CHARITY REGISTRATION NUMBER: 1118068
Ezer Vesaad Trust Unaudited Financial Statements
31 March 2024
ROTHFELD & CO
Accountants 149A Stamford Hill London N16 5LL
Ezer Vesaad Trust
Financial Statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Ezer Vesaad Trust
Trustees' Annual Report
Year ended 31 March 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.
Reference and administrative details
Registered charity name Ezer Vesaad Trust Charity registration number 1118068 Principal office 105 Osbaldeston Road London N16 6ND
The trustees
A Perelman E Kwadrat M Rand Independent examiner Myer Rothfeld 149A Stamford Hill London N16 5LL
Structure, governance and management
Governing document
The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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. The Trustees have taken the necessary steps to reduce the impact of any financial risks exposed to the Charity.
The Trustees have served throughout the period. The power to appoint new trustees is vested in the current committee.
No Trustee received any payment for their services during the period.
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Ezer Vesaad Trust
Trustees' Annual Report (continued)
Year ended 31 March 2024
Objectives and activities
The advancement of Orthodox Jewish Faith, The advancement of Jewish religious education, The relief of poverty,
Other purposes as are recognised by English law as charitable.
Public benefit
The Trustees have taken note of the Charities rules and regulations and confirm that due regard has been paid to the public benefit guidance published by the Charity Commission.
Achievements and performance
The Trustees approve the accounts and express their satisfaction for the operations of the Charity during the year. During the year, the Trustees approved donations to institutions that further the aims and objectives of the Charity. The Trustees have ensured the investment property of the Charity is secure and continues to generate income to further the objectives of the Charity. No income from the public was generated in the year.
Financial review
Property rental income was £156,613(2023 - £89,969). Charitable donations received £0,00(2023 - £5,000). Total operating and administration cost was £114,855(2023 - £74,357).
The statement of financial activities shows a net surplus/(deficit) for the year of £41,758 (2023 - £20,612). Total funds at the year-end was £417,496(2023 - £375,738)
The trustees' annual report was approved on 10 January 2025 and signed on behalf of the board of trustees by:
E Kwadrat Trustee
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Ezer Vesaad Trust
Independent Examiner's Report to the Trustees of Ezer Vesaad Trust
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Ezer Vesaad Trust ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Myer Rothfeld Independent Examiner 149A Stamford Hill London N16 5LL
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Ezer Vesaad Trust
Statement of Financial Activities
Year ended 31 March 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | – | – | 5,000 |
| Investment income | 5 | 156,613 | 156,613 | 89,969 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total income | 156,613 | 156,613 | 94,969 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 80,780 | 80,780 | 60,756 |
| Expenditure on charitable activities | 7,8 | 34,075 | 34,075 | 13,601 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 114,855 | 114,855 | 74,357 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in funds | 41,758 | 41,758 | 20,612 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 375,738 | 375,738 | 355,126 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 417,496 | 417,496 | 375,738 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
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Ezer Vesaad Trust
Statement of Financial Position
31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 18 | 1,568,283 | 1,516,414 |
| Current assets | |||
| Cash at bank and in hand | 26,097 | 36,208 | |
| Creditors: amounts falling due within one year | 13 | 13,884 | 13,884 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net current assets | 12,213 | 22,324 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total assets less current liabilities | 1,580,496 | 1,538,738 | |
| Creditors: amounts falling due after more than one year | 14 | 1,163,000 | 1,163,000 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net assets | 417,496 | 375,738 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Funds of the charity | |||
| Unrestricted funds | 417,496 | 375,738 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total charity funds | 15 | 417,496 | 375,738 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 10 January 2025, and are signed on behalf of the board by:
E Kwadrat Trustee
The notes on pages 6 to 11 form part of these financial statements.
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Ezer Vesaad Trust
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 105 Osbaldeston Road, London, N16 6NP.
2. Charitable activities
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The Trustees have used their best estimates for the balances in the statement of financial position. There are no material uncertainties about the assets and liabilities in the financial statements.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Ezer Vesaad Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
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Ezer Vesaad Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Investments (continued)
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or defict arising from changes in the market value is transferred to the statement of financial activities.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | – | – | 5,000 | 5,000 | |
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 156,613 | 156,613 | 89,969 | 89,969 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 6. | Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Property repairs and maintenance | |||||
| charges | 9,527 | 9,527 | 6,996 | 6,996 | |
| Property management | 13,347 | 13,347 | 11,160 | 11,160 | |
| Utilities & council tax | 960 | 960 | 3,541 | 3,541 | |
| Property insurance | 2,030 | 2,030 | 2,140 | 2,140 | |
| Service charges | – | – | 110 | 110 | |
| Legal & professional | 5,503 | 5,503 | 1,840 | 1,840 | |
| Bank charges | 60 | 60 | 201 | 201 | |
| Bank loan interest payable | 49,353 | 49,353 | 34,768 | 34,768 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 80,780 | 80,780 | 60,756 | 60,756 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
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Ezer Vesaad Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2024
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Charity | 33,175 | 33,175 | 12,700 | 12,700 | |
| Support costs | 900 | 900 | 901 | 901 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 34,075 | 34,075 | 13,601 | 13,601 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 8. | Expenditure on charitable activities by activity type | ||||
| Grant funding | Total funds | Total fund | |||
| of activities Support costs | 2024 | 2023 | |||
| £ | £ | £ | £ | ||
| Charity | 33,175 | – | 33,175 | 12,700 | |
| Governance costs | – | 900 | 900 | 901 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 33,175 | 900 | 34,075 | 13,601 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 9. | Analysis of grants | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Grants to institutions | – | 12,700 | |||
| ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||||
| Total grants | – | 12,700 | |||
| ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||||
| 10. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,000 ৶৶৶৶৶৶৶ |
900 ৶৶৶৶ |
11. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee remuneration and expenses
Trustees did not receive remuneration or other benefits from employment with the charity.
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Ezer Vesaad Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2024
13. Creditors: amounts falling due within one year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income | 1,600 | 1,600 | |
| Other creditors | 12,284 | 12,284 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 13,884 | 13,884 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 14. | Creditors: amounts falling due after more than one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts | 1,163,000 | 1,163,000 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
15. Analysis of charitable funds Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 31 | March 202 | |||
| 1 | April 2023 | Income | Expenditure | 4 | |
| £ | £ | £ | £ | ||
| General funds | 375,738 | 156,613 | (114,855) | 417,496 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| At | |||||
| At | 31 | March 202 | |||
| 1 | April 2022 | Income | Expenditure | 3 | |
| £ | £ | £ | £ | ||
| General funds | 355,126 ৶৶৶৶৶৶৶৶৶ |
94,969 ৶৶৶৶৶৶৶৶ |
(74,357) ৶৶৶৶৶৶৶৶ |
375,738 ৶৶৶৶৶৶৶৶৶ |
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Ezer Vesaad Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2024
16. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Tangible fixed assets | 1,568,283 | 1,568,283 |
| Current assets | 26,097 | 26,097 |
| Creditors less than 1 year | (13,884) | (13,884) |
| Creditors greater than 1 year | (1,163,000) | (1,163,000) |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 417,496 | 417,496 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 1,516,414 | 1,516,414 |
| Current assets | 36,208 | 36,208 |
| Creditors less than 1 year | (13,884) | (13,884) |
| Creditors greater than 1 year | (1,163,000) | (1,163,000) |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 375,738 | 375,738 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
17. Related parties
There were no related party transactions for the year.
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