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2021-11-30-accounts

REGISTERED CHARITY NUMBER: 328498

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

FRIENDS OF SANZ INSTITUTIONS TRUST

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

FRIENDS OF SANZ INSTITUTIONS TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Statement of Financial Position 5
Statement of Cash Flows 6
Notes to the Statement of Cash Flows 7
Notes to the Financial Statements 8 to 13

FRIENDS OF SANZ INSTITUTIONS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2021

The trustees present their report with the financial statements of the charity for the year ended 30 November 2021. 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 charity's objects are the relief of poverty, to advance the religion of Jewish faith in accordance with Orthodox practice, to advance Orthodox Jewish education, and such other charitable purpose as the trustees see fit and are recognised by the law of England and Wales as charitable.

Significant activities

During the year under review, the charity provided grants to various charitable institutions to achieve it's objective of promoting orthodox Jewish faith for public benefit as well as other charitable purposes.

Public benefit

The Trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.

Grantmaking

Grants are made to charitable institutions, organisations and authorised individuals which accord with the objects of the charity.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year under review the charity raised substantial funds and has spent almost all of the funds raised in the furtherance of its objectives.

During the year under review the charity received generous donations amounting to £911,699 (2020: £665,214) and paid donations amounting to £803,377 (2020: £616,129).

Investment performance

Investment income from the charity's investment property was £75,083 which is similar to last year's income (2020: £73,109).

FINANCIAL REVIEW

Principal funding sources

The charity is dependent on the investment income and generous donation from the donors.

Investment policy and objectives

Under the Trust Deed the charity has the power to make any investment which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy. The trustees believe their experience within the UK investment property market, together with external advice as appropriate, will maximise the charity's income from its investments.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.

Going concern

The trustees are confident that the unrestricted funds at its disposal as at 31 November 2018 together with income secured on investment property are adequate to meet the operating and financial obligations for the next twelve month.

FUTURE PLANS

The trustees will continue to pursue the charity's objective by providing grant to institutions whose objective closely aligns with it's own.

Page 1

FRIENDS OF SANZ INSTITUTIONS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted and governed by a Trust Deed dated 19th February 1990 and supplemental Deed dated 18th December 2000. The charity is managed and controlled by the trustees, who also administer the day-to-day affairs of the charity. None of the trusteed have any beneficial interest in the charity. The trustees have no present intention to appoint new trustees, but should an appointment be made in the future it will be in accordance with the Charity's recruitment training and induction procedures.

Recruitment and appointment of new trustees

The trustees have not currently envisaged appointment of new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedure.

Organisational structure

The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity and no benefits or expenses were paid in the year.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

328498

Principal address

26 Clifton Gardens London N15 6AP

Trustees

D Klein J Klein E Reich I Reich

Independent Examiner

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

Approved by order of the board of trustees on 30 September 2022 and signed on its behalf by:

D Klein - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF SANZ INSTITUTIONS TRUST

Independent examiner's report to the trustees of Friends of Sanz Institutions Trust

I report to the charity trustees on my examination of the accounts of Friends of Sanz Institutions Trust (the Trust) for the year ended 30 November 2021.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of A. C. A which is one of the listed bodies.

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:

  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.

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.

Malcolm Venitt A. C. A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

30 September 2022

Page 3

FRIENDS OF SANZ INSTITUTIONS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
Investment management costs
4
Charitable activities
5
Grants and donations
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
911,699
75,084
986,783
14,225
14,225
803,377
2,580
820,182
166,601
1,779,900
1,946,501		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 30.11.21
Total
funds
£
911,699
75,084
986,783
14,225
14,225
803,377
2,580
820,182
166,601
1,779,900
1,946,501		 30.11.20
Total
funds
£
665,214
73,115
738,329
38,034
38,034
616,129
2,580
656,743
81,586
1,698,314
1,779,900

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 4

FRIENDS OF SANZ INSTITUTIONS TRUST

STATEMENT OF FINANCIAL POSITION 30 NOVEMBER 2021

Notes
FIXED ASSETS
Investment property
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
13
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 30.11.21
£
1,811,426
261,223
207,924
469,147
(60,838)
408,309
2,219,735
(273,234)
1,946,501
1,946,501
1,946,501		 30.11.20
£
1,772,426
261,223
94,058
355,281
(41,338)
313,943
2,086,369
(306,469)
1,779,900
1,779,900
1,779,900

The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2022 and were signed on its behalf by:

D Klein - Trustee

The notes form part of these financial statements

Page 5

FRIENDS OF SANZ INSTITUTIONS TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of investment property
Interest received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 30.11.21
£
142,777
(6,677)
136,100
(39,000)
1
(38,999)
16,765
16,765
113,866
94,058
207,924		 30.11.20
£
96,866
(8,286)
88,580
-
6
6
(31,547)
(31,547)
57,039
37,019
94,058

The notes form part of these financial statements

Page 6

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Interest received
Interest paid
(Decrease)/increase in creditors
Net cash provided by operations		 30.11.21
£
166,601
(1)
6,677
(30,500)
142,777		 30.11.20
£
81,586
(6)
8,286
7,000
96,866

2. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.20 Cash flow At 30.11.21
£ £ £
Net cash
Cash at bank 94,058 113,866 207,924
94,058 113,866 207,924
Debt
Debts falling due within 1 year - (50,000) (50,000)
Debts falling due after 1 year (306,469) 33,235 (273,234)
(306,469) (16,765) (323,234)
Total (212,411) 97,101 (115,310)

The notes form part of these financial statements

Page 7

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

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

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

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. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
30.11.21 30.11.20
£ £
General Donations 911,699 665,214

continued...

Page 8

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2021

3.
INVESTMENT INCOME
Rents received
Deposit account interest
4.
INVESTMENT MANAGEMENT COSTS
Property repairs
Insurance
Light and heat
Management fees
Legal and professional fees
Post and stationery
Interest payable and similar charges
5.
CHARITABLE ACTIVITIES COSTS
Grants and donations
6.
GRANTS PAYABLE
Grants and donations		 Direct
Costs
£
1,200		 30.11.21
£
75,083
1
75,084
30.11.21
£
1,006
1,786
3,326
-
397
1,033
6,677
14,225
Grant
funding of
activities
(see note
6)
£
802,177
30.11.21
£
802,177		 30.11.20
£
73,109
6
73,115
30.11.20
£
475
1,637
3,699
4,320
19,429
188
8,286
38,034
Totals
£
803,377
30.11.20
£
615,129

continued...

Page 9

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2021

7. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Other resources expended 2,580

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Investment management costs
Charitable activities
Grants and donations
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
665,214
73,115
738,329
38,034
38,034
616,129
2,580
656,743
81,586
1,698,314
1,779,900		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
665,214
73,115
738,329
38,034
38,034
616,129
2,580
656,743
81,586
1,698,314
1,779,900

continued...

Page 10

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2021

10. INVESTMENT PROPERTY

FAIR VALUE
At 1 December 2020
Additions
At 30 November 2021
NET BOOK VALUE
At 30 November 2021
At 30 November 2020
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21
£
Other debtors
261,223
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.21
£
Bank loans and overdrafts (see note 14)
50,000
Other creditors
10,838
60,838
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.21
£
Bank loans (see note 14)
273,234
14.
LOANS
An analysis of the maturity of loans is given below:
30.11.21
£
Amounts falling due within one year on demand:
Bank loans
50,000
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
273,234		 £
1,772,426
39,000		 £
1,772,426
39,000
1,811,426
1,811,426
1,772,426
30.11.20
£
261,223
30.11.20
£
-
41,338
41,338
30.11.20
£
306,469
30.11.20
£
-
306,469

continued...

Page 11

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2021

15.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Investments
1,811,426
Current assets
469,147
Current liabilities
(60,838)
Long term liabilities
(273,234)
1,946,501
16.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
-
At
1.12.20
£
1,779,900
1,779,900
Incoming
resources
£
986,783
986,783
At
1.12.19
£
1,698,314
1,698,314		 30.11.21
Total
funds
£
1,811,426
469,147
(60,838)
(273,234)
1,946,501
Net
movement
in funds
£
166,601
166,601
Resources
expended
£
(820,182)
(820,182)
Net
movement
in funds
£
81,586
81,586		 30.11.20
Total
funds
£
1,772,426
355,281
(41,338)
(306,469)
1,779,900
At
30.11.21
£
1,946,501
1,946,501
Movement
in funds
£
166,601
166,601
At
30.11.20
£
1,779,900
1,779,900

continued...

Page 12

FRIENDS OF SANZ INSTITUTIONS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2021

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
738,329
738,329		 Resources
Movement
expended
in funds
£
£
(656,743)
81,586
(656,743)
81,586		 Resources
Movement
expended
in funds
£
£
(656,743)
81,586
(656,743)
81,586
81,586

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At
1.12.19
£
1,698,314
1,698,314		 Net
movement
in funds
£
248,187
248,187		 At
30.11.21
£
1,946,501
1,946,501

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,725,112 (1,476,925 ) 248,187
TOTAL FUNDS 1,725,112 (1,476,925 ) 248,187

17. RELATED PARTY DISCLOSURES

During the period the charity donated £6,000 to Kollel Shefa Chaim. The charity and Kollel Shefa Chaim share a common trustee.

Page 13