Charity Registration No. 291318
SHEMTOV CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
SHEMTOV CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr S Halpern Mrs G Halpern Mr I Halpern Charity number 291318 Principal address Prestbury House 46 Bury New Road Prestwich Manchester M25 0JU Auditor Lopian Gross Barnett & Co 1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS Bankers HSBC 2-4 St Anns Square Manchester M2 7HD
SHEMTOV CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 19 |
SHEMTOV CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The Shemtov Charitable Trust exists to receive and distribute charitable donations to worthy causes within the Jewish community. The trustees confirm that they have referred to guidance contained in the commissioners' 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.
The charity's main income is generated from investment income and donations under the gift aid scheme. Most of this income is distributed to religious, educational and similar charities.
The principal objective of the t rust for the year is to maintain a stable flow of donations to worthy causes in the Jewish community. The trustees also aim to expand the charity's investment portfolio whenever the opportunity arises.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity maintained its significant activities in the year. This consisted of maintaining its investment properties,ensuring they are let to premium tenants and that rents are collected on time. Additionally the charity collects donations from business' and other charitable trusts that share the same aims.
The trustees have identified a number of Orthodox Jewish charities which profess and teach the principles of traditional Judaism or which carry out activities which advance religion in accordance with the Orthodox Jewish faith. Grants are given on application to the trustees by these or similar charities.
Achievements and performance
During the year the t rust made donations to a wide variety of charities within the Jewish community. The charity believes it has achieved its aims in delivering public benefit by successfully distributing the majority of its incoming reserves to worthy causes. Remaining reserves in bank and deposit accounts are required to be available towards future investment purposes. The trustees are pleased with the charity's investment performance and with the level of donations given to worthy causes .
At the year end the trust h ad thirteen UK freehold and long-leasehold properties as investments. Trustee requirements are to expand the charity's portfolio, and further investments are being sought by the charity.
At the year end the t rust's investments were valued at £4,874,389 and returned income of £ 187,168 . The trustees believe they have met the objectives set by the charity by continuing the investment performance during the year.
Fundraising via the receipt of donations continued in the year ensured objectives set by the charity were achieved. The charity received donation income of £260,213 in the year.
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SHEMTOV CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Financial review
During the year the charity received donation income of £ 260,213 & investment income of £ 187,168 . This gave the charity a total income of £ 447,381 of which £ 393,522 was distributed to other charities and good causes. After other charitable expenditure in the yea r and the revaluation of investment property there was an de crease in the charity's reserves of £ 77,087 .
There is no formal policy to maintain a set level of reserves and the t rust aims to distribute all available income to religious, educational and similar charities.
At the balance sheet date the t rust had unrestricted reserves available to it of £ 5,259,331 . This includes cash reserves of £ 147,170 . The trustees consider that this is an acceptable level of cash reserves in order to immediately be able to donate a large sum if required or have funding for obtaining further investments. The balance of the income funds are only realisable after the disposal of its investment properties.
The trustees are experienced property investors and have invested the charity's funds into properties. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining a high degree of security of income.
The charity's investments generated an excellent return on capital invested which the trustees are very pleased with.
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.
The main risk that can affect the charity is fluctuations to its investment properties. The trustees believe this is managed by investing in smaller low risk properties in high demand areas to almost guarantee an income. The trustees ensure the properties are maintained to a good condition to ensure continued income.
Plans for future periods
The t rust plans to continue to seek donations receivable to enable them to distribute monies throughout the Jewish community. The trustees will continue to purchase further investments when they believe it is in the best interests of the charity.
Structure, governance and management
The charity was established by a charitable trust deed on 12 November 1984.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr S Halpern Mrs G Halpern Mr I Halpern
Appointment of other trustees is at the discretion of Mr S Halpern and Mrs G Halpern. Training would be offered to new trustees by the existing trustees.
All decisions made on behalf of the t rust are made by the trustees.
The trustees are responsible for the provision of means to distribute charitable donations to worthy causes.
Details of related party transactions are disclosed in note 1 8 to the accounts. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises.
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SHEMTOV CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
The trustees' r eport was approved by the Board of Trustees.
Mr S Halpern
Trustee
13 January 2022
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SHEMTOV CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 of the charity for that year.
In preparing these 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 Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 operation.
The trustees are responsible for keeping sufficient accounting records that 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, 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.
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SHEMTOV CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST
Opinion
We have audited the financial statements of Shemtov Charitable Trust (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) .
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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SHEMTOV CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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SHEMTOV CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SHEMTOV CHARITABLE TRUST
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Brodie (Senior Statutory Auditor) for and on behalf of Lopian Gross Barnett & Co
13 January 2022
Chartered Accountants Statutory Auditor
1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS
Lopian Gross Barnett & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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SHEMTOV CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 3 | 260,213 | 492,000 |
| Investments | 4 | 187,168 | 196,580 |
| Total income | 447,381 | 688,580 | |
| Expenditure on: | |||
| Charitable activities | 5 | 524,467 | 361,282 |
| Net gains/(losses) on investments | 10 | - | (657,500) |
| Net expenditure for the year/ | |||
| Net movement in funds | (77,086) | (330,202) | |
| Fund balances at 1 April 2020 | 5,336,417 | 5,666,620 | |
| Fund balances at 31 March 2021 | 5,259,331 | 5,336,418 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SHEMTOV CHARITABLE TRUST
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets Investment properties 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets Income funds Unrestricted funds-general General unrestricted funds General unrestricted reserve-Investment property valuation |
2021 £ £ 4,874,389 2 4,874,391 2,175,603 147,170 2,322,773 (112,618) 2,210,155 7,084,546 (1,825,215) 5,259,331 5,153,643 105,688 5,259,331 5,259,331 |
2020 £ £ 5,252,835 2 5,252,837 1,614,632 339,884 1,954,516 (112,195) 1,842,321 7,095,158 (1,758,740) 5,336,418 4,960,923 375,495 5,336,418 5,336,418 |
|---|---|---|
The financial statements were approved by the Trustees on 13 January 2022
Mr S Halpern Trustee
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SHEMTOV CHARITABLE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| 2021 Notes £ £ Cash flows from operating activities Cash absorbed by operations 21 (831,696) Investing activities Purchase of investment property (316,554) Proceeds on disposal of investment property 695,000 Investment income received 187,168 Net cash generated from investing activities 565,614 Financing activities Repayment of bank loans 73,368 Net cash generated from/(used in) financing activities 73,368 Net decrease in cash and cash equivalents (192,714) Cash and cash equivalents at beginning of year 339,884 Cash and cash equivalents at end of year 147,170 |
2020 £ £ (354,928) (5,335) - 196,580 191,245 (27,404) (27,404) (191,087) 530,971 339,884 |
|---|---|
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
Shemtov Charitable Trust is a charity established by Trust Deed dated 7 March 1985. The charity invests in properties and distributes monies throughout the Jewish community.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Funds held by the charity are all unrestricted, these being funds which can be used in accordance with the charitable objects at the discretion of the trustees.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Gift aid donations are accounted for when received and include income tax recoverable where applicable .
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents and services provided.
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.5 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a longterm interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 260,213 | 492,000 |
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Rental income | 187,159 | 196,329 |
| Interest receivable | 9 | 251 |
| 187,168 | 196,580 | |
| Charitable activities | ||
| Charitable | Charitable | |
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Insurance | 8,190 | 11,953 |
| Ground rent and rates | 2,454 | 11,115 |
| Bank charges and interest | 513 | 486 |
| Loan interest payable | 46,026 | 50,803 |
| Repairs and renewals | 24,050 | 19,610 |
| Sundry expenses | 5,904 | 1,292 |
| Provision for bad debts | 18,382 | 2,514 |
| Management fees | 21,915 | 10,441 |
| Light and heat | 194 | - |
| 127,628 | 108,214 | |
| Grant funding of activities (see note 6) | 393,522 | 250,015 |
| Share of governance costs (see note 7) | 3,317 | 3,053 |
| 524,467 | 361,282 |
5 Charitable activities
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Grants payable
| Charitable | Charitable | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Grants to institutions: | ||
| Bikur Cholim and Gemiluth Chesed Trust | 20,000 | - |
| Teshivoh Tefilloh Tzedokoh | 112,000 | 35,000 |
| Asser Bishvil Foundation | - | 20,000 |
| Ahavas Shalom Trust | 24,800 | 25,000 |
| Yad Eliezer Trust | - | 10,000 |
| Amud Hatzdokoh Trust | 19,250 | - |
| Other | 217,472 | 160,015 |
| 393,522 | 250,015 |
The above are the material grants made to UK charitable institutions in the year.
7 Support costs
| Support costs Governance costs £ £ Audit fees - 3,210 Legal and professional - 107 - 3,317 Analysed between Charitable activities - 3,317 |
2021 £ 3,210 107 3,317 3,317 |
Support costs Governance costs £ £ - 2,835 - 218 - 3,053 - 3,053 |
2020 £ 2,835 218 3,053 3,053 |
|---|---|---|---|
Governance costs includes payments to the auditors of £ 2,700 (2020- £ 2,000 ) for audit fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
None of the trustees (or any persons connected with them) received any reimbursement of expenses from the charity during the year.
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
9 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. |
2021 Number - |
2020 Number - |
|---|---|---|
10 Net gains/(losses) on investments
| Total | Unrestricted | |
|---|---|---|
| funds | ||
| general | ||
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investment properties | - | (657,500) |
11 Taxation
The activities of the Shemtov Charitable Trust are exempt from direct taxation under the Income Tax Act 2007.
12 Investment property
| Fair value At 1 April 2020 Additions through external acquisition Disposals At 31 March 2021 |
2021 £ 5,252,835 316,554 (695,000) 4,874,389 |
|---|---|
Investment property comprises of residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
13 Fixed asset investments
| Cost or valuation At 1 April 2020 & 31 March 2021 Carrying amount At 31 March 2021 At 31 March 2020 Other investments comprise: Notes Investments in subsidiaries 19 Investments in associates 20 14 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 15 Loans and overdrafts Bank loans Payable within one year Payable after one year |
Other investments 2 2 2 2021 2020 £ £ 1 1 1 1 2 2 2021 2020 £ £ 31,234 34,202 2,094,814 1,534,423 49,555 46,007 2,175,603 1,614,632 2021 2020 £ £ 1,858,185 1,784,817 32,970 26,077 1,825,215 1,758,740 |
|---|---|
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
16 Creditors: amounts falling due within one year
| Notes Bank loans 15 Other taxation and social security Trade creditors Other creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 15 |
2021 £ 32,970 3,232 37,187 26,710 12,519 112,618 2021 £ 1,825,215 |
2020 £ 26,077 1,489 49,030 28,346 7,253 112,195 2020 £ 1,758,740 |
|---|---|---|
17 Creditors: amounts falling due after more than one year
18 Related party transactions
Donation income of £100,000 includes donations from Samjo Limited, a UK charity in which Mr S Halpern is also a trustee.
It also includes donations of £44,500 from Rosherton Ltd, a subsidiary of the charity.
19 Subsidiaries
Details of the charity's subsidiaries at 31 March 2021 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Rosherton Limited | UK | Property Investment | Ordinary | 100.00 |
During the year, the subsidiary had income of £46,493 & expenses of £46,511, leaving a loss of £18.
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SHEMTOV CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
20 Associates
Details of the charity's associates at 31 March 2021 are as follows:
| Name of undertaking Registered |
Nature of business | Class of | Class of | % Held | % Held | ||
|---|---|---|---|---|---|---|---|
| office | shares held Direct |
Indirect | |||||
| Testament Solutions Ltd UK |
Property investment | Ordinary | 50.00 | - |
|||
| The associate was dormant throughout the | period with no income | or expenditure occurring. | |||||
| 21 | Cash generated from operations | 2021 | 2020 | ||||
| £ | £ | ||||||
| Deficit for the year | (77,087) | (330,202) | |||||
| Adjustments for: | |||||||
| Investment income recognised in statement of financial activities | (187,168) | (196,580) | |||||
| Fair value gains and losses on investment properties | - | 657,500 | |||||
| Movements in working capital: | |||||||
| (Increase) in debtors | (560,971) | (488,407) | |||||
| (Decrease)/increase in creditors | (6,470) | 2,761 | |||||
| Cash absorbed by operations | (831,696) | (354,928) | |||||
| 22 | Analysis of changes in net (debt)/funds | ||||||
| At 1 April 2020 | Cash flows At | 31 March 2021 | |||||
| £ | £ | £ | |||||
| Cash at bank and in hand | 339,884 | (192,714) | 147,170 | ||||
| Loans falling due within one year | (26,077) | (6,893) | (32,970) | ||||
| Loans falling due after more than one year | (1,758,740) | (66,475) | (1,825,215) | ||||
| (1,444,933) | (266,082) | (1,711,015) |
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