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2022-03-31-accounts

FAMOS FOUNDATION TRUST

(Registered Charity Number 271211)

Financial Statements for the year ended 31 March 2022

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 2022

The trustees of the charity present their annual report under the Charities Act 2011 and the financial statements for the year ended 31 March 2022 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 Mrs F. Kupetz Mr I D Kupetz Mr J S Kupetz

Charity Number 271211 Charity Offices

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 2022 (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 2022 (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 £109,152 and £143,226 was distributed. Management and Administration costs were £2,160 and the deficit for the year was £20,234. A gain of £17,826 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

The charity continues to grow and distribute and be supportive to all charitable causes. New investments have been purchased and are already producing income.

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.

4

FAMOS FOUNDATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED

31 MARCH 2022 (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:

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 26 January 2023 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 2022 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:

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

B OLSBERG & CO CHARTERED ACCOUNTANTS ENTERPRISE HOUSE, 3 MIDDLETON ROAD MANCHESTER M8 5DT

26 January 2023

6

FAMOS FOUNDATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

Note
INCOMING RESOURCES
Investment Income
2
Interest Received Gross
Donations and Sundry
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable Expenditure
Grants paid in furtherance
of the Charity’s objects
3
Management & Administration
Telephone
Independent Examination Fee
Accountancy
Motor, Travel & Sundry
TOTAL RESOURCES EXPENDED
NET INCOMING RESOURCES
Before Disposal of Assets
Gain on Disposal of Investment Assets
and revaluation of Syndicates etc
TOTAL FUNDS at 1 April 2021
TOTAL FUNDS C/F		 2022
2021
Unrestricted Funds
£
£
99,010
71,568
142
822
10,000
180
109,152
72570

143,226
61,600
-
100
100
100
1,460
1,460
600
500
2,160
2,160
145,386
63,760
(26,234)
8,810
17,826
(4,004)
1,785,194
1,780,388
1,776,786
1,785,194		 2022
2021
Unrestricted Funds
£
£
99,010
71,568
142
822
10,000
180
109,152
72570

143,226
61,600
-
100
100
100
1,460
1,460
600
500
2,160
2,160
145,386
63,760
(26,234)
8,810
17,826
(4,004)
1,785,194
1,780,388
1,776,786
1,785,194
72570
61,600
100
100
1,460
500
2,160
63,760
8,810
(4,004)
1,780,388
1,785,194

7

FAMOS FOUNDATION TRUST BALANCE SHEET AS AT 31 MARCH 2022

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		 2022
£
1,369,746
28,980
375,806
404,786
(7,646)
397,140
1,766,886
100
1,776,786
1,776,886		 2021
£
990,145
28,980
794,490
823,470
(28,321)
795,149
1,785,294
100
1,785,194
1,785,294

Approved by the Board of Trustees on 26 January 2023 and signed

by ……I D Kupetz…………………………….. Trustee

8

FAMOS FOUNDATION TRUST

Notes To The Financial Statements For The Year Ended 31 March 2022

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		 2022
£
136,707
37,697
99,010		 2021
£
105,492
33,924
71,568

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 (352,015) (351,730)
Donwood 30 71,469 71,469
Albyn Place 10 6,622 6,622
Alie Street 5 (7,049) (7,049)
Osterwell 5 37,447 37,447

9

FAMOS FOUNDATION TRUST

Notes To The Financial Statements For The Year Ended 31 March 2022(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
Lexington
7.5
Aldridge
15
Barwood
5
Mantonwood
5
Marlow
1
Leawood
10
Parkfield
5
Markwood
8
Bangor
10
High Wycombe
5
Liamtrisant
5
Spey
3
Ellon
3
Leeds Retail
5
Blakewood
10
Cockermouth
5
Nottingham
1
Viking
3
CCL
3
EDS
2.5
Eagles Meadow
0.5
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
1.5
Nottingham LP
2
Belfast Shanon
1
East Kilbridge
3
Exeter retail
5
Glasgow Gordon
5
Inverurie
2		 Equity
Value
£
1,361
(4,069)
(362)
(703)
(12,848)
(4,244)
5
65,384
86,899
35,173
136,638
407
118,985
50
3,593
212
(87)
(3)
49
31,274
158
(1,807)
725
34,522
43,584
73,197
53,458
34
17,159
29,588
3,999
70,566
89,635
9
2,487
59,895
33,560
58,889
55,425
40,917
29,289
10,999
34,118
1483
97,607
70,280
73,532
72,800
99,450
1,369,746		 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

10

FAMOS FOUNDATION TRUST Notes To The Financial Statements For The Year Ended 31 March 2022

(Cont…)

5.
Debtors
Loans
Other
6.
Creditors:
Payable within one year
Accruals
Loan
Other		 2022
28,407
573
28,980
2022
2,160
-
5,486
7,646		 2021
28,407
573
28,980
2021
8,420
15,000
4,901
28,321

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