REGISTERED COMPANY NUMBER: 05423453 (England and Wales) REGISTERED CHARITY NUMBER: 1112150
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
Belz Foundation Ltd
Martin+Heller 5 North End Road London NW11 7RJ
Belz Foundation 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 |
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
Belz Foundation 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 objectives of the Charity are to raise funds, collect donations and apply the funds and income of the charity for the benefit of charitable purposes and particularly for the purpose of the advancement of the Jewish religious faith and the relief of poverty. The charity operates a voucher system to facilitate the receipt of donations and distribution of funds.
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.
Grantmaking
Belz Foundation Limited makes donations to charitable institutions in accordance with its Articles of Association.
The trustees have personal knowledge of the recipient organisations and their trustees and are therefore able to ensure that donations made are utilised in accordance with the objectives of Belz Foundation Limited.
ACHIEVEMENT AND PERFORMANCE
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from the contributions received from donors.
The Statement of Financial Activities shows a net deficit for the year of £4,266 after making combined total grants of £816,686 and the reserve stand at £4,347.
FINANCIAL REVIEW
Principal funding sources
The charity is pleased and fortunate to receive donations from a number of organisations and individuals.
Overall the charity has experienced a good year and hopes it will continue to do so next year.
Reserves policy
It is the charity's policy that only funds that have cleared the bank be allowed to be drawn by donor's via the voucher system. The charity's trustees believe that reserves have to be maintained at a level equivalent to the donors donations, in order to be available to be distributed on the basis of their wishes.
FUTURE PLANS
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The trustees are appointed according to the Articles of Association.
Page 1
Belz Foundation Ltd
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression.
New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05423453 (England and Wales)
Registered Charity number 1112150
Registered office
1 Belz Terrace London E5 9SN
Trustees
J Baumgarten (resigned 6.8.22) A Klein S Rand Y M Sternlitcht
Company Secretary
J Baumgarten
Independent Examiner
A 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 Belz Foundation Ltd
Independent examiner's report to the trustees of Belz Foundation 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.
A Heller FCA
Martin+Heller 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Belz Foundation Ltd
Statement of Financial Activities for the Year Ended 31 March 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 818,192 EXPENDITURE ON Charitable activities 3 Donations 816,686 Other 5,772 Total 822,458 NET INCOME/(EXPENDITURE) (4,266) RECONCILIATION OF FUNDS Total funds brought forward 8,613 TOTAL FUNDS CARRIED FORWARD 4,347 |
Restricted fund £ - - - - - - - |
31.3.23 Total funds £ 818,192 816,686 5,772 822,458 (4,266) 8,613 4,347 |
31.3.22 Total funds £ 1,185,831 |
|---|---|---|---|
| 1,177,999 3,026 |
|||
| 1,181,025 | |||
| 4,806 3,807 |
|||
| 8,613 |
The notes form part of these financial statements
Page 4
Belz Foundation Ltd
Balance Sheet 31 March 2023
| Unrestricted Restricted fund fund Notes £ £ CURRENT ASSETS Debtors 9 230,000 - Cash at bank 12,877 - 242,877 - CREDITORS Amounts falling due within one year 10 (208,435) - NET CURRENT ASSETS 34,442 - TOTAL ASSETS LESS CURRENT LIABILITIES 34,442 - CREDITORS Amounts falling due after more than one year 11 (30,095) - NET ASSETS/(LIABILITIES) 4,347 - FUNDS 13 Unrestricted funds TOTAL FUNDS |
31.3.23 Total funds £ 230,000 12,877 242,877 (208,435) 34,442 34,442 (30,095) 4,347 4,347 4,347 |
31.3.22 Total funds £ 230,000 89,376 319,376 (274,930) 44,446 44,446 (35,833) 8,613 8,613 8,613 |
|---|---|---|
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
-
(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...
Belz Foundation 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
Belz Foundation Ltd
Cash Flow Statement for the Year Ended 31 March 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.23 £ (69,812) (949) (70,761) (5,738) (5,738) (76,499) 89,376 12,877 |
31.3.22 £ 58,027 (996) 57,031 (4,167) (4,167) 52,864 36,512 89,376 |
|---|---|---|
The notes form part of these financial statements
Page 7
Belz Foundation Ltd
Notes to the Cash Flow Statement for the Year Ended 31 March 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest paid Increase in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
31.3.23 £ (4,266) 949 - (66,495) (69,812) |
31.3.22 £ 4,806 996 (210,000) 262,225 58,027 |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
| At 1/4/22 Cash flow At £ £ Net cash Cash at bank 89,376 (76,499) 89,376 (76,499) Debt Debts falling due within 1 year (10,000) - Debts falling due after 1 year (35,833) 5,738 (45,833) 5,738 Total 43,543 (70,761) |
31/3/23 £ 12,877 12,877 (10,000) (30,095) (40,095) (27,218) |
|---|---|
The notes form part of these financial statements
Page 8
Belz Foundation 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.
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.
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.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Donations | 818,192 | 1,185,831 |
continued...
Page 9
Belz Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 3. CHARITABLE ACTIVITIES COSTS Donations 4. GRANTS PAYABLE Donations Amud Hatzdokoh Trust Belz Synagogue Chevras Mo'oz Ladol Clapton Support & Advice Dover Sholem Community Trust Hasmonean High School Merkaz Torah Vechesed Ltd UK Friends Of Ahavas Chesed Work Avenue Foundation Yesamach Levav Trust Less than £20,000 5. SUPPORT COSTS Other resources expended 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration |
31.3.23 £ 816,686 |
Grant funding of activities (see note 4) £ 816,686 31.3.22 £ 1,177,999 |
|
|---|---|---|---|
| 74,068 | |||
| 43,604 | |||
| 26,917 | |||
| 43,231 | |||
| 55,890 | |||
| 25,008 | |||
| 25,296 | |||
| 26,944 | |||
| 31,080 | |||
| 26,610 | |||
| 438,038 | |||
| 816,686 | |||
| 31.3.23 £ - |
Governance costs £ 5,772 31.3.22 £ 850 |
continued...
Page 10
Belz Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
7. 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.
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,185,831 EXPENDITURE ON Charitable activities Donations 1,177,999 Other 3,026 Total 1,181,025 NET INCOME 4,806 RECONCILIATION OF FUNDS Total funds brought forward 3,807 TOTAL FUNDS CARRIED FORWARD 8,613 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Restricted fund £ - - - - - - - 31.3.23 £ 230,000 |
Total funds £ 1,185,831 |
|---|---|---|
| 1,177,999 3,026 |
||
| 1,181,025 | ||
| 4,806 3,807 |
||
| 8,613 | ||
| 31.3.22 £ 230,000 |
continued...
Page 11
Belz Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.3.23 | 31.3.22 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts (see note 12) | 10,000 | 10,000 | ||
| Trade creditors | 315 | 315 | ||
| Other creditors | 195,720 | 262,215 | ||
| Accrued expenses | 2,400 | 2,400 | ||
| 208,435 | 274,930 | |||
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||
| 31.3.23 | 31.3.22 | |||
| £ | £ | |||
| Bank loans (see note 12) | 30,095 | 35,833 | ||
| 12. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 31.3.23 | 31.3.22 | |||
| £ | £ | |||
| Amounts falling due within one year on demand: | ||||
| Bank loans | 10,000 | 10,000 | ||
| Amounts falling between one and two years: | ||||
| Bank loans - 1-2 years | 10,000 | 10,000 | ||
| Amounts falling due between two and five years: | ||||
| Bank loans - 2-5 years | 20,095 | 25,833 | ||
| 13. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | ||||
| At 1/4/22 | in funds | At 31/3/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 8,613 | (4,266) | 4,347 | |
| TOTAL FUNDS | 8,613 | (4,266) | 4,347 |
continued...
Page 12
Belz Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 818,192 TOTAL FUNDS 818,192 Comparatives for movement in funds At 1/4/21 £ Unrestricted funds General fund 3,807 TOTAL FUNDS 3,807 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,185,831 TOTAL FUNDS 1,185,831 A current year 12 months and prior year 12 months combined position is as follows: At 1/4/21 £ Unrestricted funds General fund 3,807 TOTAL FUNDS 3,807 |
Resources expended £ (822,458) (822,458) Net movement in funds £ 4,806 4,806 Resources expended £ (1,181,025) (1,181,025) Net movement in funds £ 540 540 |
Movement in funds £ (4,266) (4,266) At 31/3/22 £ 8,613 8,613 Movement in funds £ 4,806 4,806 At 31/3/23 £ 4,347 4,347 |
|---|---|---|
continued...
Page 13
Belz Foundation Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 2,004,023 | (2,003,483) | 540 |
| TOTAL FUNDS | 2,004,023 | (2,003,483) | 540 |
14. RELATED PARTY DISCLOSURES
Donations received by the charity include the following amounts which were received from charities which have trustees in common with Belz Foundation Limited:
| Cosmon (Belz) Ltd | 10,050 |
|---|---|
| Clapton Common Boys Club | 3,000 |
| Bourneheights Limited | 40,600 |
| Moreshet Hatorah Limited | 11,907 |
Donations paid by the charity include the following amounts which were paid to charities which have trustees in common with Belz Foundation Limited:
| Chevras Mo'oz Ladol | 26,917 |
|---|---|
| Children Ahead Ltd | 896 |
| The Union Of Orthodox Hebrew Congregations | 1,558 |
| The Talmud Torah Machzikei Hadass Trust | 2,902 |
Page 14
Belz Foundation Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Governance costs Auditors' remuneration Sundries Accountancy and legal fees Legal fees Bank interest Bank loan interest Total resources expended Net (expenditure)/income |
31.3.23 £ 818,192 818,192 816,686 - 3,623 1,200 - 49 900 5,772 822,458 (4,266) |
31.3.22 £ 1,185,831 |
|---|---|---|
| 1,185,831 1,177,999 850 820 - 360 95 901 |
||
| 3,026 | ||
| 1,181,025 | ||
| 4,806 |
This page does not form part of the statutory financial statements
Page 15