**REGISTERED COMPANY NUMBER: 06614267 (England and Wales) REGISTERED CHARITY NUMBER: 1124961** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** ## **FOR** ## **MIFAL TZEDOKO V'CHESED LIMITED** Versa Accountants Ltd Chartered Certified Accountants Unit 2 99-101 Kingsland Road London E2 8AG **MIFAL TZEDOKO V'CHESED LIMITED** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**||1|| |**Independent Examiner's Report**||2|| |**Statement of Financial Activities**||3|| |**Balance Sheet**||4|| |**Cash Flow Statement**||5|| |**Notes to the Cash Flow Statement**||6|| |**Notes to the Financial Statements**|7|to|12| |**Detailed Statement of Financial Activities**||13|| **MIFAL TZEDOKO V'CHESED LIMITED** ## **REPORT OF THE TRUSTEES FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** 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 period 28 June 2020 to 30 June 2021. 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). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 06614267 (England and Wales) ## **Registered Charity number** 1124961 ## **Registered office** 98 Lewis Gardens London N16 5PJ ## **Trustees** Mr D Ciment Trustee Mr A Steinmetz Teacher ## **Company Secretary** Mr J Breuer ## **Independent Examiner** Versa Accountants Ltd ACCA Versa Accountants Ltd Chartered Certified Accountants Unit 2 99-101 Kingsland Road London E2 8AG Approved by order of the board of trustees on 30 May 2022 and signed on its behalf by: Mr D Ciment - Trustee Page 1 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MIFAL TZEDOKO V'CHESED LIMITED** ## **Independent examiner's report to the trustees of Mifal Tzedoko V'Chesed Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the period 28 June 2020 to 30 June 2021. ## **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 registered member of ACCA 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: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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. Versa Accountants Ltd ACCA Versa Accountants Ltd Chartered Certified Accountants Unit 2 99-101 Kingsland Road London E2 8AG 30 May 2022 Page 2 **MIFAL TZEDOKO V'CHESED LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** |||Period|| |---|---|---|---| |||28.6.20|| |||to|Year Ended| |||30.6.21|27.6.20| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies|2|999,249|815,903| |**EXPENDITURE ON**|||| |Raising funds|3|58,644|-| |**Charitable activities**|4||| |General||929,754|694,980| |**Total**||988,398|694,980| |**NET INCOME**||10,851|120,923| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**||315,796|194,873| |**TOTAL FUNDS CARRIED FORWARD**||326,647|315,796| The notes form part of these financial statements Page 3 ## **MIFAL TZEDOKO V'CHESED LIMITED** ## **BALANCE SHEET 30 JUNE 2021** |2021
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Debtors
10
395,488
Cash at bank
4,154
399,642
**CREDITORS**
Amounts falling due within one year
11
(22,684)
**NET CURRENT ASSETS**
376,958
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
376,958
**CREDITORS**
Amounts falling due after more than one year
12
(50,311)
**NET ASSETS**
326,647
**FUNDS**
14
Unrestricted funds
326,647
**TOTAL FUNDS**
326,647|2020
Total
funds
£
331,730
36,466
368,196
(2,400)
365,796
365,796
(50,000)
315,796
315,796
315,796| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2021. The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2021 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. 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 30 May 2022 and were signed on its behalf by: Mr D Ciment - Trustee The notes form part of these financial statements Page 4 **MIFAL TZEDOKO V'CHESED LIMITED** ## **CASH FLOW STATEMENT FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
**Cash and cash equivalents at the end of**
**the reporting period**
2|Period
28.6.20
to
Year Ended
30.6.21
27.6.20
£
£
(49,947)
9,404
(1,250)
-
(51,197)
9,404
(51,197)
9,404
36,466
27,062
(14,731)
36,466|Period
28.6.20
to
Year Ended
30.6.21
27.6.20
£
£
(49,947)
9,404
(1,250)
-
(51,197)
9,404
(51,197)
9,404
36,466
27,062
(14,731)
36,466| |---|---|---| |||9,404| |||| |||9,404
27,062| |||36,466| The notes form part of these financial statements Page 5 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** |**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**| |---|---|---|---|---| ||||Period|| ||||28.6.20|| ||||to|Year Ended| ||||30.6.21|27.6.20| ||||£|£| ||**Net income for the reporting period (as per the Statement of Financial**|||| ||**Activities)**||10,851|120,923| ||**Adjustments for:**|||| ||Interest paid||1,250|-| ||Increase in debtors||(81,585)|(106,060)| ||Increase/(decrease) in creditors||19,537|(5,459)| ||**Net cash (used in)/provided by operations**||(49,947)|9,404| |**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**|||| ||||2021|2020| ||||£|£| ||Notice deposits (less than 3 months)||4,154|36,466| ||Overdrafts included in bank loans and overdrafts falling due within one year||(18,885)|-| ||Total cash and cash equivalents||(14,731)|36,466| |3.|**ANALYSIS OF CHANGES IN NET DEBT**|||| |||At 28.6.20|Cash flow|At 30.6.21| |||£|£|£| ||**Net cash**|||| ||Cash at bank|36,466|(32,312)|4,154| ||Bank overdraft|-|(18,885)|(18,885)| |||36,466|(51,197)|(14,731)| ||**Debt**|||| ||Debts falling due after 1 year|(50,000)|(311)|(50,311)| |||(50,000)|(311)|(50,311)| ||**Total**|(13,534)|(51,508)|(65,042)| The notes form part of these financial statements Page 6 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** ## **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. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. continued... Page 7 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
**3.**
**RAISING FUNDS**
**Raising donations and legacies**
Support costs
**4.**
**CHARITABLE ACTIVITIES COSTS**
General
**5.**
**GRANTS PAYABLE**
General|Direct
Costs
£
1,250|Grant
funding of
activities
(see note
5)
£
953,747|Period
28.6.20
to
Year Ended
30.6.21
27.6.20
£
£
728,180
604,027
271,069
211,876
999,249
815,903
Period
28.6.20
to
Year Ended
30.6.21
27.6.20
£
£
58,644
-
Support
costs (see
note 6)
Totals
£
£
(25,243)
929,754
Period
28.6.20
to
Year Ended
30.6.21
27.6.20
£
£
953,747
673,431| |---|---|---|---| The total grants paid to institutions during the period was £ 692,593.41 (2020: £ 672,393.40) continued... Page 8 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** ## **6. SUPPORT COSTS** |Management
£
Raising donations and
legacies
13,359
General
12,730
26,089|Finance

£
244
-
244|Human
Governance
resources
costs
£
£
512
44,529
788
(38,761)
1,300
5,768|Totals
£
58,644
(25,243)| |---|---|---|---| ||||33,401| ## **7. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||Period|| |---|---|---| ||28.6.20|| ||to|Year Ended| ||30.6.21|27.6.20| ||£|£| |Auditors' remuneration|2,400|3,930| |Other operating leases|11,760|5,120| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the period ended 30 June 2021 nor for the year ended 27 June 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the period ended 30 June 2021 nor for the year ended 27 June 2020. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|815,903| |**EXPENDITURE ON**|| |**Charitable activities**|| |General|694,980| |**NET INCOME**|120,923| |**RECONCILIATION OF FUNDS**|| |**Total funds brought forward**|194,873| |**TOTAL FUNDS CARRIED FORWARD**|315,796| continued... Page 9 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** |**10.**
**DEBTORS**
2021
£
Amounts falling due within one year:
Trade debtors
5,627
Other debtors
15,000
20,627
Amounts falling due after more than one year:
Other debtors
374,861
Aggregate amounts
395,488
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2021
£
Bank loans and overdrafts (see note 13)
18,885
Accrued expenses
3,799
22,684
**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2021
£
Bank loans (see note 13)
50,311
**13.**
**LOANS**
An analysis of the maturity of loans is given below:
2021
£
Amounts falling due within one year on demand:
Bank overdrafts
18,885
Amounts falling due between two and five years:
Bank loans - 2-5 years
50,311|2020
£
-
5,540|2020
£
-
5,540| |---|---|---| ||5,540|| ||326,190|| ||331,730|| |||2020
£
-
2,400| |||2,400| |||2020
£
50,000| |||2020
£
-| |||50,000| continued... Page 10 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** ## **14. MOVEMENT IN FUNDS** |At
28.6.20
£
**Unrestricted funds**
General fund
315,796
**TOTAL FUNDS**
315,796
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
999,249
**TOTAL FUNDS**
999,249
**Comparatives for movement in funds**
At
28.6.19
£
**Unrestricted funds**
General fund
194,873
**TOTAL FUNDS**
194,873
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
815,903
**TOTAL FUNDS**
815,903|Net
movement
At
in funds
30.6.21
£
£
10,851
326,647
10,851
326,647
Resources
Movement
expended
in funds
£
£
(988,398)
10,851
(988,398)
10,851
Net
movement
At
in funds
27.6.20
£
£
120,923
315,796
120,923
315,796
Resources
Movement
expended
in funds
£
£
(694,980)
120,923
(694,980)
120,923| |---|---| continued... Page 11 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the period ended 30 June 2021. Page 12 **MIFAL TZEDOKO V'CHESED LIMITED** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021** |**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE PERIOD 28 JUNE 2020 TO 30 JUNE 2021**|||| |---|---|---|---| ||Period||| ||28.6.20||| ||to|Year En|ded| ||30.6.21|27.6.20|| ||£|£|| |**INCOME AND ENDOWMENTS**|||| |**Donations and legacies**|||| |Donations|728,180|604,027|| |Gift aid|271,069|211,876|| ||999,249|815,903|| |**Total incoming resources**|999,249|815,903|| |**EXPENDITURE**|||| |**Charitable activities**|||| |Bank loan interest|1,250|-|| |Grants to institutions|680,692|564,271|| |Grants to individuals|273,055|109,160|| ||954,997|673,431|| |**Support costs**|||| |**Management**|||| |Other operating leases|11,760|5,120|| |Telephone|296|119|| |Postage and stationery|2,265|1,182|| |Advertising|1,235|73|| |Sundries|1,361|1,926|| |Travelling|9,172|5,695|| ||26,089|14,115|| |**Finance**|||| |Bank charges|244|98|| |**Human resources**|||| |Software licences|1,300|1,076|| |**Governance costs**|||| |Auditors' remuneration|2,400|3,930|| |Legal fees|3,368|2,330|| ||5,768|6,260|| |Total resources expended|988,398|694,980|| |**Net income**|10,851|120,923|| This page does not form part of the statutory financial statements Page 13