Charity Registration No. 327834
CYRIL & YVONNE KORN CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 April 2021
CYRIL & YVONNE KORN CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| TRUSTEES: | Cyril David Korn- passed away 21/12/20 |
|---|---|
| Jonathan Korn | |
| Deborah Simons | |
| Yvonne Korn- Appointed 21/12/20 | |
| CHARITY NUMBER: 327834 | 327834 |
| REGISTERED ADDRESS: | 30, Harman Drive, |
| London, NW2 2ED | |
| GOVERNING DOCUMENT: | Trust deed dated 27th May 1988 |
| BANKERS: | Barclays Bank Plc, |
| 54, Lombard Street, | |
| London, ED3P 3AH | |
| INDEPENDENT EXAMINER: | Minayan & Co. Ltd, |
| Chartered Accountants | |
| 8B Accommodation Road, | |
| London, | |
| NW11 8ED |
CYRIL & YVONNE KORN CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 |
| Independents examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5-7 |
CYRIL & YVONNE KORN CHARITABLE TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present this report and financial statement for the year to 05/04/21
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 Trust Deed 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)".
Structure, governance and management
The Cyril & Yvonne Korn Charitable Trust is a Registered charity No 327834.
The Trustees, who served during the year were: Cyril David Korn- passed away 21/12/20 Jonathan Korn Deborah Simons Yvonne Korn- Appointed 21/12/20
The Charity has no full time staff or other paid staff and operates from its registered address.
The Board of Trustees has assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate their exposure to the major risks.
Objectives and activities
The charity is established to provide benefits to Jewish Charities and to medical and educational Charities. The Charity only donates to charities registered with the Charities Commission and does not give grants to individuals. The income of the Charity is already fully committed to the charities it supports.
Achievements and performance
The results for the year are set out on page 4. The Charity's incoming resources increased in 2020-2021. The Charity generated a surplus in the year, increasing the overall funding base. As the main Trustee (Cyril Korn) was seriously ill in the year and died in Deceber 2020 very few donations were made in the first 8 months of the year.
After his death his widow, Yvonne, joined the Board and it was decided by the Trustees that donations would be made in his memory to all the charities that he had supported both personally and through the Trust in the past. In March 2021 Yvonne Korn donated £100,000 to the Trust , in order to carry on Cyril's chaitable legacy.
The total distributed to charities was less than the income, resulting in a surplus for the year and thus at the year end an increased capital.
Financial review
Going forward It was decided that the Trust would continue to support all the Jewish , Medical and Educational charities that it had done in the past as well as those supported privately by Cyril Korn. The Trustees have already promised funding for restoration and building projects in the coming year that are being undertken by two of the charities it supports in memory of Cyril Korn.
It is the policy of the charity 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 donations, they will be able continue the charity’s current activities This level of reserves has not always been maintained but the Trustees continually monitor the funding of the charity.
On behalf of the Board of Trustees
Deborah Simons
Trustee
Dated: 14 October 2021
Page 1
CYRIL & YVONNE KORN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE CYRIL & YVONNE KORN CHARITABLE TRUST
We report to the Trustees on our examination of the financial statements of The Cyril & Yvonne Korn Charitable Trust (the charity) for the year ended 5 April 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ("the Act").
We report in respect of our examination of the charity's accounts carried out under section 145 of the Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
- the accounts do not comply with the applicable requirements concerning the form and content of accounts set out int 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.
We 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.
Minayan & Co. Ltd,
Chartered Accountants
8B Accommodation Road, London, NW11 8ED
Dated: 14 October 2021
Page 2
CYRIL & YVONNE KORN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
----- Start of picture text -----
2021 2020
Unrestricted funds Unrestricted funds
Notes £ £
Incoming resources from generated funds
Incoming resources from charitable activities 3 131,750 7,000
Bank interest received 4 5 31
Total Incoming resources 131,755 7,031
Resources expended
Charitable Activities 5 16,700 10,926
Management & Administration 1,200 -
Total resources expended 17,900 10,926
Net income(expenditure) for the year 113,855 (3895)
Fund balance at 6 April 2020 5,872 9,767
Fund balance at 5 April 2021 119,727 5,872
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Page 3
CYRIL & YVONNE KORN CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2021
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2021 2020
Note
£ £ £
Current Assets
Cash at Bank/Building Society 95,927 5,872
Debtors 6 25,000 -
120,927 5,872
Creditors -amount due in one year 7 -1,200 -
Total assets less current liabilities 119,727 5,872
Income Funds
Unrestricted Funds 119,727 5,872
119,727 5,872
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The accounts were approved by the Trustees on 14 October 2021.
Deborah Simons Trustee
Page 4
CYRIL & YVONNE KORN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 5 April 2021
1 Accounting policies
Charity information
The Cyril & Yvonne Korn Charitable Trust is a Registered Charity (No 327834). The registered address is 30 Harman Drive, London, NW2 2ED.
1.1 Accounting convention The accounts have been prepared in accordance with the charity's constitution 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 has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nerest £. The financial statements have been prepared under the historical cost convention. 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 existance 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. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to to the financial statements. 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 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. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 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. 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
Page 5
CYRIL & YVONNE KORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 5 April 2021
1 Accounting policies
(Continued)
1.6 Fund accounting
The financial statements of a charity must differentiate between restricted and unrestricted funds.
Restricted funds are subject to conditions imposed by the donor.
Designated funds are amounts that have been put aside at the discretion of the Trustees out of unrestricted general funds for specific future purposes or projects.
Unrestricted general funds comprise accumulated surpluses and deficits after transfers to designated funds.
1.7 Grants payable
The grants awarded by the Trustees are recognised in the Statement of Financial Activities in the year that they are made to the extent that a legal or constructive obligations exists.
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. Incoming resources from charitable activities
| HMRC Gift Aid Donations Total 2021 £ £ £ Income within charitable activities 27,750 104,000 131,750 Analysis by fund Unrestricted funds 27,750 10,400 131,750 Restricted funds 0 0 0 27,750 10,400 131,750 For the year ended 5 April 2020 Unrestricted funds 7,000 Restricted funds 0 7,000 |
Total 2020 £ 7,000 7,000 0 7,000 7,000 7,000 |
|---|---|
4. Bank interest received
| Interest receivable 5. Total Resources Expended Charitable Donations 6. Debtors Gift Aid Claimed |
Unrestricted funds 2021 £ 5 2021 £ 16,700 16,700 2021 £ 25,000 25,000 |
Unrestricted funds 2020 £ 31 2020 £ 10,926 10,926 2020 £ 0 0 |
|---|---|---|
page 6
CYRIL & YVONNE KORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 5 April 2021
7. Creditors: amounts falling due within one year
| Accruals and deferred income | 2021 £ 1,200 1,200 |
2020 £ 0 0 |
|---|---|---|
8. Fund Balance
Cyril & Yvonne Korn Charitable Trust is a Charitable Trust and is governed by its trust deed. Accordingly, no share capital account is presented.
9. Capital commitments
Cyril & Yvonne Korn Charitable Trust does not have any capital commitments at the end of this period.
Page 7