Charity Registration No. 1084294 Company Registration No. 3963631 (England & Wales)
MORACHA LIMITED (A Company Limited By Guarantee)
DIRECTORS’ REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED
30 APRIL 2022
| MORACHA LIMITED | |
|---|---|
| FINANCIAL STATEMENTS | |
| FOR THE PERIOD ENDED 30 APRIL 2022 | |
| INDEX | Page |
| Company information | 2 |
| Trustees` Report | 3 - 4 |
| Independent Examiner`s Report | 5 |
| Statement of financial activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 14 |
1
MORACHA LIMITED (A Company Limited By Guarantee)
LEGAL AND ADMINISTRATIVE INFORMATION
| Company No: | 3963631 |
|---|---|
| Charity No: | 1084294 |
| Registered Address: | c/o Goldwins Limited |
| 75 Maygrove Road | |
| West Hampstead | |
| London NW6 2EG | |
| Directors/Trustees: | E Fhima (Chief Executive Officer) |
| N Burstein | |
| Y Portal | |
| Bankers: | HSBC Plc |
| 897 Finchley Road | |
| London | |
| NW11 7NX |
2
MORACHA LIMITED (A Company Limited By Guarantee) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 APRIL 2022
The directors present their report and the accounts in respect of the year ended 30 April 2022.
Objects of the Charity, Principal Activities and Organizational Work
The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association.
The objects of the charity this year are:
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The relief of poverty amongst persons in conditions of need, hardship and distress in the Jewish community.
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The advancement of the Jewish Religion.
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The advancement of education in accordance with the tenets of the Jewish Religion.
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To promote any charitable purpose for the benefit of the Jewish Community.
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A shiurim programme runs in Anshei Shalom, St John’s Wood.
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Help to local institutions and charities.
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Help to Israeli charities and organizations.
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Help to needy families in Israel.
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Help the North West communities by contributions and prepaid vouchers.
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Support the Pesach project with basic food before Jewish holidays.
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Other types of help to local cases.
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The purchase of food vouchers for distribution to needy families within the local community.
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MORACHA LIMITED (A Company Limited By Guarantee) TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 APRIL 2022
The charity’s principal activities were the provision of bursaries for rabbinical students and support of educational institutions in Israel and in Europe. The charity also provides food packages for the relief of poverty.
Developments, Activities and Achievements this Year
The trustees consider the charity’s performance during the year to be satisfactory. During the year the charity made donations to individuals and institutions. The purpose of these donations were in accordance with it charitable objectives listed on page three.
Transactions and Financial Position
The transactions and financial position of the charity were as shown in the accounts; donations totaling £72,752 (2021: £113,330) were made.
The trustees have identified the major risks to which the charity is exposed and have established systems to mitigate those risks.
Funds
In the opinion of the directors the present level of funding is adequate to support the continuation of the charity’s activities. The charity is reliant on the local Jewish community for funds and voluntary assistance.
Directors and Trustees
All the directors of the company are also trustees of the charity. There are no other trustees. The directors/trustees who held office during the year were Mr. E Fhima, Mr. N Burstein, and Mrs. Y Portal. The directors have power to appoint additional directors. All decisions are by majority vote.
The information on page 1 forms part of this report.
The Directors’ Report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Public Benefit
The principal activities of the charity during the year are as stated above. The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed throughout this report.
…………………………………..
E Fhima – Chairman Date: 25/04/2023
4
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MORACHA LIMITED FOR THE YEAR ENDED 30 APRIL 2022
______________ I report on the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2022.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Stephen Goodwin MA FCA CTA Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG Date: 25/04/2023
5
Moracha Ltd
(Company Limited By Guarantee)
Statement of Financial Activities (Incorporating The Income And Expenditure Account) Year Ended 30 April 2022
| Income from: Donations Other income Total income Expenditure on: Charitable activities 2 Total expenditure Net income / (expenditure) for the year 3 Transfer between funds Net movements in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Funds Total Funds Total Funds 2022 2022 2021 £ £ £ 69,542 69,542 113,330 3,210 3,210 - |
|---|---|
| 72,752 72,752 113,330 | |
| 85,125 85,125 110,909 | |
| 85,125 85,125 110,909 | |
| (12,373) (12,373) 2,421 - - - |
|
| (12,373) (12,373) 2,421 33,553 33,553 31,132 |
|
| 21,180 21,180 33,553 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
6
Moracha Ltd (Company Limited By Guarantee) Balance Sheet As at 30 April 2022
| Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS: Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after one year 9 TOTAL NET ASSETS FUNDS Unrestricted funds 11 TOTAL FUNDS |
2022 2022 2021 2021 £ £ £ £ 39,140 36,933 9,817 12,633 4,508 22,578 14,325 35,211 (3,574) (2,614) 10,751 32,597 49,891 69,530 (28,711) (50,000) 21,180 19,530 21,180 19,530 21,180 19,530 |
2022 2022 2021 2021 £ £ £ £ 39,140 36,933 9,817 12,633 4,508 22,578 14,325 35,211 (3,574) (2,614) 10,751 32,597 49,891 69,530 (28,711) (50,000) 21,180 19,530 21,180 19,530 21,180 19,530 |
|---|---|---|
| 69,530 (50,000) |
||
| 19,530 | ||
| 19,530 | ||
| 19,530 |
The Charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Trustees consider that the Charity is entitled to exemption from the requirement to have an audit under the provision of section 477 of the Companies Act 2006("the Act") and members have not required the Charity to obtain an audit for the year in question in accordance with section 476 of the act. The Trustee acknowledge their responsibilities for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
and signed on their behalf by:
E Fhima Trustee Company Registration Number: 03963631
7
Moracha Ltd (Company Limited By Guarantee) Notes to the Financial Statements Year Ended 30 April 2022
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102) and the Companies Act 2006.
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
d) Donations of gifts, services and facilities
- Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable
- Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
8
Moracha Ltd (Company Limited By Guarantee) Notes to the Financial Statements
(Company Limited By Guarantee)
Year Ended 30 April 2022
1 Accounting policies
f) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the work or for specific projects being undertaken by the charity.
g) Expenditure and irrecoverable VAT
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Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
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Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
- Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
i) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
j) Tangible fixed assets
All fixed assets are initially recorded at cost. Items costing less than £1,000 each are not capitalised, but written off as expense. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings & equipment - 10% reducing balance
9
Moracha Ltd (Company Limited By Guarantee) Notes to the Financial Statements Year Ended 30 April 2022
1 Accounting policies
k) Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
m) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
n) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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Moracha Ltd (Company Limited By Guarantee) Notes to the Financial Statements Year Ended 30 April 2022
2 Analysis of expenditure
| Analysis of expenditure | ||||
|---|---|---|---|---|
| Donations made Independent examiner's fees Office expenses Bank charges Depreciation Travelling Support costs Total expenditure 2022 Total expenditure 2021 |
Charitable activities £ 76,130 - - - - - 76,130 8,995 85,125 110,909 |
Support costs £ - 960 7,527 356 152 - |
Total 2022 £ 76,130 960 7,527 356 152 - 85,125 - 85,125 110,909 |
Total 2021 £ 103,490 900 5,957 393 169 - |
| 8,995 (8,995) |
110,909 | |||
| - | ||||
| - |
11
Moracha Ltd (Company Limited By Guarantee) Notes to the Financial Statements Year Ended 30 April 2022
3 NET INCOME/ (EXPENDITURE) FOR THE YEAR
This is stated after charging:
| Depreciation Independent examiner's fees |
2022 2021 £ £ 152 169 960 900 |
|---|---|
4 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL
There were no staff employed by the charitable company for the current and previous financial year.
The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).
5 TAXATION
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
6 TANGIBLE FIXED ASSETS
| COST At the start of the year Additions At the end of the year DEPRECIATION At the start of the year Charge for the year At the end of the year NET BOOK VALUE At the end of the year At the start of the year |
Land & Building Fixtures, fittings & equipment Books Total £ £ £ 35,412 2,349 4,017 41,778 2,359 - - 2,359 |
|---|---|
| 37,771 2,349 4,017 44,137 |
|
| - 1,562 3,283 4,845 - 79 72 152 |
|
| - 1,641 3,355 4,997 |
|
| 37,771 707 661 39,140 |
|
| 35,412 787 734 36,933 |
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Moracha Ltd
(Company Limited By Guarantee) Notes to the Financial Statements Year Ended 30 April 2022
7 DEBTORS
| 7 | DEBTORS | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Other debtors | 9,817 | 12,633 | |||
| 9,817 | 12,633 | ||||
| 8 | CREDITORS: Amounts falling due within one year | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Accruals | 2,724 | 1,764 | |||
| Trustee loan | 850 | 850 | |||
| 3,574 | 2,614 | ||||
| 9 | CREDITORS: Amounts falling due more than one year | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Government Bounce Back Loan | 28,711 | 50,000 | |||
| 28,711 | 50,000 | ||||
| 10 | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||
| Year Ended 30 April 2021 | |||||
| General unrestricted |
Designated | Restricted | Total funds |
||
| £ | £ | £ | £ | ||
| Tangible fixed assets | 39,140 | - | - | 39,140 | |
| Net current assets | 10,751 | - | - | 10,751 | |
| Long term creditors | (28,711) | (28,711) | |||
| Net assets at the end of the year | 21,180 | - | - | 21,180 | |
| Year Ended 30 April 2021 | |||||
| General unrestricted |
Designated | Restricted | Total funds |
||
| £ | £ | £ | £ | ||
| Tangible fixed assets | 36,933 | - | - | 36,933 | |
| Net current assets | 32,597 | - | - | 32,597 | |
| Long term creditors | (50,000) | - | - | (50,000) | |
| Net assets at the end of the year | 19,530 | - | - | 19,530 |
13
Moracha Ltd (Company Limited By Guarantee) Notes to the Financial Statements Year Ended 30 April 2022
11 FUNDS Year Ended 30 Arpil 2022
| FUNDS Year Ended 30 Arpil 2022 |
|
|---|---|
| General Funds Total Unrestricted Funds Total Funds |
At the start of the year Incoming resources Outgoing resources Transfer between funds At the end of the year £ £ £ £ £ 33,553 72,752 (85,125) - 21,180 |
| 33,553 72,752 (85,125) - 21,180 |
|
| 33,553 72,752 (85,125) - 21,180 |
12 RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
13 LEGAL STATUS OF THE CHARITY
The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.
14