The Keren Mitzvah Trust Report and Financial Statements Year Ended 31 December 2021 Registered Charity 1041948
The Keren Mitzvah Trust Report and financial statements for the year ended 31 December 2021 Contents Page: Report of the trustees Independent examiners report Statement of financial activities Balance sheet Note5 forming part of the financial statements Trustees M Weiss A Mccormack N Bradley Registered address 1 Manchester Square. London, W1 U 3AB Re9lStered charity number 1041948 Independent gxaminer stuart Mckay Bsc FCA DChA MHA Maclntyre Hudson. 2 London Wall Place, London EC2Y SAU Bank9rs Barelays Bank plc, One Churchill Place, London, E14 5HP
The Keren Mitzvah Trust Report of the Trustees for the year ended 31 December 2021 The Trustees present their report and the financial statements for The Keren Mitsvah TnJst for the yeaT ended 31 December 2021. These accounts comply wrth the Charity's trust deed, the Charitie5 Act 2011 and the "Accounting and Reporting by Chanlies." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021" Structure govemance and management The Keren M(Izvah Tnjsl was established on 29 September 1994 by Trust Deed and is registered with the Charity Commission under registered number 1041948. Trustee Appolntment The Trustees are appointed atthe discrets.on of the existing trustees. On appointment, the decision-making process of the Trust is explained to new Trustees by one of the existing Trustees who also provide an overview of the 8dminislrab.ve procedures employed by the Trust. The Trust is not a complex organisats.on and there is a simple management structure. Trustees The Trustees of the Charity during the year and lo the date of this report. unless olhetwise slated were.. M Weiss A Mccormack N Bradley Oblectlves and actlvltles The Charity was established under its Deed to apply the Charity's income and capital for the advancement of suGh charitable purpose as the Trustees shall, in their absolute discretion from time to time, think fit. Grant making policy The recipients of donations by the Trust are agreed by the Truslees who, in their deliberatns, consider the use lo which the recipients propose lo put their respective donations. Each grant is considered on ils own merits. Achievements and performance for the public benefit The Trustees confimi that they have referred to the guidance conlained in the Charity Commission's general guidance on public benefit when reviewing the Foundab"on's aims and objects.ves and in planning future activities. All activities have been undertaken for the ftjrtherance of public benefit and for the furtherance of the Charity's purpose a5 per its Trust Deed. During the year the Trustees made grants tolalling £60,63412020". £90,660) to various charitable tsrganisations in the areas of poverty relief, religious advancement. education, and health. All of these grants were unreStrCled. Specific details of the recipients of these grants are gNen in note 6 to these aceounts. The Trustees continue to consider appropriate recipien15 for further grants. Plans for future perlods for the public benefit The Trustees will conlinue to hold existing fvnds so as lo be available for current and future charitable uses.
The Keren Mitzvah Trust Report of the Trustees for the year ended 31 December 2021 (¢ontinuedJ Financial review At year end the Trust had a deficit of unresth'cted funds of £10.780 12020.. £14,887). A deficit has arisen in the current year due to timing differences in donations received and grants given Post year-end. in March 2022, the Trust received a donation of £60.000 which has eliminated the deficit going forward. Resetves al the end ofthe peric*l are adequate for the ongoing obiecbves of the Trust after taking into consideration future incoming cash flows. and are held for the purpose of future grants. Reserve$ policy The Trustees intend to continue to support similar charitable concems as have been supported in recent years, for the foreseeable future. As the Charity operates on minimal overheads, the level of reserves required to be maintained are deemed lo by the Trustees to be no more than £5.000. Any reserves held over this amount at year- end are the result of b.ming differences and have been subsequently granted. As al the year-end, lotsl unrestricted funds were 8 deficit of £10,780, thi5 has been discussed further in the 'Financial review, above. Risk management The Trustees are of the opinion that the Charity faces minimal risks_ The Trustees will continue lo assess any new risks facing the charty as part of their ongoing dub"es. Fundralslng statement Section 162a of the Charities Act 2011 requires charilies to make a statement regarding fundraising activities. Although we do not undertake widespread fundraising from the general public, the legislation defines fund raising as 'soliciting or otherwise procuring money Of Other propety for charitable purposes" Such amounts receivable are presented in our accounts as "voluntary income- and includes legacies and grants. In relation to the above we confirm that all solicilatsons are managed internally. without involvement of commercial participators or professional fund-raisers, or third parties. The day to day mana9ement of all income generation is delegated to the executive team. who are accountable lo the Trustees. The Charity is not bound by any undertaking or by any regulatory scheme and the Charity does not consider il necessary lo comply with any voluntary code of pracb"ce. We have reiVed no complaints in relation to fundraising activikn"es. As we do not approach individuals for funds, we do not consider the Chanty lo undertake public fundraising actNrties, nor do we consider it necessary to design specific procedures to rnonilor such acb"vits"es. Charitigs Governance Code The Keren Mitzvah Trust reeognises that good govemance in a charity is fundamental to its success. The Keren Mittvah Trust are conlinu8lly working towards achieving the highest standards of govemance, by reference lo the principles and recommended practsce of the charty govemance code.
The Keren Mitzvah Trust Report of the Trustees for the year ended 31 December 2021 (continuad) Trustees. responslbllltles The Trustees are responsible for preparing the Annual port and the financial statements in accordance with applicable law and gUlatiOns. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Praetsce (United Kingdom Awounling Standards and applicable lawl. Under charity law the Trustees musl not approve the financial slatemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure. of the charity for that period. In preparing these financial statements. the Trustees are required to". select suitable accounting policies and then apply them consistendy.. make judgements and accounling estimates that are reasonable and prudent," state whether applicable UK Accounhng Standards have been followed. subject lo any material departures disclosed and explained in the financial stslements., and prepare the financial statements on the going concem basis unles5 It is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping prOr accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial stslements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence ft)r taking reasonable steps for the prevention and detection of fraud and other irregularits"es. Approved by the Trustees and signed on their behalf by N Bradley Trustee
The Keren Mitzvah Trust Report of the Independent Examinerfs for the year ended 31 December 2021 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KEREN MITZVAH TRUST I report to the Trustees on my examinalton of the accounts ofThe Keren Mitzvah Trusl for the year ended 310ecember 2021, which are set OLrt on pages 5 to 12. Responsibilities and basls for report As the charity Iruslees of the TrLtst you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Acl 20111.the Acr}. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applieable Direclioris given by the Charity Commission under secton 14515llbl of the Act. Independent examinerfs statement I have completed my examination. l eonfirm that no material matters have come to my allents.on 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 fomi and conlenl of the accounts set out in the Charibes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true ar 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 conn6rtion with the examination to which attention should be drawn in this report in ordef lo enable a proper understanding of the accounts to be reached. Stuart M¢Kay BS¢ FCA DChA for and on behalf of MHA Maclntyre Hudson Chartered Accountants 2 London Wall Place London EC2Y SAU Dale.. 2811012022
The Keren Mitzvah Trust Statement of financial activities for the year ended 31 December 2021 Note Unrestricted funds Unreslricled funds 2021 2020 In¢omo Donations Investment income 38.125 93,341 19 Total income 38.126 93,360 Expenditure Charitable activities 163,793> 194.3291 Total expenditure 163,793) 194,3291 Net incomellexpenditurel {25.6671 19691 Funds brought forward 14,887 15,856 Funds Carried forward 110.7801 14,887 The Charity made no recognised gain5 or losses in the year olher than the movement in nel funds set out above. All income and expenses derive from continuirig OPeratnS All funds held are unre5thcted. The notes on pages 7 to 12 fom) part of these financial ststements.
The Keren Mitzvah Trust Balance sheet at 31 December 2021 Note 2021 2020 Current assets Debtors Cash at bank and in hand 125 17,162 6,680 6.680 17,287 Current liabilities Creditors.. amounts falling due within one year {17.460) (2,400} Unrestricted funds General fund 110.7801 14,887 The financial statements were approved by the Trustees and authorised for issue on L?Iiolio Signed on behalf of the Trustees N Bradley Trustee The notes on pages 7 to 12 form part of these financial statements.
The Keren Mitzvah Trust Notes fomilng part of the rlnancial ststements for the year ended 31 December 2021 Accounting policies The financial statements have been prepared under the historical cost convention. The accounts (financial statement51 have been prepared in accordance with the Statement of Recommended Practice.. Account'ng and Reporting by Charitses prepallng their accounts in accordance with the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom arkd Republic of Irend {FRS 1021 and the Charities Act 2011 and UK Generally Accepted PraCte a5 It applies from 1 January 2015. The accounts lfinancial slatemenlsl have been prepared to give a 'true and fairf view and have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extent required lo provide a 'true and fair view.. This departure has involved following Accounting 8nd Reporting by Charities preparing their accounts in accordance with the Financial Reportj'ng Standard applicable in the UK and Repijblic of Ireland IFRS 1021 issued on 16 July 2D14 rather than the Accountng and Reports"ng by Charrties.. Statement of Recommended Practice effective trom 1 April 2005 which has since been withdrawn. The Trust conslitules a public benefit entity as defined by FRS 102. The Financial Statements are presented in £ sterling, the fvnclional currency, rounded lo the nearest £1 The Financial Statements are prepared on the going concem basis which assumes that The Keren Mitzvah Trust will 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 8 sufficient lo cover the working capital requirements of the Chanty for at kasl 12 months from the signing date of these financial statements. There are no significant areas of judgement nor key ac¢ounb"ng estimates that affect items in the financial stalemenls. Accounting convent The accounts have been prepared under the historul cost convention. Fund accounting Funds held by the Charity are unrestricted fvnds. Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received 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 accounted for on a receivable basis. Expenditure All expenditure is accounted for gross. on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third paty, it is probable that a transfer ofeconomi benefits will be required in settlement and the amount of the obligation can be measured reliably. Grants payable are payments made lo third parb.es in the furtherance of the charitable objeclwes of the Trust. The grants are accounted for where either the Trustees have agreed to pay the grant wilhoul condition and the recipient has a reasonable eXPtatIon that they will receive a grant, or any condition allaching lo the grant is outside the control of the Trust.
The Keren Mitzvah Trust Notes fomlng part of the financial statements for the year ended 31 December 2021 (contlnued) Accounting policie5 continued Forewn cuffency Foreign currency transactions of the TTUSt are translated at the rates njling when they occurred. Foreign currency monetary assets and liabilibes are translated at the rates ruling at the balance sheet dales. Any differences are taken lo the profil and loss account Cash Ilow statement The accounts do not include a cash flow slatemenl aUSe the Chanty. as a small reporting entity, is exempl from the requirement to prepare a cash flow statement under the Accounting and Reporting by Charilie5.' Slalernent of Recommended Practice applicable lo charib.es preparing their accoun15 in accordance with the UK Generalty Accepted Accounting Practices IUKGA4PI. Allocation ofoverhead and support costs Overhead and support costs have been allocated entirely to charitable activities. These costs have been attributed lo the type of charrtable activity on a prrata tIvIty cost by total cost ba51S Chantable actAvilies Costs of charitable activilies include grants made and overhead and support costs as shown in Note 5. Realised gains and losses Al gains and losses are taken lo the statement of financial acbvibes as they arise. Financial instmments The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows.. Debtors - trade and other debtor (including accrued income) are basic financial instruments and are debt instruments measured al amortised cost as detailed in Note 7. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured al amortised cost as detailed in Note 8. Deferred income is not deemed to be a financial liability. as the cash settlement has already taken place and there is an obligation lo deliver services rather than cash or another financial instrument. Accounting eslimat8s and judgen7ents In the application of the Charity's accounb'ng policies. the Trtjstees are required lo make judgements, eslimales and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources The estimates and assttiated assumption5 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimale5 and underfying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales 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 rf the revision affects both current 2nd ftjture periods. The Trustees do not consider there are any Cr'cal judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
The Keren Mitzvah Trust Notes fonning part of the flnancial statements for the year ended 31 December 2021 (continued) Related party transactions The following related paty transactions arose during the year. The Trust made grants of £2,460 {2020." £5001 lo The Good Deed Foundation, a charity adminislraled from the same address. Messrs Weiss, Mccotmack and Bradley are trustees ol The Good Deed Foundation. Ouring the year, a loan of £15,000 was received from Manrows Limited, a company in which M Weiss is a Director The loan is intere5t-free and is iepayable on demand. As at the year-end, a balance of £15,000 was outstanding. Unrestricted income includes a total of £012020.. £70.950) from The Good Deed Foundation. Trusteos. rernuneration The Trustees are considered to be the Key Management Personnel of the Charity. The Trustees received no remuneration in respect ol their seNices lo the Charity12020.' £NIll and were not reimbursed any expenses 12020.. £Nill. Voluntary Ineome 2021 2020 Donations 38,125 93,341 All donations received in the cuffenl and Prior year were Unrestricted. Analysis of charitable expenditure The Trust undertook no direct charitable activities but awarded grants in fvrtherance of its charitable activities. Details of the grants awarded can be found In Note 6. Grants made Support costs 2021 Direct charitable expenditure: Religious advancement Education Health Poverty relief General charitable Related Parties $3,174 5,000 2,770 261 55,944 5,261 2.460 128 2,588 60.634 3.159 63,793
The Keren Mitzvah Trust Notes fomling part of the financial statements for the year ended 31 December 2021 (continued) Analysis of charitable expenditure (continued) Grants made Support Costs 2020 Dlrect charitable expenditure: Re15gious advancement Education Health Poverty relief General charitable Related Parties 57.710 17,950 7.500 2.000 5.000 500 2.336 726 304 81 202 20 60.046 18.676 7.804 2.081 5,202 520 90,660 3,669 94.329 2021 2020 Support Costs . General Expenses Bank Charges Exchange rale Vanance Governance costs- Independent examiners fee 416 225 403 375 31 2,860 2,520 3.159 3,669 The Trust has no emplOy(2020." none). 10
The Keren Mitzvah Trust Notes fomiing part of the financial statements for the year ended 31 December 2021 (continued) Charitable grants All grants made during the year were lo Institutions. Charttable grants which lotalled £5,000 or more, rnade during the year are a5 follows.. Recipient 2021 2020 Rellglous advancement Achisomoch Chevras Mo'oz Ladol Others <£5.000 43.000 42,400 8,000 7,310 10,174 Total rellglous advan¢ement 53.174 57,710 Educatlon Kisharon Hasmonean Gi$ School Others <£5.000 7.500 5.000 5,450 5,000 Total education 5.000 17,950 Health Camp Simcha 7.500 Total health 7,500 Poverty rellef Others <£5,000 2,000 Total poverty rellef 2.000 General charftable Noa Girls 5,000 Total general charitable 5,000 Related parties The Good Deed Foundation 2,460 500 Total related parties 2.460 500 Total charitable donations 60,634 90,660
The Keren Mitzvah Trust Notes forniing part of the financlal statements for the year ended 31 December 2021 (continued) Debtors 2021 2020 Amounts receivable within one year: Other debtor5 125 Creditors: amounts falllng due wlthln one year 2021 2020 Other creditors and accnjals Loan 2,460 15,000 2,400 17,460 2.400 During the current year, a loan of £15,000 was receTved from Manrows Limiled, a company in which M Weiss is a Director. The loan is unsecured, inleresl-free and is repayable on demand. 12