YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND Report and Financial Statements For the Year Ended 31 March 2023
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND INDEX FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Charity inforination Triistee 5 Repoi'l Auditor's Report Stateinenl ot Financial Activities Balance sheet 10 Notes to the Accounts
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND CHARITY INFORMA TION Corporate Trustee Youth Aliyah- Child Rescue (a company limited by guarantec) The Directors of which are Mrs B S Curtis A D Curtis Esq P Diamond B Leaver Esq M F Robinson Esq (Chairman) H Soning Esq S M Sti'auss Esq A J Taylor Esq G Spital (Appointed on 20 October 2021) Principal Address 235 Regents Park Road London N3 3LF Charity Number 1087468 Bankers HSBC 69 Pall Mall London, SWIY SEY Auditor5 Goldwins Limited Chartered Accountants and Registered Auditors 75 Maygrove Road London NW6 2EG Solicitor5 Martin Paisner CBE Payne Hi¢ks Beach 10 New Square Lincoln's Inn London WC2A 3QG
YOUTH ALIYAH - CHILD RESLUE SCHOLARSHIP AND MAINTENANCE FUND TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 20?3 The Trustee presents its Report together wilh the Audited Accounts of clie Charity for the year ended 31 March 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Instrument The Charity is an unincorporated association governed by a Charity Commission Scheme adopted on 31 May 2001. Trustee5 The Corporate Truscee is Youlh Aliyah - Chi Id Rescue. a c.ompany l.imited by guarantcc Lindcr Coinpany nuiMbci- 3845916 aiid Charity nuinbei. 1077913. Tl)e dii"eLiOlS and trustees of Youili Aliyah Cliild Rescuc are named on PaiJe l. OBJECTS AND ACTIVITIES Principal Activity Yoiiih Aliyali - Child Rescu¢ Scholarsliip and Maintenance Fund is elTeclively a subsididry of Yoiith Aliyah Cliild Rescue and the sole activity of the Charity is lo Inanagc thc S¢holarship endowment funds and to utilise tlie income arising iherefrom io provide s¢liolarship to students iii the Youth Aliyah Villages in Israel. Review of Activities Youth Aliyah Child Rescue Scholarship and Maintenance Fund is responsible for disbursing grants to individual children in the village5 in ih¢ fonn of s¢holarships. commit(ee meets once a year and receives recommendations from the Directors of the Villages. Many of the scholarships given have specified criteria, and the Committee tries to match these with the most needy children. The Children then receive a small Stipend for the year.
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND STATEMENT OF RESPONSIBILITIES OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2023 STATEMENT OF RESPONSIBLITIES OF THE TRUSTEE The trustee is responsible for preparing the trustee's anrjual report and the financial statements in accordance with applicable law and United Kiiigdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustee to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including thc income and expcnditure, of the charity for that period. In preparing Ihese financial 5tstements. the Irustee is required to.. Select suitable accounting policies and then apply them consistently Observe tlie methods and principles in the Charities SORP Make judgements ai)d estimates Ihat are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended praetiee have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial staiements on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation The trustee is responsible for keeping proper accountiiig records that disclose with reasonable acciirdcy al any time the financial position of the charity and enable them to cnsure that Ihe financial stateinenls comply with the Charities Acl 2011. It is also responsible for safeguarding the assets of the ¢harity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee is responsible for the maintenance and integrity of the corporate and fit7ancial information included on th¢ ¢harity's website. Legislalion in the United Kingdom governing th¢ preparation and dissemination of financial statement5 may differ froin Icgislation in odier jurisdictions.
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND STATEMENT OF RESPONSIBILITIES OF THE TRUSTEE Conlinued FOR THE YEAR ENDED 31 MARCH 2023 Statement as to disclosure to our auditors In so far as the Iriislee is aware= There is no relevant audit information of which the charily's auditors are unaware; and The trustee has taken all steps ihat it ought to have laken lo make itself aware of any levant audit information to establish that the auditors are aware of that information. Auditors Goldwins Limiled have expressed their willingness to continue in otTice as Auditors. resolLltion proposing their re-appointinent will be submitted at the Annual General Meeiing. Tlic ti'uslec's <l111)ual repoii has beeii appi-c)ved by tlie trustee on and sigftcd on its b¢half by. M Robinson Esq- (Chairman)
INDEPENDE AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE Fuf4D Opinioll We have audited the financial statements of Youth Aliyah - Child Rescue Scholarship and Maintenance Fund (the 'Charity') for the year ended 31 March 2023 which comprise the Sta(ement of Financial Activities, the Balance Sheet and notes to the financial 5tatement5. including a summary of significanc accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi¢e). In our opinion, the financial statements- give a true and fair view of the state of Charity's affairs as at 31 March 2023 and of the income and expenditure for the year then ended have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Charities Act 2011 Basis for opinion We condueted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our rcport. We arc independent of the Charity in accordance with the ethical requirements that are relevant io our audit of the financial statcments in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these i'equirements. We believe that the audit evid¢nc¢ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have wn¢luded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pcrfonned, we have not identified any material uncertainties relating to events or conditions Ihat, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least 12 month5 from wlien the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of ihis report.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND (Continued) Other information The other infomiation comprises the information included in the annual report, including the triistee's report, other than the financial statemenls and our auditor's report thereon. The ti'ustee is responsible lor the other information contained within the annual report. Our opinion on the financial staicments does not Cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any fom) of assurance conclusion thereori. Our reswnsibility is to read the other infomiation and, in doing so. consider whether ihe oilier information is materially inconsistent with the financial statements or our knowledge obtained in the course of tlie audit, or othenvise appears to be materially misstated. If we identify siich material inconsistencies or apparent material Inisstatements. we are required to deterinine whether this gives rise to a Ina(erial misstatement in the financial statemcnts thcmselves. If. based on the work we have perloriT)ed, we conclude that there is a material Imisstateiment of this other information, we are required to report thai fact We hgve noihing to IEpoit in this I'egard. Matters on Ivhich we are required to report by exception In tlie light of the knowledge and understanding of Ihe Charity and ils environment obtained in the course of the aiidit. we have not identified material misstatements in the Trustee's Annual Report. We have nothing to report in rcspect of the following Inatters in relalion to which the Charities Act 201 I requires us to reporl to you if, in our opinion.. the infomation given in the trustee's report is inconsistent in any material respect with tlie financial statem¢nls,' or suffieienl accounting records have not been kept; or the financial stdtemenls are not in agreemen( wilh the accounting records; or we have not received all the information and explanations we require for our audil. Responsibilities of the trustee As explained more fully in the trustee's responsibilities statement. the trustee is responsible for the preparation of the financial staleinenls and for being satisfied that tliey give a true and fair view, and for such internal control as li deicrmilles is iiecessary to enable (he preparation of financial statements tlial are free from material misstatement, whether due io Iraud or error.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENAf4CI FUND (Continued) n preparing the financial slatements, the trustee is responsible for assessing the Charity's abilily to continue as a going concern, disclosing, as applicable, matters related to going concern and Ltsing the going concern basis of ac¢ounting unless Ilie trustcc cither intend to liquidate the Charity or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial staten)ents We have been appointed as auditor under the Charities Act 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are Irce from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high Icvel of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a maierial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of us¢rs taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstateiments in respect of irregularities, iTtcluding fraud. The extent lo which our procedures are capable of detecting irregularities, iiicluding fraud is detailed below.. We enquired about management, whi¢h included obtaining and reviewing supporting docuinenlation, coiicerning tlie charity's policies and procedures relating to.. o identifying, evaluating, and complying with laws and regulations and whether they were aware of any insiances of non-compliance Detecting and responding to the risks of fraud and whether they have knowledoe of any actual, suspe¢ted, or alleged fraud The internal controls cslabli5hed to mitigate risks related to fraud or non- compliance with laws and regulations We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the eharily operates in, focusing on those laws and regulations that had a material effect on the financial statements or tliat had a fundainental effect on the operations of the charity from our professional and seclor experience We reviewed Ihc financial stateinent disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations We perfomied analytical procedures to identify any unusual or unexpected relationships that inay indicate risks of material misstatement due to fraud In addressirtg the risk of fraud through management override of Controls. we tested the appropriateness of journal entries and othcr adjustments, assessed whether the judgements made in making accounting estimales are indicative of a poteniial bias and iested significant transactions that are unusual or those outside the normal course of business
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH- CHILD RF.SCUE SCHOLARSHIP AND MAINTENANCF. FUND (Continued) Because of the iiihercnt limitations of an audit, there is a risk that we will not detcct all irregularities, includin(T those leading to a material misstatement in the financial slatemcnts or non-compliance willi rcgulation. The risk is also greater regarding irregularities occurring due to fraud raihcr than error, as fraud involves intentional concealment, forgery, collusion, omission or misi'epresentalion. A further desLription of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. Iwww.frc.org.uklauditoi'sresponsibililies}. This description fonns part of our auditor's report. Use of our report This report is made solely to the Charity's trustee, as a body, in accordance with section 144 of the Charities Act 2011 ai)d the regulations made linder section 154 of the Act. Our audit work lias been undertaken so that we might state to the Charity's trustee those niatters we are required to state lo them in an audilor"s report and for no other purpose. To the fullest extent permitted by law. H'e do not accepi or assumc rcsponsibilily to anyone nther tlian the Charity and the Charity's trustee as a budy. lor our audil work. f(Jr this I'eport, or lor Ilie opinions we have forined. 411212023 Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Goldwins Limited is eligible for appoiiitmeiit as auditor of the tliarity by virtu¢ of its ¢ligibility for appoii)tmeiit a5 auditor of a coinpany under section 1212 of the Con)pgnies Ac¢ 2006.
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Income from: Invcstment5 31,980 33,116 Expenditure on: Raising funds (6,062) (6,743) Charitable Activities (25,000) (50,000) 918 {23,627) Transfer from Youth Aliyah - Child Rescue Transfer from Children and Youth Aliyah Committee for Great Britain and Eire NET INCOMEI(EXPENDITURE) 918 (23,627) Investment (Losses}/Gains (79,182) 18,356 r4ET MOVEMENT IN FUNDS (78,264) (5,271) Funds Brought Forward 809,788 815,059 Funds Carried Forward £731,524 £809,788 'I'he attached notes form part of the financial statements.
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND BALANCE SHEET AS AT 31 MARCH 2023 NOTE 2023 2022 FIXF.D ASSETS Investments 775,483 863,786 CURRENT ASSETS Cash at bank 12,070 21,002 CREDITORS= amounts falling due within one year- YACR {56,029) (75,000) NET CURRENT (LIABILITIES)IASSETS (43,959) (53,998) NET ASSETS £731,524 £809,788 Endowinent l--unds £731,524 £809,788 £731,524 £809,788 Approved by the Corporaie Trusiee on ? QL3 and signed on its behalf by M Robinson Esq {Cbairman) A Taylor (Hon Treasurer) The attached notes form part of the financial statements. 10
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED I MARCH 2023 ACCOUNTING POLICIES a) Basis of preparation of accounts The financial statements have been prepared in accordance with Accounting and Reporting by Charites.. Statement of Rccommended Practice applicable to charilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102- effective l January 2015) - (Charities SORP FRS 102)- The Charity meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othenvise ststed in the levant accounting policy or note. b) Income Inv¢stmenl incoine is credited to income on a received basis. Permanent endowments are d¢alt with through the Statement of Financial Activities whcn rec¢ived. c) Inve5tmeDts Investments are stated in the Balance Sheet at market value. The slatemenl of Financial Activities includes the n¢¢ gains and losses arising on revaluations and disposals throughout ihe year.
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND NOTES TO THE ACCOUNTS Continued FOR THE YEAR ENDED 31 MARCH 2023 Total 2023 Tolal 2022 CHARIT ABLE ACTIVITIES Grants io Israel.. Scholarships 25,000 50,000 INVESTfviENTS Markct Value as at l April 2022 Additions Disposals Transfer Realised & Unrealised Gains l (Losses) 863.786 31.934 {J6.0541 (5.0001 {79.183) 800,772 73.113 (?8.4i51 18.356 Market Value at 31 March 2023 £775,483 £863.786 Invesiments may by analysed as follows Cash Inveslmeni funds and bond5 Equities 70.780 314.715 389.988 29,090 302,643 532,053 £775,483 £863,786 12
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND NOTES TO THE ACCOUNTS Continued FOR THE YEAR ENDED 31 MARCH 2023 TRUSTEE'S REMUNERATION AND EXPENSES No remuneralion was paid to the trustee in the year, nor were any expenses reimbursed lo it. CONNECTED CHARITY The charity is a subsidiary of Youth Aliyah - Chi Id Rescue, a Company Limited by guarantee, which is registered in England and operates within the United Kingdom. The principal place of busines5 of Youth Aliyah Child Rescue is 235 Regents Park Road, London, N3 3LF. The Children and Youth Aliyah Committee for Girat Britain and Eire is a fellow subsidiary of tli¢ charity Youth Aliyah- Child Rescue. 13