Charity registration number: 1104022
**CHEVRAS MACHZIKEI MESIFTA TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
Brindley Goldstein Limited 103 High Street Waltham Cross EN8 7AN
**Chevras Machzikei Mesifta Contents**
||**Page**|
|---|---|
|Trustees' Report|1—3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Statement of Financial Position|6|
|Statement of Cash Flows|7|
|Notes to the Statement of Cash Flows|8|
|Notes to the Financial Statements|9—12|
|The following pages do not form part of the statutory accounts:||
|Detailed Statement of Financial Activities|13|
## **Chevras Machzikei Mesifta**
## **Trustees' Report For The Year Ended 31 March 2025**
The trustees present their report and the financial statements for the year ended 31 March 2025.
## **Objectives and Activities**
## **Aims and Objectives**
The charity was formed for the advancement of orthodox Jewish religious education throughout the world and in particular by supporting the charitable work of the Talmudic institute The Mesifta Academy, in Jerusalem, Israel.
The Mestifa Academy runs a higher college for the study of Jewish Talmudical Law. In addition to its educational activities, the Mesifa Academy makes grants to needy individuals in Israel
## **Public Benefit**
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance requirements of Section 17 of the Charities Act 2011 published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the Charity.
## **Achievements and Performance**
## **Main Achievements**
The charity continued to receive donations during the period and thus was able to continue with the programme of grants to The Mesifta Academy in Israel. The aggregate donations made during the year was £531,841. No change of activities is envisaged in the immediate future.
## **Financial Review**
## **Financial Position**
The financial results of the Charity's activities for the year are reflected in the attached financial statements together with the notes thereon.
## **Reserves Policy**
Reserves Policy
Funds are remitted to The Mestifa Academy on a regular basis and no specific fund is maintained
## **Going Concern**
Plans for future periods
There are no current plans to change the activities or modus operandi in the foreseeable future.
## **Structure, Governance and Management**
## **Governing Document**
The Charity is controlled by its governing document a Deed dated 26 February 2004 and constitutes an unincorporated charity.
The trustees administer the day-today affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.
Recruitment, Induction and Training
It is not the intention of the charity to appoint any new trustees. Should the situation change in the future, the trustees w ill apply suitable recruitment, induction and training procedures
Risk Management
...CONTINUED
Page 1
**Chevras Machzikei Mesifta Trustees' Report (continued) For The Year Ended 31 March 2025**
## **Governing Document - continued**
The trustees have indentified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks
## **Reference and Administrative Details**
## **Trustees**
Mr Pinchas Karniol Mrs Dina Mutzen Mr Pinchai Benedikt
**Charity Number** 1104022
## **Principal Address**
28 Cranwich Road London N16 5JX
## **Independent Examiner**
Charles Goldstein FCA Brindley Goldstein Limited 103 High Street Waltham Cross EN8 7AN
Page 2
**Chevras Machzikei Mesifta Trustees' Report (continued) For The Year Ended 31 March 2025**
The trustees' report was approved by the board of trustees and signed on its behalf by:
Mr Pinchas Karniol Trustee 26th January 2026
Page 3
## **Chevras Machzikei Mesifta Independent Examiner's Report to the Trustees of Chevras Machzikei Mesifta For The Year Ended 31 March 2025**
I report to the trustees on my examination of the accounts of Chevras Machzikei Mesifta (the Trust) for the year ended 31 Mar ch 2025.
## **Responsibilities and Basis of Report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requireme nts of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying o ut my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's Statement**
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 A ct. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and contents 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 draw n in this report in order to enable a proper understanding of the accounts to be reached.
Charles Goldstein FCA 26th January 2026 Brindley Goldstein Limited 103 High Street Waltham Cross EN8 7AN
Page 4
**Chevras Machzikei Mesifta Statement of Financial Activities For The Year Ended 31 March 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
**EXPENDITURE ON:**
Charitable activities
**4**
NET (EXPENDITURE)/INCOME
Losses on revaluation of fixed assets
NET MOVEMENT IN FUNDS
**RECONCILIATION OF FUNDS:**
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
**13**
The notes on pages 8 to 12 form part of these financial statements.|**2025**
**Unrestricted**
**funds**
**£**
501,310|**2024**
**Unrestricted**
**funds**
**£**
458,467|
|---|---|---|
||(545,815)|
(447,111)|
||(44,505)
(182,001)|
11,356
-|
||(226,506)
169,210|
11,356
157,854|
||(57,296)|
169,210|
||||
Page 5
## **Chevras Machzikei Mesifta Statement of Financial Position As At 31 March 2025**
|||**2025**|**2024**|
|---|---|---|---|
|||**Unrestricted**
**funds**|**Total funds**|
||**Notes**|**£**|**£**|
|**FIXED ASSETS**||||
|Investments|**9**|199|182,199|
|||199|182,199|
|**CURRENT ASSETS**||||
|Cash at bank and in hand||6,748|12,511|
|||6,748|12,511|
|**Creditors: Amounts Falling Due Within One Year**|**10**|**(52,600)**|**(3,000)**|
|**NET CURRENT ASSETS (LIABILITIES)**||**(45,852)**|**9,511**|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||**(45,653)**|**191,710**|
|**Creditors: Amounts Falling Due After More Than One Year**|**11**|**(11,643)**|**(22,500)**|
|**NET (LIABILITIES)/ASSETS**||**(57,296)**|**169,210**|
|**FUNDS OF THE CHARITY**||||
|Unrestricted Funds||(57,296)|169,210|
|TOTAL FUNDS|**13**|(57,296)|169,210|
On behalf of the board
Mr Pinchas Karniol Trustee
26th January 2026
The notes on pages 8 to 12 form part of these financial statements.
Page 6
**Chevras Machzikei Mesifta Statement of Cash Flows For The Year Ended 31 March 2025**
|**Notes**
**Cash flows from operating activities**
Net cash generated from operations
**1**
Interest (paid)/refunded
Further item of operating activities 1
Net cash used in operating activities
**Cash flows from investing activities**
Proceeds from disposal of other fixed asset investments
**Cash flows from financing activities**
Proceeds from new bank borrowings
Repayment of bank borrowings
Net cash (used in)/generated from financing activities
(Decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
**2**
Cash and cash equivalents at end of year
**2**|**2025**
**£**
5,064
(927)
(181,043)
(176,906)
182,000
-
(10,857)
(10,857)
(5,763)
12,511
6,748|**2024**
**£**
15,923
287
(26,199)|
|---|---|---|
|||(9,989)|
|||-|
|||22,500
-|
|||22,500|
||||
|||12,511
-|
|||12,511|
Page 7
**Chevras Machzikei Mesifta Notes to the Statement of Cash Flows For The Year Ended 31 March 2025**
## **1. Reconciliation of (expenditure)/income to cash generated from operations**
|**.** **Reconciliation of (expenditure)/income to cash generated from operations**|||
|---|---|---|
|Net (expenditure)/income
Adjustments for:
Interest expense
Movements in working capital:
Increase in trade and other creditors
Net cash generated from operations|**2025**
**£**
(44,505)
448
49,121
5,064|**2024**
**£**
11,356
640
3,927|
|||15,923|
## **2. Cash and cash equivalents**
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
|Cash at bank and in hand
**.** **Analysis of changes in net debt**
Cash at bank and in hand
Debts falling due after more than one year|**As at 1 April**
**2024**
**£**
12,511
(22,500)||**2025**
**£**
6,748
**Cash flows**
**£**
(5,763)
10,857|**2024**
**£**
12,511|
|---|---|---|---|---|
|||||**As at 31**
**March 2025**
**£**
6,748
(11,643)|
||(9,989)||5,094|
(4,895)|
## **3. Analysis of changes in net debt**
Page 8
**Chevras Machzikei Mesifta Notes to the Financial Statements For The Year Ended 31 March 2025**
## **1. General Information**
Chevras Machzikei Mesifta is an unincorporated charity registered with the Charity Commission, registered charity number 1104022. The principal address is 28 Cranwich Road, London, N16 5JX.
## **2. Accounting Policies**
## **2.1. Basis of Preparation of Financial Statements**
The financial statements 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 Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
## **2.2. 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.
• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classif ied 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.
## **2.3. 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, non-charitable 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.
## **2.4. Cash and Cash Equivalents**
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 9
**Chevras Machzikei Mesifta Notes to the Financial Statements (continued) For The Year Ended 31 March 2025**
## **3. Income from Donations and Legacies**
Donations and gifts
|**2025**|**2024**|
|---|---|
|**Unrestricted**|**Unrestricted**|
|**funds**|**funds**|
|**£**|**£**|
|501,310|458,467|
The following donations and legacies are included within the total income from donations and legacies above:
## **4. Analysis of Expenditure**
Expenditure on charitable activities
Expenditure on charitable activities
|**Activities**
**undertaken**
**directly**
**£**
10,420|**Grant**
**funding of**
**activities**
(see note5)
**£**
528,321|**Support**
**costs**
(see note6)
**£**
7,074|**2025**
**Total**
**£**
545,815|
|---|---|---|---|
|**Activities**
**undertaken**
**directly**
**£**
28,789|**Grant**
**funding of**
**activities**
(see note5)
**£**
404,779|**Support**
**costs**
(see note6)
**£**
13,543|**2024**
**Total**
**£**
447,111|
## **5. Grants Payable**
## Expenditure on charitable activities
|**2025**|**2024**|
|---|---|
|**Grants to**|**Grants to**|
|**Institutions**|**Institutions**|
|**£**|**£**|
|528,321|404,779|
## **6. Support Costs**
|**.** **Support Costs**||
|---|---|
|General administration
Interest payable
Governance costs|**2025**
**Expenditure**
**on**
**charitable**
**activities**
**£**
5,186
448
1,440|
||7,074|
Page 10
**Chevras Machzikei Mesifta Notes to the Financial Statements (continued) For The Year Ended 31 March 2025**
|General administration
Interest payable
Governance costs|**2024**
**Expenditure**
**on**
**charitable**
**activities**
**£**
11,463
640
1,440|
|---|---|
||13,543|
## **7. Independent Examiner's Remuneration**
|Independent examination of the financial statements
**.** **Average Number of Employees**
verage number of employees during the year was: NIL (2024: NIL)
**.** **Investments**
**Cost or Valuation**
As at 1 April 2024
Disposals
As at 31 March 2025
**Provision**
As at 1 April 2024
As at 31 March 2025
**Net Book Value**
As at 31 March 2025
As at 1 April 2024|**2025**
**£**
1,440
1,440|**2024**
**£**
1,440|
|---|---|---|
|||1,440|
|||**Unlisted**
**£**
182,199
(182,000 )|
|||199|
|||-|
|||-|
|||199|
|||182,199|
## **8. Average Number of Employees**
Average number of employees during the year was: NIL (2024: NIL)
## **9. Investments**
## **10. Creditors: Amounts Falling Due Within One Year**
|Trade creditors
Other creditors
Accruals and deferred income|**2025**
**£**
-
51,160
1,440
52,600|**2024**
**£**
1,560
-
1,440|
|---|---|---|
|||3,000|
Page 11
**Chevras Machzikei Mesifta Notes to the Financial Statements (continued) For The Year Ended 31 March 2025**
## **11. Creditors: Amounts Falling Due After More Than One Year**
|Bank loans
**12.** **Loans**
An analysis of the maturity of loans is given below:
Amounts falling due between one and five years:
Bank loans
**13.** **Movement in Funds**
**Unrestricted funds**
General:
General unrestricted fund
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund
**Total funds**|**As at 1 April**
**2024**
**£**
169,210|**Income**
**£**
501,310|**Expenditure**
**£**
(545,815)|||**2025**
**£**
11,643||**2024**
**£**
22,500|
|---|---|---|---|---|---|---|---|---|
|||||||||**2024**
**£**
22,500|
|||||||||**As at 31**
**March 2025**
**£**
(57,296)|
||169,210|501,310|
(545,815)|||(182,001)||
(57,296)|
|||**As at 1 April**
**2023**
**£**
157,854|**Income**
**£**
458,467|||**Expenditure**
**£**
(447,111)||**As at 31**
**March 2024**
**£**
169,210|
|||157,854|
458,467|||(447,111)||
169,210|
## **14. Transactions with Trustees**
During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:
|**2025**|**2024**|
|---|---|
|**£**|**£**|
## **15. Related Party Disclosures**
The charity held shares in a Company, Karnos Property Co Ltd, valued at £182,199. Upon the disposal of the company’s assets, the proceeds were donated rather than distributed to the charity by way of dividend.
Page 12