REGISTERED CHARITY NUMBER: 1118504
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
YETEV LEV LONDON JERUSALEM TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
YETEV LEV LONDON JERUSALEM TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
YETEV LEV LONDON JERUSALEM TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES J Fekete S Weinstock M Zafir S Gross PRINCIPAL ADDRESS 47 Chardmore Road Stamford Hill London N16 6JA REGISTERED CHARITY 1118504 NUMBER INDEPENDENT EXAMINER Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Page 1
YETEV LEV LONDON JERUSALEM TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees 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 objects of the charity are the furtherance of the Orthodox Jewish religion by way of support to educational institutions, assisting in the reduction of poverty and granting help for charitable causes at the discretion of the trustees.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Grantmaking
The trustees obtain details of all requests for assistance and ensure that good recommendations are received before any payments are made.
Volunteers
Volunteers assist the trustees in the organisation of fundraising activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity collected funds to be distributed to charitable institutions and other needy causes. The main object is to collect funds to be donated to the Yetev Lev Institutions in Israel. Fundraising functions were held during the year and similar functions are planned to be held on a regular annual basis. During the current year total donations received were £831,214 (2022: £823,459), and total donations made amounted to £792,240 (2022: £589,454).
FINANCIAL REVIEW
Financial position
The charity is reliant on donations in order to assist in the advancement of the Orthodox Jewish Faith. The trustees are satisfied with the results of the charity for the year under review.
Reserves policy
The trustees try to ensure that the charity retains sufficient funds to cover immediate anticipated outgoings. They have contacts at all times with potential donors who are able to assist with the charity's requirements.
Going concern
The trustees are confident that the charity will be able to continue operating for the foreseeable future.
FUTURE PLANS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a declaration of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Organisational structure
The charity is constituted by a declaration of trust dated 24 January 2007. The trustees are appointed by the declaration of trust and provide their services free of charge. They are all involved in the regular running of the charity.
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YETEV LEV LONDON JERUSALEM TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
Details of transactions with related parties are disclosed in the notes to the Financial Statements.
Risk management
The charity has assessed the major risks to which the charity is exposed, in particular those to the operations and finances of the charity, and is satisfied systems are in place to mitigate its exposure to those risks.
Approved by order of the board of trustees on 29 January 2024 and signed on its behalf by:
S Gross - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YETEV LEV LONDON JERUSALEM TRUST
Independent examiner's report to the trustees of Yetev Lev London Jerusalem Trust
I report to the charity trustees on my examination of the accounts of Yetev Lev London Jerusalem Trust (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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.
M A Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
29 January 2024
Page 4
YETEV LEV LONDON JERUSALEM TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 31.3.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 831,214 EXPENDITURE ON Raising funds 3 25,991 Charitable activities 4 Grants to Institutions 792,240 Other 4,472 Total 822,703 NET INCOME 8,511 RECONCILIATION OF FUNDS Total funds brought forward 307,061 TOTAL FUNDS CARRIED FORWARD 315,572 |
31.3.22 Total funds £ 823,459 |
|---|---|
| 39,684 589,454 46,959 |
|
| 676,097 | |
| 147,362 159,699 |
|
| 307,061 |
The notes form part of these financial statements
Page 5
YETEV LEV LONDON JERUSALEM TRUST
STATEMENT OF FINANCIAL POSITION 31 MARCH 2023
| 31.3.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 1,543 CURRENT ASSETS Debtors 10 180,851 Cash at bank 147,580 328,431 CREDITORS Amounts falling due within one year 11 (14,402) NET CURRENT ASSETS 314,029 TOTAL ASSETS LESS CURRENT LIABILITIES 315,572 NET ASSETS 315,572 FUNDS 12 Unrestricted funds 315,572 TOTAL FUNDS 315,572 |
31.3.22 Total funds £ 1,815 274,356 44,092 318,448 (13,202) 305,246 307,061 307,061 307,061 307,061 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2024 and were signed on its behalf by:
J Fekete - Trustee
S Weinstock - Trustee
The notes form part of these financial statements
Page 6
YETEV LEV LONDON JERUSALEM TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from financing activities New loans in year Net cash provided by 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 £ 103,487 103,487 1 1 103,488 44,092 147,580 |
31.3.22 £ (79,508) (79,508) - - (79,508) 123,600 44,092 |
|---|---|---|
The notes form part of these financial statements
Page 7
YETEV LEV LONDON JERUSALEM TRUST
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operations |
31.3.23 £ 8,511 272 93,505 1,199 103,487 |
31.3.22 £ 147,362 320 (231,390) 4,200 |
|---|---|---|
| (79,508) |
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.22 | Cash flow | At 31.3.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 44,092 | 103,488 | 147,580 |
| 44,092 | 103,488 | 147,580 | |
| Total | 44,092 | 103,488 | 147,580 |
The notes form part of these financial statements
Page 8
YETEV LEV LONDON JERUSALEM TRUST
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 charity, 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 Charities Act 2011. 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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Donations | 831,214 | 823,459 |
continued...
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YETEV LEV LONDON JERUSALEM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. RAISING FUNDS
Raising donations and legacies
| Support costs Other trading activities Function advertising Printing and publicity Fundraising advertising Postage and mailing Building repairs Aggregate amounts 4. CHARITABLE ACTIVITIES COSTS Grants to Institutions 5. GRANTS PAYABLE Grants to Institutions 6. SUPPORT COSTS Management £ Raising donations and legacies - Other resources expended - Grants to Institutions 17,446 17,446 |
31.3.23 £ 6,669 31.3.23 £ 4,256 6,436 4,822 3,240 568 19,322 25,991 Grant funding of activities Support (see note costs (see 5) note 6) £ £ 774,794 17,446 31.3.23 £ 774,794 Governance Finance costs £ £ 6,669 - - 4,200 - - 6,669 4,200 |
31.3.22 £ - 31.3.22 £ 7,425 7,705 1,355 2,305 20,894 39,684 39,684 Totals £ 792,240 |
31.3.22 £ - 31.3.22 £ 7,425 7,705 1,355 2,305 20,894 39,684 39,684 Totals £ 792,240 |
|---|---|---|---|
| 31.3.22 £ 589,454 |
|||
| Totals £ 6,669 4,200 17,446 |
|||
| 28,315 |
continued...
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YETEV LEV LONDON JERUSALEM TRUST
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
9.
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 823,459 |
| EXPENDITURE ON | |
| Raising funds | 39,684 |
| Charitable activities | |
| Grants to Institutions | 589,454 |
| Other | 46,959 |
| Total | 676,097 |
| NET INCOME | 147,362 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 159,699 |
| TOTAL FUNDS CARRIED FORWARD | 307,061 |
| TANGIBLE FIXED ASSETS | |
| Fixtures | |
| and | |
| fittings | |
| £ | |
| COST | |
| At 1 April 2022 and 31 March 2023 | 7,782 |
| DEPRECIATION | |
| At 1 April 2022 | 5,967 |
| Charge for year | 272 |
| At 31 March 2023 | 6,239 |
| NET BOOK VALUE | |
| At 31 March 2023 | 1,543 |
| At 31 March 2022 | 1,815 |
continued...
Page 11
YETEV LEV LONDON JERUSALEM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 12. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 307,061 TOTAL FUNDS 307,061 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 831,214 TOTAL FUNDS 831,214 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 159,699 TOTAL FUNDS 159,699 |
31.3.23 31.3.22 £ £ 180,851 274,356 31.3.23 31.3.22 £ £ 14,402 13,202 Net movement At in funds 31.3.23 £ £ 8,511 315,572 8,511 315,572 Resources Movement expended in funds £ £ (822,703) 8,511 (822,703) 8,511 Net movement At in funds 31.3.22 £ £ 147,362 307,061 147,362 307,061 |
|---|---|
continued...
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YETEV LEV LONDON JERUSALEM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 823,459 823,459 |
Resources Movement expended in funds £ £ (676,097) 147,362 (676,097) 147,362 |
Resources Movement expended in funds £ £ (676,097) 147,362 (676,097) 147,362 |
|---|---|---|---|
| 147,362 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 159,699 159,699 |
Net movement in funds £ 155,873 155,873 |
At 31.3.23 £ 315,572 |
|---|---|---|---|
| 315,572 |
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 | 1,654,673 | (1,498,800 ) | 155,873 |
| TOTAL FUNDS | 1,654,673 | (1,498,800 ) | 155,873 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 13