**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: 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 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