Charity number: 264437
THE ARNOLD LEE CHARITABLE TRUST UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE ARNOLD LEE CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 20 |
THE ARNOLD LEE CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021
Trustees
Alan Lee Edward Lee
Charity registered number 264437 Principal office Palladium House 1-4 Argyll Street London W1F 7LD Accountants Blick Rothenberg Limited Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH
Page 1
THE ARNOLD LEE CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report together with the financial statements of the Charity for the 6 April 2020 to 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and the relevant version of 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).
Objectives and activities
a. Policies and objectives
The trust's objectives are to distribute the income and capital of the trust for any charitable purpose or objective.
The policies adopted in furtherance of these objectives are to distribute grants, on application, to established charities of high repute and there has been no change in these policies during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
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, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
The trust continued to make donations to various entities linked to the Jewish community, keeping in mind its duty to the public and its founding objectives.
During the year the Trustees have examined requests from a large number of institutions and have made grants amounting to £242,038 (2020: £210,128) to 31 (2020 - 36) institutions.
The largest were:
-
Aish Hatorah - £31,250 (2020: £12,498) - Jewish education and experiences for young Jews in the UK.
-
Western Marble Arch Synagogue - £10,090 (2020: £8,763) - Jewish place of worship.
-
Jewish Care - £20,000 (2020: £10,000) - health and social care services for the Jewish community in the UK.
-
Jewish Homes Emergency Appeal - £10,000 (2020: £nil)- emergency appeal to the most vulnerable individuals to Covid-19 in the Jewish community.
-
London School of Jewish Studies - £25,000 (2020: £nil) - provides adult educational courses and training to the Jewish community.
-
Prism- £10,000 (2020: £nil)- registered charity whose mission is to increase the flow of funds into the charitable sector by creating efficiencies.
-
Jewish Future Trust - £50,000 (2020: £nil) - platform to unite diverse educational organisations for Jewish people.
The remaining grants were for less than £10,000.
Page 2
THE ARNOLD LEE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in note 2.2 within the accounting policies.
b. Reserves policy
The reserves of the Charity as at 5 April 2021, which relate entirely to unrestricted funds amount to £1,726,531 (2020: £1,674,039). The free reserves of the trust as at 5 April 2021, which exclude the investments, amounted to £596,531 (2020: £674,039). It is the policy of the charity to maintain its funds in long and medium term investments and to generate regular income to meet its annual expenditure. Additionally, the trust maintains sufficient liquid funds to respond to emergency applications for grants which arise from time to time.
c. Risk management
The Trustees continued to keep risk management at the forefront of their discussions. Risks are considered in the areas of investment policy and performance, governance effectiveness and grant making. As a result of the major risks identified, a number of mitigating actions were taken.
The Trustees' aim is to continue their work and to continue funding charitable causes at the present level and therefore meet the trust's objectives.
Page 3
THE ARNOLD LEE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
d. Results for the year
The Statement of Financial Activities set out on page 6 of the financial statements shows how the Trust's incoming resources have been expended during the year ended 5 April 2021.
Total incoming resources amounted to £172,502 (2020: £124,357), comprising investment income of £122,502 (2020: £124,357) and donations of £50,000 (2020: Nil).
Total expenditure for the year was £250,010 (2020: £217,415), which included grants paid to charitable institutions of £245,038 (2020: £210,128) and governance costs of £7,972 (2020: £7,287).
The revaluation of the Trust’s investment property was £130,000 (2020: loss on disposal of investment property of £261,868).
Accordingly, the surplus for the year was £52,492 (2020: deficit of £354,926). After brining in the brought forward reserves of £1,674,039 (2020: £2,028,965), the closing restricted funds at 5 April amounted to £1,726,531 (£1,674,039).
The statement of financial position set out on page 7 of the financial statements shows the financial position of the Trust at 5 April 2021.
The Trust owns one investment property, which is valued at £1,130,000 (2020: £1,000,000).
Net current assets of £596,531 (2020: £674,039) is represented by debtors of £178,445 (2020: £91,866) plus cash at bank and in hand of £470,411 (2020: £613,566), less current liabilities of £52,325 (2020: £31,393).
Total net assets amount to £1,726,531 (2020: £1,674,039), which is represented by the closing balance on the unrestricted funds.
e. Funds held as agent
As at 5 April 2021, the Trust held £22,294 as agent. Further details are set out in note 18 to the financial statements.
Structure, governance and management
a. Constitution
The Trust is an unincorporated charity, constituted under a trust deed on 17 July 1972 and registered with the Charity Commission. The Trust was established by an initial gift from Arnold Lee in 1972, and over the years the Lee family has made substantial gifts to the charity. The trust does not actively fundraise and seeks to continue its philanthropic work through careful stewardship of its existing resources.
The Arnold Lee Charitable Trust is a registered charity, number 264437, and is constituted under a Trust deed. The address of the principal office is Palladium House, 1-4 Argyll Street, London, W1F 7LD.
Page 4
THE ARNOLD LEE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The Trust is administered on a day to day basis by its executive Trustee, Alan Lee.
The Trustees who served during the year were: Alan Lee Edward Lee
The Trustees are appointed in accordance with the deed of appointment and retirement signed on 14 April 2011. The Trustees meet regularly, as needed, to consider the trust's recruitment needs, reviewing its investment strategy and authorising all grants. The trust is aware of the need to provide training to its Trustees as considered necessary.
There are no specific restrictions imposed by the governing document concerning the way the trust can operate.
There are no restrictions on the trust's power to invest.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Alan Lee (Trustee)
Date: 10 March 2022
Page 5
THE ARNOLD LEE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021
Independent Examiner's Report to the Trustees of The Arnold Lee Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Responsibilities and Basis of Report
As the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.
Signed: Dated: 14 March 2022
Marc Levy FCA
Blick Rothenberg Limited
Chartered Accountants 16 Great Queen Street Covent Garden London WC2B 5AH
Page 6
THE ARNOLD LEE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net expenditure before net losses on investments Net losses on disposal of investment property Net movement in funds before other recognised gains Other recognised gains: Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 50,000 122,502 172,502 250,010 250,010 (77,508) - (77,508) 130,000 52,492 1,674,039 52,492 1,726,531 |
Total funds 2021 £ 50,000 122,502 172,502 250,010 250,010 (77,508) - (77,508) 130,000 52,492 1,674,039 52,492 1,726,531 |
Total funds 2020 £ - 124,357 124,357 217,415 217,415 (93,058) (261,868) (354,926) - (354,926) 2,028,965 (354,926) 1,674,039 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
THE ARNOLD LEE CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2021
| Note Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds Total funds |
178,445 470,411 648,856 (52,325) |
2021 £ 1,130,000 1,130,000 596,531 1,726,531 1,726,531 1,726,531 1,726,531 |
91,866 613,566 705,432 (31,393) |
2020 £ 1,000,000 |
|---|---|---|---|---|
| 1,000,000 674,039 |
||||
| 1,674,039 | ||||
| 1,674,039 | ||||
| 1,674,039 | ||||
| 1,674,039 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Alan Lee (Trustee)
Date: 10 March 2022
The notes on pages 9 to 20 form part of these financial statements.
Page 8
THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. General information
The Arnold Lee Charitable Trust is a charitable trust registered at the Charities Commission in England and Wales with charity number 264437. The principal office is Palladium House, 1-4 Argyll Street, London, W1F 7LD.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the relevant version of 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Arnold Lee Charitable Trust meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
Having considered post year-end financial results and cash reserves, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Page 9
THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investment properties held as fixed assets are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
Page 10
THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.8 Financial instruments
The Charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Charity becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
The Charity’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Page 11
THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
2. Accounting policies (continued)
Financial instruments (continued)
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Valuation of investment properties
The investment properties were valued at a fair value of £1,130,000 by a Trustee. The Trustee is a Chartered Surveyor with experience in the commercial property investment market. However, there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
4. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | 50,000 | 50,000 | - |
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THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
5. Investment income
| Unrestricted funds 2021 £ Investment income - local investment properties 107,428 Investment income - interest 15,074 122,502 Unrestricted funds 2020 £ Investment income - local investment properties 123,840 Investment income - other foreign investments 517 124,357 |
Total funds 2021 £ 107,428 15,074 |
|---|---|
| 122,502 | |
| Total funds 2020 £ 123,840 517 |
|
| 124,357 |
Page 14
THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Direct costs 250,010 Unrestricted funds 2020 £ Direct costs 217,415 |
Total funds 2021 £ 250,010 |
|---|---|
| Total funds 2020 £ 217,415 |
7. Analysis of expenditure by activities
| Direct costs Direct costs |
Governance costs 2021 £ 7,972 Governance costs 2020 £ 7,287 |
Grant funding of activities 2021 £ 242,038 Grant funding of activities 2020 £ 210,128 |
Total funds 2021 £ 250,010 |
|---|---|---|---|
| Total funds 2020 £ 217,415 |
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THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
8. Analysis of governance costs
| Legal and professional fees Bank charges |
2021 £ 7,918 54 7,972 |
2020 £ 7,244 43 |
|---|---|---|
| 7,287 |
9. Analysis of grants
| Grants, Direct costs Grants, Direct costs |
Grants to Institutions 2021 £ 242,038 Grants to Institutions 2020 £ 210,128 |
Total funds 2021 £ 242,038 |
|---|---|---|
| Total funds 2020 £ 210,128 |
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THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
The charity has made the following material grants to institution during the year:
| Name of institution Chabad of Bloomsbury Aish Hatorah Mesila UK Western Marble Arch Synagogue Policy Exchange Yeshua Adler Memorial Fund Jewish Care St John Hospice Friends of Ascent Jewish Homes Emergency Appeal London School of Jewish Studies Prism Jewish Future Trust Other grants below £10,000 |
2021 £ - 31,250 - 10,090 - 7,500 20,000 - - 10,000 25,000 10,000 50,000 78,198 242,038 |
2020 £ 10,000 12,498 20,000 8,763 25,000 10,000 10,000 10,000 10,000 - - - - 93,867 |
|---|---|---|
| 210,128 |
10. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,100 (2020 - £3,100).
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 5 April 2021, no Trustee expenses have been incurred (2020 - £NIL).
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THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
12. Fixed asset investments
| Cost or valuation At 6 April 2020 Revaluations At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020 |
Investment Properties £ 1,000,000 130,000 |
|---|---|
| 1,130,000 | |
| 1,130,000 | |
| 1,000,000 |
On 5 April 2021 the investment properties were valued at £1,130,000 by a Trustee. The Trustee is a Chartered Surveyor with experience in the commercial property investment market.
13. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2021 £ 8,269 163,652 6,524 178,445 |
2020 £ 6,169 76,237 9,460 |
|---|---|---|
| 91,866 |
14. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 3,762 21,154 27,409 52,325 |
2020 £ 4,392 - 27,001 |
|---|---|---|
| 31,393 |
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THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
15. Financial instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 470,411 | 613,566 |
Financial assets measured at fair value through income and expenditure comprise bank and cash.
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 1,130,000 Current assets 648,856 Creditors due within one year (52,325) Total 1,726,531 |
Total funds 2021 £ 1,130,000 648,856 (52,325) |
|---|---|
| 1,726,531 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 1,000,000 705,432 (31,393) 1,674,039 |
Total funds 2020 £ 1,000,000 705,432 (31,393) |
|---|---|---|
| 1,674,039 |
17. Funds held as agent
During the period the Trust received £22,294 from a company which was in the process of being liquidated. The funds have been earmarked for charitable purposes and are being held by the Trust as agent until a suitable charity has been found.
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THE ARNOLD LEE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
18. Related party transactions
During the year, donations totalling £50,000 (£2020: Nil) were received from the Charity's Trustees.
Additionally, the following grants were made to charities with common Trustees:
-
Institute of Jewish Studies £Nil (2020: £6,000)
-
Chabad of Bloomsbury £Nil (2020: £10,000)
Included in expenditure is a balance of £3,808 (2020: £4,165) paid to company owned by a related party.
At 5 April 2021, the trust was owed £70,000 (2020: nil) from Princeton Property Partners Limited, a company in which the Trustees have an interest. Interest of £6,195 accrued in respect of the loan for the period to 5 April 2021. The loan and the interest were repaid after the year end.
At 5 April 2021, the trust was owed £19,839 (2020: £19,839) from Princeton Investments Limited, a company in which the Trustees have an interest. Interest of £8,722 accrued in respect of the loan for the period to 5 April 2021. The loan and the interest were repaid after the year end.
Page 20