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2020-10-31-accounts

REGISTERED COMPANY NUMBER: 03269511 (England and Wales) REGISTERED CHARITY NUMBER: 1061689

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2020

FOR

KESHER LTD

Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

KESHER LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2020

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Statement of Financial Position 6 to 7
Notes to the Financial Statements 8 to 13

KESHER LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st October 2020. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's object and its principal activities are:

The promotion of the Jewish religion and the advancement of education in the Jewish religion, in Greater London and the provinces.

The Charity is organised so that the Directors and Trustees meet regularly to manage its affairs.There are two part-time administrators, who manage the day to day administration of the charity.We are grateful to the many volunteers who assist the Charity in numerous ways.

Public benefit

The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.

The trustees continue to operate within the confines of the charity objectives namely in the respect of the advancement of Orthodox Jewish education by providing educational outreach programmes as well as worship facilities which are open to all members of the Jewish Faith.

ACHIEVEMENT AND PERFORMANCE

The trustees are pleased with the performance of the Charity during the past year.

We have maintained the level of participation in our educational programming. We have both extended and broadened our social, educational and communal activities during the past year. This in turn has led to a modest expansion of our donor base. Unfortunately this has been offset by the loss of some more substantial benefactors, who have cut back on their support, generally due to macroeconomic considerations.

In view of the wider economic climate, the Trustees are pleased with the position of the Charity and its continued ability to impact favourably on the lives of its many beneficiaries.

It is worth noting that expanded use of internet technology has extended our 'reach' as well, at modest cost.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities shows a net surplus of £22,470 for the year (2019 : Surplus of £16,728). As at the year end, our reserves stand at a surplus of £801,778 ( 2019: £785,051).

Reserves Policy

The Trustees have been concentrating on building up the reserves of the charity to a level that will ensure that operation of the charity is not affected by any significant downturns in donation levels caused by the vagaries of the economy. They feel that a cash reserve level equivalent to two years operational expenses would allow them to achieve the required safety margin.

FUTURE PLANS

Looking to the future, the Charity would like to be in the position to expand into larger premises, once the economic climate is right for such a move. The trustees feel that such a measure can only be realistically contemplated from a position of financial stability.

Page 1

KESHER LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The trust is constituted under the Memorandum and Articles of Association and incorporated on 25th October 1996.The trustees are appointed by the Board of Trustees who would normally appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee. At the trustees' meeting, which is held every quarter, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of reserves, risk management policies and performance.

Organisational structure

All directors of the company are also trustees of the charity , and there are no other trustees. All of the trustees named on page 1 served throughout the year unless otherwise stated.

The Board has the power to appoint additional trustees as it considers fit to do so.

Risk management

The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.

The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03269511 (England and Wales)

Registered Charity number

1061689

Registered office

923 Finchley Road Golders Green London NW11 7PE

Trustees

S Greenman Dr M Sinclair M Wulwick

Company Secretary

Mr. R Simon

Independent Examiner

Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

Page 2

KESHER LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST OCTOBER 2020

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 19th July 2021 and signed on its behalf by:

M Wulwick - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KESHER LTD

Independent examiner's report to the trustees of Kesher Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st October 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

19th July 2021

Page 4

KESHER LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST OCTOBER 2020

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
202,496
Investment income
3
454
Total
202,950
EXPENDITURE ON
Charitable activities
4
Educational, outreach and cultural activities
178,230
Governance costs
2,250
Total
180,480
NET INCOME
22,470
RECONCILIATION OF FUNDS
Total funds brought forward
801,778
TOTAL FUNDS CARRIED FORWARD
824,248		 Restricted
fund
£
-
-
-
-
-
-
-
-
-		 2020
Total
funds
£
202,496
454
202,950
178,230
2,250
180,480
22,470
801,778
824,248		 2019
Total
funds
£
215,933
514
216,447
197,220
2,500
199,720
16,727
785,051
801,778

The notes form part of these financial statements

Page 5

KESHER LTD

STATEMENT OF FINANCIAL POSITION 31ST OCTOBER 2020

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds:
General fund
TOTAL FUNDS		 Unrestricted
fund
£
406,332
6,251
420,694
426,945
(9,029)
417,916
824,248
824,248		 Restricted
fund
£
-
-
-
-
-
-
-
-		 2020
Total
funds
£
406,332
6,251
420,694
426,945
(9,029)
417,916
824,248
824,248
824,248
824,248		 2019
Total
funds
£
417,574
6,611
392,284
398,895
(14,691)
384,204
801,778
801,778
801,778
801,778

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

KESHER LTD

STATEMENT OF FINANCIAL POSITION - continued 31ST OCTOBER 2020

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 19th July 2021 and were signed on its behalf by:

M Wulwick - Trustee

The notes form part of these financial statements

Page 7

KESHER LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Torah scrolls - not provided
Fixtures, Fittings and Equipment - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Page 8

KESHER LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2020

1. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
Government Grants
3.
INVESTMENT INCOME
Deposit account interest		 2020
£
184,287
14,552
3,657
202,496
2020
£
3,657
2020
£
454		 2019
£
193,061
18,165
4,707
215,933
2019
£
4,707
2019
£
514

Page 9

KESHER LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2020

4. CHARITABLE ACTIVITIES COSTS

Educational, outreach and cultural
activities
Governance costs
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 Direct
Costs
£
145,528
-
145,528		 Support
costs
£
32,702
2,250
34,952
2020
£
11,242		 Totals
£
178,230
2,250
180,480
2019
£
11,416

5. NET INCOME/(EXPENDITURE)

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st October 2020 nor for the year ended 31st October 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st October 2020 nor for the year ended 31st October 2019.

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

8.

Members of staff
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
215,933
Investment income
514
Total
216,447
EXPENDITURE ON
Charitable activities
Educational, outreach and cultural activities
197,220		 2020
2
Restricted
fund
£
-
-
-
-		 2019
2
Total
funds
£
215,933
514
216,447
197,220

Page 10

KESHER LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2020

8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
fund
fund
£
£
Governance costs
2,500
-
Total
199,720
-
NET INCOME
16,727
-
RECONCILIATION OF FUNDS
Total funds brought forward
785,051
-
TOTAL FUNDS CARRIED FORWARD
801,778
-
9.
TANGIBLE FIXED ASSETS
Fixtures,
Fittings
Freehold
Torah
and
property
scrolls
Equipment
£
£
£
COST
At 1st November 2019 and 31st October 2020
536,006
15,100
33,862
DEPRECIATION
At 1st November 2019
135,620
-
31,774
Charge for year
10,720
-
522
At 31st October 2020
146,340
-
32,296
NET BOOK VALUE
At 31st October 2020
389,666
15,100
1,566
At 31st October 2019
400,386
15,100
2,088		 Total
funds
£
2,500
199,720
16,727
785,051
801,778
Totals
£
584,968
167,394
11,242
178,636
406,332
417,574		 Total
funds
£
2,500
199,720
16,727
785,051
801,778

Page 11

KESHER LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2020

10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accruals and deferred income
12.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
At
1/11/19
£
801,778
801,778
Incoming
resources
£
202,950
202,950
At
1/11/18
£
785,051
785,051		 2020
2019
£
£
6,251
6,611
2020
2019
£
£
641
624
2,763
9,044
5,625
5,023
9,029
14,691
Net
movement
At
in funds
31/10/20
£
£
22,470
824,248
22,470
824,248
Resources
Movement
expended
in funds
£
£
(180,480)
22,470
(180,480)
22,470
Net
movement
At
in funds
31/10/19
£
£
16,727
801,778
16,727
801,778		 2019
£
6,611
2019
£
624
9,044
5,023
14,691
At
31/10/20
£
824,248		 2019
£
6,611
2019
£
624
9,044
5,023
14,691
824,248
22,470
At
31/10/19
£
801,778
801,778

Page 12

KESHER LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST OCTOBER 2020

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
216,447
216,447		 Resources
Movement
expended
in funds
£
£
(199,720)
16,727
(199,720)
16,727		 Resources
Movement
expended
in funds
£
£
(199,720)
16,727
(199,720)
16,727
16,727

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At
1/11/18
£
785,051
785,051		 Net
movement
in funds
£
39,197
39,197		 At
31/10/20
£
824,248
824,248

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
419,397
419,397		 Resources
Movement
expended
in funds
£
£
(380,200)
39,197
(380,200)
39,197		 Resources
Movement
expended
in funds
£
£
(380,200)
39,197
(380,200)
39,197
39,197

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st October 2020.

Page 13