Charity registration number 299297
SLAVIN FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
SLAVIN FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr B Slavin Mrs J Slavin Mr L Slavin
Charity number Independent examiner
299297 Taylor Associates 1st Floor Gallery Court 28 Arcadia Avenue London N3 2FG
SLAVIN FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
SLAVIN FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report and financial statements for the year ended 31 March 2022.
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 Foundation'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)" (effective 1 January 2019).
Objectives and activities
The Foundation's objects are to advance funds for general charitable purposes with emphasis on the furtherance of Jewish charities and education.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.
Achievements and performance
The Foundation's income for the year was £37,520 (2021: £49,688). The Trustees are pleased to report that the Foundation made donations to various charities amounting to £6,650 (2021: £1,800 ) in the year. The net surplus of £42,644 (2021: £136,247) was transferred to accumulated funds.
Financial review
The trustees can report that the foundation has made donations during the year totalling £6,651 (2021: £1,800) and hope to increase donations In future years.
The Trustees' policy is to operate on the basis of being able to continue to generate sufficient incoming resources to maintain reserves at a level sufficient to use towards meeting its charitable objects and to accord with its principal aims.
The Charity has sufficient, but not excessive, funds to maintain its current level of charitable distributions, and has achieved its reserves policy.
Income tax recoverable in relation to donations received under. Gift Aid or deeds of covenant is recognised at the time of the donation.
It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Foundation was established by a charitable trust deed on 16 November 1987 and registered with the Charity Commission under charity number 299297. The Foundation changed its name to The Slavin Foundation as per the amended deed dated 23 June 2017.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr B Slavin
Mrs J Slavin Mr L Slavin
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SLAVIN FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
The appointment of the trustees is governed by the Trust Deed.
Their position as Trustees is unremunerated and no Trustee had any beneficial interest in any contract with the Foundation during the year.
Statement of Trustees' responsibilities
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 Foundation and of the incoming resources and application of resources of the Foundation 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 Foundation 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
Mr B Slavin
Trustee Dated: 31 January 2023
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SLAVIN FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SLAVIN FOUNDATION
I report to the Trustees on my examination of the financial statements of Slavin Foundation (the Foundation) for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Foundation you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Foundation’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no 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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1 accounting records were not kept in respect of the Foundation as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 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 financial statements to be reached.
Taylor Associates
1st Floor Gallery Court 28 Arcadia Avenue London N3 2FG
Dated: 31 January 2023
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SLAVIN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 37,520 | 49,688 |
| Investments | 4 | 13,029 | 25,337 |
| Total income | 50,549 | 75,025 | |
| Expenditure on: | |||
| Charitable activities | 5 | 12,830 | 8,581 |
| Net gains/(losses) on investments | 8 | 4,925 | 69,803 |
| Net movement in funds | 42,644 | 136,247 | |
| Fund balances at 1 April 2021 | 613,275 | 477,028 | |
| Fund balances at 31 March 2022 | 655,919 | 613,275 |
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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SLAVIN FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 7,501 14,844 22,345 (3,100) |
£ 636,674 19,245 655,919 655,919 655,919 |
2021 £ 34,937 38,147 73,084 (33,000) |
£ 573,191 40,084 |
|---|---|---|---|---|
| 613,275 | ||||
| 613,275 | ||||
| 613,275 |
The financial statements were approved by the Trustees on 31 January 2023
Mr B Slavin Trustee
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SLAVIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
The Slavin Foundation is an unincorporated charity. Charity Registration Number 299297.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Foundation's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Foundation is a Public Benefit Entity as defined by FRS 102.
The Foundation has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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 Foundation 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 unless the funds have been designated for other purposes.
1.4 Income
Income is recognised when the Foundation 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 Foundation 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.
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SLAVIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.5 Expenditure
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.
Expenditure is recognised on an accruals basis. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the period, either by reference to staff time or space occupied as appropriate.
Costs of generating funds are those incurred in attracting voluntary income, and those incurred in trading activities that raise funds:
Charitable activity costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating management and human resources costs by the · number of staff, and finance and IT costs by work done.
Governance costs include those incurred in the governance of its assets and are primarily associated with
constitutional and statutory requirements.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
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.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks.
1.8 Financial instruments
The trust has elected to apply the following:
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.
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SLAVIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
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 payments 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.
2 Critical accounting estimates and judgements
In the application of the Foundation’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 | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 37,520 | 49,688 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Dividend income from listed investments | 3,077 | 7,540 |
| Net interest from investments/interest payable (net) | 9,952 | 17,797 |
| 13,029 | 25,337 |
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SLAVIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
5 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure |
|
| Heading 1 | Heading 1 | |
| 2022 | 2021 | |
| £ | £ | |
| Donations paid | 6,651 | 1,799 |
| Investment management fees and related costs | 6,179 | 6,782 |
| 12,830 | 8,581 | |
| 12,830 | 8,581 |
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year, and no Trustees expenses were paid for by the charity in either the current or proceeding years.
7 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
8 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluation of investments | (16,292) | 56,888 |
| Gain/(loss) on sale of investments | 21,217 | 12,915 |
| 4,925 | 69,803 |
9 Taxation
The Charity is a registered Charity and is exempt from tax on income and gains to the extent that these are applied to its charitable objectives.
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SLAVIN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
10 Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Valuation changes Gain/loss on sales Disposals At 31 March 2022 Carrying amount At 31 March 2022 At 31 March 2021 Listed investments carrying amount 11 Debtors Amounts falling due within one year: Other debtors 12 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
£ 573,191 631,121 (37,508) 21,217 (551,347) 636,674 636,674 573,191 2022 2021 £ £ 636,674 573,190 2022 2021 £ £ 7,501 34,937 2022 2021 £ £ - 30,000 3,100 3,000 3,100 33,000 |
|---|---|
13 Related party transactions
During the year the Foundation received donations of £30,000 (2021: £39,750) from the Trustees Mr B Slavin and Mrs J Slavin.
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