The Keren Mitzvah Trust Report and Financial Statements Year Ended 31 December 2022 Regislered Charity 1041948
The Keren Mitzvah Trust Report and financial statements for the year ended 31 Dgcembor 2022 Contents Page: Report of the twstees Independent examiner5 repL¥I Statement of financial a¢b'vit Balance sheet 7-12 Notes forming part of the financFal slalements Trustees M Weiss A M¢Cormad( N Bradley Registered addre$$ 1 Manchester Square, London, W1U 3AB Registered charty number 1041948 Independent examiner Stuart Mckay BS¢ FCA DChA MHA, 2 London Wall Place, London EC2Y SAU Bankers Barclays Bank plc, One Churchill Place. London. E14 5HP
The Keren Mitzvah Trust R¢port of the Trnstees for the year ended 31 December 2022 The Trustees presenl their report and the financial ststemenls for The Keren Mitzvah Trust for the year ended 31 December 2022. These accounts comply with the Charity's twst deed, the Charities Act 2011 and the 'AoUntIng and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their aOUnts in accordance with the Financial RepMiThJ Stan¢Jards applicable In the UK and Republic of Ireland IFRS 1021.. Structure govemancè and managomont The Keren Mitzvah Trust was established on 29 September 1994 by Trust Deed and is registered with the Charity Commission under registered number 1041948. Twsteg Appointment The Trustees are appointed at the discreknon ofthe existing Irustee5. 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 administrattve procedures employed by the TnJst. The Trust is not a complex organisation and there is a simple management structure. Trust8•s The Trustees of the Chadty during the year and to the date of this report. unless otherwise staled werts.. M Weiss A Mccormack N Bradley Obj¢¢tlv•s and a¢tiviti•s The Charty was established under its Deed lo apply the Charity's income and capital for the advancement of such haritable purpose as the Trustees shall. in their absolute discretion from time to lime. think fit. Grant maklng pollcy The recipients of donations by the Trusl are agreed by the Trustees who. in their deliberalions, consider the use to which the recipients propose lo put their respective donations. Each grant is considered on its own merits. Achievements and performance for the public benefrt The Trustees confim that they have referred to the guidan c4)ntained in the Charity Commission's general guidan on public benefii when rewewng the Foundation's aims and objectives and in planning future activities. A11 activf(ies have been undertaken for the furtherdnce of public benefit and for the furtheran¢e of the Charitls purpose as per its Tnjsl Deed. During the year Ihe Trustees made grants totalling £93,911 12021= £60.6341 to varsous charitable organisalions in the areas of poverty relief, ligIouS adVanment, edu¢ation, and health. All of these grants We unrestricted. Speafic details of the recipients of these grants are given in note 6 to these accounts. The Trustees ntinue to consider appropriate recipients for further grants. Plans for futur• perlods for the public benefit Tha Trustees will continue lo hold existing funts so as lo be avaiL8ble for current and future charitable uses.
The Keren Mitzvah Trust Report of the Trustees for the year ended 31 December 2022 {¢ontlnued) Flnanclal revlew At year end the Trust had a defictt of unrestricted funds of £11,23512021." £10,780). A deficit has arisen in the current year due to timing differences in donations reiVed and grants gwen. Post yearthend, in July 2023, thé Trust received a donation of £18,000 which has elTrminated the deficrt going forward. Reserves al the end ofthe period are adequate for the ongoing objectives of the Trust afterl8king into consideration future incoming cash flows, and are held for the purw)se of future grants. Reseryes policy The Trustees intend to continue to support similar tharitable 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 to by the Trustees to be more than £5.000. Any reserves held over this arnounl at year- end are the result of limirig differences and have been subsequenlty granted. As at the y8ar-end, total unrestricted funds were a deficit of £11.235-, this has been discussed further in the 'Financial review, above. Risk management The Trustees are of the opiniorb that the Charity faces minimal risks. The Trustees VAII conlinue to assess any new risks facing the charty as part of their ongoing duties. Fundralslng statement Section 162a of the Charities Acl 2011 requires charities to make a stalernenl regarding fundraising activities. Atthough we do not undertake widespread fundraising from the general public, the legislation defines fund raising as 'soliciting or otherwise procuring money or other property for charitable purposes". Such amounts receivable are presented in our accounts as "voluntary income- and includes legacies and grants. In relatK>n trj the above we confimi thal all solicitations are managed inlemalty, without involvement of commercial participators or professional lund43isers, or third paes. The day tr) day management of all incorrie generation is delegated to the executive team, who are 8ccountable lo the Trustees. The Charity is not bound by any U[ertakIng or by any regulatory scheme and the Charily does not consider it necessary to comply wlh any voluntary ccwje of practic£. We have received no ¢omplaints in relation to hjndraising aclivities. As we do not approach individuals foi fvnd5, we do not consider the Charity to undertake public fundraising activities. nor do we consider it necessary to design specific procedures lo monitor such activities. Charitiés Govomance Code The Keren Mitzvah Twst recconises that good govemance in a charity is fundamentsl to its success. The Keren Mitzvah Trust are continually working towards achieving the highesl siandards of govemano*. by reference lo the principles and recommended practice of the charity governan code.
The Keren Mitzvah Trust Report of the Trustees for the year ended 31 December 2022 (continue(l) Trustees. responslbllltles The Trustees are responsible for preparing the Annual rep1 and the finanual stslemenls in accordancè with applicable law and regulations. Charity law requires the TnJstees to prepare financial ststements for each financial year in accordance wth United Kingdom Generally Accepted Accounting Practice (Unrted Kinwjom Accounting Standards and applicable lawl. Under ¢h8rity law the Trustees must not approve the financial stslemenls unless they are satisfied that they give a true and lair view of the state of affairs ol the charity and of the incoming resources and application of resources, including Ihe income and expenditure, of the charty for that pericKI. In preparing these financial statements. the TnJstees are required to.. s8ct suitable accounting wliues and then apply them ¢siSten11y. make judgements and 8CCL)Lbnling estimates that are reasonable and prudent., statè whether applicable UK Accounting Standards have been followed, subje¢t lo any mal8rial dep8rtures disclosed and explained in the financial statements; and prepare the finanual statements on the going uJncMI basis unless it is inappropriate to presurne that the charity will continue in business. The Trustees are r8sponsible for ke8ping proper actounting rerS that are sufficient to show and explain the charity's iransactions and disclose wth reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the finanryal statements comply with 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 irregularities. Approvèd by thè Trusteès and Sign on thOIT behalf by N Bradley Trusteè Date.. ts1,.1107.1
The Keren Mitzvah Trust Report of the Independent Examinerfs foT the year ended 31 December 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KEREN MITZVAH TRUST I report to the Trustees on my examination ofthe accounts of The Keren MitZV8h Trust for the year ended 31 December 2022, which are sel out on pages 5 to 12. Responslbilities and basis for report As the charity Iruslees of the Trust you are reSponsie for the preparaiion of the accounts in accordan wth the requirements of the Charities Acl 2011 1.the Act"). I rerrt)rt in respe¢t of my examination of the Tnjst's accounts Carried out under section 145 of the 2011 Act and in carying out my éxamination I have followed all Ihe applicable Directions given by the Charity Commission under section 14515Xbl of the Act. Independent examin8rfs statsment I have completed my examination. l nfirrn that no material matters have come to my attention in connection with the examinalion 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 A¢l,' or 2. the accounts do nol accord wilh those records: or 3. the accounts do not comply th the appIlble requirements ¢on¢eming the fomi and content of the accounts sel out in the Charities IA¢counts and Reports) Regulations 2008 other than any requ1Ment that Ihe ac¢ounts give a 'true and fair wew which is not a Matter considered as part of an independent examination. I have no concerns and have come across no other matiers in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts lo be reached. Stuart McK8y BS¢ FCA DChA for and on behalf of MHA Chartered Accountsnis 2 London Wall Pla London EC2Y SAU DaEe-. 2511012023
The Keren Mitzvah Trust Statement of financlal activiiies for the year ended 31 December 2022 Note Unrestrlded nds Unrestricted funds 2022 2021 Income Donations Investment income 96,875 38,125 Total Income 96.879 38,126 Expenditurè Charitable aclimties 197,334) 163,7931 Total expenditur8 (97,334) 163.7931 Net Incomellexpendlture) 14551 125.6671 Funds brought forward {10.7801 14,887 Funds ¢arrled forward {11.2351 (10,780) The Charity made no recognised gains or losses in the year other Ihan the movement in net funds sel out above. All income and expenses derive from continuing operations. All funds held are unrestricted. The notés on pages 7 to 12 fomi part of these finanual st8tements.
The Keren Mitzvah Trust Balanc• sheet at 31 December 2022 Note 2022 2021 Current assets Debtors Cash al bank and in hand 1,250 5.115 6.680 6.365 6,680 Current liabilities Creditors: amounts falling due within one y8ar {17,6001 {17,4601 Unrestrfcted funds General fund 111.235) 110,7801 The financial slatemenls were approved by the Trustees and authorised for issue on Signed on b&haK of the Tru51ees KA tr,ILL N Bradley Trust88 The notes on pages 7 to 12 fomi part of these financA81 ststemenls.
The Keren Mitzvah Trust Notes fomilng part of the finan¢lal sLements for thè year ended 31 December 2022 AccountSng pollclas The financial statements have been prepared under the histori1 CA)St Convention. The accounts (financial statements) have been prepared in aeAx>rdanc wth the Statement of Recommended Practice". Accounting and Rerx)rting by Charities preparing their aCcunts in accordan the Financial Reporting Stsndard applicable in the UK and Republ of Ireland IFRS 1021 and the Finanaal Reporting Standard applKable in the United Kill9dom and Republic of Ireland IFRS 1021 and the Charities Act 20118nd UK Generally Accepted Practice as li applies from 1 January 2015. The accounts {finanual siatementsl have been prepared to give a Iwe and fairf )riew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to prowde a 'true and fair view,. This departure has involved following Ac¢ounb'ng and Reporting by charrt pparing their accounts in accordance with th8 Finan¢i81 Rewrtlng Slan¢Jard appluble in Ihe UK and Republic of Ireland IFRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statemenl of Recommended Practice effective from 1 April 2005 whith has since been withdrawn. The Tnjsl eonstitutes a public benefit entty as defined by FRS 102. The Financtal Statemenls are presented in £ sterting, Ihe fijnctional currency. rountjed to the nearest £1. The Financial Slatements are prepared on the going ¢oncem basis which assumes that The Keren MitZV2h Trust wll Continue in operab.onal existen for the foreseeable future. The Board of Trustees have considered the working capital and e85h flow Tequirements and consider that the current and foreSt cash resources are sufficient to cover the working capital requirements of the Charity for at leasl 12 months from the signing dale of these financial statements. There are no signrficant areas ol judgemenl nor key accounting estimates that affect items in the financial ststements. AGcounting convenlion Thè accounls havè bè8n prepar8d undér the historical cost convention. Fund accounting Funds held by the Charity are unrestricted fun¢Js. Income All income is recognised once the Charity has entitlement lo the income, it is probable th81 the income will be reiVed 8nd the 8mounl of income recewable Can be me8sured reliably. Donalions and the related gift aid tax are accounted for on receipt. Investment income is accounted for on a receivable basis. Expendrfure All expenditure is accoLtnted for gross. on an acc4uals basis. Expenditure is recA)gnised orice there is a legal or constructive obligalion to transfer economic benefit lo a third party. Tt is probable that a transfer of economic benefits will be required in setNement and the amount of the obligakn.on can be measured reliably. Grants payable are payments made to third parties in Ihe fvrtherdnce of the charitable objectives ofthe Trust. The grants are accounled for where eilher Ihe Trustees have agreed lo pay the grant wilhoul condition and the recipient has a reasonable expeGtstion that they will receive a granL or any condition attaching lo the grant is outside the control of the Trust.
The Keren Mitzvah Trust Notes fomilng part of the financlal statements for the year ended 31 December 2022 (continued) Accountlng pollcles contlnuad Foreign cunBncy Forell currency transactions of the Trust are translated at the rates rulirkg when they occurred. Foreign currency monetsry assets and liabilities are tranated at the rates ruling al the balance sheet dales. Any differences are taken to the profit and loss account. Cash Ilow statement The accounts do not include a cash frow ststement because the Charity, as a small reporting entity, is exempl from Ihe requirement to piepare a cash flow statement under the Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the UK Generally Accepted Accounting Practices {UKGAAPI. AllOcatn ofoverhead and support costs Overhead and support c¥)sts have been allocated entirely to tharitable 8Ctivilies. These costs have been attributed lo the type of charitable activity on a prrat3 acliwty CA)St by lotsl cost basis. Chamable activities Costs of ¢harilable activities indude grarts made and overhead and Supp( costs as shown in Note 5. Realised gains and losses I gains and losses are tsken to the ststement of financial activrties 8S they arise. Financial instruments The Charity only holds basic Finanaal Instruments. The financial ass8ts and financial liabilrties of the Charity are as follows.. Debtors- trade and other d8btoT {induding accru8d incom81 are basic fina181 instruments and s debt instruments measured at amortised cost as detailed in Note 7. Financial liabilities - trade creditors, accruals and other crèditors are financial instrumenis, and ar8 measured al amortised cost as detailed in Note 8. Deferred income is not deemed lo be a financial liability, as the cash settlemenl has already taken place and there is an obligation to deliver services rather than cash or another finanual instrument. AountIng estimales and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, eslimales and assumptions about the carrwng amounts of assets 8nd liabilities that are not readily apparent from other SOUTces. The eslimales and associated assumptions are based on histOriG81 experience and other factors that are (x)nsidered to be relevant. Actual results may differ from these estimates. The estimates and undedwng assumptions are reviewed on an ¢Nuoing basis. Revisions to accounting estimates are recognised in the period in whith the estimate is ievused if the revision affecls only thal period or in the perd of the revision and future peri(Kls if the revision affects both cuffent and future periods. The Trustees do not consider there are any critical judgements or sources of estimatFon uncertainty requiring disdosure beyond the aLuunb"ng kK)licies listed aiK)ve.
The Keren Mitzvah Trust Notes forniing part of the financlal statements for Iho year ended 31 December 2022 (continued) Related party transactlons The following related party transaclions arose during the year. The Tnjst made grants of£NII12021: £2.4601 to The GLw)d De&fj Foundation, 8 ch8r¥ty adminislraled from the same address. Messrs Weiss. McCornia¢k and Bradley are trustees of The Good Deed Foundation. During 2021, a loan of £15,000 was received from Manrows Limrted, a company in which M Weiss is a Director. The loan is inleresl-fr8e and is repayable on demar)d. As at the year-end. a balan¢e of £15.000 was outstandiNJ. Unrestricted income inclL¥Jes 8 ithal of £80,00012021'. £Nil} trcmn The Good Deed Foundation. Trusteg$' remuneratlon The Trustees are considered to be the Key Management Personnel of ihe Charity. The Truslees received no remuneration in respect of their ServIS to the Charity12021.' £Nill and were not reimbursed any expenses 12021.. £Nill. Voluntary incom8 2022 2021 Donations 96,875 38,125 All donations received in the cuThent and prior year were Unrestricted. Analysis of charitable eXnditur8 The Trust undertook no direct charitsble a¢tivtbes bLrt awarded grants in furtherance of its charttable activities. Details of the grants awarded can be ftyJnd in Note 6. Grants made Support costs 2022 Dlre¢t ¢harftable expendtture: Religlous advancement Education Heallh Poverty relEf General ¢haritsble Re181ed Parties 66,410 17,800 4,201 500 5,000 2.421 68,831 18,449 4,354 518 5,182 153 18 182 93,911 3.423 97.334
The Keren Mitzvah Trust Notes fomilng part of the financial statements for the year ended 31 Derntser 2022 (continued) Analysls of charltable expendlturn l¢ontlnued) Grants made Support ¢osts 2021 Direct charitable expenditur•: Religious advancement Education Healih Povety relf General charitsble Related Parties 53.174 5.000 2.770 261 55.944 5,261 2,460 128 2,588 60,634 3.159 63.793 2022 2021 Support Costs . General Expenses Bank Charges Exchange rate Variance Goveman¢e costs- Independent examlners fee 433 270 416 225 121 2,520 2.720 3.423 3,159 The Tru51 ha5 no employees {2021= nonel- 10
The Keren Mitzvah Trust Notes fomilng part of the financial statements for the year ended 31 December 2022 (Contlnued) Charltablo grants All grants made during the year were to institutions. Charitable grants which tolall8d £5,000 or more, made during the year are as folkw.. Recipienl 2022 2021 Religious advancoment Achisomoch Torah and Chessed Others <£5,000 58.100 7,310 1,000 43,000 10,174 Total relSglous advancement 66,410 53,174 Edu¢atlon Stand with Us Mizrachi Israel Hasmonean Girts Schwl Others <£5.000 5,000 5.000 5,000 2,800 5,000 Total education 17.800 5.000 Health Others <£5,000 4,201 Total h¢alth 4.201 Poverty relief Others <£5.000 500 Total po¥8rty rallèf 500 Gèneral ¢h¥ritsble Noa Girls 5,000 Total general charitable 5.000 Related parties The Good Deed Foundation 2,460 Total related parties 2,460 Total eharftablè donatlons 93.911 60.634
The Keren Mitzvah Trust Notes forniing part of the financial statements for the year ended 31 De¢ember 2022 (continued) Debtors 2022 2021 Amounts receivable within one year: Other debtors 1.250 Creditors: amounts falling due within one year 2022 2021 Other Creditors and accruals Loan 2,600 15.000 2,460 15,000 17,600 17,460 Further details on th8 loan ba18nce can be found in Note 2. 12