Charity Registration No: 1091331
Euro Chai South Africa
Annual Report
and
Audited Financial Statements
For the year ended 31 December 2020
Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA
EURO CHAI SOUTH AFRICA CHARITY INFORMATION
YEAR ENDED 31 DECEMBER 2020
| DATE OF DEED | 27 February 2002 |
|---|---|
| TRUSTEES | Sean Melnick (Chairman) |
| Gregory Roediger | |
| Ralph Frank | |
| AUDITORS | Town and Forest |
| Chartered Accountants & Statutory Auditors | |
| First Floor, New Barnes Mill | |
| Cottonmill Lane | |
| St Albans | |
| AL1 2HA | |
| BANKERS | Investec Bank |
| 2 Gresham Street | |
| London | |
| EC2V 7QP | |
| LAWYERS | Berwin Leighton Paisner LLP |
| London Bridge | |
| London | |
| EC4R 9HA | |
| REGISTERED OFFICE | C/O Parway |
| 100 Marylebone Road | |
| London | |
| NW1 5DX |
EURO CHAI SOUTH AFRICA REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2020
The Trustees of Euro Chai South Africa present their Report and Accounts for the year ended 31 December 2020. 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).
Principal Activities
Euro Chai South Africa was established as a Charitable Trust on 27 February 2002. It is registered with the Charity Commissioners and derives its income from donations.
The objective of Euro Chai South Africa is to raise funds for charitable purposes in South Africa in particular, but not exclusively, for the benefit of persons of the Jewish Faith.
Organisation and Appointment of Trustees
The Trustees meet regularly during the year to plan fundraising and to consider requests from appropriate charities that may benefit under the objectives of this Charity.
The power to elect new Trustees rests with the existing Trustees and is governed by the terms of the Trust Deed. There must be at all times a minimum of three serving Trustees. There are no fixed periods of appointment.
Trustees
The Trustees during the year to 31 December 2020 were as follows: Ralph Frank Gregory Roediger Sean Melnick
Review of Developments and Activities
Over the years Euro Chai South Africa has held various enjoyable and successful events. From its first fund raising event in 2003, it has held nine successful fundraising dinners which have been well supported. The dinner which was due to be held in March 2020 was postponed.
Financial Review
The Financial Statements as set out on pages 6 to 10 summarise the transactions of the Charity during the year ended 31 December 2020. The deficit for the year ended 31 December 2020 as set out in the Statement of Financial Activities on page 6 was £35,062 (2020 – £27,932).
Grant Making Policy
In 2020 grants totalling £78,257 were made in accordance with the Charity's objectives and were reviewed and approved by the Trustees.
| Charity | |
|---|---|
| BethShalom | £5,357 |
| Chevrah Kadisha | £17,700 |
| Glendale | £3,800 |
| HerzliaFoundation | £6,100 |
| Kings David School Foundation | £45,300 |
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EURO CHAI SOUTH AFRICA REPORT OF THE TRUSTEES (COIYTINUED) YEAR ENDED 31 DECEMBER 2020 The policy of the Tn is to distsibllt¢ all fimd5 r¢ccived itito the awity within a short timescale. Sufficient Rl8k Settkment The management reviews the major risks whl'ch it fac0% on a wiodic basis and believes that maintainin8 rcscrves at sufficient levels as stated abo wi]1 provid¢ adequat¢ resou f(Y the Chority, even in the event of adverne conditions. Trnsteo8 Re•PoDbu1lIe4 Th¢ trnstees are respowible for Fryari th¢ R¢pN)rt of the TTUStee4 and the financi statements in aeLce with appli¢8ble law and Utiit¢d Kingdom Accounting Standarth Iunited Kingdom Gcnerally Accepted Accountin8 Prr*ti¢e}, includin8 Fina141 Reporting Siandard 102 Tr FinaDcia] Reporting Stsndard applicable in the UK and Republic of Ir¢land'. The law applicable to charities in England and Wales, thc Chariti¢s Act 2011. Charity (Accounts and Reports) Rc8ulation3 2008 and the provisions of the trust deed requires the trustee8 to prepare financial siatemcnts for cach rinanrial year which give a truc and fair view of the State of affairs of the charity and of the iwoming reSoUeS and application of r¢50urc&8. including the income and expenditure, of th¢ cknty for that WilKI. In prep4ting those financial 81atements, the trustCC8 are requwcd to: select suitable acwunting policies and thcn apply them consistcntly. obscrye the mcthods and principles io the Charity SORP. make judgements and cstimates that are reasonable and prndtht. and prepare the financial ststemeots on the 8OiDg concern basis unless it 18 inappropiatc to pr¢sume that the ¢1]ty will c0th1m in busin¢58. The trustees are responsible for kwin8 proper IOunting re¢ord8 which disclose wlth r¢asonabl¢ accuracy at Sny time the fmanciai position of the charity and to enable them to ensure that the financial ststementg comply with the Charities Act 2011, the Charity (Accounts and Rerts) Regulations 21)08 and the provisions of the tTUBI deed. They are also rc5pon8iblc for safcgu8rdiDg the assd5 of the ch3n.ty and hence for taking reasonable steps for the prevention and detection of fra1 and othtt irre8u]ariti¢8. On behalf of the Tnte¢S Ralph Frank Tntee Sean MeIni¢k Tnlee Date..
EURO CHAI SOUTH AFRICA INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 DECEMBER 2020
OPINION
We have audited the financial statements of Euro Chai South Africa (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS FOR OPINION
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 Auditors 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 THE GOING CONCERN
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
OTHER INFORMATION
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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EURO CHAI SOUTH AFRICA
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
YEAR ENDED 31 DECEMBER 2020
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
OUR REPSONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditors under Section 144 of 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 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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 influence 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Charities Act 2011 and FRS 102.
We assessed the risks of material misstatement in respect of fraud as follows: we made full enquiries with management and those charged with governance. As part of our fraud discussions, we discussed particular areas we believed to be susceptible to misstatement. Also, during our audit, we paid particular attention to looking for any related party transactions, however there were no related party transactions in this entity.
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 Report of the Independent Auditors.
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EURO CHAI SOUTH AFRICA INDEPENDENT AUDITOR’S REPORT (CONTINUED)
YEAR ENDED 31 DECEMBER 2020
________________
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Zara Dunster FCA (Senior Statutory Auditor) for and on behalf of Town and Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA
Date: 28 October 2021
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EURO CHAI SOUTH AFRICA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Incoming Resources Donations Received Gift Aid Activities to Generate Funds: Interest Received Total Incoming Resources Resources Expended Cost of Generating Funds: Charity Functions Charitable Expenditure: Donations Made 3 Management and Administration Expenses 4 Total Resources Expended Net Movements in Funds Fund balance brought forward at 1 January 2020 Funds carried forward at 31 December 2020 |
Year Ended 31 December 2020 £ 38,006 7,207 865 |
Year Ended 31 December 2019 |
|---|---|---|
| £ 60,772 3,906 876 |
||
| 46,078 | 65,554 | |
| - 78,257 2,883 81,140 |
32 88,241 5,213 |
|
| 93,486 | ||
| (35,062) 193,812 |
(27,932) 221,744 |
|
| 158,750 | 193,812 |
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EURO CHAI SOUTH AFRICA STATEMENT OF FINANCIAL POSfllON AT 31 DECEMBER 2020 Yur Ended 31 Det¢mber 2020 Year Ended JI December 2019 Note Current Amets D¢btor8 Cash at Bank 15.C 146,720 11.808 186.972 161,720 198,780 Current Liabilities {2,970) (4,968) N¢t Current Asscts 158.750 193.812 Represented By: Unre8triGt¢d Futknls 158.750 193,812 The financial StateMts w¢rc approved by the Board of Tntstees on................................ and were 8i8n¢d on ts behalf by: Ralph Frank Trustce SeaD Melnick Date:
EURO CHAI SOUTH AFRICA NOTES TO THE ACCOUNTS AT 31 DECEMBER 2020
1 Basis of Preparation
Accounting Convention
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, and in accordance with the accounting policies set out below.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
-
the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d).
2 Accounting Policies
Incoming Resources
Donations are recognised when they are received in the bank. All other income is recognised on an accruals basis.
Resources Expended
Donations made are accounted for when awarded. All other expenditure is recognised on an accruals basis.
Foreign Exchange Movements
Transactions in foreign currencies are translated at rates prevailing at the date of transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Any gains or losses arising from transactions at the year-end date are taken to the Statement of Financial Activities.
Funds
All funds held by the Charity are unrestricted. They are therefore utilised by the Trustees, at their discretion, in accordance with the objectives of the Charity.
Provisions and accruals
Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
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EURO CHAI SOUTH AFRICA NOTES TO THE ACCOUNTS (CONTINUED) AT 31 DECEMBER 2020
3 Donations Made
4
| Beth Shalom Chevrah Kadisha Glendale Herzlia Foundation King David School Foundation Yad Aharon Management and Administration Expenses Auditors' Remuneration Professional Fees (Gain)/Loss on Foreign Exchange Insurance Bank Charges Website Expenses |
Year Ended 31 December 2020 £ 5,357 17,700 3,800 6,100 45,300 - 78,257 Year Ended 31 December 2020 £ 2,400 (1,350) - 1,064 589 180 2,883 |
Year Ended 31 December 2019 |
|---|---|---|
| £ 5,700 11,400 - 11,000 55,951 190 |
||
| 88,241 | ||
| Year Ended 31 December 2019 |
||
| £ 2,400 1,027 29 840 737 180 |
||
| 5,213 |
The Trust has no employees, the daily running of the Charity being carried out by the Trustees themselves.
The Trustees did not receive any remuneration or claim any reimbursement of expenses during the year.
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EURO CHAI SOUTH AFRICA NOTES TO THE ACCOUNTS (CONTINUED) AT 31 DECEMBER 2020
| 5 Debtors Gift Aid Deposit Donations Prepayments 6 Current Liabilities Other Creditors Accruals |
Year Ended 31 December 2020 £ 7,200 7,800 - - 15,000 Year Ended 31 December 2020 £ - 2,970 2,970 |
Year Ended 31 December 2019 |
|---|---|---|
| £ 3,906 - 102 7,800 |
||
| 11,808 | ||
| Year Ended 31 December 2019 |
||
| £ 648 4,320 |
||
| 4,968 |
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