Parkwater Foundation Charity Accounts
Parkwater Foundation Charity Accounts
COMPANY REGISTRATION NUMBER:
5269789
CHARITY REGISTRATION NUMBER:
1110800
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Company Limited by Guarantee |
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Company Limited by Guarantee |
Financial Statements |
Year ended 31 October 2022
Page |
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Trustees' annual report (incorporating the director's report) |
1 |
Independent examiner's report to the trustees |
5 |
Statement of financial activities (including income and expenditure account) |
6 |
Statement of financial position |
7 |
Notes to the financial statements |
8 |
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Company Limited by Guarantee |
Trustees' Annual Report (Incorporating the Director's Report) |
Year ended 31 October 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended
31 October 2022
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Reference and administrative details
Registered charity name |
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Charity registration number |
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Company registration number |
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Principal office and registered |
Unit 3 Edge Business Centre |
office |
Humber Road |
London |
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NW2 6EW |
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The trustees
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Company secretary |
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Independent examiner |
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2nd Floor - Parkgates |
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Bury New Road |
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Prestwich |
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Manchester |
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M25 0TL |
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Structure, governance and management
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Mr
N Bleier
on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust relate to whether there is sufficient net investment income to enable grants to be paid out. However, the trustees can reduce grants in the unlikely event of a fall in investment income.
Additionally, to ensure grants are paid out appropriately. Report back and review procedures ensure public benefit is achieved from all grants.
Objectives and activities
The objects of the charity are the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community; the advancement of the Orthodox Jewish Religion and the advancement of education according to the tenets of the Orthodox Jewish Faith.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations and investment income. The charity gives out grants in line with the above objects.
There were no grants paid to individuals during the year.
The application of the funds is by way of grants to institutions.
Grants made during the year to institutions are as detailed in the accounts.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity received £5,000 in donations during the year. The charity paid out £137,005 by way of grants and support costs. These grants were made in line with the stated objects of the charity.
The charity also has loan interest receivable for the year amounting to £21,783 as well as property investment income receivable amounting to £80,738.
The charity has low governance costs comprising professional fees.
There were no material fundraising costs during the year.
Related party transactions are disclosed as applicable in the notes to the accounts.
There was an overall net expenditure and net movement of resources for the year amounting to £29,484.
Financial review
Investment performance
The trustees are delighted to report that all of the property investments are returning in the region of 8% return. The trustees consider this to be acceptable when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.
This is in addition to interest receivable earned on cash deposits during the year amounting to £21,783.
The trustees are delighted to have made many valuable contributions to the community as a result of these donations and hope to be able to do so for many years to come.
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results. The trustees wish to keep reserves suitably low whilst not compromising cash flow for the investments or any other commitments made by the charity.
The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.
The trustees have considered the fair value of the investment property taking into account the loan to value of the properties as well as the nature and exposure of the syndicate properties. The trustees consider the holding value to be the fair value.
The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.
The free reserves, represented by the net current assets of the charity stand at £868,164, all of which are unrestricted.
The trustees' annual report and the strategic report were approved on
4 July 2023
and signed on behalf of the board of trustees by:
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Trustee |
Charity Secretary |
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Company Limited by Guarantee |
Independent Examiner's Report to the Trustees of
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Year ended 31 October 2022
I report to the trustees on my examination of the financial statements of
Parkwater Foundation
('the charity') for the year ended 31 October 2022.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 charity as required by section 386 of the 2006 Act; or
2.
the financial statements do not accord with those records; or
3.
the financial statements 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 financial statements 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.
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
4 July 2023
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Company Limited by Guarantee |
Statement of Financial Activities |
(including income and expenditure account) |
Year ended 31 October 2022
2022 |
2021 |
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Unrestricted funds |
Total funds |
Total funds |
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Note |
£ |
£ |
£ |
Income and endowments
Donations and legacies |
5 |
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Investment income |
6 |
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--------- |
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--------- |
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Total income |
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--------- |
--------- |
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Expenditure
Expenditure on charitable activities |
7,8 |
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--------- |
--------- |
--------- |
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Total expenditure |
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Net (expenditure)/income and net movement in funds |
(
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(
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--------- |
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Reconciliation of funds
Total funds brought forward |
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Total funds carried forward |
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Company Limited by Guarantee |
Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
£ |
Fixed assets
Investments |
14 |
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Current assets
Cash at bank and in hand |
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Creditors: amounts falling due within one year |
15 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Funds of the charity
Unrestricted funds |
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Total charity funds |
16 |
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Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of trustees
and authorised for issue on
4 July 2023
, and are signed on behalf of the board by:
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Trustee |
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Company Limited by Guarantee |
Notes to the Financial Statements |
Year ended 31 October 2022
1.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unit 3 Edge Business Centre, Humber Road, London, NW2 6EW.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
Fund accounting
Incoming resources
Resources expended
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investments in associates
Investments in joint ventures
Impairment of fixed assets
Financial instruments
4.
Limited by guarantee
5.
Donations and legacies
Unrestricted Funds |
Total Funds 2022 |
Unrestricted Funds |
Total Funds 2021 |
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£ |
£ |
£ |
£ |
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Donations
Donations |
5,000 |
5,000 |
27,366 |
27,366 |
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------- |
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6.
Investment income
Unrestricted Funds |
Total Funds 2022 |
Unrestricted Funds |
Total Funds 2021 |
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£ |
£ |
£ |
£ |
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Income from investment properties |
80,738 |
80,738 |
68,033 |
68,033 |
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Other interest receivable |
21,783 |
21,783 |
136,542 |
136,542 |
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7.
Expenditure on charitable activities by fund type
Unrestricted Funds |
Total Funds 2022 |
Unrestricted Funds |
Total Funds 2021 |
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£ |
£ |
£ |
£ |
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Charitable grants |
135,890 |
135,890 |
95,000 |
95,000 |
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Support costs |
1,115 |
1,115 |
1,088 |
1,088 |
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--------- |
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8.
Expenditure on charitable activities by activity type
Grant funding of activities |
Support costs |
Total funds 2022 |
Total fund 2021 |
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£ |
£ |
£ |
£ |
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Charitable grants |
135,890 |
34 |
135,924 |
95,068 |
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Governance costs |
– |
1,081 |
1,081 |
1,020 |
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9.
Analysis of support costs
Analysis of support costs activity 1 |
Total 2022 |
Total 2021 |
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£ |
£ |
£ |
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General office |
34 |
34 |
68 |
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Governance costs |
1,081 |
1,081 |
1,020 |
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------- |
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1,115 |
1,115 |
1,088 |
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10.
Analysis of grants
2022 |
2021 |
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£ |
£ |
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Grants to institutions
A F T R |
– |
8,000 |
Adass Yisroel |
8,500 |
– |
Aim Habonim |
– |
9,500 |
B S S Sem |
– |
7,500 |
Broom Foundation |
5,000 |
– |
C M Z |
– |
25,000 |
Etz Chaim |
8,500 |
– |
Grants under £5,000 |
28,390 |
– |
Kollel Chibas Yerusholayim |
– |
15,000 |
Low Cost Living |
25,000 |
– |
The Pesach Project |
25,000 |
30,000 |
U T A |
24,000 |
– |
Y A M F |
6,500 |
– |
Y H S |
5,000 |
– |
--------- |
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Total grants |
135,890 |
95,000 |
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11.
Independent examination fees
2022 |
2021 |
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£ |
£ |
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Fees payable to the independent examiner for:
Independent examination of the financial statements |
1,080 |
1,020 |
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------- |
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12.
Staff costs
The average head count of employees during the year was Nil
(2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
13.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14.
Investments
Investment properties |
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£ |
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Cost or valuation |
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At 1 November 2021 |
941,432 |
Additions |
34,055 |
Disposals |
(28,898) |
--------- |
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At 31 October 2022 |
946,589 |
--------- |
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Impairment |
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At 1 November 2021 and 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
946,589 |
--------- |
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At 31 October 2021 |
941,432 |
--------- |
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All investments shown above are held at valuation.
Investment properties
The investments in UK investment property represent capital introduced by the charity into the syndicate plus accrued surpluses less deficiencies. The syndicate in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its syndicate investments under the equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.
Valuation of the syndicate property is at fair value of the syndicate property in the opinion of the trustees. The charity owns four syndicate interests with a percentage holding ranging from 4% to 4 1/2% and one that is 100% owned that is valued at £437,128.
UK associate holdings
The investments in UK associate holding represents capital introduced by the charity into the syndicate plus accrued surpluses less deficiencies. The syndicates in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its associated holdings under the net equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.
Valuation of the associate holdings is at fair value of the syndicate property in the opinion of the trustees. The charity's holding in these associates is 25%. The trustees consider that they do exert significant influence and control over these syndicates. The trustees have elected to make use of relevant exemptions under FRS 102 as they do not believe it is appropriate, given the nature of the investment, to account for it as an associate.
15.
Creditors:
amounts falling due within one year
2022 |
2021 |
|
£ |
£ |
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Accruals and deferred income |
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------- |
------- |
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16.
Analysis of charitable funds
Unrestricted funds
At 1 November 2021 |
Income |
Expenditure |
At 31 October 2022 |
|
£ |
£ |
£ |
£ |
|
General funds |
1,844,237 |
107,521 |
(137,005) |
1,814,753 |
------------ |
--------- |
--------- |
------------ |
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At 1 November 2020 |
Income |
Expenditure |
At 31 October 2021 |
|
£ |
£ |
£ |
£ |
|
General funds |
1,708,384 |
231,941 |
(96,088) |
1,844,237 |
------------ |
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17.
Analysis of net assets between funds
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
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Investments |
946,589 |
946,589 |
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Current assets |
869,244 |
869,244 |
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Creditors less than 1 year |
(1,080) |
(1,080) |
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------------ |
------------ |
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Net assets |
1,814,753 |
1,814,753 |
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------------ |
------------ |
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Unrestricted Funds |
Total Funds 2021 |
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£ |
£ |
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Investments |
941,432 |
941,432 |
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Current assets |
903,825 |
903,825 |
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Creditors less than 1 year |
(1,020) |
(1,020) |
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------------ |
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Net assets |
1,844,237 |
1,844,237 |
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18.
Taxation