CHARITY REGISTRATION NUMBER: 1075074
FRIENDS OF TOLDOS AVROHOM YITZCHOK UNAUDITED FINANCIAL STATEMENTS
5 APRIL 2023
FRIENDS OF TOLDOS AVROHOM YITZCHOK
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2023
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 |
FRIENDS OF TOLDOS AVROHOM YITZCHOK
TRUSTEES' ANNUAL REPORT
YEAR ENDED 5 APRIL 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2023.
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
Governing document
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.
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 and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.
Management of the charity
The trustees administer the day-to-day affairs of the charity. Trustees seek advice from their Accountants and other professionals on a regular basis to ensure regulatory compliance.
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 supplier 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.
None of the trustees have any beneficial interest in the charity.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2023
OBJECTIVES AND ACTIVITIES
The charity is established to advance religion and Jewish education in accordance with the Orthodox Jewish Religion, relief of poverty, and for such other purposes as are recognised by English and Scottish Law as charitable and in furtherance of the aforementioned objects.
The main activity of the charity is to make grants 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 and organisations which accord with the objects of the charity.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued its philanthropic activities in support of religious, education and other charitable institutions.
A total of £254,100 has been distributed during the year to the Toldos Avrohom Yitzchok community in Israel in accordance with the objectives of the charity as shown in the attached financial statements.
The benefits that these charities provide include:
-
Provision of basic necessities and financial support to the poor;
-
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.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 5 APRIL 2023
FINANCIAL REVIEW
Risk Management
The trustees have a risk management strategy which comprises:
-
an annual review of the principal risks and uncertainties that the charity face;
-
the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and;
-
the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due to ensure sufficient working capital by the charity. The trustees are satisfied that these systems and procedures manage any perceived risks
Reserve Policy
At the year end £558,546 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 after considering 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 Deed of Trust, 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 plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
The trustees' annual report was approved on 2 February 2024 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 2023
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 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
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:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
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
2 February 2024
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 583,222 | 583,222 | 493,991 |
| Investment income | 5 | 38,400 | 38,400 | – |
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| Total income | 621,622 | 621,622 | 493,991 | |
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||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (32,593) | (32,593) | – |
| Expenditure on charitable activities | 7,8 | (275,005) | (275,005) | (415,374) |
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| Total expenditure | (307,598) | (307,598) | (415,374) | |
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||
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| Net income and net movement in funds | 314,024 | 314,024 | 78,617 | |
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||
| Reconciliation of funds | ||||
| Total funds brought forward | 244,522 | 244,522 | 165,905 | |
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| Total funds carried forward | 558,546 | 558,546 | 244,522 | |
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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 8 to 13 form part of these financial statements.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
STATEMENT OF FINANCIAL POSITION
5 APRIL 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 14 | 1,301,706 | 260,800 | ||
| CURRENT ASSETS | |||||
| Debtors | 15 | – | 5,850 | ||
| Cash at bank and in hand | 18,224 | 36,412 | |||
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| 18,224 | 42,262 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 16 | (198,195) | (58,540) | ||
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||||
| NET CURRENT LIABILITIES | (179,971) | (16,278) | |||
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| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 1,121,735 | 244,522 | |||
| CREDITORS: amounts falling due | |||||
| after more than one year | 17 | (563,189) | – | ||
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| NET ASSETS | 558,546 | 244,522 | |||
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| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 558,546 | 244,522 | |||
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| Total charity funds | 18 | 558,546 | 244,522 | ||
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These financial statements were approved by the board of trustees and authorised for issue on 2 February 2024, and are signed on behalf of the board by:
Mr R Berkovits Trustee
The notes on pages 8 to 13 form part of these financial statements.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
STATEMENT OF CASH FLOWS
YEAR ENDED 5 APRIL 2023
| YEAR ENDED 5 APRIL 2023 | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 314,024 | 78,617 |
| Adjustments for: | ||
| Dividends, interest and rents from investments | (38,400) | – |
| Interest payable and similar charges | 539 | 683 |
| Accrued expenses/(income) | 2,655 | (1,260) |
| Changes in: | ||
| Trade and other debtors | 5,850 | (5,850) |
| Trade and other creditors | 130,000 | – |
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|
| Cash generated from operations | 414,668 | 72,190 |
| Interest paid | (539) | (683) |
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|
| Net cash from operating activities | 414,129 | 71,507 |
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|
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Dividends, interest and rents from investments | 38,400 | – |
| Purchase of tangible assets | (1,040,906) | (66,300) |
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|
| Net cash used in investing activities | (1,002,506) | (66,300) |
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|
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from borrowings | 570,189 | – |
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|
| Net cash from financing activities | 570,189 | – |
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|
| NET (DECREASE)/INCREASE IN CASH AND CASH | ||
| EQUIVALENTS | (18,188) | 5,207 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 36,412 | 31,205 |
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|
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 18,224 | 36,412 |
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The notes on pages 8 to 13 form part of these financial statements.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 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 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
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 functional currency of the charity is sterling, rounded to the nearest whole pound.
Going concern
The financial statements have been prepared in accordance with accounting principles appropriate to a going concern, notwithstanding the charity's net current liabilities. The trustees consider this to be appropriate given the sufficient value in its property to repay its loans in full if required. As such, the trustees believe it is appropriate to prepare the financial statements on a going concern basis because the charity is in a position to meet all its obligations in the foreseeable future. The trustees also 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.
Judgements and key sources of estimation uncertainty
There are no judgements, estimates or assumptions that affect the amounts reported.
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.
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 2023
3. ACCOUNTING POLICIES (continued)
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.
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:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
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.
-
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.
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.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2023
3. ACCOUNTING POLICIES (continued)
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.
Trade and other debtors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Trade and other creditors
Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| DONATIONS | |||||
| Donations | 583,222 | 583,222 | 493,991 | 493,991 | |
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||
| 5. | INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 38,400 | 38,400 | – | – | |
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| 6. | INVESTMENT MANAGEMENT | COSTS | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Property insurance costs | 1,401 | 1,401 | – | – | |
| Loan interest and charges | 31,192 | 31,192 | – | – | |
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| 32,593 | 32,593 | – | – | ||
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2023
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | 272,100 | 272,100 | 408,900 | 408,900 |
| Support costs | 2,905 | 2,905 | 6,474 | 6,474 |
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|
| 275,005 | 275,005 | 415,374 | 415,374 | |
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8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Donations | 272,100 | – |
272,100 | 408,900 |
| Governance costs | – | 2,905 |
2,905 | 6,474 |
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|
| 272,100 | 2,905 |
275,005 | 415,374 | |
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Donations of £254,100 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.
9. ANALYSIS OF SUPPORT COSTS
| 9. | ANALYSIS OF SUPPORT COSTS | |||
|---|---|---|---|---|
| Donations | Total 2023 | Total 2022 | ||
| £ | £ | £ | ||
| Finance costs | 90 | 90 | 654 | |
| Governance costs | 2,815 | 2,815 | 5,820 | |
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| 2,905 | 2,905 | 6,474 | ||
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||
| 10. | NET INCOME | |||
| Net income is stated after charging/(crediting): | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Foreign exchange differences | (449) | (29) | ||
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| 11. | INDEPENDENT EXAMINATION FEES | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 2,655 | 2,400 | ||
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| 12. | 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 2023
13. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. TANGIBLE FIXED ASSETS
| 14. | TANGIBLE FIXED ASSETS | ||
|---|---|---|---|
| Land and | |||
| buildings | |||
| £ | |||
| Cost | |||
| At 6 April 2022 | 260,800 | ||
| Additions | 1,040,906 | ||
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| At 5 April 2023 | 1,301,706 | ||
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| Depreciation | |||
| At 6 April 2022 and 5 April 2023 | – | ||
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| Carrying amount | |||
| At 5 April 2023 | 1,301,706 | ||
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| At 5 April 2022 | 260,800 | ||
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| 15. | DEBTORS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other debtors | – | 5,850 | |
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||
| 16. | CREDITORS: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 7,000 | – | |
| Accruals and deferred income | 6,195 | 3,540 | |
| Other creditors | 185,000 | 55,000 | |
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||
| 198,195 | 58,540 | ||
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||
| The bank loan is secured over the fixed assets held by the charity. | |||
| 17. | CREDITORS: amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 563,189 | – | |
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The bank loan is secured over the fixed assets held by the charity.
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FRIENDS OF TOLDOS AVROHOM YITZCHOK
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 5 APRIL 2023
18. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 6 April 2022 | Income | Expenditure | 5 April 2023 | |
| £ | £ | £ | £ | |
| General funds | 244,522 | 621,622 | (307,598) | 558,546 |
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|
| At | At | |||
| 6 April 2021 | Income | Expenditure | 5 April 2022 | |
| £ | £ | £ | £ | |
| General funds | 165,905 | 493,991 | (415,374) | 244,522 |
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|
| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | |||
| Unrestricted | Total Funds | |||
| Funds | 2023 | |||
| £ | £ | |||
| Tangible fixed assets | 1,301,706 | 1,301,706 | ||
| Current assets | 18,224 | 18,224 | ||
| Creditors less than 1 year | (198,195) | (198,195) |
||
| Creditors greater than 1 year | (563,189) | (563,189) |
||
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|||
| Net assets | 558,546 | 558,546 | ||
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|||
| 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) |
||
| Creditors greater than 1 year | – | – | ||
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| Net assets | 244,522 | 244,522 | ||
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19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
20. ANALYSIS OF CHANGES IN NET DEBT
| At | |||
|---|---|---|---|
| At 6 Apr 2022 | Cash flows | 5 Apr 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 36,412 | (18,188) | 18,224 |
| Debt due within one year | – | (7,000) | (7,000) |
| Debt due after one year | – | (563,189) | (563,189) |
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|
| 36,412 | (588,377) | (551,965) | |
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21. RELATED PARTIES
During the year, the charity received donations from related parties totalling £145,000 (2022: £158,000).
Included in other creditors is a loan of £15,000 (2002: £15,000) due to Mr B J Lebrecht and £147,000 (2022: £Nil) due to The Ma'os Yesomim Charitable Trust, a charity where Mr Berkovits is also a trustee.
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