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2022-03-31-accounts

TOV VCHESED

(Registered Charity Number 1071066)

Financial Statements for the year ended 31 March 2022

TOV VCHESED

CONTENTS

3. Charity Information

4. Annual Report of the Trustees

7. Statement of Financial Activities

8. Balance Sheet

9. Notes to the Financial Statements

11. Independent Examiner’s Report

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TOV VCHESED

Charity Information

Trustees B. Krausz Y. Schneck Charity Number 1071066 Charity Offices 49 Ashbourne Grove Salford Manchester M7 4DB Examining Accountants B Olsberg FCA B Olsberg & Co Enterprise House 3 Middleton Road Manchester M8 5DT

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TOV VCHESED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees of the charity present their annual report under the Charities Act 2011 and the financial statements for the year ended 31 March 2022 and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2005.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Charity was founded on 30 March 1998 and is registered with the Charity Commission under charity number 1071066. The Trustees and principal addresses of the Charity are as listed on page 3, together with details of the Charity's professional advisers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

The charity is governed by its Trust Deed dated 30 March 1998 which has not been amended.

GOVERNING BODY

The structure of the Charity consists of two trustees. The board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing trustee.

ORGANISATIONAL MANAGEMENT

The Trustees of the Charity, are legally responsible for the overall management and control of the Charity and meet regularly.

RISK MANAGEMENT

The trustees do not feel that the charity is exposed to any major risks.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

The charity is constituted by Trust Deed and its objects are to raise funds for the purpose of promoting the education of Jewish Orthodox law and doctrines, to support and promote the furtherance of the Orthodox Jewish religion and to relieve poverty.

The policy of the Charitable Trust continues to be to support these activities.

It is intended to continue with the Trusts current activities.

The charity is organised so that the trustees meet regularly to manage its affairs. Administration of the charity is dealt with by the trustees.

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PUBLIC BENEFIT

The trustees confirm that 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.

AIMS AND INTENDED IMPACT

Within these objects, the trustee's aim to provide funds in accordance with its stated goals to provide relief and financial assistance over as wide a spectrum of beneficiaries as possible.

OBJECTIVES FOR THE YEAR

The aim this year is to raise funds for its objectives as above.

STRATEGIES TO ACHIEVE THE YEAR'S OBJECTIVES

These included meetings with potential donors to obtain funds, answering appeals and the trustees proactively visiting beneficiaries to ascertain their needs. The trustees continue to hold investments in property syndicates with the object of generating funds for the trust.

PRINCIPAL ACTIVITIES OF THE YEAR

The charity collected funds during the year which were sufficient to cover grants and loans to the needy.

The trustees have strived to increase the resources being generated by the trust by further collection and appeals and by retaining investments in property syndicates.

GRANT MAKING POLICY

This policy is to provide funds for all beneficiaries falling within the parameter of the objects of this trust.

REVIEW AND ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR FINANCIAL REVIEW

Transactions and Financial Position

The Statement of Financial Activities shows a total income of £448,078 and £251,760 was distributed. Governance costs were £6,781 and net income for the year was £189,537 (2021 – £180,377).

Funds available are sufficient to permit the Trust to continue in operation.

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FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Trustees consider that the performance of the charity this year has been satisfactory. There were no significant changes in the year. The nature of the distributions were in line with the constitution and objects of the charity.

This is in line with the wishes of the Trustees who constantly review the effectiveness of the charity and approve the scope of their activities.

RESERVES POLICY

The policy of the trustees is to distribute a substantial proportion of the donations and investment income with the objectives of the trust. The trustees' policy is also to use a proportion of funds generated for investments so that the trusts income will grow in future years.

INVESTMENT POLICY AND OBJECTIVES

Under the Trust Deed the charity has the power to make any investment which the trustees see fit and currently it has various holdings in both property and property syndicates.

FUTURE PLANS

The trustee's plans are to continue to collect donations and make property investments to raise funds for the purposes of the charity.

ACCOUNTING AND REPORTING RESPONSIBILITIES

The trustees are required by Charity law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which 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. 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.

APPROVAL

The report was approved by the board of directors and trustees on 26 November 2023 and signed on its behalf.

B Krausz Trustee

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TOV VCHESED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Note
INCOME AND EXPENDITURE
INCOME:
Donations
Rental Income
2
Interest
RESOURCES EXPENDED
Direct Charitable Expenditure
3
GOVERNANCE COSTS
Independent examination fee
Accountancy
Professional services
Printing, Postage and Stationery
Bank Charges
TOTAL RESOURCES EXPENDED
Net Income Resources for the year
Before Disposal of Assets
Gain on Disposal of Investment Assets and
Revaluation of Syndicates etc
Balance Brought Forward as at 1 April 2021
Balance Carried Forward 31 March 2022		 2022
2021
Unrestricted Funds
£
£
397,077
399,692
47,149
37,839
3,852
41
448,078
437,572
251,760
236,205
900
900
3,600
3,600
-
16,152
1,589
-
691
338
6,781
20,990
258,541
257,195
189,537
180,377
28,780
-
845,297
664,920
1,063,614
845,297		 2022
2021
Unrestricted Funds
£
£
397,077
399,692
47,149
37,839
3,852
41
448,078
437,572
251,760
236,205
900
900
3,600
3,600
-
16,152
1,589
-
691
338
6,781
20,990
258,541
257,195
189,537
180,377
28,780
-
845,297
664,920
1,063,614
845,297
437,572
236,205
900
3,600
16,152
-
338
20,990
257,195
180,377
-
664,920
845,297

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TOV VCHESED BALANCE SHEET

As at 31 March 2022


TANGIBLE FIXED ASSETS
Freehold Property
Share of Syndicate Properties
CURRENT ASSETS
Debtors
Bank
LESS CREDITORS:
Payable within one year
TRUST FUND
INCOME ACCOUNT
Unrestricted Funds		 Note
4
4
5		 £
413,606
192,608
606,214
(95,589)		 2022
£
119,838
433,151
552,989
510,625
1,063,614
1,063,614		 2021
£
155,904
258,235
414.139
(92,467)		 £
119,838
403,787
523,625
321,672
845,297
845,297		 £
119,838
403,787
523,625
321,672
845,297

Approved by the Board of Trustees on 26 November 2023 and signed on its behalf

B Krausz Trustee

Y Schneck Trustee

The notes form part of these account

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TOV VCHESED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

The accounts of the trust are prepared under the historical cost convention in accordance with applicable accounting standards and the Charities SORP Statement of Recommended Practice: Accounting and Reporting by Charities issued 2005.

Voluntary income is received by way of donations and gifts and is included gross in the Statement of Financial Activities. All incoming resources are indicated in the SOFA when the charity is legally entitled to the income.

Governance costs of the charity relate to the central costs of management including the costs of meetings, independent examination of the financial statements and statutory compliance.

The share of syndicate interest in properties and the property owned are not depreciated as these assets are held as investments which is in accordance with SSAP 19.

2. RENTAL INCOME

RENTAL INCOME
Rents received
Less Expenses
Insurance
Repairs and Maintenance
Management Fees
Loan interest paid

 2022
£
62,250
240
55
1,289
13,517

15,101

47,149		 2021
£
51,900
457
1,635
1,448
10,521
14,061
37,839

3. Direct Charitable Expenditure

This represents payments made for the relief of poverty and orthodox Jewish Education.

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TOV VCHESED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2022 (Cont)

4. TANGIBLE FIXED ASSETS

£ Freehold Property (UK) At cost brought forward £119,838 Additions - £119,838

Share of syndicate properties
Equity
Share %
Rose
1
93 Ramsden
6.2
120 Fitzroy
10.13
10 Gaskell
10.13
Hallham
2.5
Queen Street
3.3
34 Delph
10.13
Glasshouse
5
35 Stockport
10.13
Burton
1
9 Hathershaw
16.36
115 Balfour St
20
8 Marion St
11.81
23 Wellstock
11.05
34 Keswick
6.2
43 King St
11.05
82 Kelverlow
6.2
38 The Downs
Durham
Kircaldy
Falinge
Stonedale
80 Bonsall Street
Cumbria
Downham
Washington		 2022
£
33,954
1,425
3,760
2,184
47,862
28,428
-
629
-
60,088
3,692
4,967
2,482
2,366
996
2,731
1,381
5,217
78,795
25,659
31139
39,527
2,127
14,484
24,300
14,958
433,151		 2021
£
32,960
1,440
9,182
6,087
20,380
26,924
6,346
629
10,072
58,327
3,693
4,966
2,314
2,436
999
2,862
1,214
9,805
75,243
23,803
59,852
39,641
4,612
-
-
-
403,787

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5. CREDITORS: Due within one year

REDITORS: Due within one year
Loans
Expenses Accrued
Sundry		 2022
£
79,549
13,200
2,840
95,589		 2021
£
79,549
11,700
1,218
92,467

92,467

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TOV VCHESED INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF TOV VCHESED

I report on the financial statements of the Trust for the year ended 31 March 2022 which are set out on pages 4-10.

Respective responsibilities of trustees and examiner

The charity’s Trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under s. 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matte has come to my attention:

have not been met; or

B Olsberg Institute of Chartered Accountants for England and Wales B Olsberg & Co Enterprise House 3 Middleton Road Manchester M8 5DT

26 November 2023

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