REGISTERED CHARITY NUMBER: 1091331
Report of the Trustees and Audited Financial Statements for the Year Ended 31 December 2023
for
Euro Chai South Africa
Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA
Euro Chai South Africa
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Report of the Independent Auditors | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 10 |
| Detailed Statement of Financial Activities | 11 |
Euro Chai South Africa
Reference and Administrative Details for the Year Ended 31 December 2023
| TRUSTEES | S A Melnick (Chairman) |
|---|---|
| G Roediger | |
| R J Frank | |
| PRINCIPAL ADDRESS | C/O Parway |
| 100 Marylebone Road | |
| London | |
| NW1 5DX | |
| REGISTERED CHARITY | 1091331 |
| NUMBER | |
| AUDITORS | Town & 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 | |
| HSBC UK Bank Plc | |
| 90 Baker Street | |
| London | |
| W1U 6AX | |
| LAWYERS | Berwin Leighton Paisner LLP |
| London Bridge | |
| London | |
| EC4R 9HA |
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Euro Chai South Africa
Report of the Trustees
for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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).
OBJECTIVES AND ACTIVITIES
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.
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 2023. The surplus for the year ended 31 December 2023 as set out in the Statement of Financial Activities on page 6 was £6,662 (2022 – £3,713).
Donation Making Policy
In 2023 donations totalling £35,425 were made in accordance with the Charity's objectives and were reviewed and approved by the Trustees.
| Charity | £ |
|---|---|
| Beth Shalom | 950.00 |
| Chevrah Kadisha | 14,750.00 |
| Herzlia Foundation | 16,500.00 |
| KDSF | 2,750.00 |
| ORT | 475.00 |
Reserves Policy
The policy of the Trustees is to distribute all funds received into the Charity within a short timescale. Sufficient funds are kept in the Charity to cover the administrative costs for the future fundraising activities.
Risk Settlement
The management reviews the major risks which it faces on a periodic basis and believes that maintaining reserves at sufficient levels as stated above will provide adequate resources for the Charity, even in the event of adverse conditions.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
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Ellro Chal South Afrlca rt of the Trnstees for the Year Ended 31 Dttember 2023 TRUSTEESI RESPONSIBILITY STATEMENT The trustees are responsible for prq)aring the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The FiD8nci21 Reportin8 Standard applicable in the UK and Republic of Ireland" The law applicable to chartties in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trSt¢¢S 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 perio& In preparing those financial statements, the trustees are required to: - select suitable accounting polici and then apply them consistently" - observ¢ the rneth(MJs and principles in the Chatity SORP. - make judgements and estimates that are r¢asonable and prudent: and - prepare the financial statern¢nts on thc going concern basis unle&s it Is Inappropriate to presume that the charity wxll continue in business. The trustees are responsible for keq)ing proper accounting records which di10S¢ with reasonable aU[a¢Y at any time th¢ financial position of the charity and to enable them to ensure that the fInancial statements comply with th¢ Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the &ssets of the chaTity and hence for taking reasonable steps for the prevention and detection of fraud and oth¢r irregularities. Approved by order of the board of tn]st¢¢s on ................ .. and signed on its behalf by: R J Frank- TnLSt¢e Page 3
Report of the Independent Auditors to the Trustees of Euro Chai South Africa
Opinion
We have audited the financial statements of Euro Chai South Africa (the 'charity') for the year ended 31 December 2023 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 (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 going concern
In auditing the financial statements, we have concluded that the trustees' 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 twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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, except to the extent otherwise explicitly stated in our report, 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 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 of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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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.
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Report of the Independent Auditors to the Trustees of Euro Chai South Africa
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, 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 responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 145 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.
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.
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.
Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA
Date: ............................................. 28 October 2024
Zara Dunster FCA (Senior Statutory Auditor)
Page 5
Euro Chai South Africa
Statement of Financial Activities
for the Year Ended 31 December 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 48,502 Investment income 2 1,195 49,697 EXPENDITURE ON Charitable activities Donations made 4 35,425 Management and administration expenses 7,610 43,035 NET INCOME 6,662 RECONCILIATION OF FUNDS Total funds brought forward 166,687 TOTAL FUNDS CARRIED FORWARD 173,349 |
Year Ended Year Ended 31.12.23 31.12.22 Restricted Total Total fund funds funds £ £ £ - 48,502 8,741 - 1,195 871 - 49,697 9,612 - 35,425 - - 7,610 5,899 - 43,035 - - 6,662 3,713 - 166,687 162,974 - 173,349 166,687 |
|---|---|
The notes form part of these financial statements
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Euro Chai South Afrlca Balance Sheet 31 December 2023 31.12.23 Total 31.12.22 Total fijnds Unrestricted Restricted fund fund Notes CURRENT ASSETS Debtors Cash at bank 7,139 171610 7,139 171610 114 171073 178.749 178,749 171.187 CREDTTORS Amounts falling due with7n one year (5.41KI) (5,4(X)) {4,500} NET CURRENT ASSETS 173.349 173 349 166 687 TOTAL ASSETS LESS CURRENr LIABILITIES 173J49 173.349 166,687 IYET ASSETS 173 349 173.349 166.687 Unrestricted funds 166 687 TOTAL FUNDS 173 349 166 687 10 Th¢ financial statements were approved by the Board of TnteeS and authorised for issue on ........... .... .......... .. and w¢re signed on its behalf by: R J Frank - Trustee S A M¢lnick- Tnte¢ The notes forni part of these financial statements Page 7
Euro Chai South Africa
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
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.
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':
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the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d).
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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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.
continued...
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Euro Chai South Africa
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
2. INVESTMENT INCOME
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Deposit account interest | 1,195 | 871 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the period ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the period ended 31 December 2022.
4. DONATIONS MADE
| 4. | DONATIONS MADE | ||
|---|---|---|---|
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Beth Shalom | 950 | - | |
| Chevrah Kadisha | 14,750 | - | |
| Herzlia Foundation | 16,500 | - | |
| KDSF | 2,750 | - | |
| ORT | 475 | - | |
| _____ | _____ | ||
| 35,425 | - | ||
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Gift aid debtor | 6,892 | 114 | |
| Prepayments | 247 | - | |
| _____ | _____ | ||
| 7,139 | - | ||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Accrued expenses | 5,400 | 4,500 |
continued…
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Euro Chai South Africa
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
7. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.1.23 £ 166,687 166,687 Incoming resources £ 49,697 49,697 |
Net movement At in funds 31.12.23 £ £ 6,662 173,349 6,662 173,349 Resources Movement expended in funds £ £ (43,035) 6,662 (43,035) 6,662 |
|---|---|---|
Comparatives for movement in funds
| At 1.1.22 £ Unrestricted funds General fund 162,974 TOTAL FUNDS 162,974 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 9,612 TOTAL FUNDS 9,612 |
Net movement At in funds 31.12.22 £ £ 3,713 166,687 3,713 166,687 Resources Movement expended in funds £ £ (5,899) 3,713 (5,899) 3,713 |
|---|---|
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
continued…
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Euro Chai South Africa
Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
| Year Ended | Year Ended | |
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 41,610 | 8,627 |
| Gift aid | 6,892 | 114 |
| 48,502 | 8,741 | |
| Investment income | ||
| Deposit account interest | 1,195 | 871 |
| Total incoming resources | 49,697 | 9,612 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations made | 35,425 | - |
| 35,425 | - | |
| Management and Administration expenses | ||
| Auditors' remuneration | 4,800 | 3,900 |
| Accountancy and legal fees | 1,103 | 600 |
| Bank charges | 488 | 476 |
| Exchange losses/(gains) | 173 | (74) |
| Insurance | 696 | 867 |
| Professional fees | - | (240) |
| Software costs | 202 | 190 |
| Website expenses | 148 | 180 |
| 7,610 | 5,899 | |
| Total resources expended | 43,035 | 5,899 |
| Net income | 6,662 | 3,713 |
This page does not form part of the statutory financial statements
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