Reisel Trust - Charities report - 22.2

REGISTERED COMPANY NUMBER: 04416090 (England and Wales)

REGISTERED CHARITY NUMBER: 1093995

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

REISEL TRUST

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

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 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 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 had total incoming resources of £14,159 (2021: £241,830) and profit on disposal of an investment property of £491,424. The charity made charitable grants of £5,764,491 (2021: £16,980) to other charitable institutions whose objectives are in line with those of Reisel Trust.

At the balance sheet date the charity had an unrestricted deficit of £47,899 (2021: £5,214,437 surplus). The trustees are confident that the charity can raise additional funds and therefore the accounts have been prepared on a going concern basis.

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.

FINANCIAL REVIEW

Going concern

At the balance sheet date the charity had funds in deficit. Due to the trustees' on-going support of the company, the trustees believe it is appropriate to prepare the financial statements on a going concern basis which assumes the charity will continue in operational existence for the foreseeable future.

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 assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to major risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04416090 (England and Wales)

Registered Charity number

1093995

Registered office

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Trustees

R D Noe

P M Noe

Independent Examiner

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 28 February 2023 and signed on its behalf by:

R D Noe - Trustee

Independent examiner's report to the trustees of Reisel Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 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:

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.

Danny Fine, FCA

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

28 February 2023

2022

2021

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Investment income

2

14,159

241,830

EXPENDITURE ON

Raising funds

3

-

169,440

Charitable activities

Charitable activities

5,767,919

21,625

Other

-

4,500

Total

5,767,919

195,565

Net gains on investments

491,424

1,440,922

NET INCOME/(EXPENDITURE)

(5,262,336

)

1,487,187

RECONCILIATION OF FUNDS

Total funds brought forward

5,214,437

3,727,250

TOTAL FUNDS CARRIED FORWARD

(47,899

)

5,214,437

2022

2021

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Investment property

7

-

533,354

CURRENT ASSETS

Debtors

8

384,967

85,956

Cash at bank

21,041

5,072,801

406,008

5,158,757

CREDITORS

Amounts falling due within one year

9

(453,907

)

(477,674

)

NET CURRENT ASSETS/(LIABILITIES)

(47,899

)

4,681,083

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,899

)

5,214,437

NET ASSETS

(47,899

)

5,214,437

FUNDS

Unrestricted funds

(47,899

)

5,214,437

TOTAL FUNDS

(47,899

)

5,214,437

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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

(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 28 February 2023 and were signed on its behalf by:

R D Noe - 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.

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

2022

2021

£

£

Rents received

-

226,379

Deposit account interest

14,159

15,451

14,159

241,830

3.	RAISING FUNDS

Investment management costs

2022

2021

£

£

Property repairs

-

30,364

Insurance

-

8,980

Light and heat

-

1,309

Service charges

-

5,443

Commission

-

14,906

Legal and professional fees

-

85,215

Letting fees

-

310

Loan interest

-

22,913

-

169,440

4.	GRANTS PAYABLE

2022

2021

£

£

Charitable activities

5,764,491

16,980

Charity name

Amount (£

)

Josha

1,050,000

Benley

1,050,000

Manoe Family

1,035,000

KKMG

1,035,000

Robanna

800,000

Remodifyz Trust

700,000

Other immaterial grants

94,491

Total

5,764,491

5.	NET INCOME/(EXPENDITURE)

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

2022

2021

£

£

Deficit on disposal of fixed assets

-

4,500

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.

7.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 May 2021

533,354

Disposals

(533,354

)

At 30 April 2022

-

NET BOOK VALUE

At 30 April 2022

-

At 30 April 2021

533,354

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

85,956

Other debtors

384,967

-

384,967

85,956

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

VAT

-

13,109

Other creditors

450,907

450,907

Accrued expenses

3,000

13,658

453,907

477,674

10.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 April 2022.