DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
Charity Registration No: 1023816
FINANCIAL STATEMENTS
for the year ended 31 MARCH 2022
DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |
|---|---|
| 1 | Legal and Administrative Information |
| 2 - 3 | Trustee's Report |
| 4 | Independent Examiners’ Report |
| 5 | Income and Expenditure Account |
| 6 | Balance Sheet |
| 7 - 10 | Notes to the Financial Statements |
DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
TRUSTEE
Rabbi Y E Schwartzman
OFFICE
49 Russell Gardens London NW11 9NJ
INDEPENDENT EXAMINER
J A Englard FCA
BANKERS
Barclays Bank Plc
CHARITY NUMBER
1023816
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
TRUSTEES' REPORT
YEAR ENDED 31 MARCH 2022
The Trustee has pleasure in presenting the Annual Report together with the Financial Statements for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS
Legal and Administrative Information of the Charity is shown on Page 1 of the Financial Statements and forms part of this report.
ORGANISATION STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is governed by a Trust Deed.
The Trustee administers the day-to-day affairs of the Charity. The Trustee does not have any beneficial interest in the Charity.
Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustee. The Trustee would be responsible for the induction of any new Trustee, which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charity. A new Trustee would receive copies of the previous year’s annual report and accounts with detailed explanation thereof.
RISK FACTORS
The Trustee has assessed the major risks to which the Charity is exposed particularly those relating to operations and finances. He is satisfied that the systems are in place to mitigate its exposure to those risks.
OBJECTIVES, AND ACTIVITIES OF THE CHARITY
The Charity is established to raise funds for Yeshiva Beth Medrash Gevoha of America, a Talmudical College (Yeshiva) in Jerusalem, Israel.
The Trustee confirms his 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.
ACHIEVEMENT AND PERFORMANCE OF THE CHARITY
The Charity received donations totalling £57,396 during the year and made grants to Beth Medrash Gevoha in Israel aggregating £55,350.
FINANCIAL REVIEW
The financial results of the Charity’s activities for the year to 31 March 2022 are fully reflected in the attached Financial Statements together with the Notes thereon.
RESERVES POLICY
Funds are remitted to Beth Medrash Gevoha in Israel on a regular basis and no specific fund is maintained.
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
TRUSTEES’ REPORT
YEAR ENDED 31 MARCH 2022
TRUSTEE
The Trustee who served during the year was Rabbi Y E Schwartzman
TRUSTEE'S RESPONSIBILITIES
The Charity's Trustee is responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to Charities in England and Wales requires the Trustee to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these Financial Statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
……………………… Rabbi Y E Schwartzman – Trustee
28/1/2023
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
YEAR ENDED 31 MARCH 2022
I report to the trustees on my examination of the financial statements of British Friends of Beth Medrash Gevoha ('the charity') for the year ended 31 March 2022.
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.
London: J A Englard FCA Date: 29/1/2023
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted Funds | Unrestricted Funds | ||||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | |||||
| Donations and Legacies | 4 | 57,396 | 55,913 | ||
| __ | _ | ||||
| Total Income | 57,396 | 55,913 | |||
| EXPENDITURE | |||||
| Expenditure on Charitable Activities | 5 | 55,462 | 77,400 | ||
| _ | _ | ||||
| Total Expenditure | (55,462) | (77,400) | |||
| _ | _ | ||||
| NET INCOME/(DEFICIT) AND | |||||
| NET MOVEMENT IN FUNDS | 1,934 | (21,487) | |||
| Reconciliation of funds | |||||
| Total Funds Brought Forward | 6,540 | 28,027 | |||
| _ | _ | ||||
| TOTAL FUNDS CARRIED FORWARD | £8,474 _ |
£6,540 _ |
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 7 to 10 form part of these Financial Statements.
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
| Notes CURRENT ASSETS Cash at Bank NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds 8 TOTAL CHARITY FUNDS |
2022 £ 8,474 _ £8,474 _ 8,474 _ £8,474 _ |
2021 £ 6,540 _ £6,540 _ 6,540 _ £6,540 _ |
||
|---|---|---|---|---|
The Financial Statements were approved by the Board of Trustees and authorised for issue on ……………… and signed on its behalf by 28/1/2023
…………………………………… RABBI Y E SCHWARTZMAN - TRUSTEE
The notes on pages 7 to 10 form part of these Financial Statements.
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1. General information
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 49 Russell Gardens, London, NW11 9NJ.
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 measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The charity meets the definition of a public benefit entity under FRS 102
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The trustee does not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Income tax
The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities.
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
3. Accounting policies ( Continued )
Fund accounting
Unrestricted funds are available for use at the discretion of the trustee to further any of the charity's purposes.
Incoming resources
All income is 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. 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.
Resources expended
Expenditure is charged on an accrual basis and allocated to the appropriate headings in the accounts. The majority of costs are directly attributable to specific activities. Costs incurred in respect of the charitable activities include attributable support costs where applicable.
Grants payable
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment.
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.
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
4. DONATIONS AND LEGACIES
2022 General Donations £57,396 _ 5. ANALYSIS OF EXPENDITURE CHARITABLE ACTIVITIES 2022 £ Grant Funding Activities (Institutions) 55,350 Support and Governance Costs (Note 6) 112 _ £55,462 _ |
2021 £55,913 _ 2021 £ 77,300 100 _ £77,400 _ |
|---|---|
All grants were paid to Beth Medrash Gevoha in Israel, a Talmudical College (Yeshiva) in Jerusalem, Israel.
6. SUPPORT AND GOVERNANCE COSTS
| SUPPORT AND GOVERNANCE COSTS | ||||
|---|---|---|---|---|
| General Expenses | 2022 £ 112 _ £112 _ |
2021 | ||
| £ 100 _ £100 _ |
7. STAFF COSTS AND EMOLUMENTS AND PARTICULARS OF EMPLOYEES
The Trustee has not been paid any remuneration or received any other benefits from the charity. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
No staff were employed by the charity during the reporting period.
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DocuSign Envelope ID: EBECE216-4D59-4AEF-9C2D-7352940D6F9B
BRITISH FRIENDS OF BETH MEDRASH GEVOHA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
| 8. | UNRESTRICTED FUNDS | |
|---|---|---|
| Charitable | ||
| Funds | ||
| £ | ||
| Balance at 1 April 2021 | 6,540 | |
| Net Incoming Resources for the Year | 1,934 | |
| _ | ||
| Balance at 31 March 2022 | £8,474 _ |
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