CHARITY REGISTRATION NUMBER: 1050989
THE BRITISH FRIENDS OF MIDRASH SHMUEL UNAUDITED FINANCIAL STATEMENTS
5 APRIL 2021
THE BRITISH FRIENDS OF MIDRASH SHMUEL
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2021
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 |
THE BRITISH FRIENDS OF MIDRASH SHMUEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The British Friends of Midrash Shmuel Charity registration number 1050989 Principal office 31 Princes Park Avenue London NW11 0JR THE TRUSTEES Mr J Kruskal Mr S Stimler Mr A Braham
INDEPENDENT EXAMINER David Goldberg FCA, DCHA
New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is constituted as a charitable trust and is therefore governed by its Trust Deed dated 01 August 1995, as amended by scheme dated 16 October 2020.
The day-to-day affairs of the charity are administered by trustees. None of the trustees have any beneficial interest in the charity.
It is not currently the intention of the trustees of the Charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and procedures. The power to appoint new trustees is vested with Moshe Eli Kruskal.
OBJECTIVES AND ACTIVITIES
The principal object of the charity is to raise funds via gift aid and covenants and to donate these funds to:
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assist in the establishment and maintenance of the Midrash Shmuel Yeshiva with the aim of teaching Jewish studies to students and immigrants;
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to establish and maintain scholarships for needy students of the said institution engaged in Talmudical research and Jewish education and studies;
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to engage in any charitable activities ancillary to the above objectives.
The charity receives income from donations which it utilises in the provision and distribution of grants and donations, and in particular to assist the Midrash Shmuel Institute for Advanced Talmudic Studies.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2021
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued its philanthropic activities in furtherance of its charitable objectives and, aggregate donations in the sum of £26,000 (2020: £90,000) were paid in the year to 5 April 2021.
The financial results of the charity's activities for the year ended 5 April 2021 are fully reflected in the attached financial statements together with the notes thereon.
FINANCIAL REVIEW
Reserve Policy
It is the policy of the charity to maintain unrestricted funds, at a level which the trustees think appropriate, after considering the future commitments of the charity and the likely costs of the charity for the next year.
As at 5 April 2021 the charity has total funds of £231,858, all of which are unrestricted funds.
Grant making policy
The Trust Deed governs the Trustees' powers. Grants are made at the discretion of the Trustees and in accordance with the principal objectives of the charity
Investment Powers and Policy and Objectives
Under the Trust Deed, the charity has the power to make any investment, which the Trustees see fit. The Trustees regularly review the Charity's position and needs in respect of the investment policy.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage those risks.
PLANS FOR FUTURE PERIODS
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
The trustees' annual report was approved on 3 February 2022 and signed on behalf of the board of trustees by:
MR J KRUSKAL
Trustee
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF MIDRASH SHMUEL
YEAR ENDED 5 APRIL 2021
I report to the trustees on my examination of the financial statements of The British Friends of Midrash Shmuel ('the charity') for the year ended 5 April 2021.
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.
DAVID GOLDBERG FCA, DCHA
Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU
3 February 2022
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | 4 | 109,907 | 109,907 | 146,488 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 109,907 | 109,907 | 146,488 | |
| ===================================== | ===================================== | ===================================== | ||
| EXPENDITURE | ||||
| Expenditure on charitable activities | 5,6 | (29,094) | (29,094) | (93,338) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL EXPENDITURE | (29,094) | (29,094) | (93,338) | |
| ===================================== | ===================================== | ===================================== | ||
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| NET INCOME AND NET MOVEMENT IN FUNDS | 80,813 | 80,813 | 53,150 | |
| ===================================== | ===================================== | ===================================== | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 151,045 | 151,045 | 97,895 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 231,858 | 231,858 | 151,045 | |
| ===================================== | ===================================== | ===================================== |
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 9 form part of these financial statements.
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
BALANCE SHEET
| 5 | APRIL 2021 | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Note | £ |
£ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 233,958 | 154,045 | |||
| CREDITORS: amounts falling due | |||||
| within one year | 10 | (2,100) |
(3,000) | ||
| ------------------------------------- | ------------------------------------- | ||||
| NET CURRENT ASSETS | 231,858 | 151,045 | |||
| ------------------------------------- | ------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 231,858 | 151,045 | |||
| ------------------------------------- | ------------------------------------- | ||||
| NET ASSETS | 231,858 | 151,045 | |||
| ===================================== | ===================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 231,858 | 151,045 | |||
| ------------------------------------- | ------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 11 | 231,858 | 151,045 | ||
| ===================================== | ===================================== |
These financial statements were approved by the board of trustees and authorised for issue on 3 February 2022 and are signed on behalf of the board by:
MR J KRUSKAL
Trustee
The notes on pages 6 to 9 form part of these financial statements.
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2021
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 31 Princes Park Avenue, London, NW11 0JR.
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.
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.
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.
Legacy income is recognised when receipt is probable and entitlement is established.
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
3. ACCOUNTING POLICIES (continued)
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:
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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.
Charitable activities
Grants payable are charged to the statement of financial activities once the charity has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.
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.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 109,907 | 109,907 | 146,488 | 146,488 |
| ===================================== | ===================================== | ===================================== | ===================================== |
5. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Midrash Shmuel Institute for | ||||
| Advanced Talmudic Studies | 26,000 | 26,000 | 90,000 | 90,000 |
| Support costs | 3,094 | 3,094 | 3,338 | 3,338 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 29,094 | 29,094 | 93,338 | 93,338 | |
| =============================== | =============================== | =============================== | =============================== |
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Midrash Shmuel Institute for | ||||
| Advanced Talmudic Studies | 26,000 | – |
26,000 | 90,000 |
| Governance costs | – | 3,094 |
3,094 | 3,338 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | |
| 26,000 | 3,094 |
29,094 | 93,338 | |
| =============================== | ========================== | =============================== | =============================== | |
| INDEPENDENT EXAMINATION FEES | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 2,100 ========================== |
3,000 ========================== |
7. INDEPENDENT EXAMINATION FEES
8. STAFF COSTS
No salaries or employee benefits were paid during the year (2020: £nil).
9. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any expenses incurred by the trustee for services provided to the charity (2020: £nil).
10. CREDITORS: amounts falling due within one year
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Accruals and deferred income | 2,100 | 3,000 | ||
| ========================== | ========================== | |||
| ANALYSIS OF CHARITABLE | FUNDS | |||
| Unrestricted funds | ||||
| At | At | |||
| 6 April 2020 | Income | Expenditure | 5 April 2021 | |
| £ | £ | £ | £ | |
| General funds | 151,045 | 109,907 | (29,094) | 231,858 |
| ===================================== | ===================================== | =============================== | ===================================== | |
| At | At | |||
| 6 April 2019 | Income | Expenditure | 5 April 2020 | |
| £ | £ | £ | £ | |
| General funds | 97,895 | 146,488 | (93,338) | 151,045 |
| =============================== | ===================================== | =============================== | ===================================== |
11. ANALYSIS OF CHARITABLE FUNDS
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THE BRITISH FRIENDS OF MIDRASH SHMUEL
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2021
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Current assets | 233,958 | 233,958 |
| Creditors less than 1 year | (2,100) | (2,100) |
| ------------------------------------- | ------------------------------------- | |
| Net assets | 231,858 | 231,858 |
| ===================================== | ===================================== | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Current assets | 154,045 | 154,045 |
| Creditors less than 1 year | (3,000) | (3,000) |
| ------------------------------------- | ------------------------------------- | |
| Net assets | 151,045 | 151,045 |
| ===================================== | ===================================== |
13. RELATED PARTIES
No related party transactions were made in the year under review.
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