REGISTERED COMPANY NUMBER: NI065665 (Northern Ireland) REGISTERED CHARITY NUMBER: 102313
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
FOR
SYLO FUND LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
SYLO FUND LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
SYLO FUND LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 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 objective of the charity are:
(a) to assist and promote the advancement and furtherance of the Jewish Religion and Jewish religious education,
-
(b) to alleviate poverty among the Jewish community throughout the world, and
-
(c) to undertake other charitable activities that the Trustees may from time to time determine.
The charity was set up with the aim of supporting religious Jewish educational institutions and charitable organisations, by making donations and grants available to them.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grantmaking
The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity did not make any donations this year.
FINANCIAL REVIEW
Principal funding sources
The charity is reliant on investment income and voluntary donations from companies connected with the trustees.
Investment policy and objectives
In accordance with the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level which the trustees thins appropriate after considering the future commitments of the charity and likely administrative costs of the charity for the next year.
FUTURE PLANS
The charity plans continuing the activities outlined above in forthcoming years subject to satisfactory incoming resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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.
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SYLO FUND LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
NI065665 (Northern Ireland)
Registered Charity number 102313
Registered office
Marlborough House 30 Victoria Street Belfast BT1 3GS
Trustees
M Schreiber N Schreiber M Schreiber
Company Secretary
Mr. M Schreiber
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 26 April 2023 and signed on its behalf by:
M Schreiber - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SYLO FUND LIMITED
Independent examiner's report to the trustees of Sylo Fund Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
M A VENITT
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
26 April 2023
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SYLO FUND LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022
| 31.7.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 - EXPENDITURE ON Charitable activities Charitable - Other 1,188 Total 1,188 NET INCOME/(EXPENDITURE) (1,188) RECONCILIATION OF FUNDS Total funds brought forward (19,375) TOTAL FUNDS CARRIED FORWARD (20,563) |
31.7.21 Total funds £ 10,000 543,899 498 544,397 (534,397) 515,022 (19,375) |
|---|---|
The notes form part of these financial statements
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SYLO FUND LIMITED
STATEMENT OF FINANCIAL POSITION 31 JULY 2022
| 31.7.22 | 31.7.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 1 | 79 | |
| CREDITORS | |||
| Amounts falling due within one year | 5 | (20,564) | (19,454) |
| NET CURRENT ASSETS/(LIABILITIES) | (20,563) | (19,375) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | (20,563) | (19,375) | |
| NET ASSETS/(LIABILITIES) | (20,563) | (19,375) | |
| FUNDS | 6 | ||
| Unrestricted funds | (20,563) | (19,375) | |
| TOTAL FUNDS | (20,563) | (19,375) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2023 and were signed on its behalf by:
M Schreiber - Trustee
The notes form part of these financial statements
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SYLO FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Taxation
The charity is exempt from corporation 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. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| 31.7.22 | 31.7.21 | ||
| £ | £ | ||
| Interest receivable - trading | - | 10,000 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
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continued...
SYLO FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|---|---|
| Unrestricted | |||||
| fund | |||||
| £ | |||||
| INCOME AND ENDOWMENTS FROM | |||||
| Investment income | 10,000 | ||||
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Charitable | 543,899 | ||||
| Other | 498 | ||||
| Total | 544,397 | ||||
| NET INCOME/(EXPENDITURE) | (534,397) | ||||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 515,022 | ||||
| TOTAL FUNDS CARRIED FORWARD | (19,375) | ||||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | |||
| 31.7.22 | 31.7.21 | ||||
| £ | £ | ||||
| Trade creditors | 1,960 | 1,960 | |||
| Other creditors | 9,844 | 8,614 | |||
| Accrued expenses | 8,760 | 8,880 | |||
| 20,564 | 19,454 | ||||
| 6. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At | 1.8.21 | in funds | 31.7.22 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | (19,375) | (1,188) | (20,563) | ||
| TOTAL FUNDS | (19,375) | (1,188) | (20,563) |
continued...
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SYLO FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
6. MOVEMENT IN FUNDS - continued
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 |
Incoming resources £ - - At 1.8.20 £ 515,022 515,022 |
Resources Movement expended in funds £ £ (1,188) (1,188) (1,188) (1,188) Net movement At in funds 31.7.21 £ £ (534,397) (19,375) (534,397) (19,375) |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 10,000 10,000 |
Resources Movement expended in funds £ £ (544,397) (534,397) (544,397) (534,397) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.8.20 | in funds | 31.7.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 515,022 | (535,585) | (20,563) |
| TOTAL FUNDS | 515,022 | (535,585) | (20,563) |
continued...
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SYLO FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
6. MOVEMENT IN FUNDS - continued
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 | 10,000 | (545,585) | (535,585) |
| TOTAL FUNDS | 10,000 | (545,585) | (535,585) |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2022.
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