CHARITY REGISTRATION NUMBER: 265401
THE ANNIE SCHIFF CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS
5 APRIL 2022
COHEN ARNOLD
Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
THE ANNIE SCHIFF CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2022
| PAGES | |
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| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 10 |
THE ANNIE SCHIFF CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
YEAR ENDED 5 APRIL 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Annie Schiff Charitable Trust Charity registration number 265401 Principal office 64 Ballards Lane London N3 2BU
THE TRUSTEES
Mr J Pearlman Mrs R Pearlman Mrs Z Dansky Independent examiner D Goldberg FCA New Burlington House 1075 Finchley Road LONDON NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established by a charitable trust deed on 13 November 1973.
The overall responsibility for the Trust is vested in the Board of Trustees.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
OBJECTIVES AND ACTIVITIES
The Trust's charitable objectives are:
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For the relief of poverty generally and in payment to needy individuals of the Jewish faith who satisfy the trustees or any one of them of their poverty.
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For the advancement of education and in particular but without prejudice to the generality of the foregoing, the provision of facilities for any person or persons for the study of and instruction in Jewish religious literature.
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For the advancement of religion and in particular but without prejudice to the generality of the foregoing the advancement of the Jewish religion.
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For any other charitable purpose beneficial to the community.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
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THE ANNIE SCHIFF CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2022
ACHIEVEMENTS AND PERFORMANCE
During the year the charity made grants of £52,840 to other charities. The benefits that these charities provide include the provision of basic necessities and financial support to the poor; the relief of suffering in regard to illness and disabilities; Jewish education and places of worship for the Jewish community.
FINANCIAL REVIEW
The financial position of the trust is shown in page 5 to the accounts.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level to provide investment income and ensure that, in the event of a significant drop in funding, the trustees will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
PLANS FOR FUTURE PERIODS
The trustees 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 trustees' annual report was approved on 2 June 2022 and signed on behalf of the board of trustees by:
Mrs Z Dansky Trustee
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THE ANNIE SCHIFF CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ANNIE SCHIFF CHARITABLE TRUST
YEAR ENDED 5 APRIL 2022
I report to the trustees on my examination of the financial statements of The Annie Schiff Charitable Trust ('the charity') for the year ended 5 April 2022.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
D Goldberg FCA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
2 June 2022
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THE ANNIE SCHIFF CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 4,000 | 4,000 | 38,899 |
| Investment income | 5 | 35,308 | 35,308 | 35,308 |
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| Total income | 39,308 | 39,308 | 74,207 | |
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| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 52,840 | 52,840 | 61,060 |
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| Total expenditure | 52,840 | 52,840 | 61,060 | |
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| Net (expenditure)/income and net movement in funds | (13,532) | (13,532) | 13,147 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 81,586 | 81,586 | 68,439 | |
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| Total funds carried forward | 68,054 | 68,054 | 81,586 | |
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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 6 to 10 form part of these financial statements.
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THE ANNIE SCHIFF CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
5 APRIL 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 10 | 64,000 | 64,000 | ||
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 4,054 | 17,586 | |||
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| NET CURRENT ASSETS | 4,054 | 17,586 | |||
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| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 68,054 | 81,586 | |||
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| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 68,054 | 81,586 | |||
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| Total charity funds | 11 | 68,054 |
81,586 |
These financial statements were approved by the board of trustees and authorised for issue on 2 June 2022, and are signed on behalf of the board by:
Mrs Z Dansky Trustee
The notes on pages 6 to 10 form part of these financial statements.
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THE ANNIE SCHIFF CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2022
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 64 Ballards Lane, London, N3 2BU.
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 investment properties 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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THE ANNIE SCHIFF CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
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:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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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.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Fixed asset investments are initally recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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THE ANNIE SCHIFF CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
3. ACCOUNTING POLICIES (continued)
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.
4. DONATIONS AND LEGACIES
| 4. | DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| DONATIONS | |||||
| Donations and gifts | 4,000 | 4,000 | 38,899 | 38,899 | |
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| 5. | INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Dividends | 35,308 | 35,308 | 35,308 | 35,308 | |
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| 6. | EXPENDITURE ON CHARITABLE | ACTIVITIES BY FUND TYPE | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 52,840 | 52,840 | 61,060 | 61,060 | |
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| 7. | EXPENDITURE ON CHARITABLE | ACTIVITIES BY ACTIVITY TYPE | |||
| Grant funding | Total funds | Total fund | |||
| of activities | 2022 | 2021 | |||
| £ | £ | £ | |||
| Charitable donations | 52,840 | 52,840 | 61,060 | ||
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8. ANALYSIS OF GRANTS
No individually material grants or donations were awarded or paid during the year.
All donations were paid to charitable institutions for the purposes of either the advancement of Jewish religious education or the alleviation of poverty.
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THE ANNIE SCHIFF CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
9. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
10. INVESTMENTS
| INVESTMENTS | |
|---|---|
| Other | |
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2021 | 64,000 |
| Additions | – |
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| At 5 April 2022 | 64,000 |
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| Impairment | |
| At 6 April 2021 and 5 April 2022 | – |
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| Carrying amount | |
| At 5 April 2022 | 64,000 |
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| At 5 April 2021 | 64,000 |
All investments shown above are held at valuation.
The above investment relates to shares held in a private limited company, and are included at cost. The costs that would need to be incurred to establish the market value of the investment are not considered justifiable by the trustees.
11. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 6 | April 2021 | Income | Expenditure | 5 April 2022 | |
| £ | £ | £ | £ | ||
| General funds | 81,586 | 39,308 | (52,840) | 68,054 | |
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| At | At | ||||
| 6 | April 2020 | Income | Expenditure | 5 April 2021 | |
| £ | £ | £ | £ | ||
| General funds | 68,439 | 74,207 | (61,060) | 81,586 | |
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THE ANNIE SCHIFF CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Investments | 64,000 | 64,000 |
| Current assets | 4,054 | 4,054 |
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| Net assets | 68,054 | 68,054 |
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| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 64,000 | 64,000 |
| Current assets | 17,586 | 17,586 |
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| Net assets | 81,586 | 81,586 |
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13. RELATED PARTIES
The fixed asset investment represents shares held in Covered Markets Limited, a company in which the Trustees have an interest.
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