AJC - Magen Avraham
Report and Financial
Statements
For The Year Ended 30 November 2020
AJC - Magen Avraham
| Contents | |
|---|---|
| Page | |
| Legal and Administrative Information | 1 |
| Report of The Trustees | 2 and 3 |
| Statement Of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes forming part of the financial statements | 6 to 8 |
| Accountants Report | 9 |
AJC - Magen Avraham
Trustees
and Directors: Mr. Etan Shelemay Mr. Michael Cohen Mr. Aryel Yehiya Mansoor Mr. Daniel Shalom Cohen
Secretary: Mr. Etan Shelemay
Mr. S. Mansoor, a former trustee, unfortunately passed away in September 2008.
The Organisation is a Charitable Company.
Date Of Incorporation 28 October 2003 Date of Charity Registration 18 April 2006 Registered Office 50 Craven Park Road South Tottenham London N15 6AB Company Number 04946089 Charity Number 1105896 Corporation Tax Reference 922 32632 27370
Page 1
AJC - Magen Avraham Report of the Trustees
The Directors / Trustees present their annual report with accounts of the Charitable Company for the Year Ended 30 November 2020.
Status and Administration
The Charity is constituted as a company limited by guarantee, and is therefore governed by a Constitution, Memorandum and Articles of Association.
Charitable Objects
The Company is a Charity whose objects are The Relief of Poverty and The Promotion of Education and Religion and the provision of a Social Network to Suit the Cultural and Religious needs of our Community through our Places of Worship and Meeting Places.
Directors / Trustees
The Directors and Trustees in office throughout the year were
Mr. Etan Shelemay Mr. Michael Cohen Mr. Aryel Yehiya Mansoor Mr. Daniel Shalom Cohen
Reserves Policy
The trustees retain reserves as necessary and where appropriate, consolidate funds in order to make more substantial grants which they feel to be appropriate.
Page 2
AJC - Magen Avraham
Report of the Management Committee
Responsibilities of the Trustees
Company and Charity Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the Balance Sheet Date, and of its incoming resources, including income and expenditure for the financial year.
In preparing those financial statements, the Trustees should follow best practice and
a. Select suitable accounting policies and the apply them consistently.
b. Make judgements and estimates that are reasonable and prudent.
c. Follow applicable accounting standards and the Charities SORP 2015, disclosing and explaining any departures in the financial statements.
d. Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Trustees are responsible for maintaining proper accounting records which
disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them as Trustees to ensure that the financial statements comply with the Charity Law and the Companies Act 2006.
The Trustees are also responsible for safeguarding the charitable company's assets in line with The The Memorandum of Agreement dated 8th March 2013 and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.
Members of The Management Committee
Members of The Management Committee, who are Directors for the purpose of Company Law and Trustees for the purpose of Charity Law are set out on Page 1.
Political and Charitable Donations
During the year, the Charitable Company made charitable contributions of £15,670 (2019 £8,368)
The Euro
The impact of the Euro has been considered generally by the company. Although the impact of the changeover to the Euro is not currently anticipated to be significant, this issue is being closely monitored.
The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by The Trustees of AJC - Magen Avraham and signed on its behalf by
on 3 August 2021,
Mr. Michael Cohen Director and Trustee
Mr. Etan Shelemay Secretary and Trustee
Page 3
AJC - Magen Avraham
Statement Of Financial Activities
For The Year Ended 30 November 2020
| Notes | Unrestricted | 2020 | 2019 | ||
|---|---|---|---|---|---|
| Funds | Total Funds | Total Funds | |||
| £ | £ | £ | |||
| INCOMING RESOURCES | |||||
| Activities to further the Charity's Objects | 2 | 77,296 | 77,296 | 79,910 | |
| Investment Income and Interest | 148 | 148 | 162 | ||
| 77,444 | 77,444 | 80,072 | |||
| Total Incoming Resources | 77,444 | 77,444 | 80,072 | ||
| RESOURCES EXPENDED | |||||
| Net Incoming Resources Available | |||||
| For Charitable Application | 77,444 | 77,444 | 80,072 | ||
| Charitable Expenditure | |||||
| In Furtherance of the Charitable Objects | 3 | 62,057 | 62,057 | 86,952 | |
| Governance Costs | 4 | 1,782 | 1,782 | 1,597 | |
| Total Charitable Expenditure | 63,839 | 63,839 | 88,549 | ||
| Total Resources Expended | 3 | 63,839 | 63,839 | 88,549 | |
| Net Movement In Funds | 13,605 | 13,605 | (8,477) | ||
| Total Funds Brought Forward |
371,444 | 371,444 | 379,921 | ||
| Total Funds Carried Forward |
10 | £ 385,049 | £ | 385,049 | £ 371,444 |
Page 4
AJC - Magen Avraham
Balance Sheet at 30 November 2020
| Balance Sheet at 30 November 2020 |
|||
|---|---|---|---|
| Notes Fixed Assets Tangible Assets 6 Current Assets Deferred Asset 7 Cash at Bank and in Hand Creditors :Amounts falling due within one year 8 Net Current Assets Total Assets less Current Liabilities Net Assets 9 Unrestricted Funds 10 Total Funds 10 |
2020 £ 0 331,037 57,428 388,465 (3,416) 385,049 385,049 £ 385,049 385,049 £ 385,049 |
2019 £ 0 331,037 42,751 373,788 (2,344) 371,444 371,444 £ 371,444 |
|
| 371,444 | |||
| 371,444 | |||
| £ | £ | 371,444 | |
| 371,444 |
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard for Small Entities.
For the financial year ended 30 November 2020 ,the company was entitled to an exemption from under Section 477 Companies Act 2006, and no notice has been deposited under Section 476. The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 which otherwise comply with the requirements of the Companies Act 2006, so far as applicable to the company.
Approved by the Trustees on 3 August 2021,
and signed on its behalf by
Signed
Mr. Michael Cohen Director and Trustee
Mr. Etan Shelemay Secretary and Trustee
The notes on pages 6 to 7 form part of these accounts.
Page 5
AJC - Magen Avraham
Notes To The Accounts - 30 November 2020
1) Principal Accounting Policies
Basis of Accounting
The Accounts have been prepared under the historical cost convention in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006, Charities Act (Accounts and Reports) 2011, and the Financial Reporting Standard for Smaller Entities 102, and follow the recommendations in Accounting and Reporting By Charities: Statement of Recommended Practice (effective from April 2015). Cash Flow
The accounts do not include a cash flow statement because the Charitable Company as a small reporting entity is exempt from the requirement to prepare such a statement.
Donations and Fund Accounting
Donations received for the general and main purposes of the Charity are included as unrestricted funds. Donations and Grants for activities restricted by the donors are taken to restricted funds if the wishes and conditions of the donor are legally binding on the Governors.
Resources Expended
Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on estimated amount attributable to that activity in the year. These estimates are based on the time and level of activity as appropriate.
The irrecoverable element of VAT is included with the item of expense to which it relates.
| 2) Gifts and Donations To AJC Total Incoming Resources |
2020 2019 £ £ 77,296 79,910 £ 77,296 £ 79,910 |
2020 2019 £ £ 77,296 79,910 £ 77,296 £ 79,910 |
|---|---|---|
| 79,910 |
Page 6
AJC - Magen Avraham
Notes To The Accounts - 30 November 2020
| 3) **4) ** |
Analysis of Total Resources Expended In Furtherance of Charitable Activities Books Catering and Kiddushim Children's Toys and Entertainment Cleaning Donations Paid Out Event Gardening Health and Safety Insurance Miscellaneous Postage and Stationery Refuse Collection Repairs and Renewals Security Telephone Utilities Gas 1,850 Electricity 2,059 Water 240 Water 0 Wages Total Charitable Activities Cost of Activities In Furtherance of the Charity's Objects Governance Costs Interest Expenses Professional Fees Accounting and Bookkeeping 1,782 Professional 0 |
2020 2019 £ £ 141 1,281 7,757 22,291 760 1,267 3,140 4,910 15,670 8,368 160 0 985 1,102 0 0 2,521 2,452 370 1,018 520 303 1,128 993 6,909 12,877 10,166 16,131 499 440 3,853 2,567 309 4,149 0 6,729 7,182 6,790 £ 62,057 £ 86,952 2020 2019 £ £ 0 0 1,597 1,782 0 1,597 £1,782 £1,597 |
2020 2019 £ £ 141 1,281 7,757 22,291 760 1,267 3,140 4,910 15,670 8,368 160 0 985 1,102 0 0 2,521 2,452 370 1,018 520 303 1,128 993 6,909 12,877 10,166 16,131 499 440 3,853 2,567 309 4,149 0 6,729 7,182 6,790 £ 62,057 £ 86,952 2020 2019 £ £ 0 0 1,597 1,782 0 1,597 £1,782 £1,597 |
|---|---|---|---|
Page 7
AJC - Magen Avraham Notes To The Accounts - 30 November 2020
5) Taxation
The Charitable Company is exempt from taxation on its charitable activities.
6) Tangible Fixed Assets
| Alarms Improvement Cost or valuation £ £ At 0 0 Additions 0 0 Disposals 0 0 At £ 0 £ 0 Depreciation At 0 Charge for the year 0 At 0 Net book values At £ 0 At £ 0 7) Deferred Asset Other Debtors Deferred Asset 30 November 2019 30 November 2020 30 November 2019 30 November 2020 30 November 2020 30 November 2019 |
Total £ 0 0 0 £ 0 0 0 0 £ 0 £ 0 2020 £ 0 331,037 £ 331,037 |
2019 £ 0 331,037 £ 331,037 |
2019 £ 0 331,037 £ 331,037 |
|---|---|---|---|
| 331,037 |
The deferred asset represents the contribution paid by AJC-Magen Avraham to the JMC Trust Fund (registered charity number 1054076) towards the purchase cost of 130 Hendon Lane, London N3 3SJ by the JMC Trust Fund. In accordance with the Memorandum of Agreement dated 8 March 2013 signed by AJC-Magen Avraham and the JMC Trust Fund, AJC-Magen Avraham is entitled to a third of any rental income received and would be entitled to a third of the net sales proceeds in the event of a sale of the property.
8) Creditors:
| **8) ** | Creditors: | 2020 | 2019 | ||||||
| Amounts falling due within one year | £ | £ | |||||||
| Other Creditors | 3,086 | 2,014 | |||||||
| Accruals | 330 | 330 | |||||||
| £ 3,416 | £ 2,344 | ||||||||
| Fixed | Net Current | Long Term | Fund |
||||||
| **9) ** | Net Assets of The Charity's Funds | Assets | Assets | Liabilities | Balances | ||||
| £ | £ | £ | £ | ||||||
| Unrestricted Funds | 0 | 385,049 | 0 | 385,049 | |||||
| Restricted Funds | 0 | 0 | 0 | 0 | |||||
| Total Funds | £ | 0 | £ 385,049 | £ 0 | £ 385,049 | ||||
| **10) ** | Unrestricted Funds | : Movements In The | Year | ||||||
| Balance at | Balance at | ||||||||
| 30 November 2019 | Income | Expended | Reserves | 30 November 2020 | |||||
| General Reserve | 371,444 | 77,444 | 63,839 | 0 | 385,049 | ||||
| Total Funds | £ 371,444 | £ | 77,444 | £ 63,839 | £ 0 | £ 385,049 | |||
| 11) | The average number of Employees during the year, | on | a full time equivalent | 2020 2019 |
|||||
| basis was | 1 1 |
No Employee was paid above £60,000 per year.
12) Related Party Transactions
No trustee nor any person connected with them received any remuneration, or claimed any expense, during the year, from this or any related Charity.
There were no Related Party Transactions in the Year.
Page 8
Accountants Report to the Trustees on the Unaudited Accounts of the Charitable Company AJC - Magen Avraham
Corporation Tax Reference 922 32632 27370
We report on the accounts for the year ended 30 November 2020 set out on pages 3 to 8.
Respective Responsibilities Of Directors / Trustees and Reporting Accountants
As described on page 3, the trustees as directors of the Charitable Company are responsible for the preparation of the accounts, and they consider that the company is exempt from an audit. It is our responsibility to carry out the procedures designed to enable us to report our opinion.
Basis of Opinion
Our work was conducted in accordance with the Statement of Standards for Reporting Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the Charity Company, and making such limited enquiries of the officers of the company as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.
Opinion
In our opinion
-
a) The Accounts are in agreement with the accounting records kept by the company under Part 15 of the Companies Act 2006;
-
b) Having regard to, and on the basis of, the information contained in those accounting records: (I) The Accounts have been drawn up in a manner consistent with the accounting requirements specified in Part 15 of the Act; and
(II) The Company satisfied the conditions for exemption from an audit of the accounts for the year specified in section 477 of the Act and did not, at any time within that year, fall within any of the categories of companies not entitled to the exemption specified in section 476.
Date 03 August 2021
Reporting Accountants
C. Rosen & Co Certified Accountants 50 Craven Park Road South Tottenham London N15 6AB
Page 9