CHARITY REGISTRATION NUMBER: 1000007
Friends of Be'er Miriam Unaudited Financial Statements 31 December 2020
Friends of Be'er Miriam
Financial Statements
Year ended 31 December 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Friends of Be'er Miriam
Trustees' Annual Report
Year ended 31 December 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
Reference and administrative details
Registered charity name Friends of Be'er Miriam Charity registration number 1000007 Principal office 116 Castlewood Road London N15 6BE
The trustees
Mr D Lobenstein Mr M C Elzas Mrs B Dunner Independent examiner S Y Steinhaus FCA Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
Structure, governance and management
Governing document
The charity is governed by its Deed of Trust dated 21st December 1989.
Reserves
The trustees ensure that the charity has sufficient reserves to cover foreseeable eventualities. No distributions are made before sufficient funds are made available.
Risk management
The trustees have put in place systems to identify risks and review the systems regularly.
Governance and internal control
The trustees regularly examine any requests and ensure any risks are identified and systems are in place to protect the charity.
Grant making policy
The trustees decide on grants made following requests and recommendations. The institutions and individuals are known to the trustees personally.
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Friends of Be'er Miriam
Trustees' Annual Report (continued)
Year ended 31 December 2020
Objectives and activities
Public Benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Objectives and activities
The objects of the charity is to collect funds to be distributed to educational institutions both in the UK and abroad.
Achievements and performance
The charity collected funds and distributed them to educational institutions mainly in Israel.
Financial review
The charity continued to receive donations for distribution to educational institutions to the satisfaction of the trustees.
Plans for future periods
The trustees plan to continue the charities activities for the foreseeable future.
The trustees' annual report was approved on 4 October 2021 and signed on behalf of the board of trustees by:
Mr M C Elzas Trustee
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Friends of Be'er Miriam
Independent Examiner's Report to the Trustees of Friends of Be'er Miriam
Year ended 31 December 2020
I report to the trustees on my examination of the financial statements of Friends of Be'er Miriam ('the charity') for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
S Y Steinhaus FCA Independent Examiner Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
4 October 2021
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Friends of Be'er Miriam
Statement of Financial Activities
Year ended 31 December 2020
| 2020 | 2020 | 2019 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 85,031 | 85,031 | 130,221 |
| Investment income | 5 | 4 | 4 | 21 |
| Other income | 6 | 8,088 | 8,088 | 1,250 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 93,123 | 93,123 | 131,492 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 93,826 | 93,826 | 139,485 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 93,826 | 93,826 | 139,485 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net expenditure and net movement in funds | (703) | (703) | (7,993) | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,538 | 1,538 | 9,531 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 835 | 835 | 1,538 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 10 form part of these financial statements.
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Friends of Be'er Miriam
Statement of Financial Position
31 December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Current assets | ||||
| Debtors | 10 | 900 | – | |
| Cash at bank and in hand | 655 | 2,258 | ||
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| 1,555 | 2,258 | |||
| Creditors: amounts falling due within one year | 11 | 720 | 720 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Net current assets | 835 | 1,538 | ||
| ৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 835 | 1,538 | ||
| ৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Net assets | 835 | 1,538 | ||
| ৶৶৶৶ | ৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds | 835 | 1,538 | ||
| ৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Total charity funds | 12 | 835 | 1,538 | |
| ৶৶৶৶ | ৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 4 October 2021, and are signed on behalf of the board by:
Mr M C Elzas Trustee
The notes on pages 6 to 10 form part of these financial statements.
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Friends of Be'er Miriam
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 116 Castlewood Road, London, N15 6BE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Friends of Be'er Miriam
Notes to the Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
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Friends of Be'er Miriam
Notes to the Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Financial instruments (continued)
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 85,031 | 85,031 | 130,221 | 130,221 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Bank interest received | 4 | 4 | 21 | 21 | |
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ||
| 6. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Tax reclaimed | 8,088 | 8,088 | 1,250 | 1,250 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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Friends of Be'er Miriam
Notes to the Financial Statements (continued)
Year ended 31 December 2020
7. Analysis of grants
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Grants to institutions | |||
| Margenita D Avrohom | 20,800 | 11,700 | |
| Ohavei Torah | 9,350 | – | |
| Chazon Avraham Yitzchok | 33,005 | 92,000 | |
| Kollel Beis Aharon | – | 640 | |
| Ateres Shlomo | 6,400 | – | |
| Yeshiva Marbeh Torah | 16,700 | 26,075 | |
| Beis Dovid | 2,100 | 8,350 | |
| Shaarei Limud | 4,750 | – | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 93,105 | 138,765 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total grants | 93,105 | 138,765 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 8. | Independent examination fees | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 720 ৶৶৶৶ |
720 ৶৶৶৶ |
9. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
10. Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Other debtors | 900 | – | |
| ৶৶৶৶ | ৶৶৶৶ | ||
| 11. | Creditors: amounts falling due within one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Accruals and deferred income | 720 | 720 | |
| ৶৶৶৶ | ৶৶৶৶ |
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Friends of Be'er Miriam
Notes to the Financial Statements (continued)
Year ended 31 December 2020
12. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 | January 202 | 31 December | ||
| 0 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| General funds | 1,538 | 93,123 | (93,826) | 835 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | |
| At | At | |||
| 1 | January 201 | 31 December | ||
| 9 | Income | Expenditure | 2019 | |
| £ | £ | £ | £ | |
| General funds | 9,531 | 131,492 | (139,485) | 1,538 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Current assets | 1,555 | 1,555 | ||
| Creditors less than 1 year | (720) | (720) | ||
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Net assets | 835 | 835 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |||
| Unrestricted | Total Funds | |||
| Funds | 2019 | |||
| £ | £ | |||
| Current assets | 2,258 | 2,258 | ||
| Creditors less than 1 year | (720) | (720) | ||
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Net assets | 1,538 | 1,538 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
13. Analysis of net assets between funds
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