REGISTERED CHARITY NUMBER: 283423
GUR TRUST
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
GUR TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
GUR TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023
TRUSTEES Mr S Morgenstern Mr S Traube Mr D Cymerman PRINCIPAL ADDRESS 1st Floor Offices 1 Bridge Lane London NW11 0EA REGISTERED CHARITY 283423 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc Strand London
Page 1
GUR TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects
By such means as are recognised by English law as charitable to advance education in and the religion of the Orthodox Jewish Faith.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are extremely pleased with the results for the year. There was an increase of about 75% in donations and a 42% increase investment income all which allowed the trustees to increase grantmaking.. The trustees would like to thank Aviva Community Fund not only for the use of their website for our Crowdfunding Campaign "Food 4 Fams", but also for their most generous donation.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves for the year were £3,657,979 (2022- £3,566,210) of which £10,127 (2022 - Nil) are restricted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was constituted and is governed by a Declaration of Trust dated 24 August 1981.
Organisational structure
The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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GUR TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on 4 March 2024 and signed on its behalf by:
Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GUR TRUST
Independent examiner's report to the trustees of Gur Trust
I report to the charity trustees on my examination of the accounts of Gur Trust (the Trust) for the year ended 31 August 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
4 March 2024
Page 4
GUR TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Investment management costs 4 Charitable activities 5 Grantmaking Support Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 112,898 132,651 245,549 77,057 77,057 83,325 3,525 163,907 - 81,642 3,566,210 3,647,852 |
Restricted fund £ 49,680 - 49,680 - - 39,553 - 39,553 - 10,127 - 10,127 |
2023 Total funds £ 162,578 132,651 295,229 77,057 77,057 122,878 3,525 203,460 - 91,769 3,566,210 3,657,979 |
2022 Total funds £ 92,517 93,202 |
|---|---|---|---|---|
| 185,719 | ||||
| 54,191 | ||||
| 54,191 74,783 11,733 |
||||
| 140,707 | ||||
| 2,133,555 | ||||
| 2,178,567 1,387,643 |
||||
| 3,566,210 |
The notes form part of these financial statements
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GUR TRUST
BALANCE SHEET 31 AUGUST 2023
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
2023 £ 4,508,107 11,789 (19,995) (8,206) 4,499,901 (841,922) 3,657,979 3,647,852 10,127 3,657,979 |
2022 £ 4,491,313 32,531 (106,967) (74,436) 4,416,877 (850,667) 3,566,210 3,566,210 - 3,566,210 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 4 March 2024 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
Page 6
GUR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
Income received by way of donations is accounted for when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Raising funds comprise the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
Taxation
The charity is exempt from tax on its charitable activities.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs and subsequently measured at their settlement value.
Going concern
There are no material uncertainties about the charity's ability to continue.
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GUR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Rents received 4. INVESTMENT MANAGEMENT COSTS Insurance Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 6) £ Grantmaking 122,878 Support - 122,878 6. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of education Advancement of religion Relief of poverty Yeshiva Lev Simcha Others |
2023 £ 162,578 2023 £ 132,651 2023 £ 12,120 64,937 77,057 Support costs (see note 7) £ - 3,525 3,525 2023 £ 122,878 2023 £ 81,525 1,800 1,000 84,325 81,525 2,800 84,325 |
2022 £ 92,517 |
||
|---|---|---|---|---|
| 2022 £ 93,202 |
||||
| 2022 £ 17,863 36,328 54,191 Totals £ 122,878 3,525 |
2022 £ 17,863 36,328 |
|||
| 54,191 | ||||
| 126,403 | ||||
| 2022 £ 74,783 |
||||
| 2022 £ 63,630 - - |
||||
| 63,630 | ||||
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GUR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
6. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| The total grants paid to individuals during the year was as | follows: | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Relief of poverty | 38,553 | - | ||
| 7. | SUPPORT COSTS | |||
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Support | 225 | 3,300 | 3,525 | |
| Support costs, included in the above, are as follows: | ||||
| Finance | ||||
| 2023 | 2022 | |||
| Total | ||||
| Support | activities | |||
| £ | £ | |||
| General office expenses | - | 8,200 | ||
| Bank charges | 225 | 155 | ||
| 225 | 8,355 | |||
| Governance costs | ||||
| 2023 | 2022 | |||
| Total | ||||
| Support | activities | |||
| £ | £ | |||
| Independent examiner's fee | 900 | 900 | ||
| Independent examiner's other fees | 2,400 | 2,400 | ||
| General expenses | - | 78 | ||
| 3,300 | 3,378 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
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GUR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 September 2022 Additions At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 |
£ 4,491,313 16,794 |
|---|---|
| 4,508,107 | |
| 4,508,107 | |
| 4,491,313 |
The fair value of certain investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
The fair value of other investment properties has been arrived at on the basis of valuations carried out by Bellvue Mortlakes. The valuation has been undertaken in accordance with the RICS Valuation - Professional Standards incorporating the International Valuations Standards January 2020 Global Edition (‘The Red Book’).
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|---|---|
| 2023 £ Bank loans and overdrafts (see note 12) 12,300 Other creditors 7,695 19,995 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Bank loans (see note 12) 841,922 The bank loans are secured by legal charges over the charity's fixed asset property. |
2022 £ 3,667 103,300 |
| 106,967 | |
| 2022 £ 850,667 |
|
12. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal |
2023 £ 12,300 49,200 792,722 |
2022 £ 3,667 |
|---|---|---|
| 14,667 | ||
| 836,000 |
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GUR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments Current assets Current liabilities Long term liabilities |
Unrestricted fund £ 4,508,107 1,662 (19,995) (841,922) 3,647,852 |
Restricted fund £ - 10,127 - - 10,127 |
2023 Total funds £ 4,508,107 11,789 (19,995) (841,922) 3,657,979 |
2022 Total funds £ 4,491,313 32,531 (106,967) (850,667) 3,566,210 |
|---|---|---|---|---|
14. MOVEMENT IN FUNDS
| At 1.9.22 £ Unrestricted funds General fund 3,566,210 Restricted funds Restricted fund - TOTAL FUNDS 3,566,210 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 245,549 Restricted funds Restricted fund 49,680 TOTAL FUNDS 295,229 |
Net movement in funds £ 81,642 10,127 91,769 Resources expended £ (163,907) (39,553) (203,460) |
At 31.8.23 £ 3,647,852 10,127 3,657,979 Movemen in funds £ 81,642 10,127 91,769 |
|
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.21 £ 1,387,643 1,387,643 |
Net movement in funds £ 2,178,567 2,178,567 |
At 31.8.22 £ 3,566,210 3,566,210 |
|---|---|---|---|
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GUR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 185,719 185,719 |
Resources expended £ (140,707) (140,707) |
Gains and losses £ 2,133,555 2,133,555 |
Movement in funds £ 2,178,567 2,178,567 |
|---|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
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