REGISTERED CHARITY NUMBER: 1084721
UNITED TORAH ASSOCIATION OF KIRYAS JOEL
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
UNITED TORAH ASSOCIATION OF KIRYAS JOEL
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
UNITED TORAH ASSOCIATION OF KIRYAS JOEL
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES Mr P Scher Mrs D Scher M Scher PRINCIPAL ADDRESS 31 Filey Avenue London N16 6JL REGISTERED CHARITY 1084721 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objects of the charity is the collection of donations to be distributed to charitable organisations and to individuals in need.
Significant activities
The charity collected funds and distributed them to religious educational institutions mainly in USA
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grantmaking
The trustees decide on grants made following requests and recommendations. The institutions and individuals are known to the trustees personally.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £49,768 (2022 - £66,340).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by its Deed of Trust dated 23rd September 2000.
Organisational structure
The charity has three trustees who meet regularly in order to discuss and control its activities. All trustees and the administrator act on a voluntary basis and receive no remuneration or re-imbursement for expenses incurred by them in the execution of their duties.
Induction and training of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
To this end the trustees have put in place systems to identify risks and review the systems regularly.
Approved by order of the board of trustees on 8 May 2024 and signed on its behalf by:
Mr P Scher - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF UNITED TORAH ASSOCIATION OF KIRYAS JOEL
Independent examiner's report to the trustees of United Torah Association of Kiryas Joel
I report to the charity trustees on my examination of the accounts of United Torah Association of Kiryas Joel (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do 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.
E Meyer FCA BSc
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
8 May 2024
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 40,390 Investment income 2 350 Other income 24,180 Total 64,920 EXPENDITURE ON Raising funds 3 4,926 Charitable activities 4 Grantmaking 74,646 Support costs 1,920 Total 81,492 NET INCOME/(EXPENDITURE) (16,572) RECONCILIATION OF FUNDS Total funds brought forward 66,340 TOTAL FUNDS CARRIED FORWARD 49,768 |
2022 Total funds £ 23,491 3,100 - 26,591 - 26,410 2,743 29,153 (2,562) 68,902 66,340 |
|---|---|
The notes form part of these financial statements
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
STATEMENT OF FINANCIAL POSITION 31 MARCH 2023
| Notes FIXED ASSETS Investment property 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2023 Total funds £ 51,029 659 (1,920) (1,261) 49,768 49,768 49,768 49,768 |
2022 Total funds £ 66,500 3,198 (3,358) (160) 66,340 66,340 66,340 66,340 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 May 2024 and were signed on its behalf by:
Mr P Scher - Trustee
The notes form part of these financial statements
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In the process of applying the entity's accounting policies no significant judgements or key sources of estimation were made by management that have the any significant effect on the amounts recognised in the financial statements .
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Going concern
There are no material uncertainties about the charity's ability to continue.
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2. INVESTMENT INCOME
| 2023 £ Rents received 350 RAISING FUNDS Investment management costs 2023 £ Portfolio management 2,894 Property repairs 2,032 4,926 CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 5) note 6) £ £ Grantmaking 74,220 426 Support costs - 1,920 74,220 2,346 GRANTS PAYABLE 2023 £ Grantmaking 74,220 The total grants paid to institutions during the year was as follows: 2023 £ Advancement of religion 70,370 Relief of poverty 550 70,920 Congregation Yetev Lev 49,490 Bais Ho'otzer 15,190 Chasdei Aharon 5,000 Other under £3,000 1,240 70,920 |
2023 £ Rents received 350 RAISING FUNDS Investment management costs 2023 £ Portfolio management 2,894 Property repairs 2,032 4,926 CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 5) note 6) £ £ Grantmaking 74,220 426 Support costs - 1,920 74,220 2,346 GRANTS PAYABLE 2023 £ Grantmaking 74,220 The total grants paid to institutions during the year was as follows: 2023 £ Advancement of religion 70,370 Relief of poverty 550 70,920 Congregation Yetev Lev 49,490 Bais Ho'otzer 15,190 Chasdei Aharon 5,000 Other under £3,000 1,240 70,920 |
2022 £ 3,100 2022 £ - - - Totals £ 74,646 1,920 |
2022 £ 3,100 |
|---|---|---|---|
| 2022 £ - - |
|||
| - | |||
| 76,566 | |||
| 2022 £ 26,410 |
|||
| 2022 £ 26,410 - |
|||
| 26,410 | |||
| Congregation Yetev Lev | |||
| Bais Ho'otzer | |||
| Chasdei Aharon | |||
| Other under £3,000 | |||
3. RAISING FUNDS Investment management costs
4. CHARITABLE ACTIVITIES COSTS
5. GRANTS PAYABLE
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Grantmaking | 418 | 8 | - | 426 |
| Support costs | - | - | 1,920 | 1,920 |
| 418 | 8 | 1,920 | 2,346 |
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| 2023 | 2022 | |
| Total | ||
| Grantmaking | activities | |
| £ | £ | |
| Telephone | 418 | 702 |
| Finance | ||
| 2023 | 2022 | |
| Total | ||
| Grantmaking | activities | |
| £ | £ | |
| Bank charges | 8 | 7 |
| Governance costs | ||
| 2023 | 2022 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Independent examiner's fee | 960 | 840 |
| Independent examiner's other fees | 960 | 840 |
| General expenses | - | 354 |
| 1,920 | 2,034 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. INVESTMENT PROPERTY
| £ | ||||
|---|---|---|---|---|
| FAIR VALUE | ||||
| At 1 April 2022 | 65,000 | |||
| Additions | 21,029 | |||
| Disposals | (35,000) | |||
| At 31 March 2023 | 51,029 | |||
| NET BOOK VALUE | ||||
| At 31 March 2023 | 51,029 | |||
| At 31 March 2022 | 65,000 | |||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Other creditors | 1,920 | 3,358 | ||
| 10. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.22 | in funds | 31.3.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 66,340 | (16,572) | 49,768 | |
| TOTAL FUNDS | 66,340 | (16,572) | 49,768 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 64,920 | (81,492) | (16,572) | |
| TOTAL FUNDS | 64,920 | (81,492) | (16,572) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.4.21 | in funds | 31.3.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 68,902 | (2,562) | 66,340 | |
| TOTAL FUNDS | 68,902 | (2,562) | 66,340 |
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UNITED TORAH ASSOCIATION OF KIRYAS JOEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 26,591 | (29,153) | (2,562) |
| TOTAL FUNDS | 26,591 | (29,153) | (2,562) |
11. RELATED PARTY DISCLOSURES
The charity received £24,000 (2022 - £5,000) unrestricted donations from entities in which various trustees have an interest.
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