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2023-03-31-accounts

COMPANY REGISTRATION NUMBER: 04700358 CHARITY REGISTRATION NUMBER: 1101566

FRIENDS OF SHEKEL HAKODESH LIMITED

TRUSTEES' REPORT AND UNAUDITED ACCOUNTS

31 MARCH 2023

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 23

Pages
Trustees' Annual Report 2
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Statement of Cash flows 7
Notes to the Accounts 8

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 2023.

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:

A Kaff

M Ciment S 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 £621,987 (2022: £386,333). Total resources expended was £553,336 (2022: £354,366) resulting in net surplus of £68,657 (2022: £31,967). As of 31 March 2023 the Charity had Reserves of £805,181, of which £609,630 were Unrestricted Reserves and £195,551 were Revaluation Reserves.

FINANCIAL REVIEW

The financial results of the charity for the year ended 31 March 2023 are fully reflected in the attached Financial Statements together with the Notes thereon.

Page 2

FRIENDS OF SHEKEL HAKODESH LIMITED TRUSTEES ANNUAL REPORT

Reserves Policy

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

M Ciment

Trustee

31 January 2024

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 2023 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

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:

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 2024

Page 4

FRIENDS OF SHEKEL HAKODESH LIMITED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Funds
2023
Notes
£
Income and endowments from:
Donations and legacies
4
591,617
Investments
3
10,370
Other
5
20,000
Total
621,987
Expenditure on:
Charitable activities
6
437,766
Other
8
115,570
Total
553,336
Net income
68,651
Net
income
before
other
gains/(losses)
68,651
Net movement in funds
68,651
Reconciliation of funds:
Total funds brought forward
736,530
Total funds carried forward
805,181		 Unrestricted
Funds
2023
Notes
£
Income and endowments from:
Donations and legacies
4
591,617
Investments
3
10,370
Other
5
20,000
Total
621,987
Expenditure on:
Charitable activities
6
437,766
Other
8
115,570
Total
553,336
Net income
68,651
Net
income
before
other
gains/(losses)
68,651
Net movement in funds
68,651
Reconciliation of funds:
Total funds brought forward
736,530
Total funds carried forward
805,181		 Total funds
2023
£
591,617
10,370
20,000		 Total funds
2022
£
374,589
11,744
-
621,987
437,766
115,570		 386,333
316,474
37,892
553,336 553,336 354,366
68,651 68,651 31,967
68,651 68,651 31,967
68,651
736,530		 68,651
736,530		 31,967
509,012
805,181 805,181 540,979

Page 5

FRIENDS OF SHEKEL HAKODESH LIMITED BALANCE SHEET

AS AT 31 MARCH 2023

Company No.
04700358
Notes
2023
£
Fixed assets
Tangible assets
10
650,000
Investments
-
650,000
Current assets
Debtors
11
224,071
Cash at bank and in hand
65,533
289,604
Creditors:Amount falling due within one year
12
(102,752)
Net current assets
186,852
Total assets less current liabilities
836,852
Creditors: Amounts falling due after more than one
year
13
(31,671)
Total net assets
805,181
The funds of the charity
Unrestricted funds
General funds
14
609,630
609,630
Reserves
Revaluation reserve
195,551
195,551
Total funds
805,181		 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
195,551
195,551
736,530

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 2023 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 2024

And signed on its behalf by:

M Ciment

Trustee

31 January 2024

Page 6

FRIENDS OF SHEKEL HAKODESH LIMITED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Dividends, interest and rents from investments
Increase in trade and other receivables
Increase in trade and other payables
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Payments for investments
Dividends, interest and rents from investments
Net cash (used in)/from investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances
Bank overdrafts		 2023
£
68,651
(30,370)
(4,648)
100,712
134,345
(155,294)
30,370
(124,924)
(10,001)
(10,001)
(580)
66,113
65,533
65,533
-
65,533		 2022
£
31,967
(11,744)
(32,346)
1,740
(10,383)
-
11,744
11,744
(8,328)
(8,328)
(6,967)
73,080
66,113
66,113
-
66,113

Page 7

FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

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 8

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.

Page 9

FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS

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.

Unrestricted Restricted Endowment Total Total
2023 2022
£ £ £ £ £
Donations 591,617 - - 591,617 374,589
591,617 - - 591,617 374,589
Income from investments
Unrestricted Restricted Endowment Total Total
2023 2022
£ £ £ £ £
Rental income 10,370 - - 10,370 11,744
10,370 - - 10,370 11,744
Expenditure on charitable activities
Unrestricted Restricted Endowment Total Total
2023 2022
£ £ £ £ £
Expenditure on charitable
activities
Grants made 436,326 - - 436,326 314,734
Governance costs
Independent Examiner's Fees 1,440 - - 1,440 1,740
437,766 - - 437,766 316,474

Page 10

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.

Grants to
Institutions
2023
£
Vaad
Harabonim		 Linyanei 60,681
Tzedakah
Yachad Lema'an Kol Echod 42,523
Cong Tiferes Bais Zweil 34,753
Kollel Beis Shemesh Skver 18,229
Meorei Tchernobel Jerusalem 16,722
Keren Ezra Mimeitzar 16,395
Higher
Talmudical		 Education
Ltd 16,280
Amud Hatzdokoh Trust 14,450
Children Ahead Ltd 11,619
Kollel Skver Trust 11,034
Other grants below £20,000 193,640
436,326

8 Other expenditure

Other expenditure
Unrestricted
£
3,528
112,042
115,570		 Restricted
£
-
-
-		 Endowment
£
-
-
-		 Total
2023
£
3,528
112,042
115,570		 Total
2022
£
1,519
36,373
Other interest payable
General administrative costs
37,892

9 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 11

FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS

10 Tangible fixed assets

Cost or revaluation
At 1 April 2022
Additions
Revaluation
Transfers
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charge for the year
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Land and
buildings
£
299,155
155,294
195,551
-
-
650,000
-
-
-
650,000
299,155		 Total
£
299,155
155,294
195,551
-
-
650,000
-
-
-
650,000
299,155

The property has been included at the Trustees' estimate of market value at 31 March 2023.

11 Debtors

Debtors
Other debtors 2023
£
224,071
224,071		 2022
£
219,423
219,423

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.

12 Creditors:

amounts falling due within one year

Other creditors
Accruals		 2023
£
101,312
1,440
102,752		 2022
£
-
2,040
2,040

Included in Other creditors is an amount of £40,718 due to one of the Trustees. The loan is interest-free and repayable on demand. A loan agreement is in place.

13 Creditors:

amounts falling due after more than one year

Bank loans and overdrafts 2023
£
31,671		 2022
£
41,672

Page 12

FRIENDS OF SHEKEL HAKODESH LIMITED NOTES TO THE ACCOUNTS

14 Movement in funds

14 Movement in funds
At 1 April
2022
540,979
736,530		 Incoming
resources
(including
other
gains/losses)
621,987
621,987		 Resources
expended
(553,336)
(553,336)		 Gross
transfers
-
-		 At 31
March 2023
609,630
Unrestricted funds:
General funds
Total funds
805,181
15 Analysis of net assets between funds
Fixed assets
Investments
Net current assets
Creditors due in more than one year and
provisions		 Unrestricted
funds
£
650,000
-
186,852
(31,671)
805,181		 Restricted
funds
£
-
-
-
-
-		 Endowment
funds
£
-
-
-
-
-		 Total
£
650,000
-
186,852
(31,671)
805,181

16 Related party disclosures

Other than any mentioned above, during the year there were no related party transactions as requiring disclosure under SORP FRS102.

17 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 13