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← Kkl Charity Accounts

2023-12-31-accounts

REGISTERED NUMBER: 05118360 REGISTERED CHARITY NUMBER: 1105998

Report of the Trustees and Financial Statements

for the Year Ended 31 December 2023

for

KKL Charity Accounts

(trading as “SmartGiving”)

1

KKL Charity Accounts

Contents of the Financial Statements for the Year Ended 31 December 2023

Page
Report of the Trustees 3 – 7
Report of the Independent Auditors 8 - 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow 13
Notes to the Financial Statements 14 - 24

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KKL Charity Accounts

Report of the Trustees for the Year Ended 31 December 2023

The Trustees, who are also the Directors of the charity, have pleasure in submitting their report and audited accounts for the year ended 31 December 2023 under the Companies Act 2006, together with the audited financial statements for that year. The financial statements comply with the Charities Act 2019, the Companies Act 2006, the Memorandum and Articles of Association 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 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 05118360 (England and Wales)
Registered Charity number 1105998
Registered office 95 Church Road
London
NW4 4FE
Trustees G Falter
R Freedman (appointed 11 September 2024)
J Grant (resigned 26 June 2024)
S Hayek
L Julius
A Levin (appointed 11September 2024)
A Mendoza
G Mond (resigned 28 February 2023)
M Waisman
H Wayne
Auditors Nyman Libson Paul LLP
Chartered Accountants
Regina House
124 Finchley Road
London NW3 5JS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Company is a registered charity and a company limited by guarantee, without share capital. It is governed by its Memorandum and Articles of Association, dated 4 May 2004, as modified by special resolution passed on 18 November 2004.

Appointment of Trustees

The Board of Trustees is required to consist of not less than three and a maximum of ten individuals all of whom must be Board members, with the JNF Charitable Trust entitled to nominate the majority, the minority being individuals independent from the JNF Charitable Trust. The Chairman is Mr S Hayek.

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Trustees are elected at Annual General Meetings. One third of the Trustees retire by rotation at each Annual General Meeting (AGM), with those longest in office and the choice between any of equal service being made by drawing lots.

The Board delegates the exercise of certain powers in connection with the management and administration of the charity as set out below. This is controlled by requiring regular reporting back to the Board, so that all decisions made under delegated powers can be ratified.

Trustee Induction and Training

An induction training manual for Trustees was introduced in 2006. New Trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, committee and decision-making processes, together with familiarising them with the business plan and recent financial performance of the charity. During the induction process they meet key employees and other Trustees.

Organisation

The Board of Trustees administers the charity. The board meets quarterly.

Related parties

The charity is controlled by JNF Charitable Trust as the majority of the Board members of KKL Charity Accounts are members of the Board of JNF Charitable Trust.

Management of the Company

Under the Memorandum and Articles of Association of the charitable company the Trustees are empowered to take such steps as are necessary to achieve the charitable company's objectives and make appropriate arrangements for the sound management of its business. Management responsibilities are delegated by the Trustees to the executive management group under the direction of the Chief Executive of JNF Charitable Trust.

Risk management and internal control

The charity is committed to a policy of identifying, monitoring, and managing those risks that might adversely affect the activities in which it is involved. In this context, risk is defined as the uncertainty surrounding events and their outcomes that may have a significant effect, either enhancing or inhibiting, on operational performance, achievement of aims and objectives, and meeting expectations of stakeholders.

The Trustees believe that an appropriate review of risks is necessary, risks and controls are identified and classified in terms of their likelihood and impact, and periodically reviewed, and appropriate action is identified to adequately manage the consequences of the risks.

The Trustees have overall responsibility for the charity's systems of internal control that are designed by senior management in order to ensure effective and efficient operations, including financial reporting, and compliance with laws and regulations. In establishing and reviewing systems of internal control, the Trustees and senior management have regard to the materiality of relevant risks, the likelihood of loss being incurred and the cost of control. Risks are regularly monitored by senior management, reviewed annually by the Trustees and re-scored as appropriate. During 2023, the charity also reviewed its due diligence procedures for international donations. As a result, more comprehensive procedures have been implemented, based on Charity Commission guidelines.

The Trustees believe that the principal risks identified are loss of charitable status relating from noncompliance with legislation and poor IT practice, major loss of donations, and the impact of antisemitic action on the company. Measures to reduce these risks and assess matters regularly have been taken.

OBJECTIVES AND ACTIVITIES

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In setting the Charity's objectives and planning activities, the Trustees have given careful consideration to the Charity Commission's guidance on public benefit.

The Charity is established for general charitable purposes and provides services to achieve its mission of increasing the funds of charities and non-profit organisations. The Charity works to help donors make the most of their giving and charities make the most of their resources.

The Charity administers a charity voucher system, whereby clients deposit funds into the Charity's accounts with the benefit of Gift Aid. The Charity reclaims basic rate tax on donations on behalf of their clients. Individual accounts in the donors' names are created and the reclaimed tax is added to this account, funds being available for distribution to charities on the donors' instructions. Accounts can be funded by gifts of shares or land as well as the more usual monetary methods. The Charity also administers a Payroll Giving scheme on behalf of clients and companies. Donations requested by clients to individual charities are made directly to them on a weekly basis.

The main objectives for the year were to introduce updated online systems, whilst maintaining the existing high quality of service delivery and to increase the numbers using the services we provide.

The strategy for achieving these objectives is by maintaining a fully functional user-friendly online facility, strong PR and good relations with all existing clients.

ACHIEVEMENT AND PERFORMANCE

KKL Charity Accounts and its predecessors have existed for over fifty years. Now, under its current trading name of SmartGiving, it has a high reputation within the Jewish community. Its wide variety of clients make donations to many charities, mainly registered in the UK. A major reason that clients use SmartGiving is to reduce the personal burden of dealing with tax reclaims. Other services offered to individuals include setting up fundraising pages and payroll giving. SmartGiving also offers similar services to companies and trusts.

The Charity aims to improve efficiency in all areas. Major targets are:

FINANCIAL REVIEW

The Statement of Financial Activities (SOFA), set out on page 11, is designed to reflect all incoming resources receivable in the year irrespective of when income is spent.

In 2023 the charity received donations from clients of £10,653,278 (2022: £8,913,758) and processed donations of £11,044,637 (2022: £8,759,071) to charitable organisations from individual, corporate and trust accounts and through payroll giving. These are restricted donations and the total of such restricted funds held was £6,330,364 at 31 December 2023 (2022: £6,721,723). The charity had an operational surplus of £204,740 for the year ended 31 December 2023 (2022: £36,193) which it continues to invest in the upgrade and improvement of its IT systems.

In previous years, the charity used its free reserves to make educational grants to UK primary and secondary schools. The most recent one was the four-year Educational Grants programme for UK

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schools, which ended at the end of the 2021/22 academic year. The grant making policy of the charity is detailed in the financial statements of JNF Charitable Trust. No grants were paid during 2023 (2022: 137,100).

The recipients of grants during 2022 were as follows:

Jewish Free School, London £33,000 King David High School, Manchester £20,000 Immanuel College,Bushey £16,500 Yavneh College, Borehamwood £15,000 Brodetsky Primary School,Leeds £10,000 Hasmonean Primary School £ 6,600 Independent Jewish Day School £ 6,000 Etz Chaim £ 5,000 Rimon Primary School £ 5,000 Bury & Whitefield Jewish Primary School £ 4,000 King David Primary Liverpool £ 4,000 North Cheshire Jewish Primary School £ 4,000 Nancy Reuben Primary School £ 3,000 Yavneh Primary School £ 3,000 Simon Marks Jewish Primary School £ 2,000

GRANT MAKING POLICY

The Charity makes donations from its restricted funds to other registered charities according to its clients’ specific instructions. Clients can make payments to charities of their choice by use of the Charity’s vouchers or online via the SmartGiving website.

The Charity uses surplus unrestricted funds, after considering operational expenditure requirements, to support charitable activities for the benefit of communities in the United Kingdom and abroad. The most recent one was the four-year Educational Grants programme for UK schools, which ended at the end of the 2021/22 academic year. Details of the recipients of these grants are listed above.

RESERVES

It is the policy of the Trustees for the Charity to hold reserves against its obligations; the Trustees believe that a reserve equivalent to not less than four months' operational expenditure should be held. Total reserves as at 31 December 2023 were £6,680,461 (2022: £6,867,080). Free reserves were £350,097 at 31 December 2023 (2022: £145,357), which is in accordance with the stated policy.

PLANS FOR FUTURE YEARS

The Trustees believe that the Charity has a sound financial basis upon which to build for the future. It continues to develop its existing services further. In May 2022, the Charity’s new online platform went live and further improvements to the new systems and website are continuing to streamline the processes and improve customer service and experience. The aim is to continue to (a) expand the client base (b) improve clients’ accessibility to their accounts (c) increase the use of fundraising platforms for individuals to raise funds for charitable causes and (d) increase the number of companies and individuals using payroll giving as a tax efficient method of making charitable donations.

The Trustees will continue to use their free reserves to support charitable activities for the benefit of communities in the United Kingdom and abroad.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the Financial Statements in accordance with applicable law and regulations.

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Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the of the charitable company of its net incoming resources for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In determining how amounts are presented within items in the Statement of Financial Activities and the Balance Sheet, the trustees have had regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company’s auditors are unaware and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company`s auditors are aware of that information.

AUDITORS

In accordance with section 485 of the Companies Act 2006, a resolution proposing that Nyman Libson Paul LLP be re-appointed as auditors will be put to a General Meeting.

This report was approved by the Board on 11 September 2024.

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Samuel Hayek Trustee

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KKL Charity Accounts

Independent Auditors Report to the Members of KKL Charity Accounts

Opinion

We have audited the financial statements of KKL Charity Accounts (the 'Charitable Company') for the year ended 31 December 2023, which comprise the statement of financial activities, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we

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identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and the Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance, enquiries with management and review of accounting estimates. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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ANDREW THOMAS

Senior Statutory Auditor

Nyman Libson Paul LLP Chartered Accountants and Statutory Auditors 124 Finchley Road London NW3 5JS

Date: 27 September 2024

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KKL Charity Accounts

Statement of Financial Activities for the Year Ended 31 December 2023

tatement of Financial Activities
or the Year Ended 31 December 2023
Notes
INCOME
Income resources from generated funds
Investment income
2
Charitable activities
3
Total income
EXPENDITURE
Costs of generating funds
Fundraising and promotion
4
Charitable activities
Charitable activities costs
5 & 6
Total expenditure
NET INCOMING RESOURCES
Other recognised gains/losses
Profit on investment assets
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
2022
Unrestricted
Funds
£
Restricted
Funds
£
Total Funds
£
Unrestricted
Funds
£
Restricted
Funds
£
Total Funds
£
266,073
-
266,073
54,902
-
54,902
210,697
10,653,278
10,863,975
311,547
8,913,758
9,225,305
476,770
10,653,278
11,130,048
366,449
8,913,758
9,280,207
5,520
-
5,520
14,105
-
14,105
266,510
11,044,637
11,311,147
316,151
8,759,071
9,075,222
272,030
11,044,637
11,316,667
330,256
8,759,071
9,089,327
204,740
(391,359)
(186,619)
36,193
154,687
190,880
-
-
-
-
-
-
204,740
(391,359)
(186,619)
36,193
154,687
190,880
145,357
6,721,723
6,867,080
109,164 6,567,036
6,676,200
350,097
6,330,364
6,680,461
145,357
6,721,723
6,867,080

All the above incoming resources and resources expended were generated from continuing operations.

The notes on pages 14 to 24 form part of these financial statements.

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KKL Charity Accounts

Balance Sheet

31 December 2023

Registered Company Number: 05118360 Registered Charity Number: 1105998

Notes
FIXED ASSETS
10
INVESTMENTS
11
CURRENT ASSETS
Debtors falling due within one year
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS
FUNDS OF THE CHARITY
15 & 16
Unrestricted funds – General Fund
Restricted funds – Client Funds
TOTAL CHARITY FUNDS		 2023
Total Funds
£
2022
Total Funds
£
95,484
136,267
197,876
203,180
73,385
66,191
7,011,112
7,058,745
7,084,497
7,124,936
(697,396)
(597,303)
6,387,101
6,527,633
6,680,461
6,867,080
350,097
145,357
6,330,364
6,721,723
6,680,461
6,867,080

The financial statements were approved and authorised by the Board of Trustees on 11 September 2024 and were signed on its behalf by:

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Samuel Hayek Trustee

The notes on pages 14 to 24 form part of these financial statements.

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KKL Charity Accounts

Cash Flow for the Year Ended 31 December 2023

CASH FLOWS FROM OPERATING ACTIVITIES
Net Income for the year, as per the Statement of Financial
Activities
Adjustments for:
Depreciation charge
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors
Non-cash net( income)/expenditure
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed asset
Cash and Cash Equivalents at the beginning of the reporting period
Cash and Cash Equivalents at the end of the reporting period		 2023
£
2022
£
(186,619)
190,880
47,742
68,301
100,093
(62,359)
(7,194)
32,751
5,304
(180,719)
(6,959)
(101,133)
(47,633)
(52,549)
7,058,745
7,111,294
7,011,112
7,058,745

The notes on pages 14 to 24 form part of these financial statements.

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KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

a. Accounting convention

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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

KKL Charity Accounts Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The reporting currency is GBP and all amounts are rounded to the nearest £.

b. Company status

The charitable company is a company limited by guarantee registered in England and Wales. Its registered office address is 95 Church Road, London NW4 4FE. The members of the company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

The principal activity of the charitable company continued to be that of providing services to achieve its mission of increasing the funds of charities and non-profit organisations and helping donors make the most of their giving and charities make the most of their resources.

c. Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

d. Income

Donations are accounted for when received or notified. Income from shares is accounted for on a received basis. Other interest receivable and similar income is accounted for on a receivable basis.

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KKL Charity Accounts

Notes to the Financial Statements

for the Year Ended 31 December 2023 - continued

e. Capitalisation and depreciation of tangible fixed assets

Depreciation is provided to write off the cost of fixed assets over their estimated useful lives.

Rates of depreciation:

Tangible fixed assets costing more than £1,000 are capitalised and included at cost including any incidental expenses of acquisition.

f. Expenditure

Expenditure is accounted for on an accruals basis.

Remittances to charities includes all funds remitted to UK charities in direct pursuit of the Company’s charitable objectives.

Support Costs - expenditure incurred in governance costs and providing administrative and financial services in support of the charitable expenditure above. Support costs are generally allocated over charitable expenditure headings.

Payments to defined contributions pension schemes are written off as incurred.

Irrecoverable VAT is included under the relevant expense headings.

Investments are valued at market value at the balance sheet date. Realised gains and losses on investments are calculated by comparing the sale proceeds with the market value at the end of the previous financial year.

h. Taxation

The charitable company is exempt from corporation tax on its charitable activities.

i. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j. Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023- continued

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

l. Financial instruments

The charitable company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

The staff members whose employment costs are recharged to the charitable company belong to a defined contribution pension plan operated by JNF Charitable Trust. A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity. Once the contributions have been paid neither the charitable company nor JNF has any further payment obligations.

The pension contributions recharged to the charitable company are recognised as an expense in the Statement of financial activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from JNF Charitable Trust in independently administered funds.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

During the year, there were no judgments in applying accounting policies and key sources of estimation uncertainty which materially affected the financial statements.

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KKL Charity Accounts

Notes to the Financial Statements

for the Year Ended 31 December 2023 – continued

o. Going Concern

The charitable company meets its day to day working capital requirements through the utilisation of its own funds. It also benefits from being in the JNF group. The Trustees therefore consider it appropriate to use the going concern basis in preparing its financial statements.

2. INVESTMENT INCOME

2023 2022
£ £
Deposit account interest 266,073 54,902

3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

Fees
Contributions to Educational Grants
Programme
Tax efficient giving from donors – gift aided
donations		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
210,698
-
210,698
210,568
-
-
-
100,979
-
10,653,278
10,653,278
8,913,758
210,698
10,653,278
10,863,976
9,225,305

4. FUNDRAISING AND PROMOTION

2023 2022
£ £
Advertising 5,520 14,105

During the year to 31 December 2023 no staff were allocated to this role (2022: nil).

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KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023 – continued

5. CHARITABLE ACTIVITIES COSTS

Donations to UK and other charities
Educational Grants Programme – staff costs
Educational Grants Programme – non-staff
costs
Educational Grants Programme – grants to
schools
Support costs		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
-
11,044,637
11,044,637
8,759,071
-
-
-
37,954
-
-
-
84,625
-
-
-
(21,600)
-
-
100,979
266,510
-
266,510
215,172
266,510
11,044,637
11,311,147
9,075,222

The Education Grants Programme ended in the summer of 2022 and so there were no members of staff allocated to this during the year (2022: two part-time). No Educational Grants were made in 2023.

During the year, the top 20 donations by value, were made to the following charities:

International Fellowship of Christians and Jews
(Chicago) £621,129
KEDMA £487,550
Yad Binyamin v'Sara £448,187
JGIVE (Keren Assor) £447,597
Tatia Foundation £362,470
Achim Bead Achim £239,800
Jewish Care £224,735
Magden David Adom UK £203,546
World Jewish Relief £198,402
UJIA £194,968
Hasmonean High School Charitable Trust £193,666
Community Security Trust £193,320
Norwood £181,576
TAK Charitable Trust £149,000
Chai Cancer Care £140,120
JFS General Charitable Trust £115,741
JNF Charitable Trust £112,657
S & P Sephardi Community £100,417
SEED (Head Office) £94,550
British Friends of United Hatzalah Israel £92,960

18

KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023 – continued

6. SUPPORT COSTS

An analysis of the major support costs in Note 5 is as follows:

n analysis of the major support costs in Note 5 is as follows:
Staff costs
Other administration costs		 2023
2022
£
£
57,239
53,459
209,271
161,713
266,510
215,172

7. NET INCOMING RESOURCES

Net Incoming Resources are stated after charging:

2023 2022
£ £
Auditors' remuneration 8,000 4,265

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or benefits for the years ended 31 December 2023 and 31 December 2022. During the year trustees made donations totalling £21,476 from their SmartGiving accounts to JNF Charitable Trust.

There were no trustees' expenses paid for the years ended 31 December 2023 and 31 December 2022.

19

KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023 – continued

9. STAFF COSTS

The charitable company has no employees other than the trustees. Staff costs are recharged to the charitable company by its parent company. Details are as follows:

Salaries
Social security costs
Pension costs
The above costs are split as follows:
Educational Grants Programme
Support Costs		 2023
2022
£
£
50,152
82,950
5,185
6,592
1,902
1,871
57,239
91,413
2023
2022
£
£
-
37,954
57,239
53,459
57,239
91,413

10. FIXED ASSETS

Computer Systems
Cost
At 1 January
Additions during the year
At 31 December
Accumulated Depreciation
At 1 January
Charge for the year
At 31 December
NET BOOK VALUE
At 31 December		 2023
2022
£
£
204,298
103,165
6,959
101,133
211,257
204,298
68,031
-
47,742
68,031
115,773
68,031
95,484
136,267

20

KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023 - continued

11. INVESTMENTS

At 1 January
Additions during the year
Disposals during the year
Revaluation at year end
At 31 December		 2023
2022
£
£
203,180
22,461
84,688
200,859
(106,008)
(50,437)
16,016
30,297
197,876
203,180

This figure represents shares donated to the charitable company as a restricted donation valued at market value at the reporting date.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by group undertakings
Other debtors
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank overdraft
Trade creditors and accruals
Amounts owed to associated undertakings
Included in the accruals figures above are grants payable:
Grants payable at 1 January
Grants provided during the year
Grants paid during the year
Grants written back
Grants payable at 31 December		 2023
2022
£
£
4,826
21,988
68,559
44,203
73,385
66,191
2023
2022
£
£
22
-
31,730
70,070
665,644
527,233
697,396
597,303
2023
2022
£
£
-
158,700
-
-
-
(137,100)
-
(21,600)
-
-

21

KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023 – continued

14.FINANCIAL INSTRUMENTS

2023 2022
£ £
Financial assets measured at fair value through
income and expenditure 7,084,497 7,124,936
Financial liabilities measured at fair value through
income and expenditure 697,396 597,303

Financial assets measured at fair value through income and expenditure comprise current asset investments, bank balances and debtors.

Financial liabilities measured at fair value through income and expenditure comprise creditors.

15.ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
95,484 197,876
293,360
339,447
952,009
6,132,488
7,084,497
7,124,936
(697,396)
(697,396)
(597,303)
350,097
6,330,364
6,680,461
6,867,080

22

KKL Charity Accounts

Notes to the Financial Statements for the Year Ended 31 December 2023 – continued

16.MOVEMENT IN FUNDS

During 2023:

During 2023:
Unrestricted funds – General Fund
Restricted funds – Client Funds
Total Funds
Net movement in funds, included in the above, are as follows:
Unrestricted funds – General Fund
Restricted funds – Client Funds
Total Funds
During 2022:
Unrestricted funds – General Fund
Restricted funds – Client Funds
Total Funds
Net movement in funds, included in the above, are as follows:
Unrestricted funds – General Fund
Restricted funds – Client Funds
Total Funds		 2022
Movement
in Funds
2023
£
£
£
145,357
204,740
350,097
6,721,723
(391,359)
6,330,364
6,867,080
(186,619)
6,680,461
Incoming
resources
Resources
expended
Movement
in Funds
£
£
£
476,771
272,031
204,740
10,653,278
11,044,637
(391,359)
11,130,049
11,316,668
(186,619)
2021
Movement
in Funds
2022
£
£
£
109,164
36,193
145,357
6,567,036
154,687
6,721,723
6,676,200
190,880
6,867,080
Incoming
resources
Resources
expended
Movement
in Funds
£
£
£
366,449
(330,256)
36,193
8,913,758
(8,759,071)
154,687
9,280,207
(9,089,327)
190,880

23

9

KKL Charity Accounts

Notes to the Financial Statements

for the Year Ended 31 December 2023 – continued

17.RESTRICTED FUNDS

The Restricted Funds of KKL Charity Accounts comprises the total of the individual balances held in its system for the benefit of individual donors. The funds held in these accounts can only be distributed on the instructions of those individual donors and, therefore, are classified as Restricted Funds.

18.RELATED PARTY TRANSACTIONS

The charitable company did not receive any donations from its parent company during the year (2022: £69,044). The payroll costs and some administration costs of the charity are paid by its parent company and recharged to it. At 31 December 2023 the charity owed its parent £665,644 (2022: £527,333).

19.PARENT COMPANY

The charitable company is controlled by, and deemed to be part of, JNF Charitable Trust, a charitable company incorporated in the United Kingdom and registered in England and Wales (Company Number 355248 and Charity Number 225910), whose consolidated accounts can be obtained from 95 Church Road, London NW4 4FE. The charity is controlled by JNF Charitable Trust as the majority of the Board members of KKL Charity Accounts are members of the Board of JNF Charitable Trust.

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