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 2023
FOR
MIFAL TZEDOKO V'CHESED LIMITED
Versa Accountants Ltd Chartered Certified Accountants 9 Corbets Tey Road Upminster Essex RM14 2AP
MIFAL TZEDOKO V'CHESED LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | to | 5 |
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
MIFAL TZEDOKO V'CHESED LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023
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 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).
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 9 Corbets Tey Road Upminster Essex RM14 2AP
Approved by order of the board of trustees on 25 March 2024 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 2023.
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:
-
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
-
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
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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 9 Corbets Tey Road Upminster Essex RM14 2AP
25 March 2024
Page 2
MIFAL TZEDOKO V'CHESED LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Charitable activities 3 General NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 990,733 982,590 8,143 376,870 385,013 |
2022 Total funds £ 838,362 880,699 (42,337) 326,647 284,310 |
|---|---|---|
The notes form part of these financial statements
Page 3
MIFAL TZEDOKO V'CHESED LIMITED
BALANCE SHEET 30 JUNE 2023
| Notes CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS/(LIABILITIES) FUNDS 13 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 439,286 963 440,249 (3,800) 436,449 436,449 (51,436) 385,013 385,013 385,013 |
2022 Total funds £ 344,442 6,181 350,623 (6,201) 344,422 344,422 (60,112) 284,310 284,310 284,310 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.
The notes form part of these financial statements
continued...
Page 4
MIFAL TZEDOKO V'CHESED LIMITED
BALANCE SHEET - continued 30 JUNE 2023
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 25 March 2024 and were signed on its behalf by:
Mr D Ciment - Trustee
The notes form part of these financial statements
Page 5
MIFAL TZEDOKO V'CHESED LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from financing activities Loan repayments 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 |
2023 £ (11,744) (2,250) (13,994) 8,776 8,776 (5,218) 6,181 963 |
2022 £ (10,162) (1,125) (11,287) 12,202 12,202 915 5,266 6,181 |
|---|---|---|
The notes form part of these financial statements
Page 6
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest paid (Increase)/decrease in debtors Net cash used in operations |
2023 £ 8,143 2,250 (22,137) (11,744) |
2022 £ (42,337) 1,125 31,050 (10,162) |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.7.22 | Cash flow | At 30.6.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 6,181 | (5,218) | 963 |
| Less: Deposits treated as | |||
| liquid resources | (12,201) | 12,201 | - |
| (6,020) | 6,983 | 963 | |
| Liquid resources | |||
| Deposits included in cash | 12,201 | (12,201) | - |
| Current asset investments | - | - | - |
| 12,201 | (12,201) | - | |
| Debt | |||
| Debts falling due after 1 year | (60,112) | 8,676 | (51,436) |
| (60,112) | 8,676 | (51,436) | |
| Total | (53,931) | 3,458 | (50,473) |
The notes form part of these financial statements
Page 7
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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 8
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
|||
|---|---|---|---|
| Donations Gift aid 3. CHARITABLE ACTIVITIES COSTS General 4. GRANTS PAYABLE General |
Grant funding of activities (see note 4) £ 956,727 |
2023 £ 990,733 - 990,733 Support costs (see note 5) £ 25,863 2023 £ 956,727 |
2022 £ 682,356 156,006 |
| 838,362 | |||
| Totals £ 982,590 |
|||
| 2022 £ 853,002 |
The total grants paid to institutions during the period was £ 692,593.41 (2020: £ 672,393.40)
5. SUPPORT COSTS
| Management £ General 19,684 |
Finance £ 421 |
Human Governance resources costs £ £ 1,558 4,200 |
Totals £ 25,863 |
|---|---|---|---|
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Auditors' remuneration Other operating leases |
2023 £ - 10,500 |
2022 £ 8,230 9,030 |
|---|---|---|
continued...
Page 9
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 838,362 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| General | 880,699 | ||
| NET INCOME/(EXPENDITURE) | (42,337) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 326,647 | ||
| TOTAL FUNDS CARRIED FORWARD | 284,310 | ||
| 9. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other debtors | 439,286 | 344,442 |
continued...
Page 10
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
| 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Accrued expenses 3,800 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Bank loans (see note 12) 51,436 12. LOANS An analysis of the maturity of loans is given below: 2023 £ Amounts falling due between two and five years: Bank loans - 2-5 years 51,436 13. MOVEMENT IN FUNDS Net movement At 1.7.22 in funds £ £ Unrestricted funds General fund 376,870 8,143 TOTAL FUNDS 376,870 8,143 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 990,733 (982,590) TOTAL FUNDS 990,733 (982,590) |
||
|---|---|---|
continued...
Page 11
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.21 £ 326,647 326,647 |
Net movement in funds £ (42,337) (42,337) |
At 30.6.22 £ 284,310 |
|---|---|---|---|
| 284,310 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 838,362 838,362 |
Resources expended £ (880,699) (880,699) |
Movement in funds £ (42,337) |
|---|---|---|---|
| (42,337) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.21 £ 326,647 326,647 |
Net movement in funds £ (34,194) (34,194) |
At 30.6.23 £ 292,453 |
|---|---|---|---|
| 292,453 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,829,095 1,829,095 |
Resources expended £ (1,863,289) (1,863,289) |
Movement in funds £ (34,194) |
|---|---|---|---|
| (34,194) |
continued...
Page 12
MIFAL TZEDOKO V'CHESED LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2023
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
Page 13
MIFAL TZEDOKO V'CHESED LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Total incoming resources EXPENDITURE Charitable activities Grants to institutions Grants to individuals Support costs Management Other operating leases Telephone Postage and stationery Sundries Travelling Finance Bank charges Human resources Software licences Bank interest Governance costs Auditors' remuneration Accountancy and legal fees Total resources expended Net income/(expenditure) |
2023 £ 990,733 - 990,733 990,733 587,386 369,341 956,727 10,500 71 125 1,482 7,506 19,684 421 433 1,125 1,558 - 4,200 4,200 982,590 8,143 |
2022 £ 682,356 156,006 838,362 838,362 483,551 369,451 853,002 9,030 83 36 1,826 6,198 17,173 340 829 1,125 1,954 8,230 - 8,230 880,699 (42,337) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14