REGISTERED COMPANY NUMBER: 04030964 (England and Wales) REGISTERED CHARITY NUMBER: 1084906
EZER MIKOIDESH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
EZER MIKOIDESH FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 to | 3 |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Balance Sheet | 6 to | 7 |
| Notes to the Financial Statements | 8 to | 11 |
EZER MIKOIDESH FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2022
TRUSTEES S Gluck J Gluck R Bokor REGISTERED OFFICE 15-17 Belfast Road London N16 6UN REGISTERED COMPANY 04030964 (England and Wales) NUMBER REGISTERED CHARITY 1084906 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc Kingsland Branch POB 3628 London E8 2JT
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EZER MIKOIDESH FOUNDATION (REGISTERED NUMBER: 04030964)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2021.
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims for public benefit
The objects of the charity are:
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the advancement of the Orthodox Jewish Faith;
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the advancement of education of adults and children, including educational assistance for children with disabilities and
-the relief of poverty.
The charity carries out its objects by grantmaking to religious organizations and individuals. The trustee confirms that he has given due regard to the Charity Commission's guidance on public benefit.
Grantmaking policy
The trustee is prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. In making grants the trustee uses his personal knowledge of the organisation, its representatives, operational efficiency and reputation. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity continued its philanthropic activities and has maintained its support of organisations engaged in education, advancement of religion, and the relief of poverty.as well as supporting poor and sick individuals. Income was 27% lower than the previous year and the trustees reduced grantmaking by about 38%. There was a deficit for the year.
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 £9,949 (2021 - £39,930).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as company limited by guarantee and is governed by its Memorandum and Articles of Association dated 11 July 2000.
Recruitment and appointment of new trustees
The day to day running of charity is administered by the trustees. It is not the intention of the trustee of the charity to appoint any new trustees. Should the situation change in the future, the trustee will apply suitable recruitment induction and training procedures.
Risk review
The trustee has reviewed the major risks to which the charity is exposed and confirms that systems are in place to mitigate them.
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EZER MIKOIDESH FOUNDATION (REGISTERED NUMBER: 04030964)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 May 2023 and signed on its behalf by:
S Gluck - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EZER MIKOIDESH FOUNDATION
Independent examiner's report to the trustees of Ezer Mikoidesh Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
30 May 2023
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EZER MIKOIDESH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 384,973 Investment income 2 3,127 Total 388,100 EXPENDITURE ON Charitable activities 3 Grantmaking 415,628 Support 2,453 Total 418,081 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) (29,981) RECONCILIATION OF FUNDS Total funds brought forward 39,930 TOTAL FUNDS CARRIED FORWARD 9,949 |
2021 Total funds £ 522,445 5,444 527,889 667,973 3,579 671,552 (44,552) (188,215) 228,145 39,930 |
|---|---|
The notes form part of these financial statements
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EZER MIKOIDESH FOUNDATION (REGISTERED NUMBER: 04030964)
BALANCE SHEET 31 JULY 2022
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS/(LIABILITIES) FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 868 38,495 4,620 43,115 (9,034) 34,081 34,949 (25,000) 9,949 9,949 9,949 |
2021 Total funds £ 1,086 65,139 3,859 68,998 (5,154) 63,844 64,930 (25,000) 39,930 39,930 39,930 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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EZER MIKOIDESH FOUNDATION (REGISTERED NUMBER: 04030964)
BALANCE SHEET - continued 31 JULY 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 May 2023 and were signed on its behalf by:
S Gluck - Trustee
The notes form part of these financial statements
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EZER MIKOIDESH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income received by way of donations is accounted for when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only accounted for when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Deposit account interest Loan interest |
2022 £ 1 3,126 3,127 |
2021 £ 5 5,439 |
| 5,444 |
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EZER MIKOIDESH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
3. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note 4) £ Grantmaking 415,628 Support - 415,628 4. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Advancement of education Relief of poverty Social welfare Heritage Foundation for Preservation of Jewish Cemeteries Shomrei Emunim Tveya Shel Maala Yitzur Klaf Share of New Square Others under £7,000 The total grants paid to individuals during the year was as follows: Relief of poverty Medical |
Support costs (see note 5) £ - 2,453 2,453 2022 £ 415,628 2022 £ 71,159 17,250 17,153 1,475 107,037 19,115 12,000 9,000 8,507 7,748 50,667 107,037 2022 £ 303,791 4,800 308,591 |
Totals £ 415,628 2,453 |
|
|---|---|---|---|
| 418,081 | |||
| 2021 £ 667,701 |
|||
| 2021 £ 71,164 46,146 47,149 20,019 |
|||
| 184,478 | |||
| 2021 £ 483,223 - |
|||
| 483,223 |
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EZER MIKOIDESH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
5. SUPPORT COSTS
| Support Support costs, included in the above, are as follows: Other Sundries Depreciation of tangible fixed assets Governance costs Independent examiner's fee Independent examiner's other fees General expenses Legal and professional fees 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
Governance Other costs Totals £ £ £ 293 2,160 2,453 2022 2021 Total Support activities £ £ 75 - 218 272 293 272 2022 2021 Total Support activities £ £ 600 720 1,560 1,920 - 219 - 720 2,160 3,579 2022 2021 £ £ 218 272 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
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EZER MIKOIDESH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2021 - Nil)
9. TANGIBLE FIXED ASSETS
| COST At 1 August 2021 and 31 July 2022 DEPRECIATION At 1 August 2021 Charge for year At 31 July 2022 NET BOOK VALUE At 31 July 2022 At 31 July 2021 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other creditors |
Plant and machinery £ 5,184 4,098 218 4,316 868 1,086 2022 2021 £ £ 38,495 65,139 2022 2021 £ £ 5,000 - 4,034 5,154 9,034 5,154 2022 2021 £ £ 25,000 25,000 |
|---|---|
13. RELATED PARTY DISCLOSURES
A loan of £25,000 is due to a company in which a trustee is a shareholder. A trustee purchased the shares of the charity's subsidiary, the outstanding amount at the balance sheet date was £19,065.
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