REGISTERED CHARITY NUMBER: 1128099
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
FOR
SHAREI CHESED (LONDON)
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
SHAREI CHESED (LONDON)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Trustees' Responsibilities | 3 | ||
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
SHAREI CHESED (LONDON)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2023
The trustees present their report with the financial statements of the charity for the year ended 31 January 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objectives of the charity are relief of poverty, sickness and infirmity amongst members of Jewish faith.
The charity aims to achieve this objective by providing grants and donation to:
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Charitable entities that demonstrate the use of funds to achieve the above objective,
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Individuals in need who qualify under the criteria set by the charity.
Significant activities
The charity collected £420,280 (2022 - £157,892) in donations and grants during the year.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charity for the public benefit are detailed in the Objectives and Activities section of the report
Grantmaking
The charity made donations totalling £701,127 (2022 - £274,014) to charitable entities and individuals during the year.
FINANCIAL REVIEW
Principal funding sources
The charity receives its funding principally from entities and individuals from the wider Jewish community.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are free reserve of the Charity, at a level which the Trustees think appropriate considering the future commitments of the Charity and the likely administrative costs of the charity next year.
FUTURE PLANS
No changes in the modus operandi of the charity are envisaged.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a trust deed and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Related parties
Transactions with related parties are disclosed in the notes to the financial statement wherever necessary.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1128099
Page 1
SHAREI CHESED (LONDON)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2023
Principal address 26 Clapton Common London E5 9BA
Trustees
Y Fischer Mrs S Lew
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 10 October 2023 and signed on its behalf by:
Y Fischer - Trustee
Page 2
SHAREI CHESED (LONDON)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2023
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHAREI CHESED (LONDON)
Independent examiner's report to the trustees of Sharei Chesed (London)
I report to the charity trustees on my examination of the accounts of Sharei Chesed (London) (the Trust) for the year ended 31 January 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
M. A. VENITT The Institute of Chartered Accountants in England and Wales
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
10 October 2023
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SHAREI CHESED (LONDON)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 420,280 Investment income 2 1,599 Total 421,879 EXPENDITURE ON Raising funds 15,400 Charitable activities Religious grant 127,291 Relief of Poverty 517,672 Health and social welfare 49,164 Attainment of education 7,000 Other 1,854 Total 718,381 NET INCOME/(EXPENDITURE) (296,502) RECONCILIATION OF FUNDS Total funds brought forward 500,865 TOTAL FUNDS CARRIED FORWARD 204,363 |
Restricted fund £ - - - - - - - - - - - - - |
31.1.23 Total funds £ 420,280 1,599 421,879 15,400 127,291 517,672 49,164 7,000 1,854 718,381 (296,502) 500,865 204,363 |
31.1.22 Total funds £ 157,892 7 157,899 4,079 21,100 252,414 500 - 4,079 282,172 (124,273) 625,138 500,865 |
|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
SHAREI CHESED (LONDON)
STATEMENT OF FINANCIAL POSITION 31 JANUARY 2023
| Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 206,343 CREDITORS Amounts falling due within one year 5 (1,980) NET CURRENT ASSETS 204,363 TOTAL ASSETS LESS CURRENT LIABILITIES 204,363 NET ASSETS 204,363 FUNDS 6 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - |
31.1.23 Total funds £ 206,343 (1,980) 204,363 204,363 204,363 204,363 204,363 |
31.1.22 Total funds £ 502,845 (1,980) 500,865 500,865 500,865 500,865 500,865 |
|---|---|---|---|
The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 10 October 2023 and were signed on its behalf by:
Y Fischer - Trustee
S Lew - Trustee
The notes form part of these financial statements
Page 6
SHAREI CHESED (LONDON)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Governance costs
Governance costs comprise the costs of statutory compliance and relate exclusively to the independent examiner's remuneration detailed in these accounts.
Taxation
The charity is exempt from 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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.1.23 | 31.1.22 | |
| £ | £ | |
| Deposit account interest | 1,599 | 7 |
continued...
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SHAREI CHESED (LONDON)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 157,892 Investment income 7 Total 157,899 EXPENDITURE ON Raising funds 4,079 Charitable activities Religious grant 21,100 Relief of Poverty 252,414 Health and social welfare 500 Other 4,079 Total 282,172 NET INCOME/(EXPENDITURE) (124,273) RECONCILIATION OF FUNDS Total funds brought forward 625,138 TOTAL FUNDS CARRIED FORWARD 500,865 |
Restricted fund £ - - - - - - - - - - - - |
Total funds £ 157,892 7 157,899 4,079 21,100 252,414 500 4,079 282,172 (124,273) 625,138 500,865 |
|---|---|---|
continued...
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SHAREI CHESED (LONDON)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 6. MOVEMENT IN FUNDS At 1.2.22 £ Unrestricted funds General fund 500,865 TOTAL FUNDS 500,865 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 421,879 TOTAL FUNDS 421,879 Comparatives for movement in funds At 1.2.21 £ Unrestricted funds General fund 625,138 TOTAL FUNDS 625,138 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 157,899 TOTAL FUNDS 157,899 |
31.1.23 31.1.22 £ £ 1,980 1,980 Net movement At in funds 31.1.23 £ £ (296,502) 204,363 (296,502) 204,363 Resources Movement expended in funds £ £ (718,381) (296,502) (718,381) (296,502) Net movement At in funds 31.1.22 £ £ (124,273) 500,865 (124,273) 500,865 Resources Movement expended in funds £ £ (282,172) (124,273) (282,172) (124,273) |
|---|---|
continued...
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SHAREI CHESED (LONDON)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
6. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.2.21 £ 625,138 625,138 |
Net movement in funds £ (420,775) (420,775) |
At 31.1.23 £ 204,363 |
|---|---|---|---|
| 204,363 |
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 Movement resources expended in funds £ £ £ 579,778 (1,000,553 ) (420,775) 579,778 (1,000,553 ) (420,775) |
Incoming Resources Movement resources expended in funds £ £ £ 579,778 (1,000,553 ) (420,775) 579,778 (1,000,553 ) (420,775) |
|---|---|---|
| (420,775) |
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2023.
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