CHARITY REGISTRATION NUMBER: 1064093
Keren Yesomim Unaudited Financial Statements
31 March 2023
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Keren Yesomim
Financial Statements
Year ended 31 March 2023
| 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
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
| Registered charity name | Keren Yesomim |
|---|---|
| Charity registration number | 1064093 |
| Principal office | 34 Heathland Road |
| London | |
| N16 5LZ | |
| The trustees | |
| J Baumgarten | |
| J Posen | |
| A Bar-Horin | |
| 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.
- 1 -
Keren Yesomim
Trustees' Annual Report (continued)
Year ended 31 March 2023
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 £367,463 and investment income of £33,513.
The Charity awarded grants of £53,599 in accordance with its charitable objectives. The beneficiaries of these grants are disclosed in note 10 of the notes to the financial statements.
During the year the charity bought another investment property.
Financial review
As at 31 March 23 the charity's free reserves made up of net current assets stood at of £434,083 (2022: £501,077) 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 8 January 2024 and signed on behalf of the board of trustees by:
J Baumgarten Trustee
- 2 -
Keren Yesomim
Independent Examiner's Report to the Trustees of Keren Yesomim
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of Keren Yesomim ('the charity') for the year ended 31 March 2023.
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
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 the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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
-
the financial statements do not accord with those records; or
-
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
- 3 -
Keren Yesomim
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 367,463 | 367,463 | 423,155 |
| Investment income | 5 | 33,513 | 33,513 | 34,641 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 400,976 | 400,976 | 457,796 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 3,310 | 3,310 | 2,445 |
| Expenditure on charitable activities | 7,8 | 55,160 | 55,160 | 28,531 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 58,470 | 58,470 | 30,976 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income | 342,506 | 342,506 | 426,820 | |
| ================================ | ================================ | ================================ | ||
| Other recognised gains and losses | ||||
| Gains from revaluation of fixed assets | – | – | 597,000 | |
| -------------------------------- | -------------------------------- | ----------------------------------------- | ||
| Net movement in funds | 342,506 | 342,506 | 1,023,820 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 1,328,077 | 1,328,077 | 304,257 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 1,670,583 | 1,670,583 | 1,328,077 | |
| ========================================= | ========================================= | ========================================= |
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.
- 4 -
Keren Yesomim
Statement of Financial Position
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 16 | 1,386,500 | 977,000 | |
| Current assets | ||||
| Debtors | 17 | 87,982 | 90,500 | |
| Cash at bank and in hand | 763,391 | 418,938 | ||
| -------------------------------- | -------------------------------- | |||
| 851,373 | 509,438 | |||
| Creditors: amounts falling due within one year | 18 | 417,290 | 8,361 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 434,083 | 501,077 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 1,820,583 | 1,478,077 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 19 | (150,000) | (150,000) | |
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 1,670,583 | 1,328,077 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Unrestricted funds: | ||||
| Revaluation reserve | 597,000 | 597,000 | ||
| Other unrestricted income funds | 1,073,583 | 731,077 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total unrestricted funds | 1,670,583 | 1,328,077 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 20 | 1,670,583 | 1,328,077 | |
| ========================================= | ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on 8 January 2024, 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.
- 5 -
Keren Yesomim
Notes to the Financial Statements
Year ended 31 March 2023
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.
- 6 -
Keren Yesomim
Notes to the Financial Statements (continued)
Year ended 31 March 2023
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 Fittings
- 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.
- 7 -
Keren Yesomim
Notes to the Financial Statements (continued)
Year ended 31 March 2023
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 | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 367,463 | 367,463 | 423,155 | 423,155 |
| ================================ | ================================ | ================================ | ================================ |
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from investment properties | 33,513 | 33,513 | 34,641 | 34,641 |
| ============================ | ============================ | ============================ | ============================ |
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Rates & Water | 1,833 | 1,833 | 573 | 573 |
| Insurance | 1,477 | 1,477 | 1,732 | 1,732 |
| Professional fees | – | – | 140 | 140 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 3,310 | 3,310 | 2,445 | 2,445 | |
| ======================= | ======================= | ======================= | ======================= |
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable activities | 53,599 | 53,599 | 24,200 | 24,200 |
| Support costs | 1,561 | 1,561 | 4,331 | 4,331 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 55,160 | 55,160 | 28,531 | 28,531 | |
| ============================ | ============================ | ============================ | ============================ |
- 8 -
Keren Yesomim
Notes to the Financial Statements (continued)
Year ended 31 March 2023
8. Expenditure on charitable activities by activity type
| Grant funding | Support |
Total funds | Total fund | ||
|---|---|---|---|---|---|
| of activities | costs |
2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 53,599 | 18 |
53,617 | 24,935 | |
| Governance costs | – | 1,543 |
1,543 | 3,596 | |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| 53,599 | 1,561 |
55,160 | 28,531 | ||
| ============================ | ======================= | ============================ | ============================ | ||
| 9. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| General office | 18 | 18 | 735 | ||
| Governance costs | 1,543 | 1,543 | 1,560 | ||
| ----------------------- | ----------------------- | ----------------------- | |||
| 1,561 | 1,561 | 2,295 | |||
| ======================= | ======================= | ======================= | |||
| 10. | Analysis of grants | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Ezer Leyoldos | – | 4,800 | |||
| Friends Of Ahavas Chesed | 11,008 | – | |||
| Kollel Shomrei Hachomos | 14,400 | 19,400 | |||
| ---------------------------- | ---------------------------- | ||||
| 25,408 | 24,200 | ||||
| Grants to individuals | |||||
| Relief Of Poverty Grants | 28,191 | – | |||
| ---------------------------- | ---------------------------- | ||||
| Total grants | 53,599 | 24,200 | |||
| ============================ | ============================ | ||||
| 11. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | – | 1,896 | |||
| ============== | ======================= | ||||
| 12. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,320 | 1,560 | |||
| ======================= | ======================= | ||||
| 13. | Staff costs |
- 9 -
Keren Yesomim
Notes to the Financial Statements (continued)
Year ended 31 March 2023
13. Staff costs (continued)
Nil
Nil
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
| Fixtures and | ||
|---|---|---|
| fittings | Total | |
| £ | £ | |
| Cost | ||
| At 1 April 2022 and 31 March 2023 | 3,933 | 3,933 |
| ======================= | ======================= | |
| Depreciation | ||
| At 1 April 2022 and 31 March 2023 | 3,933 | 3,933 |
| ======================= | ======================= | |
| Carrying amount | ||
| At 31 March 2023 | – | – |
| ======================= | ======================= | |
| At 31 March 2022 | – | – |
| ======================= | ======================= | |
| Investments | ||
| Investment | ||
| properties | ||
| £ | ||
| Cost or valuation | ||
| At 1 April 2022 | 977,000 | |
| Additions | 409,500 | |
| ----------------------------------------- | ||
| At 31 March 2023 | 1,386,500 | |
| ========================================= | ||
| Impairment | ||
| At 1 April 2022 and 31 March 2023 | ||
| Carrying amount | ||
| At 31 March 2023 | 1,386,500 | |
| ========================================= | ||
| At 31 March 2022 | 977,000 | |
| ========================================= |
16. Investments
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.
- 10 -
Keren Yesomim
Notes to the Financial Statements (continued)
Year ended 31 March 2023
17. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 6,561 | 9,079 |
| Other debtors | 81,421 | 81,421 |
| ---------------------------- | ---------------------------- | |
| 87,982 | 90,500 | |
| ============================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 1,488 | 1,728 |
| Social security and other taxes | 1,471 | 1,633 |
| Other creditors | 414,331 | 5,000 |
| -------------------------------- | ----------------------- | |
| 417,290 | 8,361 | |
| ================================ | ======================= | |
| Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Other creditors | 150,000 | 150,000 |
| ================================ | ================================ |
18. Creditors: amounts falling due within one year
19. Creditors: amounts falling due after more than one year
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 1 April 2022 | Income | Expenditure | losses | 31 March 23 | |
| £ | £ | £ | £ | £ | |
| General funds | 731,077 | 400,976 | (58,470) | – | 1,073,583 |
| Revaluation reserve | 597,000 | – | – | – | 597,000 |
| ----------------------------------------- | -------------------------------- | ---------------------------- | -------------- | ----------------------------------------- | |
| 1,328,077 | 400,976 | (58,470) | – | 1,670,583 | |
| ========================================= | ================================ | ============================ | ============== | ========================================= | |
| At | Gains and | At | |||
| 1 April 2021 | Income | Expenditure | losses | 31 March 22 | |
| £ | £ | £ | £ | £ | |
| General funds | 304,257 | 457,796 | (30,976) | – | 731,077 |
| Revaluation reserve | – | – | – | 597,000 | 597,000 |
| -------------------------------- | -------------------------------- | ---------------------------- | -------------------------------- | ----------------------------------------- | |
| 304,257 | 457,796 | (30,976) | 597,000 | 1,328,077 | |
| ================================ | ================================ | ============================ | ================================ | ========================================= |
- 11 -
Keren Yesomim
Notes to the Financial Statements (continued)
Year ended 31 March 2023
21. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 1,386,500 | 1,386,500 |
| Current assets | 851,373 | 851,373 |
| Creditors less than 1 year | (417,290) | (417,290) |
| Creditors greater than 1 year | (150,000) | (150,000) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 1,670,583 | 1,670,583 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 977,000 | 977,000 |
| Current assets | 509,438 | 509,438 |
| Creditors less than 1 year | (8,361) | (8,361) |
| Creditors greater than 1 year | (150,000) | (150,000) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 1,328,077 | 1,328,077 |
| ========================================= | ========================================= |
22. Taxation
Keren Yesomim is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
- 12 -