Dajtrain Limited - Charities report - 18.1
Dajtrain Limited - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Period 1 April 2016 to 30 September 2017 |
| for |
| Dajtrain Limited |
| Dajtrain Limited |
| Contents of the Financial Statements |
| for the Period 1 April 2016 to 30 September 2017 |
| Page |
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 to 7 |
| Statement of Cash Flows | 8 |
| Notes to the Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 to 14 |
| Dajtrain Limited |
| Report of the Trustees |
| for the Period 1 April 2016 to 30 September 2017 |
| 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 period ended 30 September 2017. 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by |
| English Law and in furtherance of the aforementioned objects, the company receives income from its cash deposits, |
| investments and voluntary income from companies connected with the trustees which it utilises in the provision and |
| distribution of grants and donations to organisations that fall within the objectives of the charity. It has concentrated its |
| activities in promoting charitable activities of institutions teaching the principles of traditional Judaism, and the giving of |
| philanthropic aid to the needy. |
| The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the |
| Charity Commission when reviewing the charity's aims and objectives and in planning future activities. |
| Achievements and performance |
| During the year the charity has continued its philanthropic activities and has maintained its support of organisations |
| engaging in education, advancement of religion, and thc giving of philanthropic aid. The reserves remain available to |
| organisations engaging in activities compatible with the aims and objectives of the charity. The trustees expect such |
| demands to increase in future years. The financial results of the company are fully reflected in the attached financial |
| statements together with the notes thereon. |
| Grant and donations in the year totalled £587,922 (2016 - £469,238) |
| FINANCIAL REVIEW |
| Principal funding sources |
| The charity's principal funding sources in the year was its investment portfolio, together with donations received from |
| related companies. |
| Investment policy and objectives |
| Under the Memorandum and Articles of Association, the charity has the power to make any investment which the |
| trustees see fit provided any moneys are not immediately required for use in connection with any of its objects. The |
| charity's investment policy is to maximise the income and gains so that its charitable objectives be maintained and |
| expanded. |
| Reserves policy |
| The Reserves Policy of the trustees is to maintain unrestricted funds, which are the free reserves of the charity, at a level |
| they consider appropriate to the charity's needs taking into account likely future requirements. A proportion of the |
| reserves are held in readily realisable form to cover on-going grantmaking activities and contingencies arising from |
| additional calls made upon the charity for thc support of organisations in times of need. The charity's reserves are |
| represented by unrestricted funds arising from past operating results. The trustees are satisfied that thc present balance of |
| distributable reserves is sufficient to support anticipated expenditure. |
| Financial position |
| The financial position of the charity is satisfactory. |
| The charity's statement of Financial activities show a net surplus of £104,921 (2016 - deficit of £43,895) and total |
| reserves of £1,830,290 (2016 - £1,725,369). |
| 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. |
| Dajtrain Limited |
| Report of the Trustees |
| for the Period 1 April 2016 to 30 September 2017 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Recruitment and appointment of new trustees |
| The charity may by ordinary resolution appoint a person who is willing to act to be a trustee either to fill a vacant or as |
| an additional trustee. A trustee shall cease to hold office by virtue of Article 35 of the Articles of Association |
| New trustees are appointed based on personal competence, specialist skills, local availability and from those who are |
| able to promote the charitable activities of the charity. Induction of new trustees into the workings of the charity is |
| undertaken by the current trustees. |
| Organisational structure |
| The charity is administered by the governors who are all trustees. Every trustee holds offices until he/she die or shall |
| cease to hold office by virtue of the Article of Association. |
| The day to day affairs of the company are administered by the trustees whose chairman is Mr C D Schlaff. As set out in |
| the Articles of Association the number of trustees shall be not less than three but shall not be subject to a maximum. |
| The quorum for the transaction of the business of the trustees may be fixed by the trustees but shall not be less than the |
| majority of the number of two trustees, whichever is greater. |
| None of the trustees have any beneficial interest in the charity. All trustees give their time voluntarily and no benefit or |
| expenses were paid to them in the year. |
| Risk management |
| The trustees have a duty to identify and review the risks to which tcharitye charity is exposed and to ensure appropriate |
| controls are in place to provide reasonable assurance against fraud and error. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Trustee |
| Trustee |
| Trustee |
| Trustee |
| Trustee | - appointed 12.7.2016 |
| Company Secretary |
| Independent examiner |
| Grunberg & Co Limited |
| Chartered Accountants |
| Colindeep Lane |
| Colindale |
| London |
| NW9 6BX |
| Dajtrain Limited |
| Report of the Trustees |
| for the Period 1 April 2016 to 30 September 2017 |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Dajtrain Limited |
| Independent examiner's report to the trustees of Dajtrain Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the period ended 1 April 2016 to 30 September 2017 . |
| 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 registered member of BA ACA 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 |
| Gedalia Waldman |
| BA ACA |
| Grunberg & Co Limited |
| Chartered Accountants |
| 5 Technology Park |
| Colindeep Lane |
| Colindale |
| London |
| NW9 6BX |
| 29 May 2018 |
| Dajtrain Limited |
| Statement of Financial Activities |
| for the Period 1 April 2016 to 30 September 2017 |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| Investment income | 4 |
| Total |
| EXPENDITURE ON |
| Raising funds | 5 |
| Charitable activities | 6 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 1,725,369 |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| Dajtrain Limited |
| Statement of Financial Position |
| At 30 September 2017 |
| 2017 | 2016 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 10 |
| Investments | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 13 |
| Unrestricted funds | 1,830,290 | 1,725,369 |
| TOTAL FUNDS | 1,725,369 |
| Dajtrain Limited |
| Statement of Financial Position - continued |
| At 30 September 2017 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the period ended 30 September 2017. |
| The members have not required the company to obtain an audit of its financial statements for the period ended |
| 30 September 2017 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 |
| special provisions of Part 15 of the Companies Act 2006 relating to |
| charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| Dajtrain Limited |
| Statement of Cash Flows |
| for the Period 1 April 2016 to 30 September 2017 |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| Notes | £ | £ |
| Cash flows from operating activities: |
| Cash generated from operations | 1 | (48,600 | ) | (168,437 | ) |
| Net cash provided by (used in) operating activities |
(48,600 |
) |
(168,437 |
) |
| Cash flows from financing activities: |
| Loan repayments in year | - | 120,463 |
| Net cash provided by (used in) financing activities |
- |
120,463 |
| Change in cash and cash equivalents in the reporting period |
(48,600 |
) |
(47,974 |
) |
| Cash and cash equivalents at the beginning of the reporting period |
50,541 |
98,515 |
| Cash and cash equivalents at the end of the reporting period |
1,941 |
50,541 |
| Dajtrain Limited |
| Notes to the Statement of Cash Flows |
| for the Period 1 April 2016 to 30 September 2017 |
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| £ | £ |
| Net income/(expenditure) for the reporting period (as per the statement of financial activities) |
104,921 |
(43,895 |
) |
| Adjustments for: |
| Increase in debtors | (152,000 | ) | (120,000 | ) |
| Decrease in creditors | (1,521 | ) | (4,542 | ) |
| Net cash provided by (used in) operating activities | (48,600 | ) | (168,437 | ) |
| Dajtrain Limited |
| Notes to the Financial Statements |
| for the Period 1 April 2016 to 30 September 2017 |
| 1. | STATUTORY INFORMATION |
| Dajtrain Limited is a private company, limited by shares, registered in England and Wales. The company's |
| registered number and office address can be found on the Company Information Page. |
| 2. | 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 2015)', |
| 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. |
| The presentation currency of the financial statements is the Pound Sterling £. |
| Financial instruments |
| Debtors - Short term debtors are measured at transaction price, less any impairment. |
| Creditors - Short term creditors are measured at transaction price |
| Incoming resources |
| Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with |
| sufficient reliability. |
| Investment income is recognised on an accruals basis. |
| Resources expended |
| 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. |
| 3. | DONATIONS AND LEGACIES |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| £ | £ |
| Donations |
| Dajtrain Limited |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2016 to 30 September 2017 |
| 4. | INVESTMENT INCOME |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| £ | £ |
| Bank interest receivable |
| Other interest receivable | 180,000 | 120,000 |
| 5. | RAISING FUNDS |
| Raising donations and legacies |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| £ | £ |
| Sundries |
| 6. | CHARITABLE ACTIVITIES COSTS |
| Grant funding of activities |
Support costs |
Totals |
| (See note 7) | (See note 8) |
| £ | £ | £ |
| Charitable donations paid | 587,922 | 4,955 | 592,877 |
| 7. | GRANTS PAYABLE |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| £ | £ |
| 587,922 | 469,238 |
| The total grants paid to institutions during the period was as follows: |
| Period |
| 1.4.16 |
| to | Year Ended |
| 30.9.17 | 31.3.16 |
| £ | £ |
| Dajtrain Limited |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2016 to 30 September 2017 |
| 8. | SUPPORT COSTS |
| Governance costs |
| £ |
| 4,955 |
| 9. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the period ended 30 September 2017 nor for the year |
| ended 31 March 2016. |
| Trustees' expenses |
| There were no trustees' expenses paid for the period ended 30 September 2017 nor for the year ended |
| 31 March 2016. |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| Prepayments and accrued income |
| 11. | CURRENT ASSET INVESTMENTS |
| 2017 | 2016 |
| £ | £ |
| Loan investment | 1,500,000 | 1,500,000 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other creditors |
| Accruals and deferred income |
| 13. | MOVEMENT IN FUNDS |
At 1.4.16 |
Net movement in funds |
At 30.9.17 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,725,369 | 104,921 | 1,830,290 |
| TOTAL FUNDS | 104,921 | 1,830,290 |
| Dajtrain Limited |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2016 to 30 September 2017 |
| 13. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 698,200 | (593,279 | ) | 104,921 |
| TOTAL FUNDS | ( |
) | 104,921 |
| Comparatives for movement in funds |
At 1.4.15 |
Net movement in funds |
At 31.3.16 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 1,769,264 | (43,895 | ) | 1,725,369 |
| TOTAL FUNDS | 1,769,264 | (43,895 | ) | 1,725,369 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 428,568 | (472,463 | ) | (43,895 | ) |
| TOTAL FUNDS | 428,568 | (472,463 | ) | (43,895 | ) |
| 14. | RELATED PARTY DISCLOSURES |
| Included within current asset investments is an amount of £1,500,000 (2016 - £1,500,000) due from Sabreleague |
| Limited, a company in which two of the trustees are directors. |
| Interest of 8% per annum is charged on this balance. |
| During the period under review, donations of £518,200, (2016: £308,567) were received from companies under |
| common control and directorship |
| 15. | EXTENDED ACCOUNTING PERIOD |
| During the period under review, the accounting period was extend by an additional 6 months to 30th September |
| 2017 in order to line up with annual Jewish fund raising events and appeals. |
| Dajtrain Limited |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2016 to 30 September 2017 |
| 16. | FINANCIAL ASSETS AND LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Financial assets measured at amortised cost | 333,941 | 230,533 |
| Financial liabilities measured at amortised cost | 3,651 | 5,172 |
| 17. | FIRST YEAR ADOPTION |
| These are the first financial statements that comply with FRS 102. The date of transition was 1st May 2015. |
| Following transition to FRS 102, no material transitional adjustments were required in equity or profit and loss |
| for the year. |