REGISTERED CHARITY NUMBER: 259372
THE KUPAH CHARITABLE TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
THE KUPAH CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 | ||
| Notes to the Financial Statements | 7 | to | 10 |
THE KUPAH CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022
| TRUSTEES | Rabbi S Friedman |
|---|---|
| Mrs S Weiss | |
| PRINCIPAL ADDRESS | 105 Osbaldeston Road |
| London | |
| N16 6NP | |
| REGISTERED CHARITY | 259372 |
| NUMBER | |
| INDEPENDENT EXAMINER | Sugarwhite Meyer Accountants Ltd |
| First Floor | |
| 94 Stamford Hill | |
| London | |
| N16 6XS | |
| BANKERS | HSBC Bank plc |
| 312 Seven Sisters Road | |
| Finsbury Park | |
| London | |
| N4 2AW |
Page 1
THE KUPAH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are the relief of poor, needy and sick and the advancement of Jewish Religious Education.
The trustees confirm that they have referred to 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.
Grantmaking
Grants are made to charitable institutions, organisations and individuals which accord with the objects of the charity.The trustees are approached for donations by a wide variety of charitable institutions operating all over England. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.The trustees consider all requests which they receive and make donations based on the needs of the applicant and the level of funds available.
ACHIEVEMENT AND PERFORMANCE
Review of activities
The trustees are satisfied with the results for the year. During the year, the charity purchased an additional investment property during the year which will generate further income to be used in furtherance of the charity's objects. Overall income decreased by just over 30% for the year, this being attributable to a reduction in donations received. That notwithstanding, the trustees maintained grantmaking in line with the previous year, leaving a surplus for the year.
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which include the free reserve of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity. Reserves at the year end were £1,477,506 (2021 - £1,401,586) of which £419,912 (2021 - £757,774) were free reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution
The charity was established by Deed of Trust dated 21 March 1969.
Organisational structure
The day-to-day affairs of the company are administered by the trustees.The power to appoint new trustees is vested in the current board. It is not the intention of the trustees 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 reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.
Page 2
THE KUPAH CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
Approved by order of the board of trustees on 20 March 2023 and signed on its behalf by:
Rabbi S Friedman - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KUPAH CHARITABLE TRUST
Independent examiner's report to the trustees of The Kupah Charitable Trust
I report to the charity trustees on my examination of the accounts of The Kupah Charitable Trust (the Trust) for the year ended 31 March 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:
-
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
20 March 2023
Page 4
THE KUPAH CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds Charitable activities 3 Grantmaking Support costs Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 175,340 59,658 234,998 9,022 148,181 1,875 159,078 75,920 1,401,586 1,477,506 |
2021 Total funds £ 280,599 56,895 |
|---|---|---|
| 337,494 | ||
| 2,192 149,745 1,716 |
||
| 153,653 | ||
| 183,841 1,217,745 |
||
| 1,401,586 |
The notes form part of these financial statements
Page 5
THE KUPAH CHARITABLE TRUST
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Investment property 7 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 Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 1,049,594 38,000 391,412 429,412 (1,500) 427,912 1,477,506 1,477,506 1,477,506 1,477,506 |
2021 Total funds £ 635,812 38,000 729,274 767,274 (1,500) 765,774 1,401,586 1,401,586 1,401,586 1,401,586 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 March 2023 and were signed on its behalf by:
Rabbi S Friedman - Trustee
The notes form part of these financial statements
Page 6
THE KUPAH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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, as modified by the revaluation of certain assets.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
Income
Income received by way of donations is included in full in the Statement of Financial Activities when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Expenditure is recognised in the year in which it incurs and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.
Raising funds are the costs of generating income and do not include the costs of disseminating information in support of the charitable activities.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
Investment property fair value is determined by the trustees based on professional valuations, their understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.
Taxation
The charity is exempt from tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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THE KUPAH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 2. | INVESTMENT INCOME | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| £ | £ | |||||
| Rents received | 59,658 | 56,895 | ||||
| 3. | CHARITABLE ACTIVITIES COSTS | |||||
| Grant | ||||||
| funding | of | |||||
| activities | Support | |||||
| (see note | costs (see | |||||
| 4) | note 5) | Totals | ||||
| £ | £ | £ | ||||
| Grantmaking | 148,181 | - | 148,181 | |||
| Support costs | - | 1,875 | 1,875 | |||
| 148,181 | 1,875 | 150,056 | ||||
| 4. | GRANTS PAYABLE | |||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Grantmaking | 148,181 | 149,745 | ||||
| The total grants paid to institutions during the year was as follows: | ||||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Advancement of education | 14,335 | 56,060 | ||||
| Relief of poverty | 26,045 | 10,435 | ||||
| Advancement of religion | 68,740 | 72,235 | ||||
| Medical | 9,180 | 1,215 | ||||
| Social welfare | 10,050 | - | ||||
| 128,350 | 139,945 | |||||
| The Well Trust Limited | 50,000 | |||||
| Be'er Yitzchok Trust | 10,000 | |||||
| Chasdei Dov Trust | 10,000 | |||||
| Orah Vesimcha | 10,000 | |||||
| Toimchei Shabbos Manchester | 5,000 | |||||
| Others under £5,000 | 43,350 | |||||
| 128,350 | ||||||
| The total grants paid to individuals during the year was as follows: | ||||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Relief of poverty | 19,831 | 9,800 |
Page 8
THE KUPAH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 21 | 1,854 | 1,875 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 21 | 90 | |
| Governance costs | |||
| 2022 | 2021 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Independent examiner's fee | 360 | 360 | |
| Independent examiner's other fees | 1,140 | 1,140 | |
| General expenses | 354 | 126 | |
| 1,854 | 1,626 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
7. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
£ 635,812 413,782 |
| 1,049,594 | |
| 1,049,594 | |
| 635,812 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
Page 9
THE KUPAH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Tax recoverable 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2022 £ 8,000 30,000 38,000 2022 £ 1,500 |
2021 £ 8,000 30,000 |
|---|---|---|
| 38,000 | ||
| 2021 £ 1,500 |
10. RELATED PARTY DISCLOSURES
The charity received an unrestricted donation of £120,000 from a trustee.
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