KOLLEL LEV EPHRAIM
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Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Contents
| Charity Information Report of The Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes forming part of the financial statements |
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| 2 3-5 6 7 8 9-11 |
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KOLLEL LEV EPHRAIM
Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Charity Information
Chairman and Treasurer
C Krausz
Board of Trustees
C M Margulies A Weiniger
Administration Address
184 Whitehall Road Gateshead NE8 1TP
Charity Number 1080368
Bankers
Lloyds Bank plc 17 Ellison Walk Gateshead Tyne and Wear NE8 1BF
Accountants and Independent examiners
I Graff FCCA Accounts & Business Solutions Ltd Chartered Certified Accountants 158 Cromwell Road Salford M6 6DE
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KOLLEL LEV EPHRAIM Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Report of the Trustees
The trustees present their report and accounts for the year ended 31 August 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Declaration of Trust , the Charities Act 2011 and “Accounting and Reporting by Charities: 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) (effective 1 January 2015)”
Status and Administration
The Charity constituted by a declaration of trust dated 21 September 1999 as amended by supplemental deed dated 27 February 2000 and is a registered charity.
Trustees
The Trustees in office throughout the year were C M Margulies and A Weiniger.
No trustee nor any person connected with them received any remuneration during the year.
The primary objective of the Trust is to advance and promote Jewish religious education in any part of the world.
The Trustees' policy is:-
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1) To establish and maintain an institution of higher Rabbinical studies and research in memory of Mr Ephraim Zalman Margulies;
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2) to grant scholarships, bursaries and make other payments to students and researchers whose work the Trustees consider will be conducive to the promotion of the said primary object; to publish any books or other instructional or educational matter which they may think suitable and conducive to the promotion of the said object;
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3) to organise lectures, courses of study, seminars and other educational groups for the purpose of promoting the said primary object;
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4) for the purposes of the promotion of the said primary object but not otherwise the Trustees may apply any part or parts of the Trust Fund and the income thereof by granting loans free of interest on such terms as to repayment and security (if any) as the Trustees shall in their absolute discretion think fit (including the power to dispense with any form of security or guarantee if the Trustees so determine) to encourage and assist authors and other persons to produce educational material for the purposes of promoting the said primary object.
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KOLLEL LEV EPHRAIM Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Report of the Trustees (continued)
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Reserves policy
The charity holds reserves in order to ensure that it can maintain the level of support that it is currently providing to the community in which it operates. We consider that the level of our reserves should be sufficient to meet our charitable expenditure for approximately six months. At 31 August 2021 our free reserves stood at £101,810
Risk management
The process of examining the risks to which the Charity is exposed is ongoing and the trustees are planning to further develop systems to monitor and control these risks in order to lessen their potential impact on the Charity.
Donations received
Donations received during the year amount to £135,512 (2020: £113,541), of which £102,638 was used for grants made (2020: £83,163)
None of this valuable work would be possible without the ongoing support of our funders who have faith in our organisation.
These funds have enabled us to provide the much needed support to the Institutions and beneficiaries.
The recipients of our services continuously express their appreciation and admiration to all members of the public that assist us in delivering vital services.
We are proud to state that the funds are being utilized to provide maximum benefit possible to as many beneficiaries as possible.
Responsibilities of the Trustees
Charity Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the Balance Sheet date, and of its incoming resources, including income and expenditure for the financial year.
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KOLLEL LEV EPHRAIM
Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Report of the Trustees (continued)
In preparing these financial statements, the Trustees should follow best practice and
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a. Select suitable accounting policies and apply them consistently.
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b. Make judgments and estimates that are reasonable and prudent.
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c. Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements.
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d. Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them as Trustees to ensure that the financial statements comply with the Charity Law.
The Trustees are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.
Approved by The Trustees on 27 April 2022
A Weiniger - Trustee
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KOLLEL LEV EPHRAIM Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Independent Examiner's Report to the Trustees
I report on the financial statements of KOLLEL LEV EPHRAIM for the year ended 31 August 2021.
Respective Responsibilities of Governors and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
Basis of Independent Examiner's Report
My examination was carried out in accordance with 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 the 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.
In connection with my examination, no matter has come to my attention;
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
I Graff FCCA Accounts & Business Solutions Ltd 158 Cromwell Road Salford M6 6DE
Date: 27 April 2022
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KOLLEL LEV EPHRAIM
Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
Statement of Financial Activities
| Incoming Resources Donations received Other income (furlough) Interests received Less: Cost of generating funds Travel and fundraising expenses Net incoming resources available for charitable application Less: Charitable expenditure Cost of Activities In Furtherance of the Charity's Objects Repairs and renewals Grants made Donations Printing, postage and stationery Rent Staff costs Bank charges Sundry expenses Telephone Yom tov and siyum events Less: Governance costs Independent examiner's fees Accumulated Funds Net surplus / (deficit) for the year Balance brought forward Balance carried forward |
Notes 10 6 9 |
Unrestricted funds £ 135,512 7,433 3 142,948 142,948 0 102,638 610 1,015 470 9,118 13 355 661 116 114,996 600 27,352 74,458 101,810 |
2021 Total £ 135,512 7,433 3 142,948 0 142,948 0 102,638 610 1,015 470 9,118 13 355 661 116 114,996 600 27,352 74,458 101,810 |
2020 Total £ 113,541 3,971 10 117,522 662 116,860 470 83,163 497 1,003 0 11,546 0 402 474 0 97,555 600 18,705 55,753 74,458 |
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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 attached notes form part of these accounts.
KOLLEL LEV EPHRAIM
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Charity Commission Number 1080368 Financial Statements
For year ended 31 August 2021
Balance Sheet At 31 August 2021
| Current Assets Debtors Cash at Bank Current Liabilities Creditors Net Assets Accumulated Funds Restricted Unrestricted |
Notes 3 4 8 |
2021 £ 23,975 78,905 102,880 (1,070) 101,810 - 101,810 101,810 |
2020 £ 35,060 39,998 75,058 (600) 74,458 - 74,458 74,458 |
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Approved by the Trustees on 27 April 2022 and signed on behalf of them all.
Trustee A Weiniger
The notes on pages 9 to 11 form part of these accounts.
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KOLLEL LEV EPHRAIM Charity Commission Number 1080368 Financial Statements
For year ended 31 August 2021
Notes To The Accounts
1) Principal Accounting Policies
Charity information
Lev Ephraim is a registered charity constituted by a declaration of trust. The principal place of business is 184 Whitehall Road, Gateshead, NE8 1TP.
Accounting convention
The accounts have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and “Accounting and Reporting by Charities: 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)(effective 1 January 2015)”. The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
All income is accounted for on the accruals basis and represents donations received and investment
income.
Resources expended
Charitable expenditure relates to direct charitable activities.
Governance costs are general costs which have been incurred in order that the charity can operate effectively and to generate the information required for public accountability.
KOLLEL LEV EPHRAIM Charity Commission Number 1080368 Financial Statements For year ended 31 August 2021
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Notes To The Accounts (continued)
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2) Taxation
The Charitable Company is exempt from taxation on its charitable activities.
| 3) Debtors Charitable Loans 4) Creditors Accruals |
2021 £ 23,975 23,975 2021 £ 1,070 1,070 |
2020 £ 35,060 35,060 2020 £ 600 600 |
2020 £ 35,060 35,060 2020 £ 600 600 |
|---|---|---|---|
| £ 600 600 |
5) Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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KOLLEL LEV EPHRAIM
Charity Commission Number 1080368 Financial Statements
For year ended 31 August 2021
Notes To The Accounts (continued)
| 6) | Employees | 2021 | 2020 | |
|---|---|---|---|---|
| Number | Number | |||
| Number of employees | ||||
| The average number of employees during the Employment costs |
year: | 2 2021 |
2 2020 |
|
| Wages and salaries | £ 9,118 |
£ 11,546 |
||
| 7) | Financial instruments | |||
| Carrying amount of financial assets | ||||
| Debt instruments measured at amortised cost | 23,975 | 35,060 | ||
| Carrying amount of financial liabilities | 1,070 | 600 | ||
| 8) | Unrestricted funds | |||
| The income funds of the charity include un restricted funds comprising the following | ||||
| unexpended balances: | ||||
| Movement in funds | £ | |||
| Balance at 1 September 2020 | 74,458 | |||
| Incoming resources | 142,948 | |||
| Resources expended | (115,596) | |||
| Balance at 1 September 2021 | 101,810 |
9) Governance
| Independent Examiner fee fees payable to the independent examiner for: independent examination of the financial statements 10) Grants made Charitable and educational grants to individuals |
600 102,638 |
600 83,163 |
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