REGISTERED CHARITY NUMBER: 327810
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
DAVID URI MEMORIAL TRUST
Hadleys & Co. Ground Floor Import Building 2 Clove Crescent London E14 2BE
DAVID URI MEMORIAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Report of the Independent Auditors | 3 to 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 12 |
DAVID URI MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the charity is to undertake and conduct activities that are exclusively charitable under the law of England and Wales. The core activity is that of making grants to charitable institutions.
Grantmaking
In light of the continuing restraints and the budgets of central and local government agencies the trustees recognise that many charities will rely increasingly on grant-making funds for their income. During the year, the trustees again reviewed numerous appeals for financial assistance and tried to evaluate these appeals in reaching a decision as to which charities should be supported. Total donations made during the year amounted to £42,854 (2021 £67,543)
FINANCIAL REVIEW
Reserves policy
The charity requires reserves to equalise its income and other resources over a period of years, to ensure that it has adequate funds to meet its financial commitments and charitable objectives on an on-going basis. The level of reserves needs to balance the resources with the charitable activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
327810
Principal address
1st Floor 244 Vauxhall Bridge Road London SW1V 1AU
Trustees
Mr Benjamin Theodore Blackman Mrs Bianca Rose Roden Mrs Zena Sandra Blackman
Auditors
Hadleys & Co. Ground Floor Import Building 2 Clove Crescent London E14 2BE
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"
Page 1
DAVID URI MEMORIAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 11 January 2023 and signed on its behalf by:
Mrs Zena Sandra Blackman - Trustee
Page 2
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF DAVID URI MEMORIAL TRUST
Opinion
We have audited the financial statements of David Uri Memorial Trust (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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'.
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
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 Auditors' 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF DAVID URI MEMORIAL TRUST
Our responsibilities for the audit of the financial statements
We have been appointed as auditors 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Reviewing minutes of meetings of those charged with governance.
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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.
Hadleys & Co. Ground Floor Import Building 2 Clove Crescent London E14 2BE
11 January 2023
Page 4
DAVID URI MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Grant to charitable institutions Operating expense Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 24,999 174,253 199,252 65,390 42,854 - 14,159 122,403 103,163 180,012 6,606,509 6,786,521 |
2021 Total funds £ - 248,142 248,142 105,523 67,552 34 14,972 188,081 163,914 223,975 6,382,534 6,606,509 |
|---|---|---|
The notes form part of these financial statements
Page 5
DAVID URI MEMORIAL TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2022
| Notes FIXED ASSETS Tangible assets 6 Investments Investments 7 Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 7,389 218,940 6,591,920 6,818,249 115,682 18,140 133,822 (165,550) (31,728) 6,786,521 6,786,521 6,786,521 6,786,521 |
2021 Total funds £ 4,320 358,822 5,958,183 6,321,325 85,021 337,485 422,506 (137,322) 285,184 6,606,509 6,606,509 6,606,509 6,606,509 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 11 January 2023 and were signed on its behalf by:
Mrs Zena Sandra Blackman - Trustee
The notes form part of these financial statements
Page 6
DAVID URI MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment property
The trustees consider that it would be unnecessary to incur professional fee for the valuation of the properties held at the start of the year. The trustees are of the opinion that the properties are at present market value. Given the market conditions now, investment properties are held at historical cost, which is believed by the trustees to be a fair reflection of their cost.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
INVESTMENT INCOME
| Rents received Other income Other fixed asset invest - FII Deposit account interest |
2022 £ 163,243 - 11,008 2 174,253 |
2021 £ 199,783 34,009 14,122 228 |
|---|---|---|
| 248,142 |
continued...
Page 7
DAVID URI MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
3. RAISING FUNDS
Investment management costs
| Property repairs Service charges Professional fee Insurance Rates |
2022 £ 19,719 4,477 27,792 6,495 6,907 65,390 |
2021 £ 12,717 2,625 74,778 9,393 6,010 |
|---|---|---|
| 105,523 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 248,142 |
| EXPENDITURE ON | |
| Raising funds | 105,523 |
| Charitable activities | |
| Grant to charitable institutions | 67,552 |
| Operating expense | 34 |
| Other | 14,972 |
| Total | 188,081 |
| Net gains on investments | 163,914 |
| NET INCOME | 223,975 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 6,382,534 |
| TOTAL FUNDS CARRIED FORWARD | 6,606,509 |
continued...
Page 8
DAVID URI MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
6. TANGIBLE FIXED ASSETS
7.
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Fixtures | ||||
| and | Computer | |||
| fittings | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 April 2021 | 5,760 | 1,390 | 7,150 | |
| Additions | 5,135 | 398 | 5,533 | |
| At 31 March 2022 | 10,895 | 1,788 | 12,683 | |
| DEPRECIATION | ||||
| At 1 April 2021 | 1,440 | 1,390 | 2,830 | |
| Charge for year | 2,364 | 100 | 2,464 | |
| At 31 March 2022 | 3,804 | 1,490 | 5,294 | |
| NET BOOK VALUE | ||||
| At 31 March 2022 | 7,091 | 298 | 7,389 | |
| At 31 March 2021 | 4,320 | - | 4,320 | |
| FIXED ASSET INVESTMENTS | ||||
| Listed | ||||
| investments | ||||
| £ | ||||
| MARKET VALUE | ||||
| At 1 April 2021 | 358,822 | |||
| Additions | 17,402 | |||
| Disposals | (114,970) | |||
| Revaluations | (42,314) | |||
| At 31 March 2022 | 218,940 | |||
| NET BOOK VALUE | ||||
| At 31 March 2022 | 218,940 | |||
| At 31 March 2021 | 358,822 |
There were no investment assets outside the UK.
continued...
Page 9
DAVID URI MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 8. INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors VAT Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 6,606,509 6,606,509 |
2022 £ 17,842 78,214 14,343 5,283 115,682 2022 £ 60,141 - 105,409 165,550 Net movement in funds £ 180,012 180,012 |
£ 5,958,183 633,737 |
£ 5,958,183 633,737 |
|---|---|---|---|---|
| 6,591,920 | ||||
| 6,591,920 | ||||
| 5,958,183 | ||||
| 2021 £ 45,733 37,276 - 2,012 85,021 2021 £ 36,916 2,880 97,526 137,322 At 31.3.22 £ 6,786,521 6,786,521 |
2021 £ 45,733 37,276 - 2,012 |
|||
| 85,021 |
continued...
Page 10
DAVID URI MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 199,252 (122,403) 103,163 180,012 199,252 (122,403) 103,163 180,012 |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 199,252 (122,403) 103,163 180,012 199,252 (122,403) 103,163 180,012 |
|---|---|---|
| 180,012 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 6,382,534 6,382,534 |
Net movement in funds £ 223,975 223,975 |
At 31.3.21 £ 6,606,509 |
|---|---|---|---|
| 6,606,509 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 248,142 (188,081) 163,914 223,975 248,142 (188,081) 163,914 223,975 |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 248,142 (188,081) 163,914 223,975 248,142 (188,081) 163,914 223,975 |
|---|---|---|
| 223,975 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 6,382,534 6,382,534 |
Net movement in funds £ 403,987 403,987 |
At 31.3.22 £ 6,786,521 |
|---|---|---|---|
| 6,786,521 |
continued...
Page 11
DAVID URI MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 447,394 (310,484) 267,077 403,987 447,394 (310,484) 267,077 403,987 |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 447,394 (310,484) 267,077 403,987 447,394 (310,484) 267,077 403,987 |
|---|---|---|
| 403,987 |
12. RELATED PARTY DISCLOSURES
Mrs Z S Blackman is a director of Vitcorp Limited. During the year the charity rented offices to Vitcorp Limited. for £38,330, an amount agreed at arm's length. There was no balance outstanding at the end of the year.
13. OTHER SERVICES FROM AUDITOR
In common with many other charities of our size and nature we use our auditor to assist us with bookkeeping, payroll and related accounting work and deal with any request from tax authorities.
Page 12
This page does not form part of the statutory financial statements
Page 13
This page does not form part of the statutory financial statements
Page 14