The Keren Mitzvah Trust Report and Financial Statements Year Ended 31 December 2020 Registered Charity 1041948
The Keren Mitzvah Trust Report and ftnancial statements for the year ended 31 December 2020 Contgnl$ Pagg: Report of the trustees Independent examiners report Statement of financial activities Balance sheet Notes forming part of the finanGial statements Trustees M Weiss A Mccormack N Bradley Reglstered address 1 Man¢hester Squa. London, W1 U 3AB RggSstergd oharity number 1041948 Independent gxaminer Stuart Mckay Bsc FCA DChA MHA Maclntyre Hudson, 2 London Wall Place. London EC2Y SAU Banker6 Barclays Bank pl¢, One Churchill Place. London. E14 5HP
The Keren Mitzvah Trust Report of the Trustees for the yearended 31 December 2020 The Trustees presenl their reF)Ort and the financial statements for The Keren Mi12vah Trust for the year ended 31 December 2020. These a¢¢ounts comply with the Charty's trust deed, the Charities Act 2011 and the "Accounb'ng and Reporting by Charrties". Statement of Recommended Practice applicable to charitS preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102}" structure governance and management The Keren Mitzvah Trust was established on 29 September 1994 by Trust Deed. and is registered with the Charity Commission under registered number 1041948. Trustee Appointment TheTruslees are appointed at the discretion ofthe existing trustees. On appointment, the decision-making process of the Trust is explained to new TnJstees by one of the existing Trustees who also provide an overview of the administralive procedures employed by the Trust. The Trust 1$ not a MpleX organisation and there is a simple management structu. Trustees The Trustees of the Charity during the year and to the dale of this report, unless otherwise slated were.. M Weiss A Mccormack N Bradley Oblectlves and actlvitlas The Charity was established under its Deed to appty the Charity's income 8Trd capital for the advancement of su¢h charilable purpose as the Tru51ees shall. in their absolute discretson from time lo time, think fit. Grant maklng pollcy The recipients of donations by the Trust are agreed by the Trustees who, in their deliberation5, consider the use to which the recipients propose to put their respective donations. Each grant is considered on its own merits. Achlevemenls and performance for the publlc beneflt The Trustees confirm that they have referied to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundats'on's aims and objectives and in planning future aclivitses. All activities have been undertaken for the furtherance of public benefit and for the furtherance of the Charity's purpose as per it5 Trust Deed. During the year the Trustees made grants lotalling £90.660 {2019.' £131,131) to various charitable organisations in the areas of povety relief, religious advancement, educakn"on, and heaSlh. All of these grants were unrestricted. Specific details of the recipients of these grants are given in note 6 to these accounts. The Trustees continue to consider appropriate recipients for fvrther grants. Plans for future perlods for the publle benefit The Trustees will continue to hold existing funds so as to be available for Current and fulure charitable uses.
The Keren Mitzvah Trust Report of the Trustees for the year ended 31 December 2020 {nnUed) Financlal r8vlew At year end the Trust hekl funds of £14,887 {2019: £15.856). ReseNes al the end of the period are adequate for the ongoing objectives of the Trust and are held for the purpose of future grants. ReseNas pollcy The Tnjstees intend to continue lo support similar charitable concems as have been supported in recent years, for the foreseeable future. As the Charity operales on minimal overheads, the level of reseNes required lo be maintained are deemed to by the Trustees to be no more than £5,000. Any reserves held over this amount at year- end are the fesull of liming differences and have been subsequenuy granted. Rlsk managèm¢nt The Trustees are of the opinion that the Charity faces minimal risks. The Trustees will continue to assess any new risks facing the Charity as part of their ongoing duties. Fundralslng statement Section 162a of the Charities Act 2011 requires charits'e5 to make a stslemenl regarding fundraising activities. Alhough we do not undertake widespread fundraising from the general public, the legisl2lion defines fund raising as 'soliciting or otherwise procuring money or other property for ¢haritsble purposes" Such amounts receivable are presented in our accounts as'voluntary income. and includes legacies and grants. In relation lo the above we confirm that all solicitalions are managed internally. without involvement of commercial participators or professional fund-raisers, or Ihird parties. The day lo day management of all income generation is delegated to the executive team. who are acwuntable to the Trustees. The Charity is not bound by any undertaking or by any regulatory scheme and the Charity does not consider It necessary to comply with any voluntary code of practice. Vve have receNed no complaints in relation lo fvndraising activities. As we do not approach individuals for funds. we do not consider the Charity to undertake public fundraising aetNities, nor do we consider it necessary to design specific procedures to monitor such acb'vities. Charities Governance Code The Keren Milzvah Trust recognises that good governance in a charity is fvndamental lo rts Success. The Keren Mitzvah Trust are continually working towards achieving the highest standards of govemance, by reference lo the prtn¢iples and recommended practice of the charity governance code. Impact of COVID-19 The Trustees have considered the effect of COVID-19 upon the Charity and believe that it is unlikely to have a signifficanl impact on rts activities, operations and financing, both now and going forward. Furthermore, given the nature of the funding of the Charity, the Trustees are satisfied that there will be no expected effect upon its current and future financial sustainability and going concem.
The Keren Mitzvah Trust Report of the Trustees for th• year ended 31 December 2020 (continued) Trusteos, rgsponsibilities The Trustee5 are responsible for preparing the Annual report and the financial statements in accordance with applicable taw and regulations. Charity law requires the Twstees lo prepare financial ststements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable lawl. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the State of affairs of the Gharity and of the incoming sourceS and application of resourc8s, including the income and expenditure, of the charity for that period. In preparing these financial 51atemenls, the Trustees are reqUId lo". select suilable accounting policies and then apply them consistenuy,. make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unkss it is inappropriate to presume Ihal the charity will continue in business. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the harity's transactions and disclose with reasonable accuracy al any lime the financial position of the charily and enable them to ensure that the financial statements comply wrth the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularities. Approved by thè Trustaas and signod on their half by 6• N Bradley Trustee Date. I I 11011021
The Keren Mitzvah Trust Report of the Independent Examine8 for the year ended 31 December 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KEREN MITZVAH TRUST I reportto the Trustees on my examination of the accounts of The Keren Mrtzvah Trust for the yearended 31 Dernber 2020, which are set out on pages 5 to 12. Responsibilities and basis for report As the charity trustees of the Trust you are responsible for the preparats'on of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act.). I report in respecl of my examination of the Trust's a¢Unts 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 seGlion 14515)Ibl of the Act. Independent exarningrfs statgmgnt I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records," or 3. the accounts do not comply with the applicable requirements conceming the form and content of the 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 nol a matter considered as part of an independenl 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 lo enable a proper understanding of the accounts to be reached. Stuart McKay Bsc FCA DChA for and on behalf of MHA Maclntyre Hudson Chartered Accountants 2 London Wall Place London EC2Y SAU Date.. 1511012021
The Keren Mitzvah Trust Statement of financial activities for the year ended 31 Decgmber 2020 Note Unrestri¢ted funds Unrestrted fvnd$ 2020 2019 Income Dorsations Investment income 93,341 19 111,725 41 Totsl Income 93,360 111,766 Expanditure Charitable activities {94,3291 1134,4841 Total ¢xp¢nditur¢ 194,3291 1134,484} Net In¢omellexp6ndlturel 9691 {22,718) Funds brought foThvard 15,856 38,574 Funds carried fOard 14.887 15,856 The Charity made no recognised gains or losses in the year other than the movement in net funds sel out above. All income and expenses derive from continuing operations. All funds held are unrestricted. The notes on pages 7 10 12 foTm part of these financial statements.
The Keren Mitzvah Trust Balance sheet at 31 D•¢•mbor 2020 Note 2020 2019 Current assets Debtors Cash al bank and in hand 125 17,162 125 20,131 17.287 20,256 current Ilabllltles Creditors.. amounts falling due within one year (2,400) 14,4CQ) Not assets 14,887 15,856 Unrestrlcted funds General fund 14,887 15,856 The financial statements were approved by the Trustees and authorised for issue on Signed on behalf of the Trustees N Bradley Tru$tee The notes on pages 7 to 12 fomi part of these financial statements.
The Keren Mitzvah Trust Notes fomiing part ofthe financlal statements for the year ended 31 December 2020 Accountlng poll¢les The financial statements have been prepared under the historical cost convention. The a¢counts lfinan¢ial ststementsl have been prepared in accordance with the Statement of Re¢ommend&J Pra¢tice'. A¢¢ounting and Reporting by CharitEs preparing their a¢counls in accordance with the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United lfjngdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as li applies from 1 January 2015. The accounts (financial statements) have been prepared to give a 'true and fair, view and have departed from the Charibes (Accounts and Report5) Regulatsons 2008 onty to the extent required lo provide a 'true and fair vEv*. This departu has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland {FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities". Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. The Trust constitutes a public benefft enb'ty as defined by FRS 102. The Financial Statements a presented in £ sterling, the functional cUrncY, rounded to the nearest £1. The Financial Ststemenls are prepared on the going concern basis which assumes that The Keren Milzvah Tiustwill continue in operational existence for the foreseeable future The Board of Trustees have considered the working capital and cash flow requirements and consider that the current and forecast cash resources are sufficient to cover the working capital requirements of the Charity for at least 12 months from the signing date of these financial statements. There are no signfficant areas of judgement nor key accounting estimates that affect items in the financial statements. Accounting convention The accounts have be8n prepared under the historical eost convention. Fund accounting Funds hekl by the Chanty are unrestricted funds. Income All income is recognised once the Charity has entrtlement to the income, it is probable that the income will be eived and the amount of income receivable can be measured reliably. Donations and the related gift aid lax are accounted for on receipL Investment income is ac¢ounted for on a receivable basis. Expenditu All expenditure is accounted for gross, on an accruals basis. Expenditure is recognised once Ihere is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligatn can be measured reliably. Grants payable are payments made lo third parties in the furtherance of the charitable objectives of the Trust. The grants are accounted for where either the Trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will re¢eive a grant, or any condition attaching lo the grant is outside the eontrol of the Trust.
The Keren Mitzvah Trust Notes fomilng part of the flnan¢ial Ststements for the year ended 31 December 2020 (continued) A¢¢ounting poli¢ies continued Foreign currenGy Foreign CuencY transactions of the Trust are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated al the rates ruling at the balance sheet dates. Any differences are taken to the profit and loss account. Cash Ilow slatemgnt The accounts do not include a cash flow statement because the Chanty, as a small reporting entity, is exempt from the requirement to prepare a cash flow statement under the Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable lo Charities preparing their aeeounts in accordance with the UK Generally Accepted Accounb'ng Practices {UKGAAPI. Allocation of ovgthgad and support costs Overhead and support costs have been allocated entirely to charitable activity. These costs have been attributed to the type of charitable activity on a pro-rala activity cost by total cost basis. Charitable acliviti8s Cosls of ¢harilable a¢tivities include grants made and overhead and support costs as shown in note 5. Realised gains and losses All gains and losses are taken to the statement of financial a¢b'vities as they arise. Financial instruments The Charity onty holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows.. Debtors- trade and other debtor {In¢luding a¢erued income) are basic financial instruments and a debt instruments measured at amortised cost as detailed in Note 7. Financial liabilities - trade creditors. accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in Note 8. Deferred income is not deemed lo be a financial liability, as the cash sethement has already taken place and there is an obligation to deliver setvices rather than cash or another financial instrument. Accounting estimates and judgements In the aPpIation of the Charity's accounting policies, the Truslees are required to make judgements. estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo 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 affe¢ls only that period or in the period of the revision and future periods if the revision affects both current and future periods. The Trustees do not consider there are any critical judgements (y sour¢es of estimation UnrtaInty requiring disclosure beyond the accounting policies listed above.
The Keren Mitzvah Trust Notes fomilng part of the financial statements for thg year gnded 31 December 2020 (¢ontinued) Related party transaction5 The following related party transa¢tions arose during the year.. The Trust made grants of £50012019.. £nill to The Good Deed Foundation. a charity administrated from the same address. Messis Weiss. Mccormack and Bradley are trustees of The Good Deed Foundatn. Unrestsicled income includes a total of £70,59012019.' £73,925) from The Good Deed Foundation. TTustoos' rèmunèration The Trustees are considered to be the Key Management Personnel of the Charity. The Trustees reiVed no remunerats'on in respect of their services lo the Charity {2019." £Nill and were not reimbursed any expenses 12019.. £Nil}. Voluntsry Incomg 2020 2019 DonatK•ns 93,341 111,725 All donations received in the current and pnor year were Unrestricted. Analysis of charitable gXPgnditur• The Trust undertook no direct charitable activities but awarded grants in fijrtherance of ils charitable activities. Details of the grants awarded can be found in note 6. Grant8 made Support costs 2020 Direct charitable expenditure: Religious advancement Education Health Poverty relief General ¢haritable Related Parties 57,710 17,950 7,500 2.000 5,000 500 2,336 726 304 81 202 20 60.046 18.676 7,804 2.081 5,202 520 90,660 3,669 94,329
The Keren Mitzvah Trust Notes forniing part of the flnancial statements for the year ended 31 December 2020 (continugd) Analysis of Charitsblo expenditure (continu) Grants made Support costs 2019 Direct choritablg pxpenditure: ReligU5 ?dvanGement Education Health Poverty relief General charitable Related Parties 86,643 27,498 8,860 3,080 5,050 2,216 703 226 79 129 88,859 28,201 9,086 3,159 5,179 131,131 3,353 134,484 2020 2019 Support Costs . General Expenses Bank Charges Exchange rate Variance Govemance costs- Independent exarniners fee 403 375 31 2,860 388 525 40 2,400 3,669 3,353 The Trust has no employees {2019'. none). 10
The Keren Mitzvah Trust Notes forming part of the financial statements for the year ended 310ecember 2020 f¢ontlnued) Charitable grants All granls made during the year were to institutions. Charitable grants which lotalled £5.000 or more, made during the year are as follows.. Reclplent 2020 2019 Religious advancement Achisomoch Chevras Mo'oz Ladol Torah & Chesed Others <£5,000 42,400 8,000 70,815 10,568 5,260 7,310 Total rellglous advancement 57,710 86,643 Educatlon Kisharon Hasmonean Girts School Others <£5,000 7,500 5,000 5.450 7,500 19,998 Total educatlon 17,950 27.498 Health Camp Simcha Others <£5,000 7,500 7,500 1,360 Total health 7,500 8,860 Poverty relief Others <£5.000 2,000 3,080 Total povorty relief 2,000 3,080 Genoral ¢haritable Noa Girls Others <£5,000 5,000 5,050 Total general charitable 5.000 5.050 R•lated parti88 The Good Deed Foundation 500 Total r6lattd p•rti8s 500 Total ¢harltsble donatlons 90,660 131.131
The Keren Mitzvah Trust Notes fom)Ing part of the financial statements for the year ended 31 December 2020 (continued) Debtors 2020 2019 Amounts recoivab19 Withln one ygar: Other debtors 125 125 Credllors: amounts falllng due wlthln one year 2020 2019 Other creditors and accruals 2,400 4.400 2,400 4,400 12