DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
CHARITY REGISTRATION NUMBER: 1118086
FRIENDS OF YESHIVA LUZERN UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road London NW11 0PU
DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| PAGES | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 to 12 |
DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Friends of Yeshiva Luzern Charity registration number 1118086 Principal office 112 Osbaldeston Road London N16 6NJ
The trustees Mr M Kernkraut Mr S Seidenfeld Mr J Frankel
INDEPENDENT EXAMINER J A Neumann FCA Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is governed by a Declaration of Trust.
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training procedures.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage those risks.
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2023
OBJECTIVES AND ACTIVITIES
The charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law.
The trustees have continued to favour supporting the activities of the Yeshiva Luzern which relocated to the United Kingdom. In addition, the charity utilises part of its income to make grants and donations.
The charity receives income from voluntary donations.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and activities and setting the grant making policy for the year.
Grant making policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity, and are considered based on the level of funds available.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity continued its activities to support the Yeshiva. Total incoming resources were £776,669. Expenditure on direct charitable activities totalled £512,562.
FINANCIAL REVIEW
The financial position of the Charity is satisfactory.
As at 31 March 2023 the charity had reserves of £539,784 (2022: £275,677).
The financial results of the charity's activities for the year to 31 March 2023 are fully reflected in the attached Financial Statements together with the notes thereon.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which include the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year. The trustees have not undertaken any formal charitable commitments. They consider that the charity can rely on its ongoing support from its supporters within the wider community to fund its ongoing activities.
26/1/2024 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr M Kernkraut Trustee
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF YESHIVA LUZERN
YEAR ENDED 31 MARCH 2023
I report to the trustees on my examination of the financial statements of Friends of Yeshiva Luzern ('the charity') for the year ended 31 March 2023.
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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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
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the financial statements do not accord with those records; or
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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.
Cohen Arnold Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU 29/1/2024
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 773,164 | 773,164 | 244,098 |
| Other income | 5 | 3,505 | 3,505 | 12 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total income | 776,669 | 776,669 | 244,110 | |
| ===================================== | ===================================== | ===================================== | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (512,562) | (512,562) | (272,270) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total expenditure | (512,562) | (512,562) | (272,270) | |
| ===================================== | ===================================== | ===================================== | ||
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 264,107 | 264,107 | (28,160) | |
| ===================================== | ===================================== | ===================================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 275,677 | 275,677 | 303,837 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total funds carried forward | 539,784 | 539,784 | 275,677 | |
| ===================================== | ===================================== | ===================================== |
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 7 to 12 form part of these financial statements.
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
STATEMENT OF FINANCIAL POSITION
| 31 | MARCH | 2023 | ||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Note | £ |
£ | £ | £ | ||
| Fixed assets | ||||||
| Tangible fixed assets | 13 | 198,374 | 183,913 | |||
| Current assets | ||||||
| Cash at bank and in hand | 604,033 | 161,496 | ||||
| Creditors: amounts falling due | ||||||
| within one year | 14 | (262,623) |
(69,732) | |||
| ------------------------------------- | ------------------------------------- | |||||
| Net current assets | 341,410 | 91,764 | ||||
| ------------------------------------- | ------------------------------------- | |||||
| Total assets less current liabilities | 539,784 | 275,677 | ||||
| ------------------------------------- | ------------------------------------- | |||||
| Net assets | 539,784 | 275,677 | ||||
| ===================================== | ===================================== | |||||
| Funds of the charity | ||||||
| Unrestricted funds | 539,784 | 275,677 | ||||
| ------------------------------------- | ------------------------------------- | |||||
| Total charity funds | 15 | 539,784 | 275,677 | |||
| ===================================== | ===================================== |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 26/1/2024
Mr M Kernkraut Trustee
The notes on pages 7 to 12 form part of these financial statements.
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 264,107 | (28,160) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 49,593 | 36,783 |
| Foreign exchange gain | (2,543) | – |
| Other interest receivable and similar income | (962) | (12) |
| Accrued (income)/expenses | (600) | 2,340 |
| Changes in: | ||
| Trade and other creditors | 193,491 | 6,200 |
| ------------------------------------- | ------------------------------- | |
| Cash generated from operations | 503,086 | 17,151 |
| Interest received | 962 | 12 |
| ------------------------------------- | ------------------------------- | |
| Net cash from operating activities | 504,048 | 17,163 |
| ===================================== | =============================== | |
| Cash flows from investing activities | ||
| Foreign exchange gain | 2,543 | – |
| Purchase and improvements of tangible assets | (64,054) | (23,020) |
| ------------------------------------- | ------------------------------- | |
| Net cash used in investing activities | (61,511) | (23,020) |
| ===================================== | =============================== | |
| Net increase/(decrease) in cash and cash equivalents | 442,537 | (5,857) |
| Cash and cash equivalents at beginning of year | 161,496 | 167,353 |
| ------------------------------------- | ------------------------------------- | |
| Cash and cash equivalents at end of year | 604,033 | 161,496 |
| ===================================== | ===================================== |
The notes on pages 7 to 12 form part of these financial statements.
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
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 112 Osbaldeston Road, London, N16 6NJ.
2. STATEMENT OF COMPLIANCE
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.
The charity meets the definition of a public benefit entity under FRS 102.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
The trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
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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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
3. ACCOUNTING POLICIES (continued)
Incoming resources
All income is 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.
Resources expended
Expenditure is recognised as soon as there is a present obligation committing the Charity to pay out resources, it is probable that a transfer of economic benefits will be required in settlement and the amount can be measured or estimated reliably.
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 and events.
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.
Grants payable
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Over the remaining period of the lease
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations received | 773,164 | 773,164 | 242,219 | 242,219 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 773,164 | 773,164 | 242,219 | 242,219 | |
| ===================================== | ===================================== | ===================================== | ===================================== |
5. OTHER INCOME
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Foreign exchange gain | 2,543 | 2,543 | 1,879 | 1,879 |
| Bank interest receivable | 962 | 962 | 12 | 12 |
| -------------------------- | -------------------------- | ---------------- | ---------------- | |
| 3,505 | 3,505 | 1,891 | 1,891 | |
| ========================== | ========================== | ========================== | ========================== |
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Provision of Jewish education | ||||
| facilities | 507,762 | 507,762 | 266,030 | 266,030 |
| Support costs | 4,800 | 4,800 | 6,240 | 6,240 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 512,562 | 512,562 | 272,270 | 272,270 | |
| ===================================== | ===================================== | ===================================== | ===================================== |
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Provision of Jewish education facilities | 507,762 | – |
507,762 | 266,030 |
| Governance costs | – | 4,800 |
4,800 | 6,240 |
| ------------------------------------- | -------------------------- | ------------------------------------- | ------------------------------------- | |
| 507,762 | 4,800 |
512,562 | 272,270 | |
| ===================================== | ========================== | ===================================== | ===================================== |
8. ANALYSIS OF SUPPORT COSTS
| Support costs | Total 2023 | Total 2022 | |
|---|---|---|---|
| £ | £ | £ | |
| Governance costs | 4,800 | 4,800 | 6,240 |
| ========================== | ========================== | ========================== |
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Net income/(expenditure) is stated after charging/(crediting): | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 49,593 | 36,783 |
| =============================== | =============================== | |
| INDEPENDENT EXAMINATION FEES | ||
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 4,800 | 6,240 |
| =============================== | ========================== |
10. INDEPENDENT EXAMINATION FEES
11. STAFF COSTS
No salaries or wages have been paid to employees, including the trustees, during the year.
12. TRUSTEE REMUNERATION AND EXPENSES
No salaries or wages have been paid to employees, including the trustees, during the year. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
13. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Short | |
| leasehold | |
| property | |
| £ | |
| Cost | |
| At 1 April 2022 | 262,952 |
| Additions | 64,054 |
| ------------------------------------- | |
| At 31 March 2023 | 327,006 |
| ===================================== | |
| Depreciation | |
| At 1 April 2022 | 79,039 |
| Charge for the year | 49,593 |
| ------------------------------------- | |
| At 31 March 2023 | 128,632 |
| ===================================== | |
| Carrying amount | |
| At 31 March 2023 | 198,374 |
| ===================================== | |
| At 31 March 2022 | 183,913 |
| ===================================== |
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
14. CREDITORS: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 9,240 | 9,840 |
| Other creditors | 253,383 | 59,892 |
| ------------------------------------- | ------------------------------- | |
| 262,623 | 69,732 | |
| ===================================== | =============================== |
15. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | ||||||
| At | 31 March | 20 | ||||
| 1 | April 2022 | Income | Expenditure | 23 | ||
| £ | £ | £ | £ | |||
| General funds | 275,677 | 776,669 | (512,562) | 539,784 |
||
| ===================================== | ===================================== | ===================================== | ===================================== | |||
| At | ||||||
| At | 31 March | 20 | ||||
| 1 | April 2021 | Income | Expenditure | 22 | ||
| £ | £ | £ | £ | |||
| General funds | 303,837 | 244,110 | (272,270) | 275,677 |
||
| ===================================== | ===================================== | ===================================== | ===================================== |
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 198,374 | 198,374 |
| Current assets | 604,034 | 604,034 |
| Creditors less than 1 year | (262,623) | (262,623) |
| ------------------------------------- | ------------------------------------- | |
| Net assets | 539,785 | 539,785 |
| ===================================== | ===================================== | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 183,913 | 183,913 |
| Current assets | 161,496 | 161,496 |
| Creditors less than 1 year | (69,732) | (69,732) |
| ------------------------------------- | ------------------------------------- | |
| Net assets | 275,677 | 275,677 |
| ===================================== | ===================================== |
17. ANALYSIS OF CHANGES IN NET DEBT
| At | At | |||
|---|---|---|---|---|
| 1 | Apr 2022 | Cash flows | 31 Mar 2023 | |
| £ | £ | £ | ||
| Cash at bank and in hand | 161,496 | 442,537 | 604,033 | |
| ===================================== | ===================================== | ===================================== |
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DocuSign Envelope ID: 91ADCFC6-F30C-4063-82F9-416552EC7614
FRIENDS OF YESHIVA LUZERN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2023
18. RELATED PARTY TRANSACTIONS
Other creditors include amounts totalling £60,892 (2022: £59,892) due to the Trustees and Companies connected with the Trustees.
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