Charity registration number 1087196
Company registration number 03039128 (England and Wales)
YAD VOEZER DAY CENTRE LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
YAD VOEZER DAY CENTRE LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rabbi S Singer |
|---|---|
| Mr R Spitzer | |
| Rabbi J Springer | |
| Secretary | Mrs Z Landau |
| Charity number | 1087196 |
| Company number | 03039128 |
| Registered office | 9 Amhurst Park |
| London | |
| England | |
| N16 5DH | |
| Bankers | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ |
YAD VOEZER DAY CENTRE LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 - 6 |
| Notes to the financial statements | 7 - 14 |
YAD VOEZER DAY CENTRE LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 2019).
Objectives and activities
The charity's objects are to support people in need, by reason of learning disabilities and associated mental health issues, ill health, disabilities, financial hardship or other disadvantage. The charity does this by providing, in particular but not exclusively, education, training, workshops, activities, and all other necessary support, in each case designed to enable individuals to live in dignity, reach their true potential and live as independently as possible.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In the year under review the charity generated income of £216,815 (2022: £80,359) and incurred expenses of £113,703 (2022: £29,731) resulting in net incoming resources of £103,112.
Financial review
The total funds at the year end was £3,264,567, of which £92,217 are free reserves and of these £5,500 were restricted funds.
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of association dated 29 March 1995 as amended by special resolutions.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Rabbi S Singer Mr R Spitzer Rabbi J Springer
The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees duties.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
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YAD VOEZER DAY CENTRE LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The trustees' report was approved by the Board of Trustees.
.............................. Rabbi S Singer Trustee Date: .............................................
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YAD VOEZER DAY CENTRE LTD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YAD VOEZER DAY CENTRE LTD
I report to the trustees on my examination of the financial statements of Yad Voezer Day Centre Ltd (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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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4 the financial statements 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 financial statements to be reached.
Mr J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
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YAD VOEZER DAY CENTRE LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 9,000 3,000 Charitable activities 4 101,211 - Other trading activities 5 103,000 - Investments 6 604 - Total income 213,815 3,000 Expenditure on: Charitable activities 7 113,703 - Net income for the year/ Net movement in funds 100,112 3,000 Fund balances at 1 April 2022 3,164,455 2,500 Fund balances at 31 March 2023 3,264,567 5,500 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 12,000 47,850 7,500 101,211 - - 103,000 25,000 - 604 9 - 216,815 72,859 7,500 113,703 24,731 5,000 103,112 48,128 2,500 3,166,955 3,116,327 - 3,270,067 3,164,455 2,500 |
Total 2022 £ 55,350 - 25,000 9 |
|---|---|---|
| 80,359 | ||
| 29,731 | ||
| 50,628 3,116,327 |
||
| 3,166,955 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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YAD VOEZER DAY CENTRE LTD
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 12 Investment property 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets Income funds Restricted funds Unrestricted funds |
2023 £ £ 7,406 3,343,427 3,350,833 50,206 91,504 141,710 (49,493) 92,217 3,443,050 (172,983) 3,270,067 5,500 3,264,567 3,270,067 |
2022 £ £ 9,874 3,343,427 3,353,301 957 76,842 77,799 (56,815) 20,984 3,374,285 (207,330) 3,166,955 2,500 3,164,455 3,166,955 |
|---|---|---|
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YAD VOEZER DAY CENTRE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
Rabbi S Singer
Trustee
Company registration number 03039128
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Yad Voezer Day Centre Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 9 Amhurst Park, London, N16 5DH, England.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, 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 financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 25% Reducing Balance Method Care Equipment 25% Straight Line Method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 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.
2 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.
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows.
Property valuation
The valuation of the charity's investment property is subject to a degree of uncertainty, as the value depends on various factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions and is made on the basis of assumptions which may not prove to be accurate.
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts - - Grants 9,000 3,000 9,000 3,000 Charitable activities Government and Local authority funding |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ - 47,850 - 12,000 - 7,500 12,000 47,850 7,500 Day Centre Activity Income 2023 £ 101,211 |
Total 2022 £ 47,850 7,500 |
|---|---|---|
| 55,350 | ||
| 2022 £ - |
4 Charitable activities
5 Other trading activities
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Rental Income | 103,000 | 25,000 |
6 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 604 | 9 |
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
7 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Staff costs | 27,958 | - |
| Depreciation and impairment | 2,468 | 3,291 |
| Day Centre activities | 57,807 | 8,558 |
| Day Centre Running Costs | 7,919 | 4,140 |
| Interest payable | 9,937 | 10,957 |
| 106,089 | 26,946 | |
| Share of governance costs (see note 8) | 7,614 | 2,785 |
| 113,703 | 29,731 | |
| Analysis by fund | ||
| Unrestricted funds | 113,703 | 24,731 |
| Restricted funds | - | 5,000 |
8 Support costs
| Accountancy Legal and professional Bank charges Analysed between Charitable activities |
Support costs Governance costs £ £ - 7,446 - 60 - 108 - 7,614 - 7,614 |
2023 £ 7,446 60 108 7,614 7,614 |
2022 £ 2,664 - 121 |
|---|---|---|---|
| 2,785 | |||
| 2,785 |
Governance costs includes payments to the independent examiners of £7,446 (2022: £2,664).
9 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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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| 3 | - | |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 26,988 | - |
| Social security costs | 970 | - |
| 27,958 | - |
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Tangible fixed assets
| Fixtures and fittings Care Equipment £ £ Cost At 1 April 2022 72,697 12,143 At 31 March 2023 72,697 12,143 Depreciation and impairment At 1 April 2022 62,823 12,143 Depreciation charged in the year 2,468 - At 31 March 2023 65,291 12,143 Carrying amount At 31 March 2023 7,406 - At 31 March 2022 9,874 - |
Total £ 84,840 |
|---|---|
| 84,840 | |
| 74,966 2,468 |
|
| 77,434 | |
| 7,406 | |
| 9,874 |
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
13 Investment property
| Investment property | |
|---|---|
| 2023 | |
| £ | |
| Fair value | |
| At 1 April 2022 and 31 March 2023 | 3,343,427 |
The fair value of the investment property is determined by the trustees based on their understanding of the property market and the specific property concerned, derived from recent comparable transactions on the market .
14 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors |
2023 £ 17 50,189 50,206 |
2022 £ 17 940 |
| 957 |
Other debtors includes an amount due to Yad Voezer Limited. Yad Voezer Limited, is a related party having the same trustees/directors.
15 Loans and overdrafts
| Loans and overdrafts | ||
|---|---|---|
| Bank overdrafts Bank loans Payable within one year Payable after one year |
2023 £ 3,360 201,726 205,086 32,103 172,983 |
2022 £ 2,379 230,470 |
| 232,849 | ||
| 25,519 207,330 |
The mortgage loans are secured by a first charge over the organisation's properties and a floating charge over the assets of the organisation, and bear interest at variable rates.
There are cross guarantees between Yad Voezer Day Centre Limited and Yad Voezer Limited in respect of bank loans.
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YAD VOEZER DAY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
16 Creditors: amounts falling due within one year
| Notes Bank loans and overdrafts 15 Trade creditors Other creditors Accruals and deferred income |
2023 £ 32,103 3,489 - 13,901 49,493 |
2022 £ 25,519 3,715 13,680 13,901 |
|---|---|---|
| 56,815 |
Other creditors relates to an amount due to Yad Voezer Limited. Yad Voezer Limited, is a related party having the same trustees/directors.
17 Creditors: amounts falling due after more than one year
| Bank loans 18 Analysis of net assets between funds Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets 7,406 - Investment properties 3,343,427 - Current assets/(liabilities) 86,717 5,500 Long term liabilities (172,983) - 3,264,567 5,500 |
Notes 15 Total Unrestricted funds 2023 2022 £ £ 7,406 9,874 3,343,427 3,343,427 92,217 20,984 (172,983) (207,330) 3,270,067 3,166,955 |
2023 £ 172,983 Restricted funds 2022 £ - - - - - |
2022 £ 207,330 |
|---|---|---|---|
| Total 2022 £ 9,874 3,343,427 20,984 (207,330) |
|||
| 3,166,955 |
19 Related party transactions
There were no disclosable related party transactions during the year, other than disclosed in note 14.
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