FAMOS FOUNDATION TRUST
(Registered Charity Number 271211)
Financial Statements for the year ended 31 March 2021
CONTENTS
2. Annual Report of the Trustees
6. Independent Examiner’s Report
7. Statement of Financial Activities
8. Balance Sheet
9. Notes to the Financial Statements
FAMOS FOUNDATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED
31 MARCH 2021
The trustees of the charity present their annual report under the Charities Act 2011 and the financial statements for the year ended 31 March 2020 and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2005.
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Rabbi S. M. Kupetz (deceased 21 Feb ’21) Mrs F. Kupetz Mr I D Kupetz Mr J S Kupetz
Charity Number Charity Offices
271211
4 Hanover Gardens, Salford, Manchester M7 4FQ
Examining Accountants
B Olsberg & Co Chartered Accountants Enterprise House, 3 Middleton Road Manchester M8 5DT
Bankers
Cater Allen Private Bank, Sovereign House 16-22 Western Road, Romford RM1 3SP
The Charity was founded on 23 March 1976 and is registered with the Charity Commission under charity number 271211.
STRUCTURE, GOVERNANCE AND MANAGEMENT
GOVERNING DOCUMENT
The charity is governed by its Trust Deed dated 23 March 1976 which has not been amended.
GOVERNING BODY
The structure of the Charity consists of three trustees. The board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing trustee.On the death of Rabbi S M Kupetz, Mr I D Kupetz was appointed senior trustee.
ORGANISATIONAL MANAGEMENT
The Trustees of the Charity, are legally responsible for the overall management and control of the Charity and meet regularly.
RISK MANAGEMENT
The trustees review the risks to the organisation on an ongoing basis and have systems in place to mitigate them.
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FAMOS FOUNDATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED
31 MARCH 2021 (Cont…)
PUBLIC BENEFIT
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.
OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES
The charity is constituted by Trust Deed and its objects are to raise funds for the purpose of the furtherance of the observation of Orthodox Judaism, to encourage and support the advancement of Orthodox Religious education, to establish all institutions required by an orthodox Jewish community and any other charitable activity. The policy of the Charitable Trust continues to be to support these activities.
It is intended to continue with the Trusts current activities.
The charity is organised so that the trustees meet regularly to manage its affairs.
Administration of the charity is dealt with by the trustees.
AIMS AND INTENDED IMPACT
Within these objects, the trustee's aim to provide funds to meet requests from individuals and organisations both in UK and abroad.
OBJECTIVES FOR THE YEAR
The aim this year is to raise funds for its objectives as above.
STRATEGIES TO ACHIEVE THE YEAR'S OBJECTIVES
These included meetings with potential donors to obtain funds for distributions and looking for successful investments.
PRINCIPAL ACTIVITIES OF THE YEAR
The charity received income on investments and collected funds during the year which were sufficient to cover grants made.
The trustees have strived to increase the resources being generated by the trust by making successful investments in property syndicates
GRANT MAKING POLICY
This policy is to provide funds for beneficiaries within the parameter of the objects of this trust.
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FAMOS FOUNDATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED
31 MARCH 2021 (Cont…)
REVIEW AND ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR FINANCIAL REVIEW
Transactions and Financial Position
The Statement of Financial Activities shows a total income of £72,570 and £61,600 was distributed. Management and Administration costs were £2,160 and net income for the year was £8,810. A loss of £4,004 was realised on the disposal of investment assets, revaluations etc.
Funds available are sufficient to permit the Trust to continue in operation.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
Unfortunately, the Senior Trustee took ill during this year and was hospitalised. As a result the activities of the trust were quieter during the year. The other trustees however are becoming increasingly involved to ensure that the charity continues to grow and distribute and be supportive to all charitable causes.
In the circumstances the Trustees consider that the performance of the charity this year has been satisfactory. There were no significant changes in the year. The nature of the distributions were in line with the constitution and objects of the charity.
This is in line with the wishes of the Trustees who constantly review the effectiveness of the charity and approve the scope of their activities.
RESERVES POLICY
The policy of the trustees is to distribute a large proportion of income received in each year in accordance with the objectives of the trust and invest remaining funds in order to increase the trust’s income in coming years.
INVESTMENT POLICY AND OBJECTIVES
Under the Trust Deed the charity has the power to make any investment which the trustees see fit.
FUTURE PLANS
The trustee's plans are to continue to collect donations and continue with property investment through property syndicates for the purpose of the charity.
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FAMOS FOUNDATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED
31 MARCH 2021 (Cont…)
ACCOUNTING AND REPORTING RESPONSIBILITIES
The trustees are required by Charity law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of the year. In preparing those financial statements the trustees are required to:
-
(a) select suitable accounting policies and apply them consistently;
-
(b) make judgments and estimates that are reasonable and prudent;
-
(c) follow applicable accounting standards and statements of recommended practice, disclosing and explaining any departures in the financial statements.
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(d) Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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. APPROVAL
The report was approved by the trustees on 11 January 2022 and signed on its behalf.
Trustee
I D Kupetz
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF FAMOS FOUNDATION TRUST
I report on the financial statements of the Trust for the year ended 31 March 2021 which are set out on pages 7-11.
Respective responsibilities of trustees and examiner
As the charity’s trustees you are responsible for the preparation of the financial statements, you consider that the audit requirement of Section 144(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under Section 145 of 2011, whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with Section 41 of the Act; and
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
B OLSBERG & CO CHARTERED ACCOUNTANTS ENTERPRISE HOUSE, 3 MIDDLETON ROAD MANCHESTER M8 5DT
11 January 2022
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FAMOS FOUNDATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2021
| 2021 Unrestricted Funds £ Note INCOMING RESOURCES Investment Income 2 71,568 Interest Received Gross 822 Donations and Sundry 180 TOTAL INCOMING RESOURCES 72,570 RESOURCES EXPENDED Charitable Expenditure Grants paid in furtherance of the Charity’s objects 3 61,600 Management & Administration Telephone 100 Independent Examination Fee 100 Accountancy 1,460 Motor, Travel & Sundry 500 2,160 TOTAL RESOURCES EXPENDED 63,760 NET INCOMING RESOURCES Before Disposal Of Assets 8,810 Loss On Disposal Of Investment Assets And Revaluation Of Syndicates Etc (4,004) TOTAL FUNDS at 1 April 2020 1,780,388 TOTAL FUNDS C/F 1,785,194 |
2020 £ 74,738 2,316 5,760 |
|---|---|
| 82,814 | |
| 89,919 | |
| - 100 1,460 500 |
|
| 2,060 | |
| 91,979 | |
| (9,165) (138,999) 1,928,552 1,780,388 |
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FAMOS FOUNDATION TRUST BALANCE SHEET AS AT 31 MARCH 2021
| Note FIXED ASSETS Investment Assets 4 CURRENT ASSETS Debtors 5 Bank CREDITORS: Payable within one year 6 Net Current Assets NET ASSETS TRUST FUND Settled Fund Unrestricted Income |
2021 £ 990,145 28,980 794,490 823,470 (28,321) 795,149 1,785,294 100 1,785,194 1,785,294 |
2020 £ 1,198,102 |
|---|---|---|
| 28,980 579,721 |
||
| 608,701 | ||
| (26,315) 582,386 |
||
| 1,780,488 | ||
| 100 1,780,388 1,780,488 |
Approved by the Board of Trustees on 11 January 2022 and signed
by ………………………………….. Trustee
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FAMOS FOUNDATION TRUST
Notes To The Financial Statements For The Year Ended 31 March 2021
1. Accounting Policies
1.1 Accounting Convention
The financial statements of the Trust are prepared under the historical cost convention in accordance with generally accepted accounting principles and adjusted for the revaluation of fixed assets and in accordance with applicable accounting standards and follows the recommendations in Statement of Recommended Practice: Accounting and Reporting for Charities (SORP) October 2005.
1.2 Depreciation
Land, buildings and share of syndicate interests in properties are not depreciated as these assets are held as investments and their values are appreciating (in accordance with SSAP 19).
1.3 Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified.
1.4 Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
2. Investment Income
This represents the income from the property syndicate investments which is analysed as follows:-
| Rental Income Less Interest Paid |
2021 £ 105,492 33,924 71,568 |
2020 £ 114,193 39,455 74,738 |
|---|---|---|
3 . Grants paid
Details of the grants are available by application in writing to the Trustees.
4. Investments
| Share of Syndicate Properties in the | Equity | Equity | Equity |
|---|---|---|---|
| UK | Share | Value | Value |
| % | £ | £ | |
| Cedar | 4 ½ | (351,730) | (351,730) |
| Donwood | 30 | 71,469 | 71,469 |
| Albyn Place | 10 | 6,622 | 93,591 |
| Alie Street | 5 | (7,049) | (7,049) |
| Osterwell | 5 | 37,447 | 37,447 |
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FAMOS FOUNDATION TRUST
Notes To The Financial Statements For The Year Ended 31 March 2021(cont…)
| Share of Syndicate Properties in the UK CONTINUED Equity Share % Briwood 5 Midprime 5 Kentwood 10 Silverlink 10 Sandleton 6 Springbig 2.5 Telwood 20.0 Kiwi 5 Limefell 2.5 Network 10 Stagwood 10 Carrwood 7 Cliffwood 8 Lexington 7.5 Aldridge 15 Barwood 5 Mantonwood 5 Marlow 1 Leawood 10 Parkfield 5 Markwood 8 Bangor 10 High Wycombe 5 Lakewood 10 Liamtrisant 5 Spey 3 Ellon 3 Leeds Retail 5 Blakewood 10 Cockermouth 5 Nottingham 1 Viking 3 CCL 3 EDS 2 ½ Lutterworth 2 Solihull 5 Eagles Meadow Leeds Bradford 3 Catterick 0.5 Scunthorpe 1 Pontrifact 1 Gloucester Lee Court 3 Deeside Retail 1 Trowbridge 3 Corwood 5 Milton Keynes 3 OAR Portfolio Nottingham LP 2 |
Equity Value £ 1,361 (4,069) (362) (703) (12,848) (4,244) 5 65,384 86,899 35,173 130,192 407 - 118,985 50 3,593 212 (87) (3) 49 31,313 966 (1,807) - 725 37,163 40,396 70,116 50,231 34 14,815 27,159 3,999 68,213 - - 91,435 9 62,239 53,940 30,860 61,486 53,665 38,503 27,056 25,005 31,064 (5,192) 990,145 |
Equity Value £ 1,361 (4,069) (362) (703) (12,848) (4,244) 5 65,384 86,899 35,173 123,910 407 - 118,985 50 3,604 212 (87) (3) 49 30,603 27,804 (1,807) - 725 36,652 38,117 65,998 46,829 34 13,397 25,612 51,278 66,384 - 13,535 91,435 173 46,368 51,189 28,759 57,086 51,375 36,363 24,190 57,534 30,272 50,746 1,198,102 |
|---|---|---|
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FAMOS FOUNDATION TRUST
Notes To The Financial Statements For The Year Ended 31 March 2021
(Cont…)
| 5. Debtors Loans Other 6. Creditors: Payable within one year Accruals Loan Other |
2021 28,407 573 28,980 2021 8,420 15,000 4,901 28,321 |
2020 28,407 573 |
|---|---|---|
| 28,980 | ||
| 2020 6,260 15,000 5,055 26,315 |
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