CHARITY REGISTRATION NUMBER: 283423
THE GUR TRUST Unaudited Financial Statements
31 August 2020
SUGARWHITE MEYER HS ACCOUNTANTS LTD
Chartered accountants First Floor 94 Stamford Hill London N16 6XS
THE GUR TRUST
Financial Statements
Year ended 31 August 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
THE GUR TRUST
Trustees' Annual Report
Year ended 31 August 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2020.
Reference and administrative details
Registered charity name THE GUR TRUST Charity registration number 283423 Principal office 1st Floor Offices 1 Bridge Lane London NW11 OEA
The trustees
S Morgenstern S Traube D Cymerman Company secretary S Morgenstern Independent examiner M.M. Hager, FAPA, FCCA First Floor 94 Stamford Hill London N16 6XS
Structure, governance and management
Organisational structure, Induction and Training
The charity is controlled by local trustees who are familiar with all the charitable causes that the charity supports. Regular meetings are held to ensure that the charity's objectives are met. All trustees give of their time freely, and no remuneration or expenses were paid to any trustee during the year.
Power to appoint new trustees is vested in the current board.
New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are encouraged to read The Charity Commission's various publications.
Governing document
The charity was set up by Trust Deed dated 24th August 1981 and commenced activities immediately thereafter.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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THE GUR TRUST
Trustees' Annual Report (continued)
Year ended 31 August 2020
Objectives and activities
The objects of the charity are to assist in the provision of orthodox jewish education.
Public benefit
The trustees of the charity confirm that they have considered The Charity Commission's general guidance on public benefit and requirements of Section 4 of The Charities Act 2011 in this area, in particular public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Achievements and performance
The charity's main source of income is income from its U.K based investment properties. The trustees are satisfied with the overall performance for the year.
Financial review
Reserves
The trustees ensure that there are sufficient reserves available to cover foreseeable commitments.
Plans for future periods
The charity plans to carry on their policy of making grants in pursuant of its objects and continue its activities, as outlined above, for the foreseeable future.
The trustees' annual report was approved on 28 October 2020 and signed on behalf of the board of trustees by:
S Morgenstern Trustee
S Morgenstern Charity Secretary
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THE GUR TRUST
Independent Examiner's Report to the Trustees of THE GUR TRUST
Year ended 31 August 2020
I report to the trustees on my examination of the financial statements of THE GUR TRUST ('the charity') for the year ended 31 August 2020.
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.
M.M. Hager, FAPA, FCCA Independent Examiner
First Floor 94 Stamford Hill London N16 6XS
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THE GUR TRUST
Statement of Financial Activities
Year ended 31 August 2020
| 2020 | 2020 | 2019 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 37,782 | 37,782 | 40,632 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total income | 37,782 | 37,782 | 40,632 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 37,642 | 37,642 | 44,811 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 37,642 | 37,642 | 44,811 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net income/(expenditure) and net movement in funds | 140 | 140 | (4,179) | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,368,514 | 1,368,514 | 1,372,693 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 1,368,654 | 1,368,654 | 1,368,514 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
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 GUR TRUST
Statement of Financial Position
31 August 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 9 | 1,366,445 | 1,366,445 | |
| Current assets | ||||
| Cash at bank and in hand | 3,685 | 3,915 | ||
| Creditors: amounts falling due within one year | 10 | 1,476 | 1,846 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Net current assets | 2,209 | 2,069 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 1,368,654 | 1,368,514 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 1,368,654 | 1,368,514 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds | 1,368,654 | 1,368,514 | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 11 | 1,368,654 | 1,368,514 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 28 October 2020, and are signed on behalf of the board by:
S Morgenstern Trustee
The notes on pages 6 to 10 form part of these financial statements.
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THE GUR TRUST
Notes to the Financial Statements
Year ended 31 August 2020
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 1st Floor Offices, 1 Bridge Lane, London, NW11 OEA.
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.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.
Incoming resources
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Investment income is included when receivable.
Income from grants, where related to performance and specific deliverable, are accounted for as the charity earns the right to consideration by its performance.
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THE GUR TRUST
Notes to the Financial Statements (continued)
Year ended 31 August 2020
3. Accounting policies (continued)
Resources expended
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property
Investment properties are held for long term rental yields or for capital appreciation.
Fixed assets investments are initially 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 GUR TRUST
Notes to the Financial Statements (continued)
Year ended 31 August 2020
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 paable 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 37,777 | 37,777 | 40,621 | 40,621 | |
| Bank interest receivable | 5 | 5 | 11 | 11 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 37,782 | 37,782 | 40,632 | 40,632 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 5. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Advancement of education | 37,078 | 37,078 | 43,707 | 43,707 | |
| Support costs | 564 | 564 | 1,104 | 1,104 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 37,642 | 37,642 | 44,811 | 44,811 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 6. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly Support costs | 2020 | 2019 | |||
| £ | £ | £ | £ | ||
| Advancement of education | 37,078 | – | 37,078 | 43,707 | |
| Governance costs | – | 564 | 564 | 1,104 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 37,078 | 564 | 37,642 | 44,811 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
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THE GUR TRUST
Notes to the Financial Statements (continued)
Year ended 31 August 2020
7. Independent examination fees
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 480 ৶৶৶৶ |
996 ৶৶৶৶ |
8. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred.
9. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 September 2019 and 31 August 2020 | 1,366,445 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Impairment | |
| At 1 September 2019 and 31 August 2020 | |
| Carrying amount | |
| At 31 August 2020 | 1,366,445 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At 31 August 2019 | 1,366,445 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Investment properties
Freehold investment properties are stated at fair value based on valuation by the trustees on 31st August 2017. The trustees used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. In this regard the charity has taken advantage of exemption available under FRS 102 section 35 (10) (C) & (D) , using fair value of investment properties as its deemed cost, as the trustees consider that the policy results in the financial statements giving a true and fair view.
10. Creditors: amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 1,476 ৶৶৶৶৶৶৶ |
1,846 ৶৶৶৶৶৶৶ |
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THE GUR TRUST
Notes to the Financial Statements (continued)
Year ended 31 August 2020
11. Analysis of charitable funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | September | 31 August 20 | |||
| 2019 | Income | Expenditure | 20 | ||
| £ | £ | £ | £ | ||
| General funds | 1,368,514 | 37,782 | (37,642) | 1,368,654 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| At | At | ||||
| 1 | September | 31 August 20 | |||
| 2018 | Income | Expenditure | 19 | ||
| £ | £ | £ | £ | ||
| General funds | 1,372,693 | 40,632 | (44,811) | 1,368,514 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| 12. | Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2020 | ||||
| £ | £ | ||||
| Tangible fixed assets | 1,366,445 | 1,366,445 | |||
| Current assets | 3,685 | 3,685 | |||
| Creditors less than 1 year | (1,476) | (1,476) | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 1,368,654 | 1,368,654 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2019 | ||||
| £ | £ | ||||
| Tangible fixed assets | 1,366,445 | 1,366,445 | |||
| Current assets | 3,915 | 3,915 | |||
| Creditors less than 1 year | (1,846) | (1,846) | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 1,368,514 | 1,368,514 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| 13. | Financial instruments | ||||
| The carrying amount for each category of | financial instrument is as follows: | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Financial assets that are debt instruments measured at amortised cost | |||||
| Cash at bank | 3,685 | 3,915 | |||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||||
| Financial liabilities measured at amortised cost | |||||
| Accruals | 1,476 ৶৶৶৶৶৶৶ |
1,846 ৶৶৶৶৶৶৶ |
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