REGISTERED COMPANY NUMBER: 04332855 (England and Wales) REGISTERED CHARITY NUMBER: 1096711
ICHUD MOSDOS GUR LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
ICHUD MOSDOS GUR LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Statement of Financial Position | 9 | ||
| Statement of Cash Flows | 10 | ||
| Notes to the Statement of Cash Flows | 11 | ||
| Notes to the Financial Statements | 12 | to | 16 |
ICHUD MOSDOS GUR LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES J Goldman A Kahn J Schreiber J Levy I N Perlberger A Jacubowitsch C Abramzyk COMPANY SECRETARIES J Schreiber I Y Chersky REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 04332855 (England and Wales) NUMBER REGISTERED CHARITY 1096711 NUMBER AUDITORS Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
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ICHUD MOSDOS GUR LIMITED (REGISTERED NUMBER: 04332855)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity 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).
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are:
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the advancement of religion in accordance of the Orthodox Jewish Faith;
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the relief of poverty;
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such purposes as are recognised by English law as charitable.
The trustees have considered the Charity Commission's general guidance on public benefit.
Grantmaking policy
In the main grants are made to Ichud Mosdos Gur, Israel (known as The United Institutions of Gur in Israel). However whilst not actively inviting applications the trustees are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity has continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and relief of poverty. Various functions were held during the year both for fundraising and to raise awareness of the charity and its beneficiaries.
FINANCIAL REVIEW
Performance
The charity is reliant on income from donations. Income was about 32% lower than the previous year and in consequence the trustees reduced grantmaking by some 34% leaving a surplus for the year,
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £11,996 (2019- £7,185).
FUTURE PLANS
The charity plans to continue its activities subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 3 December 2001.
Organisational structure
The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the continuing board. New trustees are appointed based on personal competence, specialist skills and experience They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.
Risk review
The trustees have confirmed that there are no major risks to which the charity is exposed.
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ICHUD MOSDOS GUR LIMITED (REGISTERED NUMBER: 04332855)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Ichud Mosdos Gur Limited for the purposes of company law) are responsible for preparing 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).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 14 September 2021 and signed on its behalf by:
A Kahn - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ICHUD MOSDOS GUR LIMITED
Opinion
We have audited the financial statements of Ichud Mosdos Gur Limited (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006.
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 charitable company 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 charitable company'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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ICHUD MOSDOS GUR LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ICHUD MOSDOS GUR LIMITED
Our responsibilities for the audit of the financial statements
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:
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
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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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ICHUD MOSDOS GUR LIMITED
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Emanuel Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
14 September 2021
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ICHUD MOSDOS GUR LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Charitable activities Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,495,449 51,919 1,438,719 1,490,638 4,811 7,185 11,996 |
Restricted fund £ 562 - 562 562 - - - |
2020 Total funds £ 1,496,011 51,919 1,439,281 1,491,200 4,811 7,185 11,996 |
2019 Total funds £ 2,195,433 89,458 2,143,766 2,233,224 (37,791) 44,976 7,185 |
|---|---|---|---|---|
The notes form part of these financial statements
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ICHUD MOSDOS GUR LIMITED (REGISTERED NUMBER: 04332855)
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds: General fund TOTAL FUNDS |
2020 £ 17,216 (5,220) 11,996 11,996 11,996 11,996 11,996 |
2019 £ 15,340 (8,155) 7,185 7,185 7,185 7,185 7,185 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 14 September 2021 and were signed on its behalf by:
A Kahn - Trustee
The notes form part of these financial statements
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ICHUD MOSDOS GUR LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating 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 |
2020 £ 1,876 1,876 1,876 15,340 17,216 |
2019 £ (38,445) (38,445) (38,445) 53,785 15,340 |
|---|---|---|
The notes form part of these financial statements
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ICHUD MOSDOS GUR LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Decrease in debtors Decrease in creditors Net cash provided by/(used in) operations |
2020 £ 4,811 - (2,935) 1,876 |
2019 £ (37,791) 750 (1,404) (38,445) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.20 Cash flow At £ £ Net cash Cash at bank 15,340 1,876 15,340 1,876 Total 15,340 1,876 |
31.12.20 £ 17,216 17,216 17,216 |
|---|---|
The notes form part of these financial statements
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ICHUD MOSDOS GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. DONATIONS AND LEGACIES
| Donations Grants |
Unrestricted funds £ 1,495,449 - 1,495,449 |
Restricted funds £ - 562 562 |
2020 Total funds £ 1,495,449 562 1,496,011 |
2019 Total funds £ 2,195,433 - |
|---|---|---|---|---|
| 2,195,433 |
Grants received, included in the above, are as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Other grants | 562 | - |
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ICHUD MOSDOS GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
3. RAISING FUNDS
Raising donations and legacies
| Unrestricted Restricted funds funds £ £ Rent, rates and office expenses 29,423 - Postage and stationery 7,209 - Hotel and travel 6,478 - Function 8,809 - 51,919 - 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) £ Charitable activities 1,394,988 5. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Religious education Advancement of religion Relief of poverty General purpose Social Welfare Ichud Mosdos Gur Israel Others (below £20,000) Total |
2020 Total funds £ 29,423 7,209 6,478 8,809 51,919 Support costs (see note 6) £ 44,293 2020 £ 1,394,988 2020 £ 1,299,736 76,700 - - 18,552 1,394,988 1,353,936 41,052 1,394,988 |
2019 Total funds £ 35,007 14,062 2,421 37,968 89,458 Totals £ 1,439,281 |
2019 Total funds £ 35,007 14,062 2,421 37,968 |
|
|---|---|---|---|---|
| 89,458 | ||||
| 2019 £ 2,118,951 |
||||
| 2019 £ 1,686,733 227,432 90,500 52,626 61,660 |
||||
| 2,118,951 | ||||
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ICHUD MOSDOS GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
6. SUPPORT COSTS
| Charitable activities Support costs, included in the above, are as follows: Finance Wages Bank charges Governance costs Auditors' remuneration Auditors' remuneration for non audit work Legal and professional fees General expenses |
Governance Finance costs Totals £ £ £ 9,411 34,882 44,293 2020 2019 Charitable Total activities activities £ £ 6,787 1,138 2,624 4,483 9,411 5,621 2020 2019 Charitable Total activities activities £ £ 2,340 2,340 2,880 2,880 7,650 13,289 22,012 685 34,882 19,194 |
|---|---|
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 2,340 | 2,340 |
| Auditors' remuneration for non audit work | 2,880 | 2,880 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
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ICHUD MOSDOS GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
9. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Office No employees received emoluments in excess of £60,000. 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Current assets 17,216 - Current liabilities (5,220) - 11,996 - 12. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 7,185 TOTAL FUNDS 7,185 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,495,449 Restricted funds Restricted 562 TOTAL FUNDS 1,496,011 |
2020 1 2020 £ - 5,220 5,220 2020 Total funds £ 17,216 (5,220) 11,996 Net movement in funds £ 4,811 4,811 Resources expended £ (1,490,638) (562) (1,491,200) |
2019 1 2019 £ 88 8,067 8,155 2019 Total funds £ 15,340 (8,155) 7,185 At 31.12.20 £ 11,996 11,996 Movement in funds £ 4,811 - 4,811 |
|---|---|---|
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ICHUD MOSDOS GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 44,976 44,976 are as follows: Incoming resources £ 2,195,433 2,195,433 |
Net movement in funds £ (37,791) (37,791) Resources expended £ (2,233,224) (2,233,224) |
At 31.12.19 £ 7,185 7,185 Movement in funds £ (37,791) (37,791) |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
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