IRIS Accounts Production v23.3.0.418 Other Company accounts True false Pounds 1.6.22 31.5.23 31.5.23 FY FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP true true true true true false true false false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032054782022-05-31032054782023-05-31032054782022-06-012023-05-31032054782021-05-31032054782021-06-012022-05-31032054782022-05-3103205478ns11:Originalns0:CharitableCompanyLimitedByGuarantee2022-06-012023-05-3103205478ns11:Original2022-06-012023-05-3103205478ns15:PoundSterlingns11:Original2022-06-012023-05-3103205478ns11:Original2022-05-3103205478ns11:Original2023-05-3103205478ns11:Originalns11:FRS1022022-06-012023-05-3103205478ns11:IndependentExaminationCharityns11:Original2022-06-012023-05-3103205478ns11:Originalns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-06-012023-05-3103205478ns11:Originalns11:FullAccounts2022-06-012023-05-3103205478ns11:Originalns11:CharitiesSORP2022-06-012023-05-3103205478ns11:Original2021-06-012022-05-3103205478ns11:Originalns16:EnglandWales2022-06-012023-05-3103205478ns11:Originalns11:RegisteredOffice2022-06-012023-05-3103205478ns11:Originalns0:Trustee22022-06-012023-05-3103205478ns11:Originalns0:Trustee32022-06-012023-05-3103205478ns11:Originalns0:Trustee12022-06-012023-05-3103205478ns11:Originalns11:CompanySecretary12022-06-012023-05-3103205478ns11:Original2021-05-3103205478ns11:Original2022-05-3103205478ns11:Originalns10:WithinOneYear2023-05-3103205478ns11:Originalns10:WithinOneYear2022-05-3103205478ns11:Originalns10:AfterOneYear2023-05-3103205478ns11:Originalns10:AfterOneYear2022-05-3103205478ns11:Originalns0:TotalUnrestrictedFunds2023-05-3103205478ns10:FurnitureFittingsToolsEquipmentns11:Original2022-06-012023-05-3103205478ns11:Original22022-06-012023-05-3103205478ns11:Originalns10:OwnedAssets2022-06-012023-05-3103205478ns11:Originalns10:OwnedAssets2021-06-012022-05-3103205478ns11:Originalns10:FurnitureFittings2022-05-3103205478ns11:Originalns10:FurnitureFittings2022-06-012023-05-3103205478ns11:Originalns10:FurnitureFittings2023-05-3103205478ns11:Originalns10:FurnitureFittings2022-05-3103205478ns11:Originalns10:Secured2023-05-3103205478ns11:Originalns10:Secured2022-05-3103205478ns11:Originalns0:TotalUnrestrictedFunds2022-05-31
REGISTERED COMPANY NUMBER: 03205478 (England and Wales)
REGISTERED CHARITY NUMBER: 1060642















REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

REGALCREST TRUST LIMITED

REGALCREST TRUST LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




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

Notes to the Financial Statements 8 to 13

REGALCREST TRUST LIMITED (REGISTERED NUMBER: 03205478)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MAY 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 31 May 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 principal objectives of the charity in the year under review were that of advancement of education and religious practice in accordance with the teachings of the orthodox Jewish faith and relief of poverty.

The charity provided donations to various charitable institutions to achieve the aforementioned charitable objectives as stated under "Charitable Activities".

Public benefit
The Trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The Trustees are satisfied that they meet their obligations.

Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company.

Appeal letters are received from, and personal visits made by representatives of Jewish charitable, religious and educational institutions. These requests are then considered by the trustees and grants are made in accordance with the trustees decisions.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity distributed to charitable institutions and other needy causes. During the current year total donations received were £140,000 (2022- £240,000), and total donations made amounted to £234,294 (2022 - £92,362).

Investment performance
The charity achieved rental yield of 3.66% (2022 - 3.83%) for the year from investment property.

FINANCIAL REVIEW
Financial position
The financial results of the charity's activities for the year ended 31st May 2023 are fully reflected in the attached financial statements together with the notes thereon.

Principal funding sources
The charity's activities are funded by the income received from its investment property and donations received from companies related to the trustees.

Investment policy and objectives
The trustees investment powers are governed by the company's Memorandum and Articles of Association. This permits the charity to invest and deal with monies of the company not immediately required for its purposes, in or upon such investments, securities or property as may be determined, subject nevertheless to such conditions as may for the time being be imposed or required by law.

Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.

Going concern
The trustees have given due consideration to the application of going concern basis in the preparation of the financial statements. The trustees are confident that the charity has enough resources to continue for the foreseeable future without curtailing its activities significantly. Thus, the trustees have concluded that going concern basis is appropriate.


REGALCREST TRUST LIMITED (REGISTERED NUMBER: 03205478)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MAY 2023

FUTURE PLANS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by its Memorandum and Articles of Association.

Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.

Related parties
Related party transactions, balances and disclosure notes are stated in the notes to the financial statements wherever necessary.

Risk management
The trustees have a duty to identify and review the risks to which the 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
03205478 (England and Wales)

Registered Charity number
1060642

Registered office
36 St Kildas Road
London
N16 5BZ

Trustees
A Gluck
Mrs P Gluck
J Gluck

Company Secretary
Mrs P Gluck

Independent Examiner
M A Venitt
Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

Solicitors
Bude Nathan Iwanier
1-2 Temple Fortune Parade
Bridge Lane
London
NW11 0QN

Approved by order of the board of trustees on 6 March 2024 and signed on its behalf by:



REGALCREST TRUST LIMITED (REGISTERED NUMBER: 03205478)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MAY 2023




Mrs P Gluck - Secretary

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
REGALCREST TRUST LIMITED

Independent examiner's report to the trustees of REGALCREST TRUST LIMITED ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 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
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.








M A Venitt

Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

6 March 2024

REGALCREST TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MAY 2023

31.5.23 31.5.22
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 139,999 240,001

Investment income 2 109,879 115,165
Total 249,878 355,166

EXPENDITURE ON
Raising funds 3 28,208 24,017

Charitable activities
General
237,077 95,273
Total 265,285 119,290

NET INCOME/(EXPENDITURE) (15,407 ) 235,876


RECONCILIATION OF FUNDS
Total funds brought forward 3,809,636 3,573,760

TOTAL FUNDS CARRIED FORWARD 3,794,229 3,809,636

REGALCREST TRUST LIMITED (REGISTERED NUMBER: 03205478)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 7 1,243 1,463
Investment property 8 3,000,000 3,000,000
3,001,243 3,001,463

CURRENT ASSETS
Debtors 9 3,563 -
Cash at bank 1,164,036 1,194,866
1,167,599 1,194,866

CREDITORS
Amounts falling due within one year 10 (5,642 ) (7,332 )

NET CURRENT ASSETS 1,161,957 1,187,534

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,163,200

4,188,997

CREDITORS
Amounts falling due after more than one year 11 (368,971 ) (379,361 )

NET ASSETS 3,794,229 3,809,636
FUNDS 14
Unrestricted funds 3,794,229 3,809,636
TOTAL FUNDS 3,794,229 3,809,636

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.


REGALCREST TRUST LIMITED (REGISTERED NUMBER: 03205478)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023

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 and authorised for issue by the Board of Trustees and authorised for issue on 6 March 2024 and were signed on its behalf by:





J Gluck - Trustee

REGALCREST TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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.

Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

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 - 15% on reducing balance

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.


REGALCREST TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. INVESTMENT INCOME
31.5.23 31.5.22
£    £   
Rents received 109,875 115,156
Deposit account interest 4 9
109,879 115,165

3. RAISING FUNDS

Investment management costs
31.5.23 31.5.22
£    £   
Property repairs 4,226 4,879
Insurance 619 687
Light and heat 1,304 -
Letting fees 200 -
Depreciation 219 366
Interest payable and similar charges 21,640 18,085
28,208 24,017

4. NET INCOME/(EXPENDITURE)

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

31.5.23 31.5.22
£    £   
Depreciation - owned assets 220 365

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.


6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 240,001

Investment income 115,165
Total 355,166

EXPENDITURE ON
Raising funds 24,017


REGALCREST TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£   
Charitable activities
General
95,273
Total 119,290

NET INCOME 235,876


RECONCILIATION OF FUNDS
Total funds brought forward 3,573,760

TOTAL FUNDS CARRIED FORWARD 3,809,636

7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2022 and 31 May 2023 9,661
DEPRECIATION
At 1 June 2022 8,198
Charge for year 220
At 31 May 2023 8,418
NET BOOK VALUE
At 31 May 2023 1,243
At 31 May 2022 1,463

8. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 3,000,000
NET BOOK VALUE
At 31 May 2023 3,000,000
At 31 May 2022 3,000,000


REGALCREST TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 3,563 -

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other creditors 3,122 4,812
Accrued expenses 2,520 2,520
5,642 7,332

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 12) 368,971 379,361

12. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 368,971 379,361

13. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans 368,971 379,361

Bank loan is secured by first charge over the investment properties of the charity.

14. MOVEMENT IN FUNDS
Net
movement At
At 1.6.22 in funds 31.5.23
£    £    £   
Unrestricted funds
General fund 3,653,407 (15,407 ) 3,638,000
Revaluation reserve 156,229 - 156,229
3,809,636 (15,407 ) 3,794,229
TOTAL FUNDS 3,809,636 (15,407 ) 3,794,229

REGALCREST TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

14. MOVEMENT IN FUNDS - continued

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 249,878 (265,285 ) (15,407 )

TOTAL FUNDS 249,878 (265,285 ) (15,407 )


Comparatives for movement in funds

Net
movement At
At 1.6.21 in funds 31.5.22
£    £    £   
Unrestricted funds
General fund 3,417,531 235,876 3,653,407
Revaluation reserve 156,229 - 156,229
3,573,760 235,876 3,809,636
TOTAL FUNDS 3,573,760 235,876 3,809,636

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 355,166 (119,290 ) 235,876

TOTAL FUNDS 355,166 (119,290 ) 235,876

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.6.21 in funds 31.5.23
£    £    £   
Unrestricted funds
General fund 3,417,531 220,469 3,638,000
Revaluation reserve 156,229 - 156,229
3,573,760 220,469 3,794,229
TOTAL FUNDS 3,573,760 220,469 3,794,229

REGALCREST TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 605,044 (384,575 ) 220,469

TOTAL FUNDS 605,044 (384,575 ) 220,469

15. RELATED PARTY DISCLOSURES

The charity received donations of £50,000 (£140,000- 2022) from Regalcrest Properties Ltd, a company controlled by trustees.