The Exemplar Trust - Charities report

REGISTERED COMPANY NUMBER: 06067602 (England and Wales)

REGISTERED CHARITY NUMBER: 1118440

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

THE EXEMPLAR TRUST

Page

Report of the Trustees

1

to

3

Report of the Independent Auditors

4

to

6

Statement of Financial Activities

7

Balance Sheet

8

Notes to the Financial Statements

9

to

15

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 January 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 objectives of the charity are:

- The relief of poverty among persons of the Jewish faith in any part of the world;

- The advance of the Jewish religion in any part of the world;

- The advancement of the education of the public in any part of the world in the knowledge of the Jewish history and culture;

- Such other charitable purposes for the benefit of persons of the Jewish faith in any part of the world as the Trustees shall from time to time decide.

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.

The trustees identify institutions and organisations which meet its above criteria and regularly support a number of these institutions and organisations.

The principal activity of the company's subsidiaries are that of dealing in residential properties.

Grantmaking

Grants are made to charitable institutions and organisations after it has been satisfied that payments will accord with the objectives of the charity.

Volunteers

There were no volunteers during the year.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The results for the year and the financial position at the year end were considered satisfactory by the trustees.

Fundraising activities

Income arising on investments was considered reasonable and the trustees feel that the present level of income is sufficient to permit the charity to continue for the foreseeable future.

A summary of the charity's transactions and of it's financial position is shown in the financial statements together with the accompanying notes.

Investment performance

Under the Memorandum and Articles of Association the charity has the power to invest in any way the trustees wish.

The trustees are satisfied with the return on investments achieved during the year and feel confident that the charity has adequate reserves to fulfil its charitable obligations.

FINANCIAL REVIEW

Principal funding sources

The principal funding sources are donations from corporate sponsors and investment income.

Reserves policy

The charity aims to maintain reserves in order that it is in a position to continue its grant making activities at a consistent level and to cover contingencies of additional calls being made upon the charity for support of organisations or institutions in times of need.

The present level of funding is adequate to support the continuation of the provision of assistance by the giving of grants or equipment in the short term, and the trustees consider the financial position of the charity to be satisfactory.

FUTURE PLANS

The Trustees plan to continue to support charities and charitable purposes in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.

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.

The charity is constituted as a company limited by guarantee and as such,its governing documents are its Memorandum and Articles of Association

Recruitment and appointment of new trustees

Membership of the Charity is open to any individual interested in promoting the Objects who:

1. applies to the charity in the form required by the Trustees;

2. is approved by the Trustees;

3. signs the Register of members or consents in writing to become a member.

Organisational structure

The company has 5 trustees, names of members are listed on page 2. The charity is organised so that the trustees meet regularly to manage the affairs of the charity. Nominations for appointment are only solicited from members of the charity.

Induction and training of new trustees

New Trustees must familiarise themselves with the content of the Memorandum and Articles of Association, their legal obligations under charity and company law, the organisational structure of The Exemplar Trust and the recent financial performance of the charity.

Training of trustees will depend on their previous knowledge and experience.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06067602 (England and Wales)

Registered Charity number

1118440

Registered office

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Trustees

N Teitelbaum Company Director

B Blau Company Director

Mrs S Iwanier Company Director

Ms J Wilk Company Director

E Teitelbaum Company Director

Company Secretary

N Teitelbaum

Auditors

Aryeh Melinek FCA

Chartered Accountant

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Bankers

The Royal Bank of Scotland

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Exemplar Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 21 November 2022 and signed on its behalf by:

N Teitelbaum - Trustee

Opinion

We have audited the financial statements of The Exemplar Trust (the 'charitable company') for the year ended 31 January 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 January 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the Charity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of trustees minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Aryeh Melinek (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

21 November 2022

2022

2021

Unrestricted

Total

fund

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Investment income

2

258,344

243,823

Other income

6,000

-

Total

264,344

243,823

EXPENDITURE ON

Raising funds

3

81,620

50,805

Charitable activities

4

Charitable activities

13,914

28,736

Total

95,534

79,541

NET INCOME

168,810

164,282

RECONCILIATION OF FUNDS

Total funds brought forward

4,327,676

4,163,394

TOTAL FUNDS CARRIED FORWARD

4,496,486

4,327,676

2022

2021

Unrestricted

Total

fund

funds

Notes

£

FIXED ASSETS

Tangible assets

10

-

600

Investments

11

12,501

Investment property

12

3,975,502

3,988,003

3,988,603

CURRENT ASSETS

Debtors

13

242,746

197,735

Cash at bank

291,334

176,298

534,080

374,033

CREDITORS

Amounts falling due within one year

14

(25,597

)

(34,960

)

NET CURRENT ASSETS

508,483

339,073

TOTAL ASSETS LESS CURRENT LIABILITIES

4,496,486

4,327,676

NET ASSETS

4,496,486

4,327,676

FUNDS

17

Unrestricted funds

4,496,486

4,327,676

TOTAL FUNDS

4,496,486

4,327,676

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 21 November 2022 and were signed on its behalf by:

N Teitelbaum - Trustee

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, with the exception of investments which are included at market value.

Preparation of consolidated financial statements

The financial statements contain information about The Exemplar Trust as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Investment property

Investment properties are initially recognised at purchase price plus any directly attributable costs. Subsequently, investment properties are measured at fair value with any changes to fair value transferred to the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

All funds held are unrestricted income funds.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Liability of each member in the event of winding-up is limited to £10.

Financial instruments

The charity 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.

2.	INVESTMENT INCOME

2022

2021

£

Rents received

255,047

240,613

Interest receivable

3,297

3,210

258,344

243,823

3.	RAISING FUNDS

Investment management costs

2022

2021

£

Computer costs

63

375

Insurance

2,900

3,224

Management charges

8,145

8,578

Property repairs

62,875

31,387

Maintenance charges

7,470

6,354

Depreciation

600

887

82,053

50,805

4.	CHARITABLE ACTIVITIES COSTS

Support

costs

£

Charitable activities

13,914

Included within support costs are governance costs in the sum of £6,137 and bank loan interest in the sum of £12.

5.	GRANTS PAYABLE

2022

2021

£

Charitable activities

-

10,000

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022

2021

£

Auditors' remuneration

2,400

-

Depreciation - owned assets

600

888

Independent Examiner's remuneration

-

2,400

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2022 nor for the year ended 31 January 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2022 nor for the year ended 31 January 2021.

Therefore, there was no key management compensation.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Investment income

243,823

EXPENDITURE ON

Raising funds

50,805

Charitable activities

28,736

Total

79,541

NET INCOME

164,282

RECONCILIATION OF FUNDS

Total funds brought forward

4,163,394

TOTAL FUNDS CARRIED FORWARD

4,327,676

9.

EMPLOYEES

The average number of employees, excluding trustees, in the year was NIL (2021: NIL).

10.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 February 2021 and 31 January 2022

17,208

DEPRECIATION

At 1 February 2021

16,608

Charge for year

600

At 31 January 2022

17,208

NET BOOK VALUE

At 31 January 2022

-

At 31 January 2021

600

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

MARKET VALUE

At 1 February 2021 and 31 January 2022

12,501

NET BOOK VALUE

At 31 January 2022

12,501

At 31 January 2021

12,501

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Exemplar Trading limited

Registered office:

Nature of business: Trading in properties.

%

Class of share:

holding

Ordinary £1

100

Bluetree Property Group Limited

Registered office:

Nature of business: Trading in properties.

%

Class of share:

holding

Ordinary £1

100

12.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 February 2021

and 31 January 2022

3,975,502

NET BOOK VALUE

At 31 January 2022

3,975,502

At 31 January 2021

3,975,502

Investment property was valued on an open market basis by the directors.

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

26,660

36,460

Amounts owed by group undertakings

154,278

150,054

Other debtors

59,148

9,176

Fineland Properties Ltd

457

-

Prepayments

2,203

2,045

242,746

197,735

Short term debtors are measured at transaction price, less any impairment. Other debtors are measured at amortised cost.

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Bank loans and overdrafts (see note 15)

-

10,000

Other creditors

23,197

22,516

Accruals and deferred income

2,400

2,444

25,597

34,960

Short term creditors are measured at transaction price, less any impairment. Other creditors are measured at amortised cost.

15.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

Amounts falling due within one year on demand:

Bank loans

-

10,000

16.	SECURED DEBTS

Security is effected by specific legal charges on the properties held by the charity.

17.	MOVEMENT IN FUNDS

Net

movement

At

At 1.2.21

in funds

31.1.22

£

Unrestricted funds

General fund

4,327,676

168,810

4,496,486

TOTAL FUNDS

4,327,676

168,810

4,496,486

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

264,344

(95,534

)

168,810

TOTAL FUNDS

264,344

(95,534

)

168,810

Comparatives for movement in funds

Net

movement

At

At 1.2.20

in funds

31.1.21

£

Unrestricted funds

General fund

4,163,394

164,282

4,327,676

TOTAL FUNDS

4,163,394

164,282

4,327,676

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

243,823

(79,541

)

164,282

TOTAL FUNDS

243,823

(79,541

)

164,282

18.	RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The Exemplar Trust - Charities report - 22.2

The Exemplar Trust - Charities report - 22.2