REGISTERED CHARITY NUMBER: 328332
THE SHAAREI CHESED TRUST
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
THE SHAAREI CHESED TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Statement of Financial Position | 5 | |
| Notes to the Financial Statements | 6 to | 9 |
THE SHAAREI CHESED TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2022
TRUSTEES M M Bernath E Bernath A Grunfeld I Herzog PRINCIPAL ADDRESS 16 Reizel Close London N16 5GY REGISTERED CHARITY 328332 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS TSB Bank plc 174 Clapton Common London E5 9AQ
Page 1
THE SHAAREI CHESED TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 30 September 2022.
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The relief of poverty, and other such charitable purposes as the trustees think fit.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Achievement and performance
Income for the year increased substantially and the trustees increased grantmaking accordingly. There was a surplus for the year..
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £9,831 (2021 - £3,231).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted and governed by Declaration of Trust dated 14 August 1989.
Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
Approved by order of the board of trustees on 8 March 2023 and signed on its behalf by:
M M Bernath - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHAAREI CHESED TRUST
Independent examiner's report to the trustees of The Shaarei Chesed Trust
I report to the charity trustees on my examination of the accounts of The Shaarei Chesed Trust (the Trust) for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
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 in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
E. Meyer FCA, BSc Institute of Chartered Accountants England & Wales Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
8 March 2023
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THE SHAAREI CHESED TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 88,794 EXPENDITURE ON Charitable activities 2 Grantmaking 74,320 Support 1,412 Total 75,732 NET INCOME/(EXPENDITURE) 13,062 RECONCILIATION OF FUNDS Total funds brought forward (3,231) TOTAL FUNDS CARRIED FORWARD 9,831 |
2021 Total funds £ 66,454 71,705 1,295 73,000 (6,546) 3,315 (3,231) |
|---|---|
The notes form part of these financial statements
Page 4
THE SHAAREI CHESED TRUST
STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2022
| Notes CURRENT ASSETS Debtors 6 Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 8 NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 3,500 18,148 21,648 (792) 20,856 20,856 (11,025) 9,831 9,831 9,831 |
2021 Total funds £ - 9,767 9,767 (998) 8,769 8,769 (12,000) (3,231) (3,231) (3,231) |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 March 2023 and were signed on its behalf by:
M M Bernath - Trustee
The notes form part of these financial statements
Page 5
THE SHAAREI CHESED TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 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.
Income
Income received by way of donations is accounted for when received.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Support (see note costs (see 3) note 4) £ £ Grantmaking 74,320 - Support - 1,412 74,320 1,412 3. GRANTS PAYABLE 2022 £ Grantmaking 74,320 The total grants paid to institutions during the year was as follows: 2022 £ Advancement of religion 16,800 Advancement of education - Relief of poverty - 16,800 |
Totals £ 74,320 1,412 |
|---|---|
| 75,732 | |
| 2021 £ 71,705 |
|
| 2021 £ 3,685 9,260 16,220 |
|
| 29,165 |
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THE SHAAREI CHESED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
3. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| The total grants paid to individuals during the year was as | follows: | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Relief of poverty | 56,970 | 38,800 | |
| Medical | 550 | 3,740 | |
| 57,520 | 42,540 | ||
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support | 620 | 792 | 1,412 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2022 | 2021 | ||
| Total | |||
| Support | activities | ||
| £ | £ | ||
| Bank charges | 620 | 503 | |
| Governance costs | |||
| 2022 | 2021 | ||
| Total | |||
| Support | activities | ||
| £ | £ | ||
| Independent examiner's fee | 396 | 396 | |
| Independent examiner's other fees | 396 | 396 | |
| 792 | 792 |
4. SUPPORT COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021.
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THE SHAAREI CHESED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other debtors 3,500 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Bank loans and overdrafts (see note 9) - Other creditors 792 792 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 9) 11,025 9. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due within one year on demand: Bank overdrafts - Amounts falling between one and two years: Bank loans - 1-2 years 2,100 Amounts falling due between two and five years: Bank loans - 2-5 years 8,925 10. MOVEMENT IN FUNDS Net At movement 1.10.21 in funds £ £ Unrestricted funds General fund (3,231) 13,062 TOTAL FUNDS (3,231) 13,062 |
2021 £ - 2021 £ 206 792 998 2021 £ 12,000 |
2021 £ - |
|---|---|---|
| 2021 £ 206 792 |
||
| 998 | ||
| 2021 £ 206 |
||
| - | ||
| 12,000 | ||
| At 30.9.22 £ 9,831 |
||
| 9,831 |
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THE SHAAREI CHESED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 88,794 | (75,732) | 13,062 |
| TOTAL FUNDS | 88,794 | (75,732) | 13,062 |
| Comparatives for movement in funds | |||
| Net | |||
| At | movement | At | |
| 1.10.20 | in funds | 30.9.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 3,315 | (6,546) | (3,231) |
| TOTAL FUNDS | 3,315 | (6,546) | (3,231) |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 66,454 | (73,000) | (6,546) |
| TOTAL FUNDS | 66,454 | (73,000) | (6,546) |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2022.
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