COMPANY REGISTRATION NUMBER: 04700358 CHARITY REGISTRATION NUMBER: 1101566
FRIENDS OF SHEKEL HAKODESH LIMITED
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
31 MARCH 2022
Hirsh Accountants Limited
45 Stamford Hill London N16 5SR
FRIENDS OF SHEKEL HAKODESH LIMITED
FRIENDS OF SHEKEL HAKODESH LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 MARCH 22
| Pages | |
|---|---|
| Trustees' Annual Report | 2 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
Page 1
FRIENDS OF SHEKEL HAKODESH LIMITED TRUSTEES ANNUAL REPORT
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 04700358
Charity No. 1101566
Principal and Registered Office
9 Fairholt Road London N16 5EW
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law.
The following Directors and Trustees served during the year:
Mr Aron Kaff
Mr Mechel Ciment Mr Sije Direnfeld
Independent Examiner
Mr Moshe Hirsh FCCA
Hirsh Accountants Limited 45 Stamford Hill London N16 5SR
OBJECTIVES AND ACTIVITIES
The charity's objectives are to further those purposes both in the UK and overseas which are recognised as charitable under English Law.
The charity receives income from charitable donations and rental income, which it utilises in the provision and distribution of grants and donations.
The charity's activity in principally, but not limited to, the provision and distribution of grants and donations to charitable organisations and needy individuals for the purpose of the advancement of the orthodox Jewish religion, the advancement of education in accordance with the orthodox Jewish religion and the prevention and relief of poverty.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity pursued its philanthropic objects. Income from donations and rental income aggregated £386,333 (2021: £666,762). Total resources expended was £354,366 (2021: £550,176) resulting in net surplus of £31,967 (2021: £116,586).
FINANCIAL REVIEW
The financial results of the charity for the year ended 31 March 2022 are fully reflected in the attached Financial Statements together with the Notes thereon.
Reserves Policy
Page 2
FRIENDS OF SHEKEL HAKODESH LIMITED TRUSTEES ANNUAL REPORT
It is the policy of the charity to maintain Unrestricted Funds, which include the Free Reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year.
PLANS FOR FUTURE PERIODS
The future plans of the charity are to continue to support organisations advancing the orthodox Jewish religion, orthodox Jewish education and the prevention and relief of poverty in the orthodox Jewish community worldwide.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is constituted as a company limited by guarantee incorporated on 18 March 2003 and as such, its governing documents are its Memorandum and Articles of Association.
New trustees are appointed based on personal competence, availability and knowledge and familiarity with the community which the charity serves. New trustees are inducted into the workings of the charity by the existing trustees.
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Mr M Ciment
Trustee
31 January 2023
Page 3
FRIENDS OF SHEKEL HAKODESH LIMITED INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the trustees of FRIENDS OF SHEKEL HAKODESH LIMITED
I report to the charity trustees on my examination of the financial statements of FRIENDS OF SHEKEL HAKODESH LIMITED for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the charity 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 financial statements 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
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of Association of Chartered Certified Accountants.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (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 financial statements to be reached.
Mr Moshe Hirsh FCCA
Hirsh Accountants Limited
45 Stamford Hill
London N16 5SR 31 January 2023
Page 4
FRIENDS OF SHEKEL HAKODESH LIMITED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Funds 2022 Notes £ Income and endowments from: Donations and legacies 4 374,589 Other income 5 11,744 Total 386,333 Expenditure on: Charitable activities 6 316,474 Other 8 37,892 Total 354,366 Net movement in funds 31,967 Reconciliation of funds: Total funds brought forward 15 509,012 Total funds carried forward 540,979 |
Unrestricted Funds 2022 Notes £ Income and endowments from: Donations and legacies 4 374,589 Other income 5 11,744 Total 386,333 Expenditure on: Charitable activities 6 316,474 Other 8 37,892 Total 354,366 Net movement in funds 31,967 Reconciliation of funds: Total funds brought forward 15 509,012 Total funds carried forward 540,979 |
Total funds 2022 £ 374,589 11,744 |
Total funds 2021 £ 643,473 23,289 |
|---|---|---|---|
| 386,333 316,474 37,892 |
666,762 528,594 21,582 |
||
| 354,366 | 354,366 | 550,176 | |
| 31,967 509,012 |
116,586 392,426 |
||
| 540,979 | 540,979 | 509,012 |
Page 5
FRIENDS OF SHEKEL HAKODESH LIMITED BALANCE SHEET
AS AT 31 MARCH 2022
| Company No. 04700358 Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors:Amount falling due within one year 12 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 Total net assets The funds of the charity Unrestricted funds General funds 16 Designated funds Total funds |
2022 £ 299,155 299,155 219,423 66,113 285,536 (2,040) 283,496 582,651 (41,672) 540,979 540,979 540,979 |
2021 £ 299,155 |
|---|---|---|
| 299,155 187,077 73,080 |
||
| 260,157 (300) |
||
| 259,857 559,012 (50,000) |
||
| 509,012 | ||
| 509,012 | ||
| 509,012 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 March 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 31 January 2023
And signed on its behalf by:
Mr M Ciment
Trustee
31 January 2023
Page 6
FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Going Concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty.
There were no judgements or estimates made in the application of these accounting policies as having significant effect on the financial statements.
Fund accounting
| Fund accounting | |
|---|---|
| Unrestricted funds | These are available for use at the discretion of the trustees in furtherance of the general |
| objects of the charity. | |
| Designated funds | These are unrestricted funds earmarked by the trustees for particular purposes. |
| Revaluation funds | These are unrestricted funds which include a revaluation reserve representing the restatement |
| of investment assets at their market values. | |
| Restricted funds | These are available for use subject to restrictions imposed by the donor or through terms of |
| an appeal. | |
| Income | |
| Recognition of income | Income is included in the Statement of Financial Activities (SoFA) when the charity |
| becomes entitled to, and virtually certain to receive, the income and the amount of the | |
| income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is reported gross |
| expenditure | in the SoFA. |
| Donations and legacies | Voluntary income received by way of grants, donations and gifts is included in the the SoFA |
| when receivable and only when the Charity has unconditional entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the gift/donation to |
| donations and gifts | which it relates. |
| Donated services and | These are only included in income (with an equivalent amount in expenditure) where the |
| facilities | benefit to the Charity is reasonably quantifiable, measurable and material. |
| Volunteer help | The value of any volunteer help received is not included in the accounts. |
| Investment income | This is included in the accounts when receivable. |
| Gains/(losses) on revaluation of fixed |
This includes any gain or loss resulting from revaluing investments to market value at the end of the year. |
| assets | |
| Gains/(losses) on | This includes any gain or loss on the sale of investments. |
| investment assets |
Page 7
FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot expenditure be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on raising These comprise the costs associated with attracting voluntary income, fundraising trading funds costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and services charitable activities in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided where relevant in order to write off each asset over its estimated useful life:
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS
- 2 Company status
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 9 Fairholt Road, London N16 5EW.
3 Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
4 Income from donations and legacies
| Unrestricted | Restricted | Endowment | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| £ | £ | £ | £ | £ | |||||
| Donations | 374,589 | - | - | 374,589 | 643,473 | ||||
| 374,589 | - | - | 374,589 | 643,473 | |||||
| Other income | |||||||||
| Unrestricted | Restricted | Endowment | Total | Total | |||||
| 2022 | 2021 | ||||||||
| £ | £ | £ | £ | £ | |||||
| Rental income | 11,744 | - | - | 11,744 | 23,289 | ||||
| 11,744 | - | - | 11,744 | 23,289 | |||||
| Expenditure on charitable activities | |||||||||
| Unrestricted | Restricted | Endowment | Total | Total | |||||
| 2022 | 2021 | ||||||||
| £ | £ | £ | £ | £ | |||||
| Expenditure | on | charitable | |||||||
| activities | |||||||||
| Grants made | 314,734 | - | - | 314,734 | 522,914 | ||||
| Governance costs | |||||||||
| 1,740 | - | - | 1,740 | 5,680 | |||||
| 316,474 | - | - | 316,474 | 528,594 |
-
5 Other income
-
6 Expenditure on charitable activities
Page 9
FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS
7 Analysis of grants
Grants were made in advancement of the Orthodox Jewish faith including for the advancement of Orthodox Jewish education and the prevention and relief of poverty.
| Congregation Oseh Choyil Inc. Yeshivas Skver Yerushalayim Kollel Skver Trust Mosdos Skver Jerusalem Square Foundation Ltd Other grants below £20,000 Total Grants |
Grants to Institutions 2022 £ |
|---|---|
| 33,999 | |
| 26,675 | |
| 23,188 | |
| 21,817 21,160 |
|
| 187,895 | |
| 314,734 |
8 Other expenditure
| Other expenditure | |||||
|---|---|---|---|---|---|
| Unrestricted £ 1,519 36,373 37,892 |
Restricted £ - - - |
Endowment £ - - - |
Total 2022 £ 1,519 36,373 37,892 |
Total 2021 £ 2,500 19,082 |
|
| Interest payable | |||||
| General administrative costs | |||||
| 21,582 |
9 Net income
| Net income | |||
|---|---|---|---|
| 2022 | 2021 | ||
| This is stated after charging: | £ | £ | |
| Independent Examiner's fee | 1,440 | - |
10 Trustee remuneration and expenses
None of the trustees have been paid any remuneration in the current or prior periods.
None of the trustees have been paid any expenses in the current or prior periods.
Page 10
FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS
11 Tangible fixed assets
| Cost or revaluation At 1 April 2021 Additions Revaluation Transfers Disposals At 31 March 2022 Depreciation and impairment At 1 April 2021 Depreciation charge for the year Impairment Revaluation Transfers Disposals At 31 March 2022 Net book values At 31 March 2022 At 31 March 2021 |
Land and buildings £ 299,155 - - - - 299,155 - - - - - - - 299,155 299,155 |
Total £ 299,155 - - - - |
|---|---|---|
| 299,155 | ||
| - - - - - - |
||
| - | ||
| 299,155 | ||
| 299,155 |
The property is held at Historical Cost.
12 Debtors
| Other debtors Amounts included within Other debtors that fall due after more than one year |
2022 £ 219,423 219,423 - |
2021 £ 187,077 |
|---|---|---|
| 187,077 | ||
| - |
Included in Other debtors is an amount of £191,523 due from an entity with which this entity shares a mutual director. The entity has purchased a property to house a synagogue which will be supported by the charity. The loan is repayable on demand and is accruing interest at 5%. A loan agreement is in place.
13 Creditors:
amounts falling due within one year
| Bank loans and overdrafts Accruals |
2022 £ - 2,040 2,040 |
2021 £ - 300 |
|---|---|---|
| 300 |
Page 11
FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS
14 Creditors:
amounts falling due after more than one year
| 2022 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||||
| Bank loans and overdrafts | 41,672 | 50,000 | |||||||||
| Other loans | - | - | |||||||||
| 41,672 | 50,000 | ||||||||||
| 15 | Movement in funds | ||||||||||
| Incoming | |||||||||||
| resources (including other |
Resources expended |
Gross transfers |
At 31 March 2022 |
||||||||
| At 1 April | gains/losses) | ||||||||||
| 2021 | |||||||||||
| £ | £ | £ | £ | ||||||||
| Unrestricted funds: | |||||||||||
| General funds | 509,012 | 386,333 | (354,366) | - | 540,979 | ||||||
| Total | 509,012 | 386,333 | (354,366) | - | 540,979 | ||||||
| 16 | Analysis of net assets between funds | ||||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total | ||||||||
| £ | £ | £ | £ | ||||||||
| Fixed assets | 299,155 | - | - | 299,155 | |||||||
| Investments | - | - | - | - | |||||||
| Net current assets | 283,496 | - | - | 283,496 | |||||||
| Creditors due in more than | one | year and | (41,672) | - | - | (41,672) | |||||
| provisions | |||||||||||
| 540,979 | - | - | 540,979 |
17 Related party disclosures
During the year there were no other related party transactions as requiring disclosure under SORP FRS102.
18 Limited by Guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
Page 12