CHARITY REGISTRATION NUMBER: 1064093
Keren Yesomim Unaudited Financial Statements
31 March 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Keren Yesomim
Financial Statements
Period from 6 April 2020 to 31 March 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 12 |
Keren Yesomim
Trustees' Annual Report
Period from 6 April 2020 to 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the period ended 31 March 2021.
Reference and administrative details
Registered charity name Keren Yesomim Charity registration number 1064093 Principal office 34 Heathland Road London N16 5LZ The trustees Rabbi E Padwa (Retired 4 November 2020) J Baumgarten J Posen A Bar-Horin (Appointed 4 November 2020) Independent examiner D Schwarz FCCA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Keren Yesomim is a charitable trust constituted by a Deed of Trust dated 15 July 1996 and is a registered charity, number 1064093.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
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Keren Yesomim
Trustees' Annual Report (continued)
Period from 6 April 2020 to 31 March 2021
Objectives and activities
The objectives of the charity are the relief of poverty, need, hardship and distress of Jewish orphan children in the United Kingdom.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to needy orphans in accordance with the objects of the charity.
Investment Policy
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity and the charity has invested in various properties to provide a steady income for the beneficiaries as above. All the investments are in the United Kingdom
Achievements and performance
During the year, the charity received donations of £31,080 and investment income of £30,482.
The Charity awarded grants of £223,508 in accordance with its charitable objectives. The beneficiaries of these grants are disclosed in note 9 of the notes to the financial statements.
Financial review
As at 5 April 2021 the charity's free reserves made up of net current assets stood at of £72,361 (2020:£239,466) all of which were unrestricted.
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
It is the charity's policy to maintain cash reserves of approximately six months of their average annual grants, to enable the charity to continue making grants.
The trustees' annual report was approved on 9 August 2021 and signed on behalf of the board of trustees by:
J Baumgarten
Trustee
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Keren Yesomim
Independent Examiner's Report to the Trustees of Keren Yesomim
Period from 6 April 2020 to 31 March 2021
I report to the trustees on my examination of the financial statements of Keren Yesomim ('the charity') for the period ended 31 March 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 - matter of concern identified
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:
-
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.
D Schwarz FCCA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
9 Aug 21
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Keren Yesomim
Statement of Financial Activities
Period from 6 April 2020 to 31 March 2021
| Period from 6 Apr 20 to | Period from 6 Apr 20 to | Year to | ||
|---|---|---|---|---|
| 31 Mar 21 | 5 Apr 20 | |||
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 31,080 | 31,080 | 126,490 |
| Investment income | 5 | 30,482 | 30,482 | 35,709 |
| ---------------------------- | ---------------------------- | -------------------------------- | ||
| Total income | 61,562 | 61,562 | 162,199 | |
| ============================ | ============================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 6 | – | – | 6,656 |
| Investment management costs | 7 | 4,279 | 4,279 | 4,159 |
| Expenditure on charitable activities | 8,9 | 224,463 | 224,463 | 112,172 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 228,742 | 228,742 | 122,987 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (167,180) | (167,180) | 39,212 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 471,437 | 471,437 | 432,225 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 304,257 | 304,257 | 471,437 | |
| ================================ | ================================ | ================================ |
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 12 form part of these financial statements.
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Keren Yesomim
Statement of Financial Position
31 March 2021
| 31 Mar | 21 | 5 Apr 20 | ||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 16 | 1,896 | 2,106 | |
| Investments | 380,000 | 380,000 | ||
| -------------------------------- | -------------------------------- | |||
| 381,896 | 382,106 | |||
| Current assets | ||||
| Debtors | 18 | 83,866 | 77,921 | |
| Cash at bank and in hand | 25,358 | 202,659 | ||
| -------------------------------- | -------------------------------- | |||
| 109,224 | 280,580 | |||
| Creditors: amounts falling due within one year | 19 | 36,863 | 41,114 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 72,361 | 239,466 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 454,257 | 621,572 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 20 | (150,000) | (150,135) | |
| -------------------------------- | -------------------------------- | |||
| Net assets | 304,257 | 471,437 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 304,257 | 471,437 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 21 | 304,257 | 471,437 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 9 Aug 21, and are signed on behalf of the board by:
J Baumgarten Trustee
The notes on pages 6 to 12 form part of these financial statements.
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Keren Yesomim
Notes to the Financial Statements
Period from 6 April 2020 to 31 March 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 34 Heathland Road, London, N16 5LZ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
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 did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
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. The following specific policies are applied to particular categories of income:
- 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.
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Keren Yesomim
Notes to the Financial Statements (continued)
Period from 6 April 2020 to 31 March 2021
3. Accounting policies (continued)
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities are made up of grants to individuals.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fitttings
- 10% reducing balance
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investments are included in the accounts at their market value. Any gains or losses are taken to the Statement of Financial Activities.
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Keren Yesomim
Notes to the Financial Statements (continued)
Period from 6 April 2020 to 31 March 2021
3. Accounting policies (continued)
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.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 31,080 | 31,080 | 126,490 | 126,490 |
| ============================ | ============================ | ================================ | ================================ | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 26,982 | 26,982 | 33,209 | 33,209 |
| Other interest receivable | 3,500 | 3,500 | 2,500 | 2,500 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 30,482 | 30,482 | 35,709 | 35,709 | |
| ============================ | ============================ | ============================ | ============================ |
5. Investment income
6. Costs of raising donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Costs of raising donations and | ||||
| legacies - Donations | – | – | 6,656 | 6,656 |
| ============== | ============== | ======================= | ======================= | |
| Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Rates & Water | 2,656 | 2,656 | 2,872 | 2,872 |
| Insurance | 1,118 | 1,118 | 1,063 | 1,063 |
| Professional fess | 505 | 505 | 224 | 224 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 4,279 | 4,279 | 4,159 | 4,159 | |
| ======================= | ======================= | ======================= | ======================= |
7. Investment management costs
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Keren Yesomim
Notes to the Financial Statements (continued)
Period from 6 April 2020 to 31 March 2021
8. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 |
Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 223,508 | 223,508 |
109,274 | 109,274 | |
| Support costs | 955 | 955 |
2,898 | 2,898 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 224,463 | 224,463 |
112,172 | 112,172 | ||
| ================================ | ================================ | ================================ | ================================ | ||
| 9. | Expenditure on charitable activities | by activity type | |||
| Grant funding | Support |
Total funds | Total fund | ||
| of activities | costs |
2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 223,508 | – |
223,508 | 109,274 | |
| Governance costs | – | 955 |
955 | 2,898 | |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| 223,508 | 955 |
224,463 | 112,172 | ||
| ================================ | ============== | ================================ | ================================ | ||
| 10. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | |||||
| activity 1 | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Governance costs | 1,500 | 1,500 | 2,000 | ||
| ======================= | ======================= | ======================= | |||
| 11. | Analysis of grants | ||||
| Period from | |||||
| 6 Apr 20 to | Year to | ||||
| 31 Mar 21 | 5 Apr 20 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Asser Bishvil Foundation | 36,000 | – | |||
| Ezer Leyoldos | 73,780 | 59,774 | |||
| Yedidim Association | 90,000 | – | |||
| Kollel Shomrei Hachomos | 22,408 | 11,000 | |||
| Teshuvoh Tefilloh Tzedokoh | – | 28,000 | |||
| -------------------------------- | ---------------------------- | ||||
| 222,188 | 98,774 | ||||
| Grants to individuals | |||||
| Grants to individuals | 1,320 | 10,500 | |||
| -------------------------------- | -------------------------------- | ||||
| Total grants | 223,508 | 109,274 | |||
| ================================ | ================================ |
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Keren Yesomim
Notes to the Financial Statements (continued)
Period from 6 April 2020 to 31 March 2021
12. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
31 Mar 21 5 Apr 20 £ £ Depreciation of tangible fixed assets 210 234 ============== ============== Independent examination fees Period from 6 Apr 20 to Year to 31 Mar 21 5 Apr 20 £ £ Fees payable to the independent examiner for: Independent examination of the financial statements 1,500 2,000 ======================= =======================
13. Independent examination fees
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows: Period from 6 Apr 20 to Year to 31 Mar 21 5 Apr 20 £ £ Nil Nil
The average head count of employees during the period was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
16. Tangible fixed assets
| Fixtures and | ||
|---|---|---|
| fittings | Total | |
| £ | £ | |
| Cost | ||
| At 6 April 2020 and 31 March 2021 | 3,933 | 3,933 |
| ======================= | ======================= | |
| Depreciation | ||
| At 6 April 2020 | 1,827 | 1,827 |
| Charge for the period | 210 | 210 |
| ----------------------- | ----------------------- | |
| At 31 March 2021 | 2,037 | 2,037 |
| ======================= | ======================= | |
| Carrying amount | ||
| At 31 March 2021 | 1,896 | 1,896 |
| ======================= | ======================= | |
| At 5 April 2020 | 2,106 | 2,106 |
| ======================= | ======================= |
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Keren Yesomim
Notes to the Financial Statements (continued)
Period from 6 April 2020 to 31 March 2021
17. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 6 April 2020 | – |
| Additions | 380,000 |
| -------------------------------- | |
| At 31 March 2021 | 380,000 |
| ================================ | |
| Impairment | |
| At 6 April 2020 and 31 March 2021 | |
| Carrying amount | |
| At 31 March 2021 | 380,000 |
| ================================ | |
| At 5 April 2020 | – |
| ================================ |
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at market value as per the trustees' valuation at the year end.
18. Debtors
| 31 Mar 21 | 5 Apr 20 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 1,950 | – |
| Other debtors | 81,916 | 77,921 |
| ---------------------------- | ---------------------------- | |
| 83,866 | 77,921 | |
| ============================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 31 Mar 21 | 5 Apr 20 | |
| £ | £ | |
| Accruals and deferred income | 1,500 | 4,340 |
| Social security and other taxes | – | 1,412 |
| Rent in advance/overpaid | 20,863 | 20,862 |
| Other creditors | 14,500 | 14,500 |
| ---------------------------- | ---------------------------- | |
| 36,863 | 41,114 | |
| ============================ | ============================ | |
| Creditors: amounts falling due after more than one year | ||
| 31 Mar 21 | 5 Apr 20 | |
| £ | £ | |
| Bank loans and overdrafts | – | 135 |
| Other creditors | 150,000 | 150,000 |
| -------------------------------- | -------------------------------- | |
| 150,000 | 150,135 | |
| ================================ | ================================ |
19. Creditors: amounts falling due within one year
20. Creditors: amounts falling due after more than one year
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Keren Yesomim
Notes to the Financial Statements (continued)
Period from 6 April 2020 to 31 March 2021
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 March 20 | |||
| 6 April 2020 | Income | Expenditure | 21 | |
| £ | £ | £ | £ | |
| General funds | 471,437 | 61,562 | (228,742) | 304,257 |
| ================================ | ============================ | ================================ | ================================ | |
| At | At | |||
| 6 April 2019 | Income | Expenditure | 5 April 2020 | |
| £ | £ | £ | £ | |
| General funds | 432,225 | 162,199 | (122,987) | 471,437 |
| ================================ | ================================ | ================================ | ================================ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Tangible fixed assets | 381,896 | 381,896 | ||
| Investments | – | – | ||
| Current assets | 109,224 | 109,224 | ||
| Creditors less than 1 year | (36,863) | (36,863) |
||
| Creditors greater than 1 year | (150,000) | (150,000) |
||
| -------------------------------- | -------------------------------- | |||
| Net assets | 304,257 | 304,257 | ||
| ================================ | ================================ | |||
| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Tangible fixed assets | 382,106 | 382,106 | ||
| Investments | 380,000 | 380,000 | ||
| Current assets | 280,580 | 280,580 | ||
| Creditors less than 1 year | (41,114) | (41,114) |
||
| Creditors greater than 1 year | (150,000) | (150,000) |
||
| -------------------------------- | -------------------------------- | |||
| Net assets | 851,572 | 851,572 | ||
| ================================ | ================================ |
22. Analysis of net assets between funds
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