CHARITY REGISTRATION NUMBER: 1101793
FRIENDS OF MOSDOS BELZ MACHNOVKA
Unaudited Financial Statements
For the year ended
31 March 2023
COHEN ARNOLD CHARTERED ACCOUNTANTS LONDON NW11 0PU
FRIENDS OF MOSDOS BELZ MACHNOVKA
Financial Statements
Year ended 31 March 2023
| PAGES | |
|---|---|
| Trustees' Annual Report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 to 9 |
FRIENDS OF MOSDOS BELZ MACHNOVKA
Trustees' Annual Report
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
Registered charity name Friends of Mosdos Belz Machnovka Charity registration number 1101793 Principal office 136 Clapton Common London E5 9AR The Trustees Mr E Englander (Chairman) Mr J Lipschitz Mr B Bard Mr J L Weiss Independent Examiner Asher Sternlicht FCA Cohen Arnold Chartered Accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
Structure, governance and management
Governing Document
The organisation is governed by a Trust Deed dated 18 January 2004.
Appointment and Recruitment of Trustees
The Trustees administer the day-to-day affairs of the charity. Every Trustee holds office until he/she shall die or shall cease to hold office by virtue of the Trust Deed.
None of the trustees have any beneficial interest in the charity.
Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. The Chairman of the Trustees would be responsible for the induction of any new Trustee, which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charity. A new Trustee would receive copies of the previous year’s annual report and accounts with detailed explanation thereof.
Risk Management
The trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to mitigate those risks.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Trustees' Annual Report (continued)
Year ended 31 March 2023
Objectives and activities
The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. Pursuant to the objects and having regard to the guidance of the Charity Commission relating to Public Benefit, the Trustees raise funds in support of Belz Machnovka Institutions in Israel.
Grant Making Policy
The Trustees are approached for donations by a wide variety of charitable institutions operating in the United Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on the level of funds available.
Grants and donations in the year totalled £140,000 (2022: £48,500).
Financial review
Income from investments and donations aggregated £233,735. Total resources expended were £141,948 resulting in a net surplus of £91,787.
The Charity`s Statement of Financial Activities shows a net surplus of £91,787 (2022: £9,639) and total reserves of £91,412 (surplus) (2022: £375 deficit).
The financial results of the Charity's activities for the year to 31 March 2023 are fully reflected in the attached Financial Statements together with the Notes thereon.
Reserves Policy
The Reserves Policy of the Trustees is to maintain unrestricted funds, which are the free reserves of the Charity, at a level they consider appropriate to the Charity’s needs taking into account likely future requirements.
Plans for future periods
The Trustees plan to continue making distributions in accordance with their grant-making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
31 January 2024 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr E Englander Trustee
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FRIENDS OF MOSDOS BELZ MACHNOVKA Independent Examiner's Report to the Trustees of Friends of Mosdos Belz Machnovka Year ended 31 Mvdreh 2023 I report tsy the tSt¢e$ on my examtnation of the financial st&tements of Friends of Mosdos Belz Machnovka ('th¢ ¢harity') for th¢ year end¢d 31 March 2023. RESPONStBILrriES AND BASIS OF REPORT As the trustees of the charity you are r¢sponsible for the preparation of th¢ financial statemenls in accordance with the requirements of the Charities Acl 2011 {'th¢ Act,). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 201 l Act and in carrying out my examiThalion I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. INDEPENDENT EK4MINER'S STATEMENT I have completed my examination. I confm that DO material matters have come to my attention in connection wilh the examination giving m¢ cause to believe that in any matsrial r¢sp¢ct: accounting records were not kept in respect of thc charity as required by s¢¢tion 130 of the Act: or the finllncial statements do not accord with those rrfords; or lh¢ financi&l statements do not comply with th¢ applicable r¢quirements concerning the forni and content of accounts set out in ihe Charities (Accounts and Reports) Regulations 28 other thgn any requirement that the account5 give a 'true and fairf view which is not a matter considered os part of an independent examination. I hY4ve no concerns and have come across no other matters in conn¢ction with the examination lo which attenlion should be drawn tn this report in order to ¢nable a proFr understanding of the accounts to be reached. Asher Sternlicht FCA Independent examiner COHEN AIiNOLD Chartered Accountants New Burlington House 1075 Finchley Road LONDON NWI I OPU Date: . 2024
FRIENDS OF MOSDOS BELZ MACHNOVKA
Statement of Financial Activities
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 233,451 | 233,451 | 61,160 |
| Investment income | 284 | 284 | 2 | |
| ------------------------------- | ------------------------------- | ------------------------------- | ||
| Total income | 233,735 | 233,735 | 61,162 | |
| =============================== | =============================== | =============================== | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 141,948 | 141,948 | 51,523 |
| ------------------------------- | ------------------------------- | ------------------------------- | ||
| Total expenditure | 141,948 | 141,948 | 51,523 | |
| =============================== | =============================== | =============================== | ||
| ------------------------------------- | ------------------------------------- | ------------------------------- | ||
| Net income and | ||||
| net movement in funds | 91,787 | 91,787 | 9,639 | |
| ===================================== | ===================================== | =============================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | (375) | (375) | (10,014) | |
| ----------------------------------------------- | ----------------------------------------------- | ------------------------------------- | ||
| Total funds carried forward | 91,412 | 91,412 | (375) | |
| =============================================== | =============================================== | ===================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 9 form part of these financial statements.
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Statement of Financial Position
| 31 | March 2023 | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | £ | £ | ||
| Current assets | |||||
| Cash at bank | 95,012 | - | |||
| Creditors: amounts falling due | |||||
| within one year | 11 | (3,600) | (10,014) | ||
| ------------------------------- | ------------------------------- | ||||
| Net current liabilities | 91,412 | (10,014) | |||
| ----------------------------------------------- | ------------------------------------- | ||||
| Total assets less current liabilities | 91,412 | (10,014) | |||
| ----------------------------------------------- | ------------------------------------- | ||||
| Net liabilities | 91,412 | (10,014) | |||
| =============================================== | ===================================== | ||||
| Funds of the charity | |||||
| Unrestricted funds | 91,412 | (10,014) | |||
| ----------------------------------------------- | ------------------------------------- | ||||
| Total charity funds | 12 | 91,412 | (10,014) | ||
| =============================================== | ===================================== |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 31 January 2024
Mr E Englander Trustee
The notes on pages 6 to 9 form part of these financial statements.
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is 136 Clapton Common, London, E5 9AR.
2. 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 Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.
Designated funds are funds which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds as at the Balance Sheet date.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Incoming resources ( continued )
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Taxation
The Charity is not liable to direct taxation (income tax) on its income as it falls within the various exemptions available to registered Charities.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Notes to the Financial Statements (continued)
Year ended 31 March 2023
4. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 233,451 | 233,451 | 61,160 | 61,160 |
| =============================== | =============================== | =============================== | =============================== |
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations Paid | 140,000 | 140,000 | 48,500 | 48,500 |
| Support and governance costs | 1,948 | 1,948 | 3,023 | 3,023 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 141,948 | 141,948 | 51,523 | 51,523 | |
| =============================== | =============================== | =============================== | =============================== |
6. Expenditure on charitable activities by activity type
| Grant | Support & | |||
|---|---|---|---|---|
| funding of | governance | Total funds | Total funds | |
| activities | costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Donations Paid | 140,000 | - | 140,000 | 48,500 |
| Governance costs | - | 1,948 | 1,948 | 3,023 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | |
| 140,000 | 1,948 | 141,948 | 51,523 | |
| =============================== | ========================== | =============================== | =============================== | |
| Analysis of grants | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Grants to institutions | ||||
| Donations Paid | 140,000 | 48,500 | ||
| ------------------------------- | ------------------------------- | |||
| Total grants | 140,000 | 48,500 | ||
| =============================== | =============================== |
7. Analysis of grants
All donations were made to charities whose objectives are in line with the objectives of the charity. The composition of donations is shown below.
| £ | |
|---|---|
| Mosdos Toras Aharon of Belz Machnivka | 80,000 |
| Lomdei Torah | 60,000 |
| ------------------------------- | |
| 140,000 | |
| =============================== |
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Notes to the Financial Statements (continued)
Year ended 31 March 2023
8. Independent examination fees
2023 2022 £ £ Fees payable to the independent examiner for: Independent examination of the financial statements 1,800 2,670 ========================== ==========================
9. Staff costs
No salaries or wages have been paid to employees during the year.
No staff were employed by the charity during the reporting period.
10. Trustee remuneration and expenses
No salaries or wages have been paid to employees, including the trustees, during the year. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
11. Creditors: amounts falling due within one year
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other creditors | £3,600 | £3,600 | ||
| ===================================== | ===================================== | |||
| Analysis of charitable funds | ||||
| Unrestricted funds | ||||
| At 1 | At 31 | |||
| April 2022 | Income | Expenditure | March 2023 | |
| £ | £ | £ | £ | |
| General funds | (375) | 233,735 | (141,948) | 91,412 |
| =============================================== | ===================================== | =============================== | =============================================== | |
| At 1 | At 31 | |||
| April 2021 | Income | Expenditure | March 2022 | |
| £ | £ | £ | £ | |
| General funds | (10,014) | 61,162 | (51,523) | (375) |
| =============================================== | ===================================== | =============================== | =============================================== |
12. Analysis of charitable funds
Unrestricted funds
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FRIENDS OF MOSDOS BELZ MACHNOVKA
Notes to the Financial Statements (continued)
Year ended 31 March 2023
13. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Current assets | 95,012 | 95,012 |
| Creditors less than one year | (3,600) | (3,600) |
| ----------------------------------------------- | ----------------------------------------------- | |
| Net liabilities | 91,412 | 91,412 |
| =============================================== | =============================================== | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Current assets | 3,225 | 3,225 |
| Creditors less than one year | (3,600) | (3,600) |
| ----------------------------------------------- | ----------------------------------------------- | |
| Net liabilities | (375) | (375) |
| =============================================== | =============================================== |
14. Related parties
There have been no related party transactions in the reporting period that require disclosure.
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