REGISTERED CHARITY NUMBER: 328435
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
FOR
THE SCHAPIRA CHARITABLE TRUST
Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
THE SCHAPIRA CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
Page |
|
Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
|
6 |
|
Notes to the Financial Statements |
7 |
to |
11 |
THE SCHAPIRA CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2021. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUK and
Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Schapira Charitable Trust was created by a deed dated 17 November 1989 between Isaac Yehuda Schapira
(the settlor) and Martin David Paisner, Henry Frydenson and Isaac Yehuda Schapira (the Trustees).
The Trust has been registered as a charity with the Charity Commission (registration number 328435).
The Trustees have power to raise the whole or any part or parts of the capital of the Trust fund and pay, distribute
or apply the same for such charitable purposes in the United Kingdom in such shares as the Trustees shall in
their absolute discretion determine.
The Trust aims to award grants to support religious institutions of the Jewish Faith as well as other institutions
from the fields of Health and Education generally. The trustees confirm that they have referred to the guidance
contained in the Charity Commission's 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.
Public benefit
The Trustees have given due consideration to the Charity Commission’s published guidance on public benefit
and confirm that the Charity is a public benefit entity under FRS SORP 102.
Grantmaking
The Trustees to date have had a policy of supporting religious institutions of the Jewish faith and continue to do
so. However, the Trustees do receive applications from a wider source and will favourably consider applications
from the fields of Health and Education generally.
FINANCIAL REVIEW
Financial review
TheTrustearnednetinvestmentincomeduringtheyeartotalling£57,491(2020:£75,726).TheTrusthasmade charitable
donationsduringtheyearamountingto£nil(2020:£456,260)toreligiousinstitutionsoftheJewishfaithand organisations
from the fields of Health and Education.
Although the Trustees intend to hold a diversified investment portfolio in the future, with a view to maintaining the
capital value of the investment portfolio and paying out the net incoming resources for the year by way of grants
and donations payable in accordance with the aims of the Trust, given the state of the economy the Trustees
have decided it more prudent in the interim to hold funds on cash deposit excluding the loan debtor. At the date
of approval of these accounts the Trustees continue to seek advice on the strategy to be pursued in the future, to
build upon their extremely successful activities in the past.
Reserves policy
The Accumulation Period as set out in the Trust Deed whereby the Trustees were allowed to accumulate all or
any part of the income of the Trust fund came to an end on 17 November 2010.
The Trustees have however held their reserves on the basis that the charity's incoming resources each year are
spent in that year with a small amount of capital being used to meet the level of grants agreed by the Trustees for
that year. The Trustees continue to follow this policy to ensure longevity in the Trust's objective and commitment
in their charitable aims.
The expendable endowment fund on 31 December 2021 is £1,874,519 (2020 :£1,822,955).
The Trust will continue to use donations received to make grants and donations in accordance with its objectives
and also will continue to apply cash generated from investment income for the charitable purposes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
THE SCHAPIRA CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
Trustees are appointed by the Settlor. Once appointed, any necessary training for trustees are identified by the
trustees and appropriate training is organised. The Trustees meet as necessary to discuss and agree grant
applications, to monitor the investment performance and deal with the administration matters of the Trust.
Trustees during the year were:
I Y Schapira
S L Schapira
A Friedlander
Risk management
The Trustees are responsible for the management and control of the Trust and are therefore included in key
aspects of the risk management process, particularly in setting parameters of the process, review and
consideration of results. The Trustees identify, consider and monitor the evaluation of risks from both internal and
external factors at the Trustee meetings. The Trustees consider the control systems in place to manage risks to
be adequate.
The Trustees have continued to examine the major strategic, business and operation risks which the charity
faces and consider there are limited risks. This is because the charity's current investment policy is to invest in
assets which the Trustees believe have low risk. The low risk approach continues to enable the Trust to award
grants in accordance with its charitable objectives.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
328435
Principal address
2 Dancastle Court
14 Arcadia Avenue
London
N3 2JU
Trustees
Mr I Y Schapira
Mrs S L Schapira
Mr A Friedlander
Independent Examiner
Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
Solicitors
Maurice Turnor Gardner LLP
15th Floor Milton House
Milton Street
London
EC2Y 9BH
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
Page 2
THE SCHAPIRA CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Approved by order of the board of trustees on 18 September 2022 and signed on its behalf by:
Mr I Y Schapira - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE SCHAPIRA CHARITABLE TRUST
Independent examiner's report to the trustees of The Schapira Charitable Trust
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheSchapiraCharitableTrust(theTrust)forthe year
ended 31 December 2021.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarryingout 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
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattentionshould be
drawn in this report in order to enable a proper understanding of the accounts to be reached.
Aryeh Melinek, FCA
Institute of Chartered Accountants England and Wales
Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
19 September 2022
Page 4
THE SCHAPIRA CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
Charitable activities
Other
7
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
12
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
-
57,491
57,491
485
-
5,442
5,927
51,564
(51,564)
-
-
- |
Endowment
fund
£
-
-
-
-
-
-
-
-
51,564
51,564
1,822,955
1,874,519 |
2021
Total
funds
£
-
57,491
57,491
485
-
5,442
5,927
51,564
-
51,564
1,822,955
1,874,519 |
2020
Total
funds
£
187,000
75,726
262,726
617
456,260
67,916
524,793
(262,067)
-
(262,067)
2,085,022
1,822,955 |
|
|
|
|
|
The notes form part of these financial statements
Page 5
THE SCHAPIRA CHARITABLE TRUST
BALANCE SHEET 31 DECEMBER 2021
Notes
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Endowment funds
TOTAL FUNDS |
Unrestricted
fund
£
-
-
-
-
-
-
- |
Endowment
fund
£
-
2,072,318
2,072,318
(197,799)
1,874,519
1,874,519
1,874,519 |
2021
Total
funds
£
-
2,072,318
2,072,318
(197,799)
1,874,519
1,874,519
1,874,519
1,874,519
1,874,519 |
2020
Total
funds
£
1,817,085
14,870
1,831,955
(9,000)
1,822,955
1,822,955
1,822,955
1,822,955
1,822,955 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon18September2022and were
signed on its behalf by:
Mr I Y Schapira - Trustee
The notes form part of these financial statements
Page 6
THE SCHAPIRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
ThefinancialstatementshavebeenpreparedinaccordancewiththeStatementofRecommended Practice:
AccountingandReportingbyCharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)issuedon16July2014andtheFinancialReporting Standard
applicableintheUnitedKingdomandRepublicofIreland(FRS102)andtheCharitiesAct2011andUK Generally
Accepted Practice as it applies from 1 January 2015.
Thefinancialstatementshavebeenpreparedtogivea'trueandfair'viewandhavedepartedfromthe Charities
(AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea'trueandfairview'.This departure
hasinvolvedfollowingAccountingandReportingbyCharitiespreparingtheiraccountsinaccordancewith the
FinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)issuedon16July2014 rather
thantheAccountingandReportingbyCharities:StatementofRecommendedPracticeeffectivefrom1April 2005
which has since been withdrawn.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthe charity
tothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandthe amount
oftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeen classified
underheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributed to
particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasacommitment but
not accrued as expenditure.
Taxation
The entity is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the charity is
potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter
3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992,
to the extent that such income or gains are applied exclusively to charitable purposes.
No tax charge arose in the period.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. 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. DONATIONS AND LEGACIES
DONATIONS AND LEGACIES |
|
|
|
|
2021 |
|
2020 |
|
£ |
|
£ |
Donations |
|
- |
187,000 |
continued...
Page 7
THE SCHAPIRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
3. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
|
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
Deposit account interest |
|
18 |
|
10 |
Loan interest receivable |
|
57,473 |
|
75,716 |
|
|
57,491 |
|
75,726 |
RAISING FUNDS |
|
|
|
|
Investment management costs |
|
|
|
|
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
Support costs |
|
485 |
|
617 |
GRANTS PAYABLE |
|
|
|
|
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
Charitable activities |
|
|
- |
456,260 |
The total grants paid to institutions during the year was as follows: |
|
|
|
|
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
British Friends of Chazon Ish Institution |
|
|
- |
18,000 |
British Friends of the Rabbi Meir Baal Haness (KSH) |
|
|
- |
242,000 |
Chevras Mo'oz Ladol |
|
|
- |
18,760 |
Mercaz Hatorah Vechesed Limited |
|
|
- |
70,000 |
Slabodka Yeshiva Trust |
|
|
- |
14,000 |
Friends of Gur Foundation |
|
|
- |
93,000 |
Other donations (<£5,000 in aggregate for each) |
|
|
- |
500 |
|
|
|
- |
456,260 |
SUPPORT COSTS |
|
|
|
|
|
|
Governance |
|
|
|
Finance |
costs |
|
Totals |
|
£ |
£ |
|
£ |
Investment management costs |
485 |
|
- |
485 |
Other resources expended |
- |
5,442 |
|
5,442 |
|
485 |
5,442 |
|
5,927 |
OTHER |
|
|
|
|
|
|
2021 |
|
2020 |
|
|
£ |
|
£ |
Support costs |
|
5,442 |
|
67,916 |
4.
5.
6. SUPPORT COSTS
7.
Other resources expended include £2,400 (2020: £2,400) fees payable to the Independent examiner.
continued...
Page 8
THE SCHAPIRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2021norforthe year
ended 31 December 2020.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2021norfortheyear ended
31 December 2020.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors |
Unrestricted
fund
£
187,000
75,726
262,726
617
456,260
67,916
524,793
(262,067)
262,067
-
-
- |
Endowment
fund
£
-
-
-
-
-
-
-
-
(262,067)
(262,067)
2,085,022
1,822,955
2021
£
- |
Total
funds
£
187,000
75,726
262,726
617
456,260
67,916
524,793
(262,067)
-
(262,067)
2,085,022
1,822,955
2020
£
1,817,085 |
|
|
|
|
continued...
Page 9
THE SCHAPIRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
12.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
Endowment
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Endowment funds
Endowment
TOTAL FUNDS |
|
At 1.1.21
£
-
1,822,955
1,822,955
s follows:
At 1.1.20
£
-
2,085,022
2,085,022 |
|
|
Net
movement
in funds
£
51,564
-
51,564
Incoming
resources
£
57,491
57,491
Net
movement
in funds
£
(262,067)
-
(262,067) |
|
|
2021
£
2,400
195,399
197,799
Transfers
between
funds
£
(51,564)
51,564
-
Resources
expended
£
(5,927)
(5,927)
Transfers
between
funds
£
262,067
(262,067)
- |
|
2020
£
-
9,000
9,000
At
31.12.21
£
-
1,874,519 |
2020
£
-
9,000 |
|
|
|
|
|
|
|
|
|
|
|
9,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,874,519 |
|
|
a |
|
|
|
|
|
|
|
|
Movement
in funds
£
51,564
51,564
At
31.12.20
£
-
1,822,955 |
|
|
|
|
|
|
|
|
|
|
|
1,822,955 |
|
continued...
Page 10
THE SCHAPIRA CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
262,726
262,726 |
Resources
Movement
expended
in funds
£
£
(524,793)
(262,067)
(524,793)
(262,067) |
|
|
|
13. RELATED PARTY DISCLOSURES
Trustees receive no remuneration (2020 - £Nil) and were not reimbursed for any of their expenses in the
year (2020 - £Nil).
Duringtheyear,thecharityreceived£2,064,515fromacompanywhichthetrusteeMrIsaacSchapirais a
director.Thepaymentwastorepayaloanwithinterestat12%.Therepaymentreceivedwasmorethanthe loan
withaccruedinterest,soresultedinacreditorof£192,999disclosedinthebalancesheetin"othercreditors" falling
due within one year.
Page 11