REGISTERED COMPANY NUMBER: 05385704 (England and Wales) REGISTERED CHARITY NUMBER: 1111411
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
Yedidim Association Ltd
Martin+Heller 5 North End Road London NW11 7RJ
Yedidim Association Ltd
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
Yedidim Association Ltd
Report of the Trustees for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was formed for the advancement of the orthodox Jewish faith, orthodox Jewish religious education, and the relief of poverty in the orthodox Jewish community.To this end the charity has made various grants in the year under review.
Public benefit
The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
ACHIEVEMENT AND PERFORMANCE
During the year the charity raised substantial funds, and has applied a majority of the funds in grants in furtherance of its objectives.
FINANCIAL REVIEW
During the year, the charity's incoming resources exceeded the outgoing resources. The trustees are satisfied with the results for the year and the charity has surplus reserves. The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
FUTURE PLANS
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 of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The company is managed and controlled by the directors who are also the trustees and meet regularly. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, training and induction procedures.
Risk management
The trustees have identified 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
Registered Company number
05385704 (England and Wales)
Registered Charity number
1111411
Page 1
Yedidim Association Ltd
Report of the Trustees for the Year Ended 31 March 2023
Registered office
122 Kyverdale Road London N16 6PR
Trustees
Y Horowitz A Klein
Independent Examiner
Adrian Heller FCA Martin+Heller 5 North End Road London NW11 7RJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... A Klein - Trustee
Page 2
Independent Examiner's Report to the Trustees of Yedidim Association Ltd
Independent examiner's report to the trustees of Yedidim Association Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can 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 matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
Adrian Heller FCA
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Yedidim Association Ltd
Statement of Financial Activities for the Year Ended 31 March 2023
| 31.3.23 Unrestricted Restricted Total fund fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 275,646 - 275,646 Investment income 2 63,960 - 63,960 Total 339,606 - 339,606 EXPENDITURE ON Raising funds 3 26,077 - 26,077 Charitable activities Grants 293,624 - 293,624 Other 1,491 - 1,491 Total 321,192 - 321,192 NET INCOME/(EXPENDITURE) 18,414 - 18,414 Other recognised gains/(losses) Gains on revaluation of fixed assets 290,000 - 290,000 Net movement in funds 308,414 - 308,414 RECONCILIATION OF FUNDS Total funds brought forward 700,782 - 700,782 TOTAL FUNDS CARRIED FORWARD 1,009,196 - 1,009,196 |
31.3.22 Total funds £ 140,699 63,960 204,659 21,242 220,200 6,390 247,832 (43,173) - (43,173) 743,955 700,782 |
|---|---|
The notes form part of these financial statements
Page 4
Yedidim Association Ltd
Balance Sheet 31 March 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 1,250,000 CURRENT ASSETS Debtors 7 38,690 Cash at bank 840 39,530 CREDITORS Amounts falling due within one year 8 (42,778) NET CURRENT ASSETS (3,248) TOTAL ASSETS LESS CURRENT LIABILITIES 1,246,752 CREDITORS Amounts falling due after more than one year 9 (237,556) NET ASSETS 1,009,196 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - |
31.3.23 Total funds £ 1,250,000 38,690 840 39,530 (42,778) (3,248) 1,246,752 (237,556) 1,009,196 1,009,196 1,009,196 |
31.3.22 Total funds £ 960,000 35,625 1,420 37,045 (41,188) (4,143) 955,857 (255,075) 700,782 700,782 700,782 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Yedidim Association Ltd
Balance Sheet - continued 31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A Klein - Trustee
The notes form part of these financial statements
Page 6
Yedidim Association Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Governance costs include costs of the preparation of financial statements, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Tangible fixed assets
Tangible fixed assets, comprised of investment property, is stated at the trustees estimate of market value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
Yedidim Association Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. INVESTMENT INCOME
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Rents received | 63,960 | 63,960 | |
| 3. | RAISING FUNDS | ||
| Investment management costs | |||
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Portfolio management | 11,356 | 5,930 | |
| Interest payable and similar charges | 14,721 | 15,312 | |
| 26,077 | 21,242 | ||
| 4. | GRANTS PAYABLE | ||
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Grants | 293,624 | 220,200 |
The total grants paid to institutions during the year amounted to £293,624 (2022: £220,200).
Total grants paid is comprised as follows:
| MORESHET HATORAH LIMITED | 7,128 |
|---|---|
| DOVER SHOLEM COMMUNITY TRUST | 208,700 |
| THE TALMUD TORAH MACHZIKEI HADASS TRUST | 77,796 |
| 293,624 | |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
continued...
Page 8
Yedidim Association Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 6. TANGIBLE FIXED ASSETS COST OR VALUATION At 1 April 2022 Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 Cost or valuation at 31 March 2023 is represented by: Valuation in 2023 Valuation in 2016 Cost 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Freehold property £ 320,000 130,000 450,000 450,000 320,000 Freehold property £ 130,000 78,163 241,837 450,000 |
Long leasehold £ 640,000 160,000 800,000 800,000 640,000 Long leasehold £ 160,000 85,032 554,968 800,000 31.3.23 £ 38,690 |
Totals £ 960,000 290,000 |
|---|---|---|---|
| 1,250,000 | |||
| 1,250,000 | |||
| 960,000 | |||
| Totals £ 290,000 163,195 796,805 |
|||
| 1,250,000 | |||
| 31.3.22 £ 35,625 |
continued...
Page 9
Yedidim Association Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 10) Trade creditors Other creditors Accrued expenses 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 10) 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal |
31.3.23 £ 36,007 1,071 1,500 4,200 42,778 31.3.23 £ 237,556 31.3.23 £ - 36,007 36,007 36,007 201,549 - |
31.3.22 £ 36,025 963 1,500 2,700 41,188 31.3.22 £ 255,075 |
31.3.22 £ 36,025 963 1,500 2,700 |
|---|---|---|---|
| 41,188 | |||
| 31.3.22 £ 18 36,007 |
|||
| 36,025 | |||
| 36,007 | |||
| 214,188 | |||
| 4,880 |
continued...
Page 10
Yedidim Association Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
11. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||||
|---|---|---|---|---|---|---|
| Net | ||||||
| movement | ||||||
| At 1/4/22 | in funds | At 31/3/23 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 700,782 | 308,414 | 1,009,196 | |||
| TOTAL FUNDS | 700,782 | 308,414 | 1,009,196 | |||
| Net movement in funds, included in the above | are as follows: | |||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 339,606 | (321,192) | 290,000 | 308,414 | ||
| TOTAL FUNDS | 339,606 | (321,192) | 290,000 | 308,414 | ||
| Comparatives for movement in funds | ||||||
| Net | ||||||
| movement | ||||||
| At 1/4/21 | in funds | At 31/3/22 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 743,955 | (43,173) | 700,782 | |||
| TOTAL FUNDS | 743,955 | (43,173) | 700,782 | |||
| Comparative net movement in funds, included | in the above are as | follows: | ||||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 194,659 | (237,832) | (43,173) | |||
| Restricted funds | ||||||
| Restricted funds | 10,000 | (10,000) | - | |||
| TOTAL FUNDS | 204,659 | (247,832) | (43,173) |
continued...
Page 11
Yedidim Association Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 1/4/21 | in funds | At 31/3/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 743,955 | 265,241 | 1,009,196 |
| TOTAL FUNDS | 743,955 | 265,241 | 1,009,196 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 534,265 | (559,024) | 290,000 | 265,241 |
| Restricted funds | ||||
| Restricted funds | 10,000 | (10,000) | - | - |
| TOTAL FUNDS | 544,265 | (569,024) | 290,000 | 265,241 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
13. COMPANY LIMITED BY GUARANTEE
The charitable company is limited by guarantee and does not have share capital. The articles of association of the company preclude the distribution of assets to members of the company accordingly a reconciliation of shareholders' funds is inappropriate.
Page 12
Yedidim Association Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Total incoming resources EXPENDITURE Investment management costs Portfolio management Bank loan interest Charitable activities Grants to institutions Support costs Governance costs Foreign exchange gain/loss Accountancy and legal fees Bank interest Finance fees Total resources expended Net income/(expenditure) |
31.3.23 £ 275,646 63,960 339,606 11,356 14,721 26,077 293,624 (18) 1,500 9 - 1,491 321,192 18,414 |
31.3.22 £ 140,699 63,960 204,659 5,930 15,312 21,242 220,200 - 1,500 12 4,878 6,390 247,832 (43,173) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 13