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2021-08-31-accounts

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THE CHAYA REIZEL HIRSCH MEMORIAL FUND LTD

LIMITED BY GUARANTEE

DIRECTORS’ AND TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

Company No. 6308281 (England and Wales) Charity No: 1121360

THE CHAYA REIZEL HIRSCH MEMORIAL FUND LTD Contents

Page
Report of the Trustees and
Directors 3
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8
Independent Examiners Report 10
To the members

2

THE CHAYA REIZEL HIRSCH MEMORIAL FUND LTD

Report of the Trustees and Directors for the year ended 31 August 2021

The trustees who are also directors of the charity present their annual report under the Charities Act 2011 and the financial statements for the year ended 31 August 2021` and confirm that the latter comply with the requirements of the Act, the memorandum and articles of association and the Charities SORP 2005.

REFERENCE AND ADMINISTRATIVE INFORMATION

The company was incorporated on 10 July 2007 and is registered with the Charity Commission.

Directors and Trustees

B Krausz M Rudzinski

Secretary and Trustee H E Rudzinski

Company Number 6308281 Registered Office c/o B. Olsberg & Co, Enterprise House, 3 Middleton Road Manchester M8 5DT

Charity Registration No. Independent Examiner

1121360

B Olsberg FCA

B Olsberg & Co, Chartered Accountants Enterprise House, 3 Middleton Road Manchester M8 5DT

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association dated 10 July 2017 which has not been amended.

GOVERNING BODY

The structure of the Charity consists of three trustees, who are also directors and secretary of the company. The board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.

ORGANISATIONAL MANAGEMENT

The Trustees of the Charity, are legally responsible for the overall management and control of the Charity and meet regularly.

3

RISK MANAGEMENT

The trustees do not feel that there are any major risks attached to the charity's activities.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

The charity is constituted as a company limited by guarantee and is therefore governed by its memorandum and articles of association. The Trustees wish to support all worthy orthodox Jewish causes and the Charity achieves its objects by making grants and distributing mainly to Jewish education and religious organisations both in the UK and abroad.

The charity’s objects and its principal activities are:

  1. To advance education and religion in accordance with Orthodox Judaism.

  2. To relieve poverty and carry out other charitable purposes in the Jewish Community.

The charity is organised so that the trustees meet regularly to manage its affairs. The charity does not employ any staff or use voluntary assistance. Administration of the charity is dealt with by the trustees

PUBLIC BENEFIT

The trustees have referred to the guidance contained in the Charity Commissioners general guidance on public benefit when reviewing the trusts aims and objectives and on planning future activities and setting the grant policy for the year.

AIMS AND INTENDED IMPACT

Within these objects, the trustee's aim to provide help whether financial or otherwise to all Jewish persons and institutions in need.

OBJECTIVES FOR THE YEAR

The aim this year is to continue to give support wherever needed and to provide help to even more people in need.

STRATEGIES TO ACHIEVE THE YEAR'S OBJECTIVES

These included granting interviews and meetings with potential beneficiaries with a view to furthering their activities.

PRINCIPAL ACTIVITIES OF THE YEAR

The charity received donations which enabled it to make substantial distributions.

GRANT MAKING POLICY

The policy is to assist in the furtherance of Jewish education and religion, relieve poverty assist with those in need of medical help and to alleviate hardship wherever possible. All applications and requests are considered on their own merit.

REVIEW AND ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Statement of Financial Activities shows a total income of £196,215, distributions made £442,744 and Management and Administration expenses of £44,466 resulting in a deficit for the year of £290,995 (2020 a deficit of £569,555).

4

The trustees having a long term view decided to raise funds with a view to investing in assets which provide both income and capital growth over the medium term. This will enable them to increase their distributions in accordance with their objectives. Accordingly, most of the income has been invested.

Funds available are sufficient to permit the charity to continue in operation and to carry on the same level of distributions.

RESERVES POLICY

The trustees intend to maintain a high level of distributions from income and intend to make investments from the surplus available.

INVESTMENT POLICY AND OBJECTIVES

Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit.

FUTURE PLANS

The trustee's plans are to raise funds, make distributions from income, and to invest further as they consider appropriate.

ACCOUNTING AND REPORTING RESPONSIBILITIES

The trustees are required by company law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of the year. In preparing those financial statements the trustees are required to:

(d) Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

The report was approved by the board of directors and trustees on 7 November 2022 and signed on its behalf.

Trustee

M Rudzinski

5

THE CHAYA REIZEL HIRSCH MEMORIAL FUND LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021

Income and Expenditure
Income
Donations
Rents
Interest
Resources Expended
Direct Charitable Expenditure
Grants
Administrative
Bank Charges
Accountancy
Loan Interest
Legal & Professional
Sundry
Total Resources Expended
Profit for the Year
Profit on Disposal of Syndicate Investments
Balance brought forward
Balance carried forward		 31 Aug 2021
£
UNRESTRIC-
TED FUNDS
49,545
79,318
67,352
196,215
442,744
47
4,800
25,343
11,000
3,276
44,466
487,210
(290,995)
-
3,043,813
2,752,818		 31 Aug 2020
£
3,250
79,516
43,275		 31 Aug 2020
£
3,250
79,516
43,275
126,041
661,517
151
4,800
29,128
-
34,079
695,596
(569,555)
57,451
3,555,917
3,043,813

There were no recognized gains and losses for the year other than those included in the statement of financial activities.

None of the company's activities were acquired or discontinued during the above period.

The notes form part of the financial statements

6

THE CHAYA REIZEL HIRSCH MEMORIAL FUND LTD BALANCE SHEET AS AT 31 AUGUST 2021


Fixed Assets
Current Assets
Debtors
Bank
Creditors
Due Within one year
Represented by:
Unrestricted Funds		 NOTE
2
3
4

940,918
831,061
1,771,979
(396,352)		 2021
£
1,377,191
1,375,627
2,752,818
2,752,818
1,410,242
821,812
2,232,052
(391,848)		 2020
1,203,607
1,840,206
3,043,813
3,043,813

For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board for issue on 7 November 2022

…………………………………………………..

M Rudzinski

Director

Company Registration No 1121360

7

THE CHAYA REIZEL HIRSCH MEMORIAL FUND LTD

Notes to the financial statements for

the year ended 31 August 2021

1. Accounting Policies

a. The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and follow the recommendations in Statement of Recommended Practice: Accounting and Reporting for Charities (SORP October 2005).

b. Voluntary income is receivable by way of donations and is included in full in the Statement of Financial Activities when received.

c. Unrestricted funds are donations and other income received or generated for the charitable purposes of the Charity.

d. Management and administration costs of the charity relate to the central costs of management including the costs of meetings and statutory compliance.

e. Grants and distributions are included in the period they are paid.

f. Resources Expended Direct Charitable Expenditure & Management & Administration have been allocated on the basis of identifying the relevant expenditure where possible and the balance on the basis of the trustees considered opinion.

2. Investments
Equity
2021
2020
Property Syndicates
%
£
£
Greenock/CROWN
2
100,754
95,268
Enterprise
2
23,030
21,283
Girvan
2
28,978
26,996
Main Street
0.5
20,005
19,198
Brighouse
3
17,958
17,239
Medden
1
12,901
12,930
Oswestry
2
(314)
(314)
Bolton
3
36,470
32,935
Supertan
1
37
37
Queens
1
(69)
(69)
Leeds
2
30,915
28,436
Parkside
2
285
285
Bridgewater
2
44,043
46,702
Catterick
1
125,480
92,394
Galena Road
25
127,000
127,000
Vulcan House
1
59,000
50,000

8

Northfield
3
Stevenage
3
Meadows
2
Viking
2.5
Nottingham Hotel
2
South Emsoll
3
George Estate
4
Westhill
3.5
Bolton
50
Stockton Securities
1.5
Stonedale
2
Port estate
66.66		 11,462
11,492
23,227
24,838
374,445
381,645
25,386
23,462
16,755
14,796
9,595
9,379
1,978
1,978
858
857
99,640
99,640
72,633
65,200
53,542
-
61,197
-
1,377,191
1,203,607
3.
Debtors
Loans
Other
4.
Creditors
Loans
Sundry		 2021
£
910,138
30,780
940,918
2021
£
382,083
14,269
396,352		 2020
£
1,356,819
53,423
1,410,242
2020
£
382,083
9,765
391,848

9

THE CHAYA REIZEL HIRSH MEMORIAL FUND LTD

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE CHAYA REIZEL MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

I report on the accounts of the charity for the year ended 31 August 2021 which are set out on pages 6-9.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The Trustees(who are also the Directors of the Company for the purposes of Company Law) are responsible for the preparation of the Accounts. The charity’s Trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 and that an independent examination is needed. The Charity is required by law to prepare accrued accounts and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants (England and Wales)

Having satisfied myself that the Charity is not subject to audit under Company Law and is eligible for independent examination, it is my responsibility to:

BASIS OF INDEPENDENT EXAMINERS’S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

B Olsberg B Olsberg & Co Chartered Accountants Enterprise House, 3 Middleton Road Manchester

M8 5DT 7 November 2022

10