REGISTERED CHARITY NUMBER: 328498
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
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 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 30 November 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 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 £923,228 (2021: £911,699) and paid donations amounting to £971,337 (2021: £803,377).
Investment performance
Investment income from the charity's investment property was £70,825 which is similar to last year's income (2021: £75,084).
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 30 November 2022 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 objectives closely aligns with it's own.
Page 1
FRIENDS OF SANZ INSTITUTIONS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2022
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 17 October 2023 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 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
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 member of the Institute of Chartered Accountants in England and Wales, 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:
-
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.
Malcolm Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
17 October 2023
Page 3
FRIENDS OF SANZ INSTITUTIONS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2022
| 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/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 923,228 70,825 994,053 38,242 38,242 971,337 918 1,010,497 (16,444) 1,946,501 1,930,057 |
Restricted fund £ - - - - - - - - - - - |
30.11.22 Total funds £ 923,228 70,825 994,053 38,242 38,242 971,337 918 1,010,497 (16,444) 1,946,501 1,930,057 |
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 |
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 2022
| 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 ACCRUALS AND DEFERRED INCOME 15 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
30.11.22 £ 1,811,426 426,246 76,303 502,549 (55,262) 447,287 2,258,713 (239,156) (89,500) 1,930,057 1,930,057 1,930,057 |
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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2023 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 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investment property Interest received Net cash provided by/(used in) investing activities Cash flows from financing activities Loan repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
30.11.22 £ (83,118) (7,834) (90,952) - 4 4 (42,995) (42,995) (133,943) 207,924 73,981 |
30.11.21 £ 142,777 (6,677) 136,100 (39,000) 1 (38,999) 16,765 16,765 113,866 94,058 207,924 |
|---|---|---|
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 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||||
|---|---|---|---|---|
| 30.11.22 | 30.11.21 | |||
| £ | £ | |||
| Net (expenditure)/income for the reporting period (as per the | ||||
| Statement of Financial Activities) | (16,444) | 166,601 | ||
| Adjustments for: | ||||
| Interest received | (4) | (1) | ||
| Interest paid | 7,834 | 6,677 | ||
| Increase in debtors | (165,023) | - | ||
| Increase/(decrease) in creditors | 90,519 | (30,500) | ||
| Net cash (used in)/provided by operations | (83,118) | 142,777 | ||
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
| 30.11.22 | 30.11.21 | |||
| £ | £ | |||
| Notice deposits (less than 3 months) | 76,303 | 207,924 | ||
| Overdrafts included in bank loans and overdrafts falling due within | one year | (2,322) | - | |
| Total cash and cash equivalents | 73,981 | 207,924 | ||
| 3. | ANALYSIS OF CHANGES IN NET DEBT | |||
| At 1.12.21 | Cash flow | At 30.11.22 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 207,924 | (131,621) | 76,303 | |
| Bank overdraft | - | (2,322) | (2,322) | |
| 207,924 | (133,943) | 73,981 | ||
| Debt | ||||
| Debts falling due within 1 year | (50,000) | 8,917 | (41,083) | |
| Debts falling due after 1 year | (273,234) | 34,078 | (239,156) | |
| (323,234) | 42,995 | (280,239) | ||
| Total | (115,310) | (90,948) | (206,258) |
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 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
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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
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.
continued...
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FRIENDS OF SANZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
| 2. DONATIONS AND LEGACIES General Donations 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 £ 2,572 |
30.11.22 £ 923,228 30.11.22 £ 70,821 4 70,825 30.11.22 £ 20,397 2,018 2,732 5,040 - 221 7,834 38,242 Grant funding of activities (see note 6) £ 968,765 30.11.22 £ 968,765 |
30.11.21 £ 911,699 |
|---|---|---|---|
| 30.11.21 £ 75,083 1 75,084 30.11.21 £ 1,006 1,786 3,326 - 397 1,033 6,677 14,225 Totals £ 971,337 |
|||
| 30.11.21 £ 802,177 |
continued...
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FRIENDS OF SANZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
7. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | (2,682) | 3,600 | 918 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2022 nor for the year ended 30 November 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2022 nor for the year ended 30 November 2021.
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 £ 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 £ - - - - - - - - - - - |
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 |
continued...
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FRIENDS OF SANZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
10. INVESTMENT PROPERTY
| FAIR VALUE At 1 December 2021 and 30 November 2022 NET BOOK VALUE At 30 November 2022 At 30 November 2021 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.11.22 £ Other debtors 426,246 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.11.22 £ Bank loans and overdrafts (see note 14) 43,405 Other creditors 11,857 55,262 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.11.22 £ Bank loans (see note 14) 239,156 14. LOANS An analysis of the maturity of loans is given below: 30.11.22 £ Amounts falling due within one year on demand: Bank overdrafts 2,322 Bank loans 41,083 43,405 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 239,156 |
£ 1,811,426 |
£ 1,811,426 |
|---|---|---|
| 1,811,426 | ||
| 1,811,426 | ||
| 30.11.21 £ 261,223 |
||
| 30.11.21 £ 50,000 10,838 60,838 30.11.21 £ 273,234 |
||
| 30.11.21 £ - 50,000 |
||
| 50,000 | ||
| 273,234 |
continued...
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FRIENDS OF SANZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
15. ACCRUALS AND DEFERRED INCOME
| Accruals and deferred income 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fund £ Investments 1,811,426 Current assets 502,549 Current liabilities (55,262) Long term liabilities (239,156) Accruals and deferred income (89,500) 1,930,057 17. 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 1.12.21 £ 1,946,501 1,946,501 Incoming resources £ 994,053 994,053 At 1.12.20 £ 1,779,900 1,779,900 |
30.11.22 £ 89,500 30.11.22 Total funds £ 1,811,426 502,549 (55,262) (239,156) (89,500) 1,930,057 Net movement in funds £ (16,444) (16,444) Resources expended £ (1,010,497 ) (1,010,497 ) Net movement in funds £ 166,601 166,601 |
30.11.21 £ - 30.11.21 Total funds £ 1,811,426 469,147 (60,838) (273,234) - 1,946,501 At 30.11.22 £ 1,930,057 1,930,057 Movement in funds £ (16,444) (16,444) At 30.11.21 £ 1,946,501 1,946,501 |
|---|---|---|---|
continued...
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FRIENDS OF SANZ INSTITUTIONS TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 986,783 986,783 |
Resources Movement expended in funds £ £ (820,182) 166,601 (820,182) 166,601 |
Resources Movement expended in funds £ £ (820,182) 166,601 (820,182) 166,601 |
|---|---|---|---|
| 166,601 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.12.20 £ 1,779,900 1,779,900 |
Net movement in funds £ 150,157 150,157 |
At 30.11.22 £ 1,930,057 |
|---|---|---|---|
| 1,930,057 |
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 £ 1,980,836 1,980,836 |
Resources expended £ (1,830,679 ) (1,830,679 ) |
Movement in funds £ 150,157 |
|---|---|---|---|
| 150,157 |
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2022.
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