REGISTERED COMPANY NUMBER: 04785575 (England and Wales) REGISTERED CHARITY NUMBER: 1100351
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
FOR
ZICHRON AHRON TRUST LTD
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
ZICHRON AHRON TRUST LTD
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 June 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
ZICHRON AHRON TRUST LTD (REGISTERED NUMBER: 04785575)
REPORT OF THE TRUSTEES for the year ended 30 June 2023
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 30 June 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 2015.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects and principal activities are:
a) The relief of poverty amongst the elderly or persons in conditions of need, hardship and distress within the Jewish community.
b) The advancement of education according to the tenets of the orthodox Jewish religion.
The charity fulfils its objectives and satisfies its public benefit by making grants to qualifying individuals and organisations.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Grantmaking
All applications to the charity for grants are considered carefully by the trustees at regular meetings. On most occasions, if the trustees feel the application meets their approval in principle they will meet applicants face to face and discuss with them the most effective way of providing assistance. The trustees usually then have a further meeting before making a decision as to whether assistance should be granted, and if so, in what form and to what level.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Monies are raised by way of charitable donations received from corporate donors, individuals and other registered charities as well as from a fixed asset investment.
The charity has made grants in the current year of £111,752 (2022 - £31,514). The trustees are satisfied with their policy for making grants and find it a successful way of assisting charitable beneficiaries.
In the year under review there was a £21,228 decrease in investment income to £66,139 (2022 - £87,367).
Internal and external factors
The trustees have made full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Investment policy and objectives
Under its trust deed the charity has the power to invest in any way they wish.
Reserves policy
The trustees have not established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary donations and grants. The trustees consider that the ideal level of reserves as at 30 June 2023 would be would be 12 months of administrative costs. However, the Zichron Ahron Trust Limited is principally operated as a Social work without accomodation, and the trustees' policy is to seek to distribute bulk of the income arising in each financial year as at becomes available.
The actual reserves as at 30 June 2023 were £61,071 in deficit. The trustees are considering ways in which further unrestricted funds may be raised.
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ZICHRON AHRON TRUST LTD (REGISTERED NUMBER: 04785575)
REPORT OF THE TRUSTEES
for the year ended 30 June 2023
FUTURE PLANS
There are no significant future developments to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was incorporated on 3 June 2003 and is constituted as a company limited by guarantee and is therefore governed by its Memorandum and Articles of Association.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of Zichron Ahron Trust Limited.
Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Organisational structure
The trustees meet approximately every two months to discuss finances and personnel matters. The trustees are responsible for the day to day running of the charity, for policy making, setting the broad strategic direction of the organisation and ensuring it has sufficient financial resources.
Induction and training of new trustees
New trustees are invited and encouraged to attend a series of short training sessions (of no more than one hour) to familiarise themselves with the charity and the context within which they operate. Trustees are offered training during the course of their tenure.
Wider network
At present Zichron Ahron Trust Limited does not consider itself part of a wider network.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04785575 (England and Wales)
Registered Charity number
1100351
Registered office
19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Trustees
Mr D T Saurymper Mrs C Saurymper Mr J A Stempel
Company Secretary
Mr D T Saurymper
Independent Examiner
Mr Yedidya Zaiden, FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
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ZICHRON AHRON TRUST LTD (REGISTERED NUMBER: 04785575)
REPORT OF THE TRUSTEES for the year ended 30 June 2023
Approved by order of the board of trustees on 25 March 2024 and signed on its behalf by:
Mr D T Saurymper - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ZICHRON AHRON TRUST LTD
Independent examiner's report to the trustees of Zichron Ahron Trust Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Mr Yedidya Zaiden, FCCA
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
25 March 2024
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ZICHRON AHRON TRUST LTD
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 June 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 961 Investment income 3 66,139 Total 67,100 EXPENDITURE ON Charitable activities 4 Education and relief of poverty 111,752 Support cost 3,094 Total 114,846 NET INCOME/(EXPENDITURE) (47,746) RECONCILIATION OF FUNDS Total funds brought forward (13,325) TOTAL FUNDS CARRIED FORWARD (61,071) |
Restricted fund £ - - - - - - - - - |
2023 Total funds £ 961 66,139 67,100 111,752 3,094 114,846 (47,746) (13,325) (61,071) |
2022 Total funds £ - 87,367 87,367 33,891 - 33,891 53,476 (66,801) (13,325) |
|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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ZICHRON AHRON TRUST LTD (REGISTERED NUMBER: 04785575)
BALANCE SHEET 30 June 2023
| Unrestricted fund Notes £ FIXED ASSETS Investments 9 260,000 CURRENT ASSETS Debtors 10 50,000 Cash at bank 1,001 51,001 CREDITORS Amounts falling due within one year 11 (338,904) NET CURRENT ASSETS/(LIABILITIES) (287,903) TOTAL ASSETS LESS CURRENT LIABILITIES (27,903) CREDITORS Amounts falling due after more than one year 12 (33,168) NET ASSETS/(LIABILITIES) (61,071) FUNDS 14 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - |
2023 Total funds £ 260,000 50,000 1,001 51,001 (338,904) (287,903) (27,903) (33,168) (61,071) (61,071) (61,071) |
2022 Total funds £ 260,000 50,000 50,197 100,197 (333,972) (233,775) 26,225 (39,550) (13,325) (13,325) (13,325) |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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ZICHRON AHRON TRUST LTD (REGISTERED NUMBER: 04785575)
BALANCE SHEET - continued 30 June 2023
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 25 March 2024 and were signed on its behalf by:
Mr D T Saurymper - Trustee
The notes form part of these financial statements
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ZICHRON AHRON TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2023
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, with the exception of investments which are included at market value.
The trustees, in their consideration of going concern, have reviewed the charity's future cash flow forecasts and income projections which they believe are based on market data and past experience of similar charities. The charity is subject to a number of significant risks and uncertainties, which could affect the charity's ability to meet these forecasts. The trustees believe that the charity is adequately placed to manage its business risks.
After making enquiries, and taking into account the above, the trustees have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial statements.
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 payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
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.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.
Allocation and apportionment of costs
Overhead and support costs relating to charitable activities have been apportioned based on usage where appropriate.
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
continued...
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ZICHRON AHRON TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2023
1. ACCOUNTING POLICIES - continued
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.
Gifts in kind
Gifts in kind are included at the value to the charity where this can be quantified.
Grants payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust.The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the Trust.
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, except where the value of the investment cannot be measures reliably than the investment is shown at cost.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Donations | 961 | - |
continued...
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ZICHRON AHRON TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023
3. INVESTMENT INCOME
| Return on investment 4. CHARITABLE ACTIVITIES COSTS Education and relief of poverty Support cost 5. GRANTS PAYABLE Education and relief of poverty The total grants paid to institutions during the year was as follows: Chevras Mo'oz Ladol Friends of Gur Foundation Keren Ohr Kupath Rambam Other grants less than £15,000 |
Grant funding of activities (see note 5) £ 111,752 - 111,752 |
2023 £ 66,139 Support costs (see note 6) £ - 3,094 3,094 2023 £ 111,752 2023 £ - 15,000 36,000 20,000 40,752 111,752 |
2022 £ 87,367 Totals £ 111,752 3,094 |
2022 £ 87,367 |
|---|---|---|---|---|
| 114,846 | ||||
| 2022 £ 31,514 |
||||
| 2022 £ 18,500 - - - 13,014 |
||||
| 31,514 |
Donations were paid to institutions whose objectives include the relief of poverty and advancement of Jewish education.
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Admin and | |||
| Management | Governance | Totals | |
| £ | £ | £ | |
| Support cost | 1,134 | 1,960 | 3,094 |
continued...
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ZICHRON AHRON TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
8. INDEPENDENT EXAMINERS FEES
There were Independent Examiners fees for the year ended 30 June 2023 totalling £1,200 (2022: £1,140).
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 July 2022 and 30 June 2023 | 260,000 |
| NET BOOK VALUE | |
| At 30 June 2023 | 260,000 |
| At 30 June 2022 | 260,000 |
There were no investment assets outside the UK.
The investments held are to provide an investment income to the charity.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 13) Other creditors |
2023 £ 50,000 2023 £ 6,218 332,686 338,904 |
2022 £ 50,000 2022 £ 5,000 328,972 |
2022 £ 50,000 |
|---|---|---|---|
| 333,972 |
continued...
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ZICHRON AHRON TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2023
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 13) 13. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans Amounts falling due between two and five years: Bank loans Amounts falling due in more than five years: Repayable by instalments: Bank loans 14. 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 1.7.22 £ (13,325) (13,325) Incoming resources £ 67,100 67,100 |
2023 2022 £ £ 33,168 39,550 2023 2022 £ £ 6,218 5,000 6,218 5,000 18,655 15,000 8,295 19,550 Net movement At in funds 30.6.23 £ £ (47,746) (61,071) (47,746) (61,071) Resources Movement expended in funds £ £ (114,846) (47,746) (114,846) (47,746) |
|---|---|---|
continued...
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ZICHRON AHRON TRUST LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2023
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| At 1.7.21 | in funds | 30.6.22 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund (66,801) |
53,476 | (13,325) |
| TOTAL FUNDS (66,801) |
53,476 | (13,325) |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 87,367 |
(33,891) | 53,476 |
| TOTAL FUNDS 87,367 |
(33,891) | 53,476 |
15. RELATED PARTY DISCLOSURES
At the balance sheet date the charity owed £282,980 (2022 - £282,980) to the trustees. The loans are interest free.
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