CHARITY REGISTRATION NUMBER: 1075074
FRIENDS OF TOLDOS AVROHOM YITZCHOK UNAUDITED FINANCIAL STATEMENTS
5 APRIL 2022
FRIENDS OF TOLDOS AVROHOM YITZCHOK
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2022
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
FRIENDS OF TOLDOS AVROHOM YITZCHOK
TRUSTEES' ANNUAL REPORT
YEAR ENDED 5 APRIL 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Friends of Toldos Avrohom Yitzchok Charity registration number 1075074 Principal office Roeder House Vale Road London N4 1QB The trustees Mr R Berkovits Mr B J Lebrecht Mr C S Lebrecht Independent examiner Joshua Neumann FCA New Burlington House 1075 Finchley Road LONDON NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The official name of the charity is Friends of Toldos Avrohom Yitzchok. It is a registered charity constituted by Deed of Trust dated 25 March 1999 and amended by resolution on 19 June 2018. Its registered charity number is 1075074.
Management of the charity
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity and no benefits or expenses were paid in the period.
Appointment, training and recruitment of trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and induction procedures, which includes an understanding of the content of the Deed of Trust and their legal obligations under the Charity Act.
Related parties and co-operations with other organisations
None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a donee must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.
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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FRIENDS OF TOLDOS AVROHOM YITZCHOK
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2022
OBJECTIVES AND ACTIVITIES
The charity's objectives are to promote the Orthodox Jewish Religion and Education, and relief of Jewish poverty, in general, and in particular by supporting the religious and educational institutions and services, and other charitable activities of the Toldos Avrohom Yitzchok community in Israel.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant making policy
Grants are made to charitable institutions, organisations and authorised individuals which accord with the objects of the charity.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity made grants of £401,400 (2021: £415,500) to the Toldos Avrohom Yitzchok community in Israel.
The benefits that these charities provide include:
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(a) Provision of basic necessities and financial support to the poor;
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(b) Relief of suffering in regard to illness and disabilities;
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(c) Jewish education and places of worship for the Jewish community.
In addition, the charity provides an environment in London where members of the Toldos Avrohom Yitzchok community can pray and learn. Due to the increasing size of the community the trustees have decided to acquire their own premises to enable the Toldos Avrohom Yitzchok community to pray and learn together in a suitable, safe and secure environment.
FINANCIAL REVIEW
Reserves Policy
At the year-end £244,522 (2021: £165,905) was held as unrestricted funds. It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level, which the trustees think appropriate, in-order to maintain and finance the future commitments of the charity and the likely administrative costs of the charity for the next year.
Investment Powers, Policy and Objectives
Under the Memorandum and Articles of Association, the charity has the power to make any investment, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
PLANS FOR FUTURE PERIODS
The trustees intend to continue with the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
The trustees' annual report was approved on 2 February 2023 and signed on behalf of the board of trustees by:
Mr R Berkovits Trustee
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF TOLDOS AVROHOM YITZCHOK
YEAR ENDED 5 APRIL 2022
I report to the trustees on my examination of the financial statements of Friends of Toldos Avrohom Yitzchok ('the charity') for the year ended 5 April 2022.
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
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.
In connection with my examination, no matter has come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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.
Joshua Neumann FCA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
Date: 2 February 2023
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 493,991 | 493,991 | 498,041 |
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| Total income | 493,991 | 493,991 | 498,041 | |
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| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 415,374 | 415,374 | 457,839 |
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| Total expenditure | 415,374 | 415,374 | 457,839 | |
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| Net income and net movement in funds | 78,617 | 78,617 | 40,202 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 165,905 | 165,905 | 125,703 | |
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| Total funds carried forward | 244,522 | 244,522 | 165,905 | |
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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 10 form part of these financial statements.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
STATEMENT OF FINANCIAL POSITION
5 APRIL 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 11 | 260,800 | 194,500 | ||
| CURRENT ASSETS | |||||
| Debtors | 12 | 5,850 | – | ||
| Cash at bank and in hand | 36,412 | 31,205 | |||
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| 42,262 | 31,205 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 13 | 58,540 | 59,800 | ||
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| NET CURRENT LIABILITIES | 16,278 | 28,595 | |||
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| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 244,522 | 165,905 | |||
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| NET ASSETS | 244,522 | 165,905 | |||
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| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 244,522 | 165,905 | |||
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| Total charity funds | 14 | 244,522 | 165,905 | ||
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These financial statements were approved by the board of trustees and authorised for issue on 2 February 2023, and are signed on behalf of the board by:
Mr R Berkovits Trustee
The notes on pages 6 to 10 form part of these financial statements.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2022
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 Roeder House, Vale Road, London, N4 1QB.
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
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis.
The charity meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity. In addition, the trustees recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
(iii) Judgements and key sources of estimation uncertainty
There are no judgements, estimates or assumptions that affect the amounts reported.
(iv) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
(v) Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
3. ACCOUNTING POLICIES (continued)
(vi) 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.
(vii) Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(viii) 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.
(ix) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 493,991 | 493,991 | 498,041 | 498,041 |
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| EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | 408,900 | 408,900 | 454,500 | 454,500 |
| Support costs | 6,474 | 6,474 | 3,339 | 3,339 |
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| 415,374 | 415,374 | 457,839 | 457,839 | |
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5. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Donations | 408,900 | – |
408,900 | 454,500 |
| Governance costs | – | 6,474 |
6,474 | 3,339 |
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| 408,900 | 6,474 |
415,374 | 457,839 | |
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Donations of £401,400 were paid to Toldos Avrohom Yitzchak Community in Israel. All grants made during the year were for the provision of basic necessities and financial support to the poor, relief of suffering in regard to illness and disabilities, Jewish education and places of worship for the Jewish community.
7. NET INCOME
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Foreign exchange differences | (29) | – | |
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| 8. | INDEPENDENT EXAMINATION FEES | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 3,540 | 2,400 | |
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9. STAFF COSTS
No salaries or wages have been paid to employees, including members of the committee, during the year
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
10. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Land and | |
| buildings | |
| £ | |
| Cost | |
| At 6 April 2021 | 194,500 |
| Additions | 66,300 |
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| At 5 April 2022 | 260,800 |
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| Depreciation | |
| At 6 April 2021 and 5 April 2022 | – |
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| Carrying amount | |
| At 5 April 2022 | 260,800 |
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| At 5 April 2021 | 194,500 |
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The land and building represent monies paid on exchange of a property for use in the charity. The completion of the property took place after the year-end.
12. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Other debtors | 5,850 | – |
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| CREDITORS: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 3,540 | 4,800 |
| Other creditors | 55,000 | 55,000 |
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| 58,540 | 59,800 | |
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13. CREDITORS: amounts falling due within one year
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2022
14. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 6 April 2021 | Income | Expenditure | 5 April 2022 | |
| £ | £ | £ | £ | |
| General funds | 165,905 | 493,991 | (415,374) | 244,522 |
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| At | At | |||
| 6 April 2020 | Income | Expenditure | 5 April 2021 | |
| £ | £ | £ | £ | |
| General funds | 125,703 | 498,041 | (457,839) | 165,905 |
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| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | |||
| Unrestricted | Total Funds | |||
| Funds | 2022 | |||
| £ | £ | |||
| Tangible fixed assets | 260,800 | 260,800 | ||
| Current assets | 42,262 | 42,262 | ||
| Creditors less than 1 year | (58,540) | (58,540) |
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| Net assets | 244,522 | 244,522 | ||
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| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Tangible fixed assets | 194,500 | 194,500 | ||
| Current assets | 31,205 | 31,205 | ||
| Creditors less than 1 year | (59,800) | (59,800) |
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| Net assets | 165,905 | 165,905 | ||
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15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
16. RELATED PARTIES
During the year, the charity received donations from related parties totalling £158,000 (2021: £106,000).
Included in other creditors is a loan of £15,000 due to Mr B J Lebrecht.
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