YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND Report and Finaneial Statements For the Year Ended 31 March 2024
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND INDEX FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Pa Charity information 'I-rLislee s Ilepoi't Auditor's Report Statement of Financial Activities Balance sheet 10 Notes to the Accounts
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND CHARITY INFORMATION Corporate Trustee Youth Aliyah - Child Rescue (a company limited by guarantee) The Directors of which are :_ M F Robinson (Chainnan) A J Taylor A D Curtis B S Curtis H Soning P Diamond S M Strauss E Eytan Alvarez (appointed 15 July 2024) N Winters (appoÈnted 15 July 2024) S Kaufmann (appointed 15 July 2024) V Kisilevsky (appointed 15 July 2024) B Leaver (resigned 30 November 2023) G Spital (resigned 30 November 2023) Principal Address 235 Regents Park Road London N3 3LF Charity Number 1087468 Bankers HSBC 69 Pall Mall London, SWIY SEY Auditors Goldwins Limited Chartered Accountants and Registered Auditors 75 Maygrove Road London NW6 2EG Solicitors Martin Paisner CBE Payne Hicks Beach l O New Square Lincoln's Inn London WC2A 3QG
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FLND TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustee presents its Report together with the Audited Accounts of the Charity for the year ended 31 March 2024. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Instrument The Charity is an unincorporated association governed by a Charity Commission Scheme adopted on 31 May 2001. Trustees The Corporate Truslee is YoLltlI Aliyali Child Rescuc. a Coinpaiiy l.iniited by guarantee undci- Conipaiiy IlLiiiiber 3 845916 aiid Chai-ilj iiuiiibei- 107791). I'lie d ireLIoi's (Trnd trustees ot" Youtli Aliyali- Cliild Rescue "C nned on Pagse l. OBJECTS AND ACTIVITllI S Principal Activity Youth Aliyah - Child Rescue Scholarship and Maintenance Fund is effectively a subsidiary of Youth Aliyah Child Rescue and the sole activity of the Charity is to manage the Scholarship endowment funds and to utilise the income arising therefrom to provide scholarship to students in 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 villages in the form of scholarships. committee 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 2024 STATEMENT OF RESPONSIBLITIES OF THE TRUSTEE The trustee is responsible for preparing the trustee's annual report and the financial statements in accordance with applicable law and United Kingdom 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 state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustee is required to". Select suitable accounting policies and then appIy them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any Enaterial departures disclosed and explained in the financial statements Prepare the financial statemcnts on the going concem basis unless it is inappropriate to presume that th¢ charity will continue Én operation The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the charity 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 financial Information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financÉal statements may differ from legislation in other jurlsdictions.
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND STATEMENT OF RESPONSIBILITIES OF THE TRUSTEE Continued FOR THE YEAR ENDED 31 MARCH 2024 Statement as to disclosure to our auditors In so far as the trustee is aware.. There is no relevant audit inforniation of which the charity's auditors are unaware. The trustee has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the auditors are aware of that information. Auditors Goldwins Limited have expressed their willingness to continuc in office as Auditors. iesolution proposingy their re-appointment will be submitted at tlie Annual General Meeting. The IrLlStee's <liinu£21 rcport has bccn appi-oiied bs1 tlie trLlStee on and signed on its behalf by; M Robinson Esq- (Chairman)
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND Opinion We have audited the financial statements of Youth Aliyah - Child Rescue Scholarship and Maintenance Fund (the 'CharÉty') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of Charity's affairs as at 31 March 2024 and of the income and expenditure for the year then ended have been properly prepar¢d in accordance with United Kingdom Generally Accepted Accounting Practice" have been prepared in accordance with the requirements of the Charities Act 2011 Basis for opinlon We conducted 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 report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the fRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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 concluded 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 performed, we have not identified any material uncertainties relating to events or conditions that, 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 months from when the flnancial 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 this report.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND (Continued) Other information The other information comprises the information included in the annual report, including the trustee's report, other than the financial statemeiits and our auditor's report thereon. The trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not Cover the other infom]ation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or oth¢nvisc appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement ot.this other information: we arc required to report thai fact WL Iiave notl)iniJ to i-epoi-t in Iliis regFdl-d. M2ttcrs on Ivhich Ive are requircd to rcport b} exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of ihe audit, we have nol idenlitied tnaterial misstatements in the Trustee's Annual Report. We have nothing to report in respect ol the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. the infonnation given in the trustee's report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept. or tlie financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of the trustee As explained more fully in the trustee's responsibilities statement, the trLlStee is responsÈble for the preparation of the financial statements and for being satisfied that they give a true and fair view, and lor such interiial control as it determines is iiecessary to enable the preparation of tinancial statements that are free from material misstatement, whether due to fi'aud or error.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND (Continued) In preparing the financial statements, the trustee is responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustee either intend to llquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under the Charities Act 2011 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 free from material mÈsstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wÉth ISAS (UK) will always detect a material 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 influenc¢ the economic decisions of users 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 misstatcments in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We enquired about management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to: o identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged traud The internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made Én making accounting estimates are indicative of a potential bias and tested signkficant transactions that are unusual or those outside the normal course of business
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF YOUTH ALJYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND (Continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regardiiig irregiilarities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms 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 sectÈon 144 of the Charities Act 2011 and the regulations made under section 154 of the Act. Our audit work has been undertaken so that we might state to the Charity's trustee those matters we are required to stale to them in an auditor's report and for no other purpose. "E o the fullcst cxtcnt perniitted by law, wc do not acccpt or assume responsibility to anyoiie otlier than the Chai-ity iiid ilie Cliarity s li-iistee as a body. for oiii- audit woi-L, t"oi- tliis repoil, oi- lor tlie opiiiiuns we have loiii]ed. 1211212024 Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Goldwins Limited is eligible for appoiiitment as auditor of tlie charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Coinpanies Act 2006.
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Income from: Investments 31,999 31,980 Expenditure on: Raising funds (5,987) (6,062) CharitabIe Activities (25,000) (25,000) 1,012 918 Transfer from Youth Aliyah - Child Rescue Transfer from Children and Youth Aliyah Committee for Gr¢at Britain and Eire NET INCOME/(EXPENDITURE) 1,012 918 Investment (Losses)/GaÉns (24,904) (79,182) NET MOVEMENT IN FUNDS (23,892) (78,264) Funds Brought Forward 731,524 809,788 Funds Carried Forward £707,632 £731,524 The attached notes fonn part of the financial ststements.
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND BALANCE SHEET AS AT 31 MARCH 2024 NOTE 2024 2023 FIXED ASSETS Investments 776,381 775,483 CURRENT ASSETS Cash at bank 12,280 12,070 CREDITORS: amounts falling due within one year - YACII (81,029) (56,029) NET CURRENT (LIABILITIES)IASSE4 TS (68,749) (43,959) NET ASSETS £707,632 £731,524 FUNDS Endowment Funds £707,632 £731,524 £707,632 £731,524 and signed on its behalf by M Robinson Esq (Chairman) 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 31 MARCH 2024 ACCOUNTING POLICIES a) Basis of preparation of accounts The financial statements have been prepared in accordance with Accounting and Reporting by Charites: 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 l January 2015) - (Charities SORP FRS 102). The charÈty meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. b) Ineome Investment income És credited to income on a received basis. Pemianent endowmcnts are dealt with through the Statement of Financial Activities when received. c) Investments Investments are stated in the Balance Sheet at market value. The statement of Financial Activilies includes the net gains and losses arisÉng on revaluations and disposals throughout the year.
YOUTH ALIYAH- CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND NOTES TO THE ACCOUNTS Continued FOR THE YEAR ENDED 31 MARCH 2024 Total 2024 Total 2023 CHARITABLE ACTIVITIES Grants to Israel: Scholarships 25,000 25,000 INVESTMENTS Market Value as at l April 2023 Additions Dispos1L Is Transfer Realised & Unrealised Gains / (I.osses) 775,483 31,789 (5,987) 863,786 31,934 (36.054) (5,000) (79,183) (24,904) Market Value at 31 March 2024 £776,381 £775,483 Investments may by analysed as follows Cash Investment funds and bonds Equities 8,505 318,543 449,333 70,780 314,715 389,988 776,381 £775,483 12
YOUTH ALIYAH - CHILD RESCUE SCHOLARSHIP AND MAINTENANCE FUND NOTES TO THE ACCOUNTS Continued FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEE'S REMUNERATION AND EXPENSES No remuneration was paid to the trustee in the year, nor were any expenses reimbursed to it. CONNECTED CHARITY The charity is a subsidiary of Youth Aliyah - Child Rescue, a Company Limited by guarantee, which is registered in England and operates within the United Kingdom. The principal plac¢ of business of Youth Aliyah - Child Rescue is 235 Regents Park Road, London, N3 3LF. The ChÈldren and Youth Aliyah Committee for Great Britain and Eire is a fellow subsidÉary of the charity Youth Aliyah - ChiId Rescue. 13