Charity Registration No. 1103095
THE ESFANDI CHARITABLE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
THE ESFANDI CHARITABLE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Joseph Esfandi Denise Esfandi Michael Esfandi David Esfandi Jonathan Esfandi Charity number 1103095 Independent examiner Andrew Rich c/o HW Fisher LLP Chartered Accountant Acre House 11-15 William Road London NW1 3ER Bankers Coutts & Co 440 Strand London WC2R 0QS United Kingdom Solicitors Howard Kennedy LLP No.1 London Bridge London SE1 9BG
THE ESFANDI CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of fnancial actvites | 4 |
| Balance sheet | 5 |
| Notes to the fnancial statements | 6 - 10 |
THE ESFANDI CHARITABLE FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their report and financial statements for the year ended 5 April 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, the Charities Act 2011 and “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)”
Objectives and activities
The charity's objects are to apply general funds for general charitable purposes. No policies have been adopted regarding the level of income reserves nor the selection of the recipients of grants from the Trust. There has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
During the year the charity received donations amounting to £900,000 (2021 - £500,000) and interest of £6 (2021 - £89). Grants awarded to charities amounted to £844,817 (2021 - £821,974 ) during the year whilst governance expenses totalled £2,686 (2021 - - £2,602). Consequently the surplus for the year amounted to £52,830 (2021 deficit £325,081). No important events have occurred since the end of the year which are likely to affect the activities of the Trust.
Financial review
The financial statements set out the financial position of the charity for the year ended 5 April 2022.
It is the policy of the charity not to maintain unrestricted funds as free reserves as the administrative costs are negligible.
The charity operates only in a grant-making capacity and commitments are made in line with income and reserves. Although the charity has a deficit in the year this relates to a timing difference in relation to a grant commitment payable over three years and the charity will have sufficient funding to meet this commitment as it falls due.
The Trustees have wide investment powers to invest funds in any manner but to invest only after obtaining such advice from a financial expert as the Trustees consider necessary and having regard to the suitability of investments and the need for diversification.
The Foundation continues to receive income and the trustees do not anticipate there being any difficulties with meeting on-going obligations.
Structure, governance and management
The charity was established by a charitable trust deed on 5 February 2004.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Joseph Esfandi Denise Esfandi Michael Esfandi David Esfandi Jonathan Esfandi
The trust deed states that the charity should have a minimum of two and a maximum of five trustees. Trustees are appointed by a majority in accordance with the trust deed.
The current trustees are responsible for the induction of any new trustees which involves awareness of a trustees responsibilities, the governing document, administrative procedures and the history of the charity. A new trustee would receive a copy of the previous years report and accounts.
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THE ESFANDI CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees' report was approved by the Board of Trustees.
Michael Esfandi
..............................
Michael Esfandi
Trustee 02 Feb 2023 Dated: .........................
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THE ESFANDI CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ESFANDI CHARITABLE FOUNDATION
I report to the Trustees on my examination of the financial statements of The Esfandi Charitable Foundation (the charity) for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 155 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 155(5) (b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 155 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
HW Fisher LLP
Andrew Rich FCA
c/o HW Fisher LLP Chartered Accountant Acre House
11-15 William Road London NW1 3ER
02 Feb 2023
Dated: .........................
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THE ESFANDI CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donatons | 2 | 900,000 | 500,000 |
| Investments | 6 | 89 | |
| Total income | 900,006 | 500,089 | |
| Expenditure on: | |||
| Charitable actvites | 3 | 857,503 | 825,576 |
| Net income/(expenditure) for the year/ | |||
| Net incoming/(outgoing) resources | 52,503 | (325,587) | |
| Other recognised gains and losses | |||
| Other gains or losses | 7 | 327 | (595) |
| Net movement in funds | 52,830 | (325,081) | |
| Fund balances at 6 April 2021 | (75,381) | 250,700 | |
| Fund balances at 5 April 2022 | (21,551) | (75,381) |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE ESFANDI CHARITABLE FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 35,370 | 29,059 | |||
| Creditors: amounts falling due within one year | 8 | (56,921) | (53,530) | ||
| Net current liabilites | (21,551) | (25,381) | |||
| Creditors: amounts falling due afer more than | |||||
| one year | 9 | - | (50,000) | ||
| Net liabilites | (21,551) | (75,381) | |||
| Income funds | |||||
| Unrestricted funds | (21,551) | (75,381) | |||
| (21,551) | (75,381) |
02 Feb 2023
The financial statements were approved by the Trustees on .........................
Michael Esfandi
.............................. Michael Esfandi
Trustee
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THE ESFANDI CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
The Esfandi Charitable Foundation is a charity established by trust deed.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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 from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The charity operates only in a grant-making capacity and commitments are made in line with income and reserves. Although the charity has a deficit in the year this relates to a timing difference in relation to a grant commitment payable over three years and the charity will have sufficient funding to meet this commitment as it falls due.
At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continues to adopt the going concern basis of accounting in preparing the accounts
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is accounted on an accruals basis and has been classified under headings that aggregate all the costs related to a category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Expenditure is recognised once there is an obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants payable are payments made to third party charities in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.7 Debtors
Debtors are included in the Balance Sheet at the amount due.
1.8 Creditors
Creditors are recognised when goods or services have been delivered or provided prior to the financial year end but the invoice has not yet been received or paid. Creditors are measured on the basis of either the invoice or order value.
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THE ESFANDI CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 2 Donatons Donatons and gifs 3 Charitable actvites Grant funding of actvites (see note 4) Share of governance costs (see note 5) |
2022 £ 900,000 |
2022 £ 900,000 |
2021 £ 500,000 |
|---|---|---|---|
| 2022 £ 844,817 2,686 847,503 |
2021 £ 821,974 2,602 |
||
| 824,576 |
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THE ESFANDI CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
4 Grants payable
| Grants to insttutons: Chazak Colel Chabad Community Security Trust Heichal Leah Asser B Foundaton Hand to Hand Jewish Care Anne Frank Trust UK Migdal Ohr Norwood NSPCC Chabad Lubavitch Side by Side Ltd Beverley Hills Jewish Community Noahs Ark Eliya Hasmonean High School Hatzola Trust Jewish Homes Emergency Israelites del Ora Sefardi Minyan Kids Care London Rays of Sunshine Noa Girls The Convenant & Conversaton Trust Dror for the Wounded (returned grant) The Soup Kitchen RTJC Vouchers Variety Childrens Charity The Line Holocaust Educatonal Trust Atopic Dermatts Relief Bloomsbury Football United Hatzalah Kol Medaber/Ateres Kalloh Vayehior Rachel Tides Foundaton KEF KIDS Rachmistrivka Synagogue Oren Mizrahi Prism The Gif fund Rabbi Asaf Portal Rabbi David Benyoav The Chicken Soup Shelter |
2022 £ 55,000 118,300 - 1,000 - 40,000 - 4,000 193,250 29,500 - - 310,000 - - - - - - - 486 1,800 5,000 5,000 15,000 (17,200) 1,000 5,000 10,000 500 5,000 3,000 3,000 10,000 18,000 4,672 5,000 - - - - 17,509 - 1,000 844,817 |
2021 £ 25,000 74,150 50,000 12,000 10,000 40,000 150,000 218,650 1,500 10,000 25,000 85,000 7,249 2,500 1,000 6,000 2,500 30,000 22,758 - - - - - - - - - - - - - - - - - 5,000 10,000 11,407 1,000 17,500 1,260 2,500 |
|---|---|---|
| 821,974 |
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THE ESFANDI CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
5 Support costs
| Support costs | ||
|---|---|---|
| Governance | Governance | |
| costs | costs | |
| £ | £ | |
| Accountancy | 2,074 | 2,520 |
| Bank charges | 612 | 82 |
| 2,686 | 2,602 | |
| Analysed between | ||
| Charitable actvites | 2,686 | 2,602 |
Accountancy costs include £2,921 (2021: £2,520) in respect of the preparation and independent examination of the accounts less an over- provision in 2021 of £847.
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Other gains or losses
| Other gains or losses | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Foreign exchange gains/ (losses) | (327) | 594 |
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Grants payable | 54,000 | 50,000 |
| Accruals and deferred income | 2,921 | 3,430 |
| 56,921 | 53,430 | |
| Creditors: amounts falling due afer more than one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Grants payable | - | 50,000 |
8 Creditors: amounts falling due within one year
9 Creditors: amounts falling due after more than one year
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THE ESFANDI CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
10 Related Party Transactions
During the year donations received without conditions were £900,000 (2021 - £500,000).
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