBER 2022
TRUSTEES B B Springer H M Springer M Bodner (appointed 14.11.21) M Stimler (appointed 14.11.21) PRINCIPAL ADDRESS 15 Courtleigh Gardens London NW11 9JX REGISTERED CHARITY 1187800 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc 278 Hoe Street London E17 9QE
Page 1
BENLEY (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 October 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).
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives for the public benefit
The charity's objects are for such purposes as are recognised by English Law as charitable and in furtherance of the objects below:
a) The advancement of the Orthodox Jewish religion for the public benefit by providing grants to synagogues and other religious charities for the provision of religious objects, prayer books and other religious study books, and for the public celebration of religion festivals.
b) The advancement of Orthodox Jewish education and education in general by providing grants to educational institutions.
c) The relief of poverty for the public benefit by providing grants to other charities working to prevent or relieve poverty and to individuals.
d) The relief of sickness and infirmity for the public benefit by providing grants to other charities working to relieve sickness and infirmity and to individuals.
The trustees confirm that they have given due regard to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the charity and in planning its future activities and setting the grant making policy for the year.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees feel the year was a good one in terms of income received by the charity. Contributions were made to other charities which accord with the objects of Benley.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
Reserves at the year end stood at £1,427,781 (2021 - £948,980) of which £304,181 were free reserves (2021 - £948,980).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a CIO - Foundation, its constitution dated 6 February 2020.
Page 2
BENLEY (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
It is not the intention of the trustees 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 reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
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).
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
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
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.
Approved by order of the board of trustees on 30 August 2023 and signed on its behalf by:
Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BENLEY (CIO)
Independent examiner's report to the trustees of Benley (CIO)
I report to the charity trustees on my examination of the accounts of Benley (CIO) (the Trust) for the year ended 31 October 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
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 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.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
30 August 2023
Page 4
BENLEY (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Grantmaking Support costs Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 750,000 44,806 794,806 313,420 2,585 316,005 478,801 948,980 1,427,781 |
2021 Total funds £ 950,000 - |
|---|---|---|
| 950,000 | ||
| - 1,020 |
||
| 1,020 | ||
| 948,980 - |
||
| 948,980 |
The notes form part of these financial statements
Page 5
BENLEY (CIO)
BALANCE SHEET 31 OCTOBER 2022
| Notes CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 1,123,600 307,661 1,431,261 (3,480) 1,427,781 1,427,781 1,427,781 1,427,781 1,427,781 |
2021 Total funds £ - 950,000 950,000 (1,020) 948,980 948,980 948,980 948,980 948,980 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 August 2023 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
Page 6
BENLEY (CIO)
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (687,145) | 950,000 |
| Net cash (used in)/provided by operating activities | (687,145) | 950,000 | |
| Cash flows from investing activities | |||
| Interest received | 44,806 | - | |
| Net cash provided by investing activities | 44,806 | - | |
| Change in cash and cash equivalents | |||
| in the reporting period | (642,339) | 950,000 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 950,000 | - | |
| Cash and cash equivalents at the end | |||
| of the reporting period | 307,661 | 950,000 |
The notes form part of these financial statements
Page 7
BENLEY (CIO)
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 478,801 | 948,980 | |
| Adjustments for: | |||
| Interest received | (44,806) | - | |
| Increase in debtors | (1,123,600) | - | |
| Increase in creditors | 2,460 | 1,020 | |
| Net cash (used in)/provided by operations | (687,145) | 950,000 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.11.21 | Cash flow | At 31.10.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 950,000 | (642,339) | 307,661 |
| 950,000 | (642,339) | 307,661 | |
| Total | 950,000 | (642,339) | 307,661 |
The notes form part of these financial statements
Page 8
BENLEY (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 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. Income received by way of donations is accounted for when received.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Interest receivable |
2022 £ 750,000 2022 £ 44,806 |
2021 £ 950,000 |
|---|---|---|
| 2021 £ - |
Page 9
BENLEY (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note 5) £ Grantmaking 313,420 Support costs - 313,420 5. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Advancement of education Social welfare Relief of poverty Tchabe Kollel Limited Friends of Mercaz Hatorah Belz Macnivka Friends of Beis Soroh Schneirer Mifal Hachesed Vehatzedokoh Friends of Beis Chinuch Lebonos Trust Sharei Chaim Edupoor Limited British Friends of Igud Hakolelim B'Yerushalayim Others below £15,000 |
Support costs (see note 6) £ - 2,585 2,585 2022 £ 313,420 2022 £ 107,600 101,420 34,300 70,100 313,420 47,500 28,600 27,000 22,200 21,600 18,000 17,100 16,500 114,920 313,420 |
Totals £ 313,420 2,585 |
|
|---|---|---|---|
| 316,005 | |||
| 2021 £ - |
|||
| 2021 £ - - - - |
|||
| - | |||
Page 10
BENLEY (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 125 | 2,460 | 2,585 |
| Support costs, included in the above, are as follows: | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 125 | - | |
| Independent examiner's fee | 900 | 510 | |
| Independent examiner's other fees | 1,020 | 510 | |
| Legal and professional fees | 540 | - | |
| 2,585 | 1,020 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2022 nor for the year ended 31 October 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2022 nor for the year ended 31 October 2021.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
|---|---|---|---|
| Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.11.21 £ Unrestricted funds General fund 948,980 TOTAL FUNDS 948,980 |
2022 £ 1,123,600 2022 £ 3,480 Net movement in funds £ 478,801 478,801 |
2021 £ - |
|
| 2021 £ 1,020 At 31.10.22 £ 1,427,781 1,427,781 |
2021 £ 1,020 |
Page 11
BENLEY (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2022
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 794,806 794,806 |
Resources Movement expended in funds £ £ (316,005) 478,801 (316,005) 478,801 |
|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement in funds £ 948,980 948,980 |
At 31.10.21 £ 948,980 |
|---|---|---|
| 948,980 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 950,000 950,000 |
Resources Movement expended in funds £ £ (1,020) 948,980 (1,020) 948,980 |
|---|---|---|
11. RELATED PARTY DISCLOSURES
The charity received unrestricted donations totalling £750,000 from charities in which a close family member of a Trustee has an interest.
Other debtors include a loan of £720,000 to Callmount Ltd, a company with a Trustee/Director in common, the loan bears interest at 6% p.a.and is secured.
Page 12