**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
Page 1
## **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
Page 2
## **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:
1. 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
3. 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
Page 3
## **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
Page 4
## **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
Page 5
## **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.
Page 6
## **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**
Page 7
## **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.
Page 8
## **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|
Page 9
## **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.
Page 10