**REGISTERED COMPANY NUMBER: 06614267 (England and Wales) REGISTERED CHARITY NUMBER: 1124961** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **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 YEAR ENDED 30 JUNE 2022** |||**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|11| |**Detailed Statement of Financial Activities**||12|| **MIFAL TZEDOKO V'CHESED LIMITED** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022** 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 year ended 30 June 2022. 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 Versa Accountants Ltd Chartered Certified Accountants Unit 2 99-101 Kingsland Road London E2 8AG Approved by order of the board of trustees on 28 April 2023 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 year ended 30 June 2022. ## **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 member of the Association of Chartered Certified Accountants, 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 Versa Accountants Ltd Chartered Certified Accountants Unit 2 99-101 Kingsland Road London E2 8AG 28 April 2023 Page 2 **MIFAL TZEDOKO V'CHESED LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022** **----- Start of picture text -----**
Period
28.6.20
Year Ended to
30.6.22 30.6.21
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 838,362 999,249
EXPENDITURE ON
Raising funds 3 - 58,644
Charitable activities 4
General 880,699 929,754
Total 880,699 988,398
NET INCOME/(EXPENDITURE) (42,337) 10,851
RECONCILIATION OF FUNDS
Total funds brought forward 326,647 315,796
TOTAL FUNDS CARRIED FORWARD 284,310 326,647
**----- End of picture text -----**
The notes form part of these financial statements Page 3 ## **MIFAL TZEDOKO V'CHESED LIMITED** ## **BALANCE SHEET 30 JUNE 2022** **----- Start of picture text -----**
2022 2021
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Debtors 10 344,442 375,492
Cash at bank 6,181 5,266
350,623 380,758
CREDITORS
Amounts falling due within one year 11 (6,201) (3,800)
NET CURRENT ASSETS 344,422 376,958
TOTAL ASSETS LESS CURRENT
LIABILITIES 344,422 376,958
CREDITORS
Amounts falling due after more than one year 12 (60,112) (50,311)
NET ASSETS 284,310 326,647
FUNDS 14
Unrestricted funds 284,310 326,647
TOTAL FUNDS 284,310 326,647
**----- End of picture text -----**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 28 April 2023 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 YEAR ENDED 30 JUNE 2022** **----- Start of picture text -----**
Period
28.6.20
Year Ended to
30.6.22 30.6.21
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (10,162) (31,661)
Interest paid (1,125) (1,250)
Net cash used in operating activities (11,287) (32,911)
Cash flows from financing activities
Loan repayments in year 12,202 1,711
Net cash provided by financing activities 12,202 1,711
Change in cash and cash equivalents in
the reporting period 915 (31,200)
Cash and cash equivalents at the
beginning of the reporting period 5,266 36,466
Cash and cash equivalents at the end of
the reporting period 6,181 5,266
**----- End of picture text -----**
The notes form part of these financial statements Page 5 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2022** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**OPERATING ACTIVITIES**|| |---|---| ||Period| ||28.6.20| |Year Ended|to| |30.6.22|30.6.21| |£|£| |**Net (expenditure)/income for the reporting period (as per the**|| |**Statement of Financial Activities)**
(42,337)|10,851| |**Adjustments for:**|| |Interest paid
1,125|1,250| |Decrease/(increase) in debtors
31,050|(43,762)| |**Net cash used in operations**
(10,162)|(31,661)| **2. ANALYSIS OF CHANGES IN NET DEBT** |At 1.7.21
Cash flow
At
£
£
**Net cash**
Cash at bank
5,266
915
Less: Deposits treated as
liquid resources
-
(12,201)
5,266
(11,286)
**Liquid resources**
Deposits included in cash
-
12,201
Current asset investments
-
-
-
12,201
**Debt**
Debts falling due after 1 year
(50,311)
(9,801)
(50,311)
(9,801)
**Total**
(45,045)
(8,886)|30.6.22
£
6,181
(12,201)
(6,020)
12,201
-
12,201
(60,112)
(60,112)
(53,931)| |---|---| The notes form part of these financial statements Page 6 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **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 YEAR ENDED 30 JUNE 2022** **----- Start of picture text -----**
2. DONATIONS AND LEGACIES
Period
28.6.20
Year Ended to
30.6.22 30.6.21
£ £
Donations 682,356 728,180
Gift aid 156,006 271,069
838,362 999,249
3. RAISING FUNDS
Raising donations and legacies
Period
28.6.20
Year Ended to
30.6.22 30.6.21
£ £
-
Support costs 58,644
4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
(see note costs (see
5) note 6) Totals
£ £ £
General 853,002 27,697 880,699
5. GRANTS PAYABLE
Period
28.6.20
Year Ended to
30.6.22 30.6.21
£ £
General 853,002 953,747
**----- End of picture text -----**
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 YEAR ENDED 30 JUNE 2022** ## **6. SUPPORT COSTS** **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Human|Governance| |Management|Finance|resources|costs|Totals| |£|£|£|£|£| |General|17,173|340|1,954|8,230|27,697| **----- End of picture text -----**
## **7. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): **----- Start of picture text -----**
|||| |---|---|---| |Period| |28.6.20| |Year Ended|to| |30.6.22|30.6.21| |£|£| |Auditors' remuneration|8,230|2,400| |Other operating leases|9,030|11,760| **----- End of picture text -----**
## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the period ended 30 June 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 June 2022 nor for the period ended 30 June 2021. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** **----- Start of picture text -----**
||| |---|---| |Unrestricted| |fund| |£| |INCOME AND ENDOWMENTS FROM| |Donations and legacies|999,249| |EXPENDITURE ON| |Raising funds|58,644| |Charitable activities| |General|929,754| |Total|988,398| |NET INCOME|10,851| |RECONCILIATION OF FUNDS| |Total funds brought forward|315,796| |TOTAL FUNDS CARRIED FORWARD|326,647| **----- End of picture text -----**
continued... Page 9 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022** **----- Start of picture text -----**
10. DEBTORS
2022 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 344,442 354,865
Aggregate amounts 344,442 375,492
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Accrued expenses 6,201 3,800
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£ £
Bank loans (see note 13) 60,112 50,311
13. LOANS
An analysis of the maturity of loans is given below:
2022 2021
£ £
Amounts falling due between two and five years:
Bank loans - 2-5 years 60,112 50,311
14. MOVEMENT IN FUNDS
Net
movement At
At 1.7.21 in funds 30.6.22
£ £ £
Unrestricted funds
General fund 326,647 (42,337) 284,310
TOTAL FUNDS 326,647 (42,337) 284,310
**----- End of picture text -----**
continued... Page 10 **MIFAL TZEDOKO V'CHESED LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022** ## **14. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |Incoming
resources
£
**Unrestricted funds**
General fund
838,362
**TOTAL FUNDS**
838,362
**Comparatives for movement in funds**
At
28.6.20
£
**Unrestricted funds**
General fund
315,796
**TOTAL FUNDS**
315,796
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
999,249
**TOTAL FUNDS**
999,249|Resources
Movement
expended
in funds
£
£
(880,699)
(42,337)
(880,699)
(42,337)
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| |---|---| ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 June 2022. Page 11 **MIFAL TZEDOKO V'CHESED LIMITED** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022** **----- Start of picture text -----**
Period
28.6.20
Year Ended to
30.6.22 30.6.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 682,356 728,180
Gift aid 156,006 271,069
838,362 999,249
Total incoming resources 838,362 999,249
EXPENDITURE
Charitable activities
Bank loan interest - 1,250
Grants to institutions 483,551 680,692
Grants to individuals 369,451 273,055
853,002 954,997
Support costs
Management
Other operating leases 9,030 11,760
Telephone 83 296
Postage and stationery 36 2,265
-
Advertising 1,235
Sundries 1,826 1,361
Travelling 6,198 9,172
17,173 26,089
Finance
Bank charges 340 244
Human resources
Software licences 829 1,300
Bank interest 1,125 -
1,954 1,300
Governance costs
Auditors' remuneration 8,230 2,400
-
Legal fees 3,368
8,230 5,768
Total resources expended 880,699 988,398
Net (expenditure)/income (42,337) 10,851
**----- End of picture text -----**
This page does not form part of the statutory financial statements Page 12