REGISTERED CHARITY NUMBER: 1096536
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
POEL TZEDEK CHARITABLE TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
POEL TZEDEK CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
POEL TZEDEK CHARITABLE TRUST
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
Objectives and aims
The principal objectives of the charity are:
i) The advancement of education.
ii) The advancement of the Jewish religion.
iii) The relief of poverty and infirmity.
iv) Other such purposes as are considered by English law as charitable.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the charitable company.
Volunteers
The charity is ran solely by volunteers and the Trustees, none of the charity's work was undertaken by paid employees in the period.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the period, the charity supported various religious, educational and other charitable institutions. The charity is dependent on income from voluntary donations. The charity received donations of £702,671 (2022: £63,062) and paid donations of £65,815 (2022: £16,447) during the period.
FINANCIAL REVIEW
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of funds to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
Going concern
The trustees have a reasonable expectation that the charity has adequate support to continue operational existence for the foreseeable future. For this reason, the charity has adopted the going concern basis of accounting in preparing the annual financial statements.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a declaration of trust dated 13 March 2003 and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Page 1
POEL TZEDEK CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1096536
Principal address
166 Kyverdale Road London N16 6PU
Trustees
Mrs R Adler Mrs R R Lenzky
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 9 October 2024 and signed on its behalf by:
Mrs R R Lenzky - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF POEL TZEDEK CHARITABLE TRUST
Independent examiner's report to the trustees of Poel Tzedek Charitable Trust
I report to the charity trustees on my examination of the accounts of Poel Tzedek Charitable Trust (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
M A Venitt, ACA
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
9 October 2024
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POEL TZEDEK CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 702,671 | 63,062 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 26,173 | - |
| Charitable activities | 4 | ||
| Charitable activities | 187,493 | 62,251 | |
| Other | 1,254 | 598 | |
| Total | 214,920 | 62,849 | |
| Net gains on investments | 408,000 | - | |
| NET INCOME | 895,751 | 213 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | (19,624) | (19,837) | |
| TOTAL FUNDS CARRIED FORWARD | 876,127 | (19,624) |
The notes form part of these financial statements
Page 4
POEL TZEDEK CHARITABLE TRUST
BALANCE SHEET 31 DECEMBER 2023
| 31.12.23 Unrestricted fund Notes £ CURRENT ASSETS Debtors 10 841,827 Cash at bank 35,200 877,027 CREDITORS Amounts falling due within one year 11 (900) NET CURRENT ASSETS 876,127 TOTAL ASSETS LESS CURRENT LIABILITIES 876,127 CREDITORS Amounts falling due after more than one year 12 - NET ASSETS 876,127 FUNDS 14 Unrestricted funds 876,127 TOTAL FUNDS 876,127 |
31.12.22 Total funds £ - 2,459 2,459 - 2,459 2,459 (22,083) (19,624) (19,624) (19,624) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 October 2024 and were signed on its behalf by:
R R Lenzky - Trustee
R Adler - Trustee
The notes form part of these financial statements
Page 5
POEL TZEDEK CHARITABLE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investment property Sale of investment property Net cash provided by investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.12.23 £ (352,822) (354) (353,176) (600,000) 1,008,000 408,000 (22,083) (22,083) 32,741 2,459 35,200 |
31.12.22 £ 561 (348) 213 - - - (2,917) (2,917) (2,704) 5,163 2,459 |
|---|---|---|
The notes form part of these financial statements
Page 6
POEL TZEDEK CHARITABLE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|---|---|---|---|---|
| 31.12.23 | 31.12.22 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of Financial | ||||
| Activities) | 895,751 | 213 | ||
| Adjustments for: | ||||
| Losses on investments | (408,000) | - | ||
| Interest paid | 354 | 348 | ||
| Increase in debtors | (841,827) | - | ||
| Increase in creditors | 900 | - | ||
| Net cash (used in)/provided by operations | (352,822) | 561 | ||
| 2. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS | |||
| At 1.1.23 | Cash flow | At 31.12.23 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 2,459 | 32,741 | 35,200 | |
| 2,459 | 32,741 | 35,200 | ||
| Debt | ||||
| Debts falling due after 1 year | (22,083) | 22,083 | - | |
| (22,083) | 22,083 | - | ||
| Total | (19,624) | 54,824 | 35,200 |
The notes form part of these financial statements
Page 7
POEL TZEDEK CHARITABLE TRUST
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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the costs of Trustee meetings and the preparation of the statutory accounts.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
continued...
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POEL TZEDEK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | |||
|---|---|---|---|---|
| 31.12.23 | 31.12.22 | |||
| £ | £ | |||
| Donations | 702,671 | 63,062 | ||
| 3. | RAISING FUNDS | |||
| Investment management costs | ||||
| 31.12.23 | 31.12.22 | |||
| £ | £ | |||
| Administrative expenses | 14,709 | - | ||
| Property repairs | 600 | - | ||
| Maintenance charges | 10,864 | - | ||
| 26,173 | - | |||
| 4. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | ||||
| Direct | (see note | |||
| Costs | 5) | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 121,678 | 65,815 | 187,493 | |
| 5. | GRANTS PAYABLE | |||
| 31.12.23 | 31.12.22 | |||
| £ | £ | |||
| Charitable activities | 65,815 | 16,447 | ||
| 6. | SUPPORT COSTS | |||
| Governance | ||||
| costs | ||||
| £ | ||||
| Other resources expended | 900 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
continued...
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POEL TZEDEK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 63,062 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities | 62,251 | ||
| Other | 598 | ||
| Total | 62,849 | ||
| NET INCOME | 213 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | (19,837) | ||
| TOTAL FUNDS CARRIED FORWARD | (19,624) | ||
| 9. | INVESTMENT PROPERTY | ||
| £ | |||
| FAIR VALUE | |||
| Additions | 600,000 | ||
| Disposals | (600,000) | ||
| At 31 December 2023 | - | ||
| NET BOOK VALUE | |||
| At 31 December 2023 | - | ||
| At 31 December 2022 | - | ||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Other debtors | 841,827 | - |
continued...
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POEL TZEDEK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|---|
| 31.12.23 | 31.12.22 | |||||
| £ | £ | |||||
| Other creditors | 900 | - | ||||
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN | ONE YEAR | ||||
| 31.12.23 | 31.12.22 | |||||
| £ | £ | |||||
| Bank loans (see note 13) | - | 22,083 | ||||
| 13. | LOANS | |||||
| An analysis of the maturity of loans is given below: | ||||||
| 31.12.23 | 31.12.22 | |||||
| £ | £ | |||||
| Amounts falling due between two and five years: | ||||||
| Bank loans - 2-5 years | - | 22,083 | ||||
| 14. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At | 1.1.23 | in funds | 31.12.23 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | (19,624) | 895,751 | 876,127 | |||
| TOTAL FUNDS | (19,624) | 895,751 | 876,127 | |||
| Net movement in funds, included in the above are as | follows: | |||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 702,671 | (214,920) | 408,000 | 895,751 | ||
| TOTAL FUNDS | 702,671 | (214,920) | 408,000 | 895,751 | ||
| Comparatives for movement in funds | ||||||
| Net | ||||||
| movement | At | |||||
| At | 1.1.22 | in funds | 31.12.22 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | (19,837) | 213 | (19,624) | |||
| TOTAL FUNDS | (19,837) | 213 | (19,624) |
continued...
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POEL TZEDEK CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 63,062 | (62,849) | 213 |
| TOTAL FUNDS | 63,062 | (62,849) | 213 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ (19,837) (19,837) |
Net movement in funds £ 895,964 895,964 |
At 31.12.23 £ 876,127 |
|---|---|---|---|
| 876,127 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 765,733 765,733 |
Resources expended £ (277,769) (277,769) |
Gains and Movement losses in funds £ £ 408,000 895,964 408,000 895,964 |
Gains and Movement losses in funds £ £ 408,000 895,964 408,000 895,964 |
|---|---|---|---|---|
| 895,964 |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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