## **THE BERSAM TRUST**
# **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
**CHARITY NO. 526452**
## **THE BERSAM TRUST CONTENTS**
|**Trustees Report**|**2**|
|---|---|
|**Independent Examiners Report**|**5**|
|**Statement of Financial Activities**|**6**|
|**Balance Sheet**|**7**|
|**Notes to the Financial Statements**|**8**|
## **THE BERSAM TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
The trustees of the charity present their annual report under the Charities Act 2011 and the financial statements for the year ended 31 March 2021 and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2005.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Trustees
Joshua Waldman Ignatius Moskovits Jehuda Waldman A Vogiel
Charity Number 526452
Independent Examiner B Olsberg & Co, Chartered Accountants Enterprise House, 3 Middleton Road, Manchester M8 5DT
Bankers Cheetham
The Royal Bank of Scotland, Manchester
18 Bury Old Road, Manchester M8 7JN
The Charity was founded on 31 May 1955 and is registered with the Charity Commission Under charity number 526452.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **GOVERNING DOCUMENT**
The charity is governed by its Trust Deed dated 31 May 1955.
## **GOVERNING BODY**
The structure of the Charity consists of three trustees. The board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing trustee.
## **ORGANISATIONAL MANAGEMENT**
The Trustees of the Charity, are legally responsible for the overall management and control of
The Charity and meet regularly.
## **RISK MANAGEMENT**
The trustees do not feel that the charity is exposed to any major risks.
- 2 -
**OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES**
The charity is constituted by Trust Deed and its objects are to raise funds for the purpose of supporting all causes which are considered charitable according to English Law. This year the charity concentrated on completing the school building.
Its policies are to further the observance of orthodox Judaism, to encourage and support the advancement of Orthodox Jewish Religious Education to establish all institutions required by the orthodox Jewish Community and any other charitable activities.
The policy of the Charitable Trust continues to be to support these activities.
It is intended to continue with the Trusts current activities.
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
The charity received donations of £97,153, and rental income of £150,000. Management and administration expenses were £138,342 which left a surplus for the year of £109,171 (2020 surplus - £219,077).
The Trustees consider that the performance of the charity this year has been satisfactory. There
were no significant changes in the year.
## **PUBLIC BENEFIT**
The trustees confirm that they have referred to the guidance contained in the charity commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity’s aims and objectives and in planning future activities.
## **RESERVES POLICY**
The policy of the trustees is to use its funds to complete the school building and to give support for educating the children.
## **INVESTMENT POLICY AND OBJECTIVES**
Under the Trust Deed the charity has the power to make any investment which the trustees see fit but no investments are currently held.
## **FUTURE PLANS**
The trustee's plans are to continue to collect funds for the purposes of the charity.
- 3 -
## **ACCOUNTING AND REPORTING RESPONSIBILITIES**
The trustees are required by Charity law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of the year. In preparing those financial statements the trustees are required to:
- (a) select suitable accounting policies and apply them consistently;
- (b) make judgements and estimates that are reasonable and prudent;
- (c) follow applicable accounting standards and statements of recommended practice, disclosing and explaining any departures in the financial statements.
- (d) prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **APPROVAL**
The report was approved by the trustees on 5 January 2022 and signed on their behalf.
J Waldman **Trustee**
- 4 -
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BERSAM TRUST**
I report on the accounts of the Trust for the year ended 31 March 2021, which are set out on pages 6 to 8.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- Examine the accounts under section 145 of the 2011 Act;
- To follow procedures laid down in the General Directions given by the Charity Commissioners under Section 145(5) of the 2011 Act,
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity
and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with Section 130 of the Charities Act 2011; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act.
- have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **B OLSBERG FCA**
## **B OLSBERG & CO, CHARTERED ACCOUNTANTS ENTERPRISE HOUSE, 3 MIDDLETON ROAD MANCHESTER M8 5DT**
## **5 January 2022**
- 5 -
## **THE BERSAM TRUST**
## **Statement of Financial Activities for the Year Ended 31 March 2021**
|**Unrestricted**
**Funds**
**2021**
**£**
**Income and Expenditure**
Donations
97,513
Rents Receivable
150,000
247,513
**Resources Expended**
**Management and Administration**
Professional Fees
4,140
Functions
Loan Interest and Arrangement Fees
77,226
Repairs and Maintenance
11,774
Printing, Postage, Stationery and Sundry
302
Security
41,661
Bank Charges
239
Accountancy
2,000
Independent Examiners Report
1,000
138,342
**TOTAL RESOURCES EXPENDED**
138,342
**Net Surplus for the Year**
109,171
**Balance Brought Forward 1 April 2020**
2,489,424
**Balance Carried Forward 31 March 2021**
2,598,595
The notes form an integral part of these accounts.||**2020**
**£**
222,068
150,000|
|---|---|---|
|||372,068|
|||17,607
763
83,377
1,015
202
45,563
464
3,000
1,000|
|||152,991|
|||152,991|
|||219,077|
|||2,270,347|
|||2,489,424|
||||
- 6 -
## **THE BERSAM TRUST**
## **Balance Sheet as at 31 March 2021**
|**2021**
**Note**
**£**
**£**
**Fixed Assets (at valuation)**
Property & Equipment
4
4,736,673
**Current Assets**
Sundry Debtors
2,350
Cash at bank and in hand
2,303
4,653
**Less: Current Liabilities**
Creditors Payable within one year
5 (285,059)
(280,406)
**Total Assets Less current liabilities**
4,456,267
**Creditors due beyond one year**
Bank Loan (secured by charge on the property)
(1,857,672)
2,598,595
**Trust Funds**
Unrestricted funds
Income account
2,598,595
Approved by the Board of Trustees on 5 January 2022 and signed on
………………………………………
Trustee
………………………………………
Trustee
The notes form part of these accounts|**£**
34,882
434|**2020**
**£**
4,670,113
(266,528)
4,403,855
(1,914,431)
2,489,424
2,489,424|**2020**
**£**
4,670,113
(266,528)
4,403,855
(1,914,431)
2,489,424
2,489,424|
|---|---|---|---|
|||||
||||(266,528)
4,403,855
(1,914,431)|
||35,316
(301,574)|||
||its behalf by|||
||||2,489,424|
||||2,489,424|
|||||
- 7 -
## **THE BERSAM TRUST**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1. Accounting Policies**
- a. The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and follow the recommendations in Statement of Recommended Practice;
Accounting for Charities (SORP) October 2005.
- b. Voluntary income is received by way of donations and gifts and is included gross in the Statement of Financial Activities.
- c. Unrestricted funds are donations and other income received or generated for the charitable purposes.
- d. The properties being investment properties have not been depreciated.
- e. Management and administration costs of the charity relate to the central costs of management including the costs of meetings and statutory compliance.
**2. Direct Charitable Expenditure** Distributions made in the year ended 31 March 2021 were in accordance with the charity’s objectives.
## **3. Staff Costs**
No remuneration was paid to the trustees in the year and no expenses were reimbursed to them. There were no staff costs.
||**4.**|**FIXED ASSETS**|**Property &**||
|---|---|---|---|---|
||||**Improvements**|**Equipment**|
||||**£**|**£**|
|||As at 1 April 2020|4,655,451|14,662|
|||Additions|66,560|-|
|||As at 31 March 2021|4,722,011|14,662|
|||The valuation at 31 March 2021 - £4,655,451 was made by the trustees.|||
|**5.**||**CREDITORS**|**2021**|**2020**|
||||**£**|**£**|
|||Expenses Accrued|16,515|15,015|
|||Loans|181,000|210.392|
|||Income received in advance|17,544|6,167|
|||Bank Loan due within one year|70,000|70,000|
||||285,059|301,574|
- 8 -