REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
REMODIFYZ TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
REMODIFYZ TRUST |
REMODIFYZ TRUST |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 | to | 8 |
REMODIFYZ TRUST (REGISTERED NUMBER: 10113963) |
Report of the Trustees |
FOR THE YEAR ENDED 30 APRIL 2023 |
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 30 April 2023. 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 main objectives of the charity is that of relief of poverty amongst the elderly or persons in conditions of need, hardship and distress in the Jewish community, the advancement of the Orthodox Jewish religion and the advancement of education according to the tenants of the Orthodox Jewish faith. |
Significant activities |
During the year the charity disposed of investment property, making realised gains. |
The charity had no donations during the year (2022: £700,000), rental income of £124,709 (2022: £145,143) and interest income of £266,691 (2022: £30,375). |
The charity made total grants to charitable institutions of £59,996 (2022: £3,642,597). |
At the balance sheet date, the charity had total unrestricted funds of £5,478,021 (2022: £5,208,727). |
Public benefit |
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 grantmaking policy. |
Grantmaking |
Grants are made to charitable institutions, organisations and individuals after it has been satisfied that payments will accord with the objectives of the charity. |
Staff and volunteers |
The charity has no staff or volunteers. |
ACHIEVEMENT AND PERFORMANCE |
Investment performance |
The charity holds investment properties in order to create income to further its charitable objectives. These investment are managed by professional third parties. The trustees have reviewed the performance of these investments and consider it satisfactory. |
Internal and external factors |
There are no specific factors to report. |
FINANCIAL REVIEW |
Principal funding sources |
The principle funding of the charity is from the investments that the charity owns. |
Reserves policy |
The trustees do not consider it necessary to hold a specific amount of reserves because the main activity of the charity is the provision of grants. |
FUTURE PLANS |
The trustees intend to continue to provide grants to charitable organisations that further the charity's objectives for the benefit of the public. |
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. |
REMODIFYZ TRUST (REGISTERED NUMBER: 10113963) |
Report of the Trustees |
FOR THE YEAR ENDED 30 APRIL 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Mr Danny Fine, FCA |
Melinek Fine LLP |
Chartered Accountants |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Remodifyz Trust |
Independent examiner's report to the trustees of Remodifyz Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2023. |
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 |
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 matters have come to my attention in connection with the examination giving me cause to believe: |
1. | 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 |
3. | 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 |
4. | 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. |
Mr Danny Fine, FCA |
Melinek Fine LLP |
Chartered Accountants |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
28 February 2024 |
REMODIFYZ TRUST |
Statement of Financial Activities |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 5,208,727 |
REMODIFYZ TRUST (REGISTERED NUMBER: 10113963) |
Balance Sheet |
30 APRIL 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS |
Unrestricted funds | 5,208,727 |
TOTAL FUNDS | 5,208,727 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 |
(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 |
REMODIFYZ TRUST |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2023 |
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. |
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 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 |
2023 | 2022 |
£ | £ |
Rents received |
Deposit account interest |
Curr asset inv income | 266,615 | 12,542 |
REMODIFYZ TRUST |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
3. | RAISING FUNDS |
Investment management costs |
2023 | 2022 |
£ | £ |
Insurance | 5,789 | 5,734 |
Light and heat | 1,966 | 673 |
Repairs | 18,612 | 10,042 |
Management Fee | 20,358 | 8,710 |
Rates | 4,120 | 1,746 |
L&P | 5,701 | 12,761 |
56,546 | 39,666 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 April 2023 nor for the year ended 30 April 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 April 2023 nor for the year ended 30 April 2022. |
5. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1 May 2022 |
Additions |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
REMODIFYZ TRUST |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
VAT | 3,240 | 1,105 |
Other creditors |
Accrued expenses |
8. | RELATED PARTY DISCLOSURES |
9. | FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously. |