**Charity number: 1058334**
## **KEREN SHMUEL**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **KEREN SHMUEL**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Independent examiner's report**|4|
|**Statement of financial activities**|5|
|**Balance sheet**|6|
|**Notes to the financial statements**|7 - 11|
## **KEREN SHMUEL**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Trustees**|P. Rubenstein, Chief Executive|
|---|---|
||I. Benson|
||P. Austin|
|**Charity registered**
**number**
1058334
**Principal office**
25 Cadoxton Avenue
London
N15 5LB
**Accountants**
Wolffe Accountancy Services Ltd
34 Braydon Road
London
N16 6QB||
Page 1
## **KEREN SHMUEL**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their annual report together with the financial statements of the Keren Shmuel for the 1 January 2020 to 31 December 2020.
## **Objectives and activities**
## **Policies and objectives**
The Charity’s objectives are the advancement, promotion and support of the Orthodox Jewish Religion and the relief of poverty amongst persons of the Jewish Faith.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **Review of activities**
During the year there was a continued growth in the of individuals and companies using the charity voucher system. During the year a total of £986,605 was received in donations by the charity and £995,870 was distributed to other charitable organizations and causes. The largest grants being £384,108 to Feb of Jewish Communities in the CIS, £36,434 to Lishmor Chukotav, and £26,391 to Zhitomir. Over 470 Charitable organizations and causes benefited from grants made during the year.
## **Financial review**
## **Reserves policy**
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately twelve months of unrestricted charitable expenditure.
## **Structure, governance and management**
## **Constitution**
Keren Shmuel is an unincorporated independent charity, established 27 September 1996 and is governed by the Trust Deed and is a registered charity, number 1058334.
## **Methods of appointment or election of Trustees**
The trust deed provides for a minimum of 3 and a maximum of 8 trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees. The chair of trustees is responsible for the induction of any new trustee which involves awareness of a trustee’s responsibilities. The trustees are responsible for the overall management and control of the charity and receive regular reports from the charity administrator.
Page 2
## **KEREN SHMUEL**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Structure, governance and management (continued)**
## **Financial risk management**
The trustees actively review the major risks which the charity faces on a regular basis and believes that maintaining reserves at current levels, combined with an annual review of the controls over key financial statements, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faces by the charity and confirm that they have established systems to mitigate the significant risks.
## **Plans for future periods**
The Charity continues to receive increase voluntary income and wishes to use these funds to promote and support the orthodox Jewish religion within youngsters and provide great assistance for the poor Jewish families.
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate 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 to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees on 27 October 2021 and signed on their behalf by:
................................................
**P. Rubenstein** Trustee
Page 3
## **KEREN SHMUEL**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Independent examiner's report to the Trustees of Keren Shmuel ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the Year ended 31 December 2020.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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.
Signed:
D Wolffe
Dated: 27 October 2021 FCCA
Wolffe Accountancy Services Ltd 34 Braydon Road London N16 6QB
Page 4
## **KEREN SHMUEL**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Note**
**Income from:**
Donations and legacies
3
Other income
4
**Total income**
**Expenditure on:**
Charitable activities
5
Other expenditure
6
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2020**
**£**
**949,312**
**-**
**949,312**
**959,772**
**-**
**959,772**
**(10,460)**
**137,407**
**(10,460)**
**126,947**|**Unrestricted**
**funds**
**2020**
**£**
**37,293**
**945**
**38,238**
**36,098**
**5,494**
**41,592**
**(3,354)**
**5,116**
**(3,354)**
**1,762**|**Total**
**funds**
**2020**
**£**
**986,605**
**945**
**987,550**
**995,870**
**5,494**
**1,001,364**
**(13,814)**
**142,522**
**(13,814)**
**128,709**|_Total_
_funds_
_2019_
_£_
_846,058_
_980_
_847,038_
_852,101_
_1,684_
_853,785_
_(6,747)_
_149,269_
_(6,747)_
_142,522_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the Year.
The notes on pages 7 to 11 form part of these financial statements.
Page 5
## **KEREN SHMUEL**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|**Note**
**Fixed assets**
**Current assets**
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one
year
8
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
**Total funds**|**-**
**128,709**
**128,709**
**-**|**2020**
**£**
**-**
**128,709**
**128,709**
**128,709**
**128,709**
**126,947**
**1,762**
**128,709**|_10,196_
_132,827_
_143,023_
_(500)_|_2019_
_£_|
|---|---|---|---|---|
|||||_-_
_142,523_|
|||||_142,523_|
|||||_142,523_|
||||||
|||||_142,523_|
|||||_137,407_
_5,116_|
||||||
|||||_142,523_|
The financial statements were approved and authorised for issue by the Trustees on 27 October 2021 and signed on their behalf by:
## **P. Rubenstein**
## Trustee
The notes on pages 7 to 11 form part of these financial statements.
Page 6
## **KEREN SHMUEL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. General information**
The Charity’s objectives are the advancement, promotion and support of the Orthodox Jewish Religion and the relief of poverty amongst persons of the Jewish Faith.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Keren Shmuel meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 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.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the Year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the Year end are noted as a commitment, but not accrued as expenditure.
Page 7
**KEREN SHMUEL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2. Accounting policies (continued)**
## **2.4 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.5 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.6 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
## **2.7 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **3. Income from donations and legacies**
|Donations
Donations|**Restricted**
**funds**
**2020**
**Unrestricted**
**funds**
**2020**
**£**
**£**
949,312
37,293
_Restricted_
_funds_
_2019_
_Unrestricted_
_funds_
_2019_
_£_
_£_
_798,852_
_47,206_|**Total**
**funds**
**2020**
**£**
**986,605**|
|---|---|---|
|||_Total_
_funds_
_2019_
_£_
_846,058_|
Page 8
## **KEREN SHMUEL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **4. Other incoming resources**
|Bank Interest Received
Bank Interest Received|**Unrestricted**
**funds**
**2020**
**£**
945
_Unrestricted_
_funds_
_2019_
_£_
_980_|**Total**
**funds**
**2020**
**£**
**945**|
|---|---|---|
|||_Total_
_funds_
_2019_
_£_
_980_|
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
||**Restricted**|**Unrestricted**|**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**|
||**2020**|**2020**|**2020**|
||**£**|**£**|**£**|
|Grants and Donations|959,772|36,098|**995,870**|
Grants and donations made from the charities restricted funds are those made from the charity voucher system operated by the charity under which donors to the charity, may exercise their discretion in indicating which other registered charities and charitable institutions may benefit from their donations. Grants and donations made from the charities unrestricted funds are made at the sole discretion of the trustees.
||_Restricted_|_Unrestricted_|_Total_|
|---|---|---|---|
||_funds_|_funds_|_funds_|
||_2019_|_2019_|_2019_|
||_£_|_£_|_£_|
|Grants and Donations|_790,758_|_61,343_|_852,101_|
Page 9
## **KEREN SHMUEL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6. Other expenditure**
|**Unrestricted**
**funds**
**2020**
**£**
Bank Charges
1,516
Professional Fees
200
Miscellaneous Charges
3,778
5,494
_Unrestricted_
_funds_
_2019_
_£_
Bank Charges
_1,184_
Professional Fees
_500_
_1,684_
**Debtors**
**2020**
**£**
**Due within one year**
Other debtors
**-**
Tax recoverable
**-**
**-**
**Creditors: Amounts falling due within one year**
**2020**
**£**
Accruals and deferred income
**-**|**Total**
**funds**
**2020**
**£**
**1,516**
**200**
**3,778**|
|---|---|
||**5,494**|
||_Total_
_funds_
_2019_
_£_
_1,184_
_500_|
||_1,684_|
||_2019_
_£_
_2,500_
_7,696_|
|||
||_10,196_|
||_2019_
_£_
_500_|
## **7. Debtors**
## **8. Creditors: Amounts falling due within one year**
Page 10
## **KEREN SHMUEL**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **9. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Current assets
**Total**
**Analysis of net assets between funds - prior period**
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2020**
**Unrestricted**
**funds**
**2020**
**£**
**£**
126,947
1,762
126,947
1,762
_Restricted_
_funds_
_2019_
_Unrestricted_
_funds_
_2019_
_£_
_£_
_137,406_
_5,615_
_-_
_(500)_
_137,406_
_5,115_|**Total**
**funds**
**2020**
**£**
**128,709**
**128,709**
_Total_
_funds_
_2019_
_£_
_143,021_
_(500)_
_142,521_|
|---|---|---|
Page 11