COMPANY REGISTRATION NUMBER: 06767931 CHARrrY REGISTRATION NUMBER: 1127178 GOLDHEART CHARITY LIMITED corfylPANY LIMTfED HY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2023 COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON Nwi i OPU
GOLDHEART CHARITY LIMtTED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 PAGFS Tnjslees, annual report (incoryM)rating the director's pOrt) tndependenl auditor's rert to the members Siatement of financial activities (including income and expendRture account) Statement of financial position Notes to the financial statements Ito4 5tolO li 12 13to22
GOLDHEART CHAIUTY LIMrrED COMPANY LIMtTED B Y GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATLNG THE DIRECTOR'S REPORT) YEAR FNDED 31 DECEMBER 2023 The trUSt¢es. who are also the directors for the purposes of company law. present their report and th¢ financial statements of d]e charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Goldheart ChaJity Limitrd 1127178 Registered charity tme Charfity registration number Company rngistration number 06767931 Principal office and registered 162 Osbaldeslon Road offRce London N166NJ THE TRUSTEES Mr A Ikstreicher Mrs C Oestreicher MTS Y Weiss Mrs E Pollack COMPANY SECRETARY Mrs C Oestreicher AUDITOR Coben Arnold Chartered Accountants & Statutory Audiitir New Burlinglon House l(ll5 FinLhley Road LONDON NWII OPU STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is CODStiwted a5 a Company limited by guarantee. ond 1.4 therefore govern¢d by its Memorandum and Articles of Assuciaiion. The Trustees administrr ihe day-laY affairs of the Charity. Non¢ of the TNstccs have any beneficial inleresi in the Charity. The Trustees were appointed based on personal comwence. specialist skills. availability and knowledge of and contaci wilh insritutions professiug and teaching the principle8 of traditional Judaism and the advancement of religion in accordan¢¢ with the Jewish faith and thc rclief of poverty. sicknesg and infirniiry. Suiiable recruitment trdining and induction proccdures are undertaken upon aptM)intmen( of new Trustecs when the current Tru5re¢s klieve the Charity can bencfit from additional experrise.
GOLDHEART CHARITY LIMtTED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL RElRT IINCORPOIL4TING THE DIRECTOR'S REPORT) (cunliN¥Ed) YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTtVlTIES The Charity is established to advance religion in accordance with the Orth10% Jewish Faith. Ihe relief of poverty. sickn&ss and infirmity. and for sucb purposes as are recognised by English Law as Charitablc and in futtherance of the aforementioned objccts. The Charity receives income mainly from its property invcgtments and chariiable receipts under Gif( Aid. which it utiliges in the provision and distribution of grants and donations. The Trustecs confim) their compliance with Ihe duty to have due regard io the Public Benefit gutdancc published by the Clwity Commission when reviewing thc Charily's aims and obje¢iives in planning future activities. ACHIEVEMENfs AND PERFORMANCE During the year lh¢ Charity continued its philanthropic acrivities in support ol religious education and other charitable insti(utions al aggregate donations were paid of £389,894 (2022.. £697,6). The benefits thAt these chaTiiies provid¢ include: Financial supp)rt to the poor Provisions olbasic necessities for the Relief of sickn¢ss and disabiliti¢s Jewish education and support for places of worship foT the Jewish community The financial results of thc Charity's aciivities for the year ro 31 Decemb¢r 2023 are fully reflected in the attached Financial Statements together with the notes thereon. FINANCIAL RETrIEW Reserve po]icy li is the policy of the ChaJity to maintain unrestricted funds, which are the free reserve of th¢ Charity, at a level which the Truste¢s think appropriate after considering the fut4Jre cotnmifmenis of the Chariry and the likely Costs of the Charity for the next yeax. As at 31 December 2023 the Chariry has total fi]nds of £3,541550, all of which arc Unrestricted funds. Grant kIng pollcy Grallis are nllde io ChItable tnsututions and organisations whirh accord with th¢ objects of the Charily. The Trnbrees are approached for donaiions by a wide variety of charit2ble institutiolls 0ralIllg all ovcr England. The tNstees consider all requests which they rcceive and make donations based on the level of funds available. Investmen¢ powers and policy and objectives Under the memorandum and articles of association, the charity has the power to tnake any investTnenL whiLh the Trustees see fit. The Tntee5 r¢gularly review the ChaTiry'S Position and needs ill respec( of the investment poli¢y.
GOLDHEART CHARrrY LIMITED COMPANY LIMrrED BY GUARANfEE TRUSTEFS. ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (tunliN*¢d) PRINCIPAL RISKS AND UNCERTAINfiFS Risk management The Trustees have identified and reviewed the major risks to which the Charity is cxposed. in particular th05¢ related 10 thc operntions and finance of the Charity, aT]d or¢ saiisfied th& Systen arc in place to manage those risks. PLANS FOR FtrruRE PERIODS The Tnjstees plan to continue io maJ(e distributions in accordance with their grant making policy and to ensure that an appropriate levcl of reserves are mainiained. TRUSTEES, RESPONSIBILITIES STATEMENT The trustecs. who are also directors for the purposes of COTllp4my law, are resEKJnsible for pr¢par8 th¢ trustees, report and ihe financial stsiements in accordance with applicable law and Unld Kingdom Accounting Siandard5 {Ured Kingdom Gcnerally Accepted Aceounring PraGli¢e). Company law requircs the charity trustees Lo prepare fiDancial statemcnts for each year which give a trne and fair view of ihe s(ate of affairs of the ch&iiable company and the incoming resources and application of resources. including the incolne and expenditure, for that peri(Ml. In prepaLing these financial statCTnents. the tnjstccs are required to: select suitable accollnting policies and then apply them ¢onsistently- obseTve th¢ methods and principles in the applicable Charities SORP. make judgments and accouniing estimat¢s ihat are reasonable and prLthnt' preparc the financial statements on the going concern basis unless li is inappropriate to pre5um¢ that the ¢hariiy will CODtinue in business. The trustees reSInsIble for ke¢ping adequate a¢¢ounting records that are sufficient to show and explain the charity's transactions and disclose with r¢asonable acruracy at any titne the financial Position of the charity and enable them to cnsure that the financial starnents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of ihe chari(y and hence for iaking reasonable steps Eor ihe prcv¢ntion and detection of frdud and othcr irregularities. AUDITOR Each of the p¢r50ns who is a Intee at the dat¢ of approval of this rert conf1rn thai: 50 far as they are awaTe. there is no relevant audi¢ inforn)ation of which the charity's audiior is unaware; and they have (aken 81] Sp8 that they oughi to have taken as & trnSe to make themselves aware of 8ny relevant audit InforntIon ond to establish that the charity's auditor is aware of that Infornli0n. Th¢ auditor is deemcd to have been re-app)intrd in accordance with section 487 of the Companies Act 26.
GOLDHEART CHARITY LIMrrED cor*IPANY LIMrrED BY GUARANTEE TRUSTEES, ANNUAL REPORT (CORPORATING THE DtRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2023 SMALL COMPANY PROVISIONS This report has bcen prepared in accordance with thc provisions applicable to companies entitled to the small companies exemption. The trnstees, annual rert was approved on 18 September 2024 and signed on behalf of the board of tTUStees by.. Mr A Oesireicher Ttust¢e
GOLDHEART CHARrrY LITED COMPANY LIMITED BY GUARANTEE INDEPEfiDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHAIUTY LIMITED YEAR ENDED 31 DECEMBER 2023 OPINION We have audit¢d the financial statetnents of Goldheart Charity Limited (the 'charity') for the year endcd 31 December 2023 which comprise the 5tatemeni of financial aciivities (ineluding income and exwiditure account), statement of financial position and th¢ related notes, including a summary of significanr accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ouniing Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gen¢rally Accepted Accounting Practice). In our opinion the financial staiements.. give a trne and fair view of the state of the charity's affairs &5 at 31 December 2023 and of its incoming rESources and application of resources. including its income and exndi(Ure, for the year then ended. have bccn properly prcpared in accordance with United Kingdom Gencratly Accepted Accounting Practice- have been prepared in accordance with the Tequirements of the CoTnpanies Act 2(K)6. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those s(andards are further dc5cribed in the allditoWb responsibilitie5 for the audii of the financial ststements seclion of our rep(rt. We are independent of the ChilY in accordance with the ethical requirem¢nts that are relcvani io our audit of ihe financial statcments in the UK. including ihe FRC'S EthiL0] Siandard. and w¢ have fulfilled our other ethical rcsponsibilities in accordance with thesc requiremenis. We believe that the audit evidence we have obtained is sufficien¢ and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audhting the financial slaiements. we have concluded thai the trusiees, use of the going concern basis of accourlting in the preparation of the financial statements is apwopriate. Based on thc work we have perfOrnd. we have Trot ideniified any material uncertainties relating to events or Conditions tha( individually or collectively. may cast significani doubt on the Ch]ty's ability to eontinue as a going concern for a peTi(d of at least twelve months from when Ihe financial stateLe[S are auihorised for issue. Our rcsponsibilities and the responsibilities of thc trusiees with respect to going concern are described in the relevant seciions of rhis report.
GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANfEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITED (¢oNtyw¢¢4) YEAR ENDED 31 DECEMBER 2023 OTHER INFORMATION Thé other inf0mtion eompriscs the inforniation included in the annual report, other ihan the financiaj staiemenis and our auditor's report thereon. The trllstees arc responsible for the other inforn]ation. Our opinion on the financia] st¢ments does not cover the other informauon and, except io the exicnt otherwise explicitly stated in our reporl, we do not express any forni of assurance conclusion thereort. Ill Conneciion with our audit of thc financial statemtnts, our responsibiliry is to read rhe other infornmtion an¢1 in doing so. con5id¢r wbeiher the other informauon is maierially inconsistent with the finaJLcia] statements or our knowledge obtain¢d in the audit or oihenvise appears io be materially missioted. If we identify such Marial in¢onsistencie5 or apparent matcriai misstaremenLs, we are required ro determine wheiher therc is a marial Tnisstaiement in thc financial statctneTLts or aterial misstatement of (he other inforniation. If. based on the work we have perfonned, we conclude thete is a material misstatement of Ihis other information, we are required to report th fact. We have nothing 10 report in this t¢gard. OPINIONS ON OTHER MATTERS PRFSCRIBED BY THE COMPANIES ACT 26 In our opinion, based on the work undertaken in the course of the audit.. thc iorntiOn given in the trustees. ffr( for the finsll¢ial year for which the financial siatements are prepared is consisteni with the financial stAtements' and the irnstees. report has been prepaml in accordance with applicLble legal requirements. mAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEvfIoN In the light of the knowledge and undcrstanding of the chariiy and irs environmeni obiained in the course of the audil, we have YLOt ideJLtifJ¢d malerial mi55tafemenis in thc trustees. report. We have nothing to rcport in respect ol the following mattCTS in relation to which the Companie5 Act 2006 requires u5 to report to you if, in our opinion.. adequate accoun(ing recordb have not Ixen kepi. or returns ad¢quate for our audit have not been received from branches not visited by us- or the ftnancial sraiements are not in agreement with the accounting records and rebjrns; or ertain disclosures of tnjstees, remuneration sp¢cified by law are no( ma(k; or we have not re¢¢ived all the informaiion and explanations we require for our audit. or the trugiees were not entitled (o prepare the financial 5tatctnenrs in accordance with the small cotnpanies regime and take advantagc of the small Gumpanies, exemptions in preparing the directors, reFKJrt and from (he requirement io prepar¢ a straiegic report.
GOLDHEART CHARITY LIMfTED COMPANY LIMrrED BY GUARANfEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CEL4RITY LIMrrED YEAR ENDED 31 DECEMBER 2023 RLSPONSIBILTTS OF TRUSTEES As explained more fully in the trustees. rcsponsibilities statemenl, the trustees (who are also the directors for the pws&s of CoMpY law) are r&swbllsible for the prePatiOn of the fin8cial ststements aDd for being satisfied that they give a true and fair view, and for such internal control 8$ the trnsi¢¢s detern)ine is neccssary io enable the preparaLion of financial SteMentS that e fr¢e from Tllaterial misstsiemen( whether due to fraud or crror. In preparing Ihe financial staiements, the (Nstees are resp)nsible for assessing the chariws ability to continue a4 a going concern, disclosing. as applicable. matters related io going concetn and using the going concern basis of accounting unless ihe trustees either intend to liquidate the Charity or to ceas¢ operations, or have llo realistic alternative but to do so.
GOLDHEART CHARrrY LIMITED COMPANY LIMrrED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE IEmBERs OF GOLDHEART CHARITY LIMITEDicDNtsnu•dJ YEAR ENDED 31 DECEMBER 2023 AUDITOR'S RESPONSIBILITIES FOR THE AiiDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonÉthle assurance about whether the financial statetn¢nts' as a wholc are free from mat¢rial misstatement. whether due to fraud or error. and io issue an authior's report Ihat include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit ¢onducted in accordance with ISAS (UK) will always delect a material Tnis8(aiement wheD It exists. MissLatements ¢an arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably b¢ expected to influence the economic decisions of users t&k¢n ott the basis of th&%e financial statetnen¢s. trregularities. including fraud. are inslances of non-compliancc with laws and regulaiions. We design procedures in linc with our responsibilities. ouilined above, io deteci materiaI misstatements in respect of irregularities, including fraud. The extent to which our PTocedures are catydble of detecting irregUl]tte$, in¢luding frdud is detailed below.. We obtaincd an understanding of the legal and regula(ory frdmeworks that are applicablc to the charity through discussion with the directors and identified finun¢ial reporting IcgislatLOn, landlord legislation and chariry legislafion as being most significani to thcs¢ financial sthiements. We communicated ihesc identified frameworks amongsi our audit team and rcTnained alert to any indicaiions of non-compliance ihroughoui the audit. We ensured that the engagemenÉ team had sufficient competence and capability io identify or recognise non-COTnpliance with laws and regulations. We discussed with the dire¢tors the p)lici¢s and procedur¢s regarding complian¢¢ with these legal and regulatory fravneworks. We assesscd the susceptibility of the company's financial statemenL8 10 material Mis&tarennt due io non-compliance with legal and regulatory framework%, including how fraud Tt]ight occur, by eT]quiry with the diie¢tors during the planning and finalisation siages of our kudii and by using proprietary disclosure checklists. The susceptibility to such material misstatement was deterniined to k low. Based (Trn this understanding. we designed our audit procedures to identify non-cornpliance with th¢ id¢nufied legal and regulaiory framcworks, which were pafi of our procedures on the related rinancial slatetnent items. Owing to ihe inherent limiiations of an audit, there is an unavoidabl¢ risk that w¢ may not have dctccted some material missiatenKnts ill the financial statcments., even ihough w¢ have properly planned and performed our audit in accordknce with auditing standards. For example. Ihe further removed non-complianre WTth laws and reglllaiions {legularities) is from ihe evenis and trallsacfions reflected in the finan¢ial s(atements, Lhc less likely the inherenily limited procedures required by auditing standards would identify if. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these llLay involve Lollusion, forgery, Antentionai omt&SLons, isrepresentations. or the override of iniernal conirols. We are not rasponsible for preventing non- CoP1kanCe and cannot be expected to detect non<ompliallcc with All laws and gulationS.
GOLDHEART CHARITY LlhfjTED COMPANY LIMITED BY GUARANTEE INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARrrY LIMITED(¢oA¢thu¢dJ YEAR ENDED 31 DECEMBER 2023 As part of an audit in accordance with ISA5 (UK). we exercise profe5siollal judgment and 111n[ain profcssional scepticism throughout ihe audit. We also: Identify and assess the risks ol ma(eriaL misstatement of the financial statements. whether due to fraud or error. design and perforni audit pro¢edures responsivc to those risks, and obtsin audit evidence that is sufficieni and appropriate to provide a basis for our opinion. The risk of not detecting a materilll miss(ament resuliing from fraud is higher than for one resulting frorn error, as fraud may involve eollusion. forgery, inteniional omi55ions, misrepresentations, or the override of Allternal control. Obiain an understsndlng of internal control relevant to the audit in order to design audit procedures thai are appropriate in the circutn5tanc¢s. but noi for th¢ purw)se of expressins an opinion on Ihe effectiveness of (he internal conlrol. Evaluate the appropriateness of accouniing p)licie5 used and the reasonableness of accounling estimatrs and related disclosures made by the truslces. Conclude on the appropriateness of the tsustees, usc of the going concern basis of accouTLling and, bascd on the audit cvidence obiained. whetheT a matrrial unccrtainiy exists related to events or condiLions that may cast signKficant doubt on the charity's abilily (o continuc as a going ncern. If we con¢lude that a material uncertainty cxists, we are required to draw aiieniion in our auditor's rcpor( (o the related dis¢losures in the financial staiements or. if such disclosures are inadcquA(e, to mi)dify our opinion. Our conclusions are based on the audit evidencc obiained up to the da(e of our auditor's report. However, fu(ure events or conditions may cause the cbarity to cease to continue as a going concern. Evalua* the overall presentation. struciure and content of the financTal statemen15. including the disc105ures, and whether the fwancial statemcnts represent thc uuderlying transa¢uons and events in a manner that achieves fair presentation.
GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITEDicoNÉ¢RdAJ YEAR ENDED 31 DECEMBER 2023 We communic¢ with ihose chged with governamce rcgarding, among othcr matters, the planned scope and timing of the audit and significant audit findings, including any significanL deficiencie5 in iniernal control that wc idcnlify during our audit. USE OF OUR REPORT Thi5 report is made solely to the charity's members, as a body. in accordanc¢ with Chapr 3 of Part 16 of the Companie5 Act 2006. Our audii work has b¢¢n undertaken so that we might state to the ¢h2rity's member8 those matters we are required io state to Ihem in an auditoi's rert and for no other purpose. To the fvllest extent perniitied by law, we do not accept or assu]ne responsibility to anyone o(her than the charity and the charity's members as a body, for our audit Work, for this r¢port, or for the opinions we have fornd. Mr Barry l£igh (Senior Statutory Audiior) For and on bchalf of Coben Arnold Chart¢r¢d Accountants & Statutory Auditor New Burlingion Hous¢ 1075 Finchtcy Road LONDON Nwii OPU 18 Septetnb¢r 2024 io-
GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE STATEh(ENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2023 2022 Unrestricted funds Totsl funds Tofal funds Note Income and endowments Donations and legLeS tnvestment income 119,512 278,399 119512 278J99 3Y7Pii 126.010 276.062 Tots] Income 397,911 402,072 Expenditsjre ExpenditUTe on rnising funds: Invcstment management costs ExpeDditure on charitable activities Total expenditure (136,7241 (136,724) (131,653) (415.031 } (415,031) (711.252) 1551,7551 (551,755) (842.905) Net gkinsl(losses) on investmellts 12 104,984 104,984 (17.000) Net expenditure and net movement in {48.860) (4&860) (457,833) Reconciliation of funds To(al funds brollgh( forward Total funds earried forward 3,590,410 3,541,550 3590,410 3541,550 4,048.243 3,590,410 The statemcnl of financial ac(ivities includes all gains and10seS recognised ill the year. All incotnc and expenditUTe derivc from continuing activities. Tht TLOtL% on pages 13 to 22 fornj p4rt ofthtsetlnAntlg1 stalent li
GOLDHEART cHARy LIMITED COMPANY LIMITED BY GUARANTEE STATEMENf OF FINANCIAL POSITION 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS Propellies held for Chitable us¢ Investments 16 17 105,013 5580,824 5.685037 5.586.840 5.586,840 ctiRRELYf ASSETS D¢bLors Cash at bank and in Iwid 18 107,005 246,414 353,419 628.909 10.286 639,195 CREDITORS: amounts falling due withln oDe year NET CURRENT ASSETS 19 1147,477) (159.108) 205942 480.087 TOTAL ASSETS LFSS CURRENr LIABILlEs 5091,779 6.1kn6,927 CREDrroiLS: amounts f118 due fter more than one year NET ASSETS (2,350229) 34150 (2.476,517) 3,590.410 UnresLricted funds 3,54150 3,541550 3590,410 3,590.410 Total charlty funds 21 These financial staiemenrs have been prePad in accordance with th¢ provisions applicable to companies subjeci io the Sm1 companies. regrme. Th¢s¢ financial statemcnts were approved by the board of tnjstees atMI auihorised for issue on 18 Sepiember 2024, and are signed on behalf of the board by". Mr A Oe5trei¢her Trustee Company Registrntion Number.. 06767931 Chariry Regis(ratlOD Number.. I 127178 The notes on 81$ 13 to 22 pirl 0ftheserffl8nci s¢#trnth& 12-
GOLDHEART CHARITY LIMITED COMPANY LINIrrED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The chariry is a public benefit entiiy and a priv*e company litnited by guarantee, registered in England and Wales and a registered chariry in England and Wal¢s. The addr¢ss of (he registcrcd offic¢ i5 162 Osbaldeston Road, London. N16 6NJ. STATEMENf OF COMPLIANCE These financial staiemenis have been prepared in complian¢¢ with FRS 102, The Financial Reporting Standard applicable in the UK and thc Republic of Ireland,, the Statement of RecollLm¢Trded Praciice applicable io chariues preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Compani¢s Aci 26. ACCOUNfING POLICIES Basis of preparation Tbe fmancial slatcmenls have been prepared on ihe historical cost basis, as modÉfied by thc revaluation of certain financial assets and liabiltties and invesiment properties measured at fair value through income or expenditure. The financial statemenis are prepared in sierllng, which is th¢ functional currency of the cntlty. The Chlty mccts the definition of a public benefit entity under FRS 102. Golng concern Ther¢ are no material uncertain¢i¢s about the charity's abiliry to continue. Judgements and key sourees of estimation uncertainty Judgements ma(k by the directors in Ihe application of these accounting policies that havc significant ¢ffect on the financial siatements and estimales wilh a signifi¢ani risk of material adjustmcnt in the next year are as follows= (i) Property ValU10n The valuation of the charity's invesmient properties is inherently subjective, depending on many fa¢tors. including th¢ individual nature of each property. its Iwation and cxpcc(ed tUre net rentsl values. markei yields and Comparable markct transactions. Therefore the valuations are subject to a degree of uncertainry and are made oll the basi5 of assumptions which may nol prove to be accurate. particularly in periods of difficult mark¢t or economic condiiions. (li) Trade debtors Management uses d¢tails of Ihe age of trade debtors and stat115 of any disputes together with external evidence of the credit status of the COunrpartY in making JudgeTn¢nts concerning any need to impair the carrying values. -13_
GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STA TEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLXCIFS (corfthwtd) Taxatlon The chariry is not liabl¢ to direct taxation on lis income or gains, whether rea]ised OT ILOI. as it falls within the various exemptions liable to registered charities. Accordingly, the charity docs not recognise any deferred tax liability on property revaluarions as no tAx would be du¢ in the event of a disposal as the charzty would benefit from the relevant exempiions. as it will apply all funds for qualifying charitsble purposes. Fund aceountlng General unr¢strictrd funds COTnprise the accumulaied surplus or deficit on income and expendiwre accouni. They arc available for use at the discretion of the Trusiees in furth¢rance of thc generdl objective5 of the chty. Rcstiictrd funds are funds subjeci specific restrici¢d condiiions imposed by donors. There are DO re5tiicted funds as at the Balance Sheet date. Dcsigna¢¢d funds are fund5 which have bcen set aside at the discretion of the Trnstees for specific puq)ose5. Ther¢ no designat¢d funds as at the Balance Sheet dale. Incoming resourees All income is included in the statement of financial 2Clivilies when entitlement has passed to the Ch7¢Y, il is probdble thai the e¢onomic benefits associated with the transac(ion will flow 10 the charity and the amount can be reliably Tneasur¢d. Incotne from dona(ions or granis is recognised when there is eviden¢¢ of en(itiement io the gift. reIp¢ is probable and its amunt can be measured reliably. Resources expended Expenditure Is recognised on an accrnals basis as a liability is incuLTed. Exnditre includcs any VAT which cannot be fully recovered. and is classif1ed under the appropriare headings in the stat¢meni of fmancial actsvities. The majority of costs are directly attriburable to specific activities. Costs incurred in respect of the charitable tiVitieS includc attribuiable support costs where app5icable. Tan8lble assets Tangible assets include properties held for chariiable use. They are iELitially recorded at cost. and subsequenily slated kt co%t less ally acellmulated depreciation and impairment losses. Any tangible assets ctirrKed at revalued amounts are recorded at the fair valu¢ at the date of revaluatlOD Icsg any subscquent a¢cumulated depreciation and subsequ¢nt accumulat¢d impairnieni10sses. No depreciation is carried out on the Land. 14-
GOLDHEART CHARITY LiflITED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATEMENTS (coK&ftthll YEAR ENDED 31 DECEIKBER 2023 ACCOUNTllyG POLICIES (eèxllX#lI Investments in subsidlary 6(lated undert8kin8 Unli51ed equiiy invc5ttnents are iDitiaily recorded al Cost. and sulK8quendy measured at fair value. If fair value Cannot be reliably measured, assets are measured at cost less imp<ltrnnt. Dividends and other distributions received from th¢ investment are recognised as income withoui regard to whether the distributions are from a¢¢umulated profits of the a550cla arising before or after the date of acquisition. Inv&stment property Inv¢stment proIKrties are prowties which are held either to earn r¢ntal income or for capital appreciatiorj or for both. Invesimeni properties are recognised initially at cost, which includes Lhe purchas¢ price and direcuy atiributable expendi(UTe. Subsequent to initi81 recognition - Inves(ment properties are held at fair value. Any gains or losses lsIng from changE5 the fair value are recognt5ed in the profit and loss accouni in the period that they aJise; and - No depreciation is provided in respCt of investmenl propertics applying the fair value model. Investllrtt prortY fair value is determined by the truses based on theAr underslanding of property market conditions and the specific properry conccrned. using a sales valuation approach, deriv from recent comparable transactions on the markei. adjusled by applyiug discounts to r¢flect status of (Kcupauon and condition. AcquIsitio and dlsposals of properties AcquisiLions and disposals of propcrties are considered to tske place a( the legal completion and are included in the financial stat¢metLts accordingly. Grants payable These are only recognised in ihe accounts when a commitment has been made and there ar¢ no conditions to be met relating to (he grant which remain in the control of the chaLIty. 15-
GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUAIL4NTEE NOTES TO THE FINANcL STATEMENTS (eothued) YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (¢MrfMvrd) F1naneig1 ItrUments A fiD2ncial asset or a financial liabiliry is recognised only when the entity bEcomes a parry to thc contractual provisions of the instrument. Basic financial instsuments are initially recogniscd at the amount receivable or payable including any related transaction costs, unless the arrangerynt consii(Utes a financing transaciion, where it is recognised at Ihe present vallle of ihe futuic payments discounied ai a market raie of interest for a skmilar deb( instrument. Current ass¢ts and current liabilities are subsequently measured at the ¢&sh or oth¢r considerauon expected to be paid or received and not di5eounted. Debi instruments are subsequcnily measured al anlSed cost. Financial asscts thai are measured at COS( OT amortixed cost are reviewed for obj¢¢uve evidencc of inairent at the end of carh reporting d&ie. If there is objective evidence of impairment, an impairwneni loss is recognised under the appropriate heading in the sthtemeni of finan¢ial activities in which th¢ irriual gaiD was recognised. Any reveisals of 1mpairnnl hre recogni5cd inu)liatelY, to the extent that ¢he reversal does not rcsult in a carrying amount of the financial asset that exceeds what rh¢ carrying amovnt would have been had the impairnient not previously been recognised. LIMrrED BY GUARANTEE The Charity is a Company Limited by Guaraniee and ha5 no bhare capital. The liability of each MeTnber itt the event of winding up 15 litvited to £1. DONATIONS AND LEGACIES Unrestricted Total Funds Unrestiicted Total Fund5 Funds 2023 Funds 2022 DONATIONS Don&tions received 119,512 119512 126.010 126.010 Donaiions received include amounts of £34,491 received from companies which have Directors rela(ed to the Trnstees of the ChaTiry. DoDalions of £68,WO were also rec¢ived from thc Trusiees. INVFSTMENT INCOME UnresLricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rent and other ¢harges receivablc Bank illtercsl receivable Other iiiteresi receivable 278,217 182 278217 182 275,496 275,496 563 563 278.399 278J99 276,062 276.(N52 A6-
GOLDHEART CHARrrY LtMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (coBt[ej YEAR ENDED 31 DECEMBER 2023 INVESTMEwf MANAGEMEiYf COSTS Unrestrictcd Total Funds Unrestricted Total Funds Fvuds 2023 Funds 2022 Properry expenses Finance costs 75.969 60.755 759 ),755 136,724 73,144 58.509 73,144 58,509 131,653 136,724 131,653 FXPENDrruRE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestiicted Total Funds Unre5trict¢d Total Funds Fund5 2023 Funds 2022 Donations Fdid Support costs 389.894 25.137 38994 25,137 415.031 697,600 13,652 711,252 697.600 13,652 711.252 415,031 EXPEI¥DITURE ON CHARITABLE ACTIVITILS BY ACTJVITY TYPE Grant funding Tothl fllnds ol activities SuppoTi costs 2023 Total fund 2022 Donations paid Governan¢¢ ¢o$is 389,894 389,894 25,137 415,031 697,600 13,652 711,252 25,137 389,894 25,137 10. ANALYSIS OF SUPPORT COSTS Support costs Total 2023 Total 2022 Governance costs 25,137 25,137 13,652 11. ANALYSIS OF GRANTS 2023 2022 GRANTS TO INSTITufTONS AdvanceTn¢nt ol education and relief of p)verty Toral grants 389,894 389094 697,6 697,6(K) 17-
GOLDHEART CHAIUTY LIMITED COMPANY LIMfrED BY GUARANfEE NOTES TO THE FINANCIAL STATEMENTS IcuRtiryuedJ YEAR ENDFD 31 DECEMBER 2023 11. ANALYSIS OF GRANTS l¢oRttRu¢d) All grants and donations wer¢ paid to charirable instiiutiOT]s for the purtKfyses of either the advancement of educarion or the alleviation of poverty, or to choriues which make grants for use in relation to the aforementioned purposes. The composition of donations is shown bclow. Tehilois Yoel Amud Hatzdokoh Trust Chevras Mo'oz Ladol Fundd College For Higher Rabbinical Studies Mars Org. Lid Anpride Limiied Bels Yaakov Girls School LImid choinl Dalim Kehal Chareditn Trnsi Kollel Rabinow (Divre Shir) Foundation Kollel Torah Ve Yirah Mesifta Talmudical College Mifal Tzedoko V'chesed Limited Nextgrant Limited T¢vini LimtLed Toldos Aharon Tnlst Limited Vyoel M05he Chatitable Trnst Yeshivo Horomo Donations less than £10,000 52,500 30,000 22,000 15,000 12,000 12,OIN 10,0 10,000 10,0 10,000 10,0 10,0 10,000 10,0 10,000 iO,O(K) 10,0 10,0 io,ow) Il6J94 38994 12. NET GAINSI(LOSSES) ON INVFSTMENrs Unrestricted Tots] Funds Unrcstricted Total Funds Funds 2023 Funds 2022 Gainsl(tA)ssesl on inYc5trnents 104,984 104,984 (17.(MX)) (17.000) 13. AUDITORS REMUNERATION 2023 2022 Fees payable for the audit of the financial statements 12250 12,000 her fees payablc lo the auditors aggregate £7.425. 14. STAFF COSTS The average he counc of employees, including trustees. duTing Ihe year was 4 (2022= 4). No salaries or wages have been paid to cp10yeeS during the year. 18-
GOLDHEART CHARITY LINirrED COMPANY LIMITED B Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (¢oNtinu¢d) YEAR ENDED 31 DECEMBER 2023 IS. TRUSTEE REMUNERATION AND EXPENSLS No remuneraiion or otheT benefits from cmployment with the charity or a Telated entity were received by the trustees. No TrusteE expenses have been incurred. 16. PROPERTIFS HELD FOR CHARITABLE USE Property Total At l Jartu 2023 Additiot)s 105.013 105,OJ3 105,013 At 31 December 2023 105,013 Depreci&tioD At l January 2023 and 31 December 2023 Carrying amouD¢ At 31 December 2023 105.013 105,013 At 31 Dccember 2022 17. INVLSTMENTS Shas Investment group propenies undertokings Total C05¢ or valuation At l January 2023 Addition5 Fair value movements 5.554,840 Ilii,(KM)) 108.984 32,(M)O 5,$86040 (111,000) 104,984 5,580,824 (4,000) 28,(YJO At 31 December 2023 5552,824 Carryfing amount At 31 December 2023 5.552,824 28.(K)O s80,824 5,586,840 At 31 December 2022 5,554,840 32,(KM) All investments shown above are held at valuation. Investment properties The investment properti¢s are stated at TnLStees' valuatioD as at 31 Deccmbcr 2023 based on the Trnsiees, extensive knowledge and cxperience in the property industry coupled with guidance frotn the professional valuers from lime to tirne. The hisiorical cost of the properties at 31 December 2023 is £4,108,124 (2022.. £4.219,124). 19-
GOLDHEART CHARITY LIMITED COMPANY LIMrrED B Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ( YEAR ENDED 31 DECEMBER 2023 17. INVESTMENTS {¢o¥ftwtd) Investment in Subsidiaries The charity owns 100% of the ordinary shares of Sh(KstoDe Limited (Company No. 07843692), a company incorporated and registered ID England and Wa]es. Shoeston¢ Limited has a 6* intercst in Frances Wharf LLP (Company No. OC372953), a LiMid Liability Parniership registcr¢d in England and Wales, which fornied (o aequire i property tK>rtfolio. The market valu¢ Ls at 31 December 2023 of the investmcnt in the subsidiary undcrtaking is based on the Trns(ees' valuation ol nei assets of the und¢rtakitLg. The historical cost of the charity's inveslmeni in Subsidiary undertaking is £1. Th¢ rcsults of rhe most rccent available accounis of Sho&stone Limited. prepared to 31 Dec¢mber 2023 are shown bclow: 31 Dee 23 31 Dee 22 Turnover Administrativc Expenses Operating Profitl(LD5s) Inier¢st payable 5,259 (712) 4,547 (710) 70 (70) {56) Profitl(Loss) for the year 4.491 Aggregate capital and reserves 21,877 26.368 Assets (at Costl Liabilities 61,790 (39,913) 21,877 47.281 (20,913) 26,368 Nei Assets Consolidated financial s(at¢ments have not been prepared &5 the charity hag taken advantage of the exemplions conferred by Section 398 Companies Act 2(M)6. 18. DEBTORS 2023 2022 Trade debtors knouDts owed by group undertakings Prepaymcnts and aCCed income Other debtors 5,187 6,093 5,999 13,435 603,382 6,717 89,102 107,005 628,909
GOLDHEART CHARrrY LIMITED COMPANY LtMITED BY GUARANTEE NOTES TO THE FINAIYCIAL STATEMENfs (Cvntrfttttd) YEAR ENDED 31 DECEMBER 2023 19. CREDITORS: Ounts due Tvithin one year 2011 2022 B2nk loans and overdrafts Accrna15 and deferred income Social security and other taxes Oth¢r crediiors 63913 76,200 3,134 4,640 147,477 62.743 90,600 1,125 159,108 The bank loan5 are secured by a firsi legal charge ov¢r the Charity'5 investment properties with a book value of £5,WO.000. 20. CREDITORS: amount5 falling due after more than one yegr 2011 2022 Other loans Bank loans and overdTaft8 Deferred incon 792211 1,445268 112,750 2J50229 792,211 I.507,356 176,950 2.476,517 Included within creditors= amounts falling due after more than one year is kn amount of £878.722 {2022.. £879,307) in respect of liabilities payable or repayablc by instAlments whTch fall due for paymeni aftrr more (han five years from the rcporting date. The bank loans t secured by a first legal charge over the ChaTity's investment pioperties witb 3 book valu¢ of £5.0(M),O(K). The loans arc repayable in January 2025 and Novctnber 2035. 21. ANALYSIS OF CHARITABLE FUNDS Unrestrlthd funds At l January 202 At Gains and 31 December losses 2023 Income ExpKnditure Genernl fund5 3.590,410 397,911 (551,755) 104.984 34150 At l January 202 At Gains and 31 DeceTnber losges 2022 In¢ome Expenditure General funds 4.048.243 402.072 (842.905) 117,(KKI) 3,590.410 -21_
GOLDHEART CHARTfY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (to##¢) YEAR ENDED 31 DECEMBER 2023 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Funds 2023 Properties held for charitable us¢ Invesimencs Curreni assets Creditors less than l year Creditors greater than l year Net wets 105,013 105,013 5,580,824 5,580,824 353.419 353,419 (147.477) (147,477) {2,350.229) {2J50229) 3,541.550 3,541550 Unrestricted Total Funds Futsds 2022 Properties held for charitable use Invesrm¢nts Current asseis Creditors less than l year Creditors greatu than l year Net A&sets 5,586.840 5.586,840 639,195 639,195 (159.108) (159,108) {2,476.517) 12.476.517) 3,590,410 3.590,410 23. FINANCIAL INSTRUMENTS Tbe caTrying amount for cach category of finaneial iT]s(rnmeni is as follows.- 2023 2022 Flnancial Lssets that are debt instruments measured at amortised e&st Financial a55el5 Lhai are debt instrurnents measured at amorlised cost 107,005 628,909 Financlal Ilabilities me&sured at amortised cos¢ Financial liabilities measured at amortlsed cost 1497,706 2,635,625 24. RELATED PARTIES R¢lat¢d party transactions have been reponed und¢r noles 5 & 17. -22-