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 re￿rt 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 t￿me 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-l￿aY 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 REl￿RT 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 Orth￿10% 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 Ch￿Itable tnsututions and organisations whirh accord with th¢ objects of the Charily. The Trnbrees are approached for donaiions by a wide variety of charit2ble institutiolls 0￿ralIllg 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 Tn￿tee5 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¢par￿8 th¢ trustees, report and ihe financial stsiements in accordance with applicable law and Unl￿d Kingdom Accounting Siandard5 {U￿red 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 reS￿InsIble 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 sta￿rnents 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 In￿tee at the dat¢ of approval of this re￿rt 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] S￿p8 that they oughi to have taken as & trnS￿e to make themselves aware of 8ny relevant audit Inforn￿tIon ond to establish that the charity's auditor is aware of that Inforn￿li0n. Th¢ auditor is deemcd to have been re-app)intrd in accordance with section 487 of the Companies Act 2￿6. 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 re￿rt was approved on 18 September 2024 and signed on behalf of the board of tTUStees by.. Mr A Oesireicher Ttust¢e GOLDHEART CHARrrY LI￿TED 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 ex￿ndi(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 Ch￿ilY 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 perfOrn￿d. 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 state￿Le￿[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 inf0m￿tion 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 Ma￿rial in¢onsistencie5 or apparent matcriai misstaremenLs, we are required ro determine wheiher therc is a ma￿rial 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 2￿6 In our opinion, based on the work undertaken in the course of the audit.. thc i￿orn￿tiOn given in the trustees. ff￿r( 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. mA￿ERs 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 RLSPONSIBILTT￿S OF TRUSTEES As explained more fully in the trustees. rcsponsibilities statemenl, the trustees (who are also the directors for the pws&s of CoMp￿Y law) are r&swbllsible for the preP￿atiOn of the fin8￿cial 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 St￿eMentS 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 I￿EmBERs 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&taren￿nt 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 {l￿egularities) 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- Co￿P1kanCe and cannot be expected to detect nonrtfolio. 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 aCC￿ed 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 3￿41￿50 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-