CHARITY REGISTRATION NUMBER: 1130388
Keren Moisdos Manchester Unaudited Financial Statements 31 March 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Keren Moisdos Manchester
Financial Statements
Year ended 31 March 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 11 |
Keren Moisdos Manchester
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
| Registered charity name | Keren Moisdos Manchester |
|---|---|
| Charity registration number | 1130388 |
| Principal office | 82 Albert Avenue |
| Prestwich | |
| Manchester | |
| M25 0LU | |
| The trustees | |
| J Reich | |
| D Salzman | |
| Y M Salomon | |
| Rabbi B Cohen | |
| Independent examiner | D Schwarz FCCA |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
Structure, governance and management
Keren Moisdos Manchester is a charitable trust constituted by a Deed of Trust dated 26 June 2009 and is a registered charity, number 1130388.
Objectives and activities
The objectives of the charity are to advance the education of pupils at the local Manchester Jewish Schools by providing and assisting in the provision of facilities for education at the schools.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and pro cedures mitigate any perceived risks.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
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Keren Moisdos Manchester
Trustees' Annual Report (continued)
Year ended 31 March 2021
Achievements and performance
During the year, the charity received donations of £165,520.
Included in the donations is £152,985 received from Delapage Ltd (Charity number: 276017).
The charity made grants of £166,084 to Jewish Schools in the Greater Manchester area.
Financial review
As at 31 March 2020 the charity held free unrestricted reserves of £7,119 (2020:£9,683).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. It is the policy of the charity to maintain cash reserves of approximately 1 – 2 months of average annual expenditure.
The trustees' annual report was approved on 11 October 2021 and signed on behalf of the board of trustees by:
D Salzman Trustee
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Keren Moisdos Manchester
Independent Examiner's Report to the Trustees of Keren Moisdos Manchester
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Keren Moisdos Manchester ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement - matter of concern identified
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
D Schwarz FCCA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
11 October 2021
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Keren Moisdos Manchester
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 165,520 | 165,520 | 282,299 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 165,520 | 165,520 | 282,299 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 168,984 | 168,984 | 281,405 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 168,984 | 168,984 | 281,405 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (3,464) | (3,464) | 894 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 17,783 | 17,783 | 16,889 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 14,319 | 14,319 | 17,783 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
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Keren Moisdos Manchester
Statement of Financial Position
31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible fixed assets | 13 | 7,200 | 8,100 | ||
| Current assets | |||||
| Cash at bank and in hand | 7,959 | 10,163 | |||
| Creditors: amounts falling due within one year | 14 | 840 | 480 | ||
| ----------------------- | ---------------------------- | ||||
| Net current assets | 7,119 | 9,683 | |||
| ---------------------------- | ---------------------------- | ||||
| Total assets less current liabilities | 14,319 | 17,783 | |||
| ---------------------------- | ---------------------------- | ||||
| Net assets | 14,319 | 17,783 | |||
| ============================ | ============================ | ||||
| Funds of the charity | |||||
| Unrestricted funds | 14,319 | 17,783 | |||
| ---------------------------- | ---------------------------- | ||||
| Total charity funds | 15 | 14,319 | 17,783 | ||
| ============================ | ============================ |
These financial statements were approved by the board of trustees and authorised for issue on 11 October 2021, and are signed on behalf of the board by:
D Salzman Trustee
The notes on pages 6 to 11 form part of these financial statements.
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Keren Moisdos Manchester
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 82 Albert Avenue, Prestwich, Manchester, M25 0LU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Keren Moisdos Manchester
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities are made up of grants to institutions.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
School Furniture - 10% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivab le or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
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Keren Moisdos Manchester
Notes to the Financial Statements (continued)
Year ended 31 March 2021
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 165,520 | 165,520 | 282,299 | 282,299 |
| ================================ | ================================ | ================================ | ================================ | |
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 166,984 | 166,984 | 277,268 | 277,268 |
| Support costs | 2,000 | 2,000 | 4,137 | 4,137 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 168,984 | 168,984 | 281,405 | 281,405 | |
| ================================ | ================================ | ================================ | ================================ |
5. Expenditure on charitable activities by fund type
6. Expenditure on charitable activities by activity type
Activities
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Grant funding |
Support | Total funds | Total fund | |
| directly | of activities |
costs | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Charitable activities | 900 | 166,084 |
1,640 | 168,624 | 280,925 |
| Governance costs | – | – |
360 | 360 | 480 |
| -------------- | -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 900 | 166,084 |
2,000 | 168,984 | 281,405 | |
| ============== | ================================ | ======================= | ================================ | ================================ |
7. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | Total 2021 | Total 2020 | |
| £ | £ | £ | |
| General office | 53 | 53 | 3,656 |
| Governance costs | 360 | 360 | 480 |
| -------------- | -------------- | ----------------------- | |
| 413 | 413 | 4,136 | |
| ============== | ============== | ======================= |
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Keren Moisdos Manchester
Notes to the Financial Statements (continued)
Year ended 31 March 2021
8. Analysis of grants
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Beis Chinuch High | 4,651 | – |
| Beis Chinuch Primary | 3,710 | – |
| Beis Hatalmud | 3,815 | – |
| Beis Malka | 6,913 | 7,976 |
| Beis Ruchel | 11,165 | 10,600 |
| Beis Yaacov | 12,180 | 12,737 |
| BJCFPS | 17,085 | – |
| Bnos Yisroel | 14,508 | 19,882 |
| Chinuch Neorim | 8,033 | 7,173 |
| Etz Chaim | 8,043 | 119,020 |
| Manchester Mesivta | 7,350 | – |
| Other Grants To Schools | 25,116 | 54,564 |
| OYY-Lubavitch Girls | 3,876 | – |
| Tashbar | 7,683 | 11,865 |
| Tiferes High | 3,710 | – |
| Tiferes Primary | 4,113 | 6,495 |
| Yesoiday HaTorah | 13,773 | 18,456 |
| Yetev Lev | 10,360 | 7,600 |
| -------------------------------- | -------------------------------- | |
| 166,084 | 276,368 | |
| -------------------------------- | -------------------------------- | |
| Total grants | 166,084 | 276,368 |
| ================================ | ================================ |
Grants Payable
All Grants were paid to Jewish schools in Manchester for the advancement of education.
9. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets | 900 | 900 | |
| ============== | ============== | ||
| 10. | Independent examination fees | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 360 | 480 | |
| ============== | ============== |
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2021 | 2020 |
|---|---|
| £ | £ |
| Nil | Nil |
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Keren Moisdos Manchester
Notes to the Financial Statements (continued)
Year ended 31 March 2021
11. Staff costs (continued)
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Tangible fixed assets
| School | ||||
|---|---|---|---|---|
| Furniture | Total | |||
| £ | £ | |||
| Cost | ||||
| At 1 April 2020 and 31 March 2021 | 9,000 | 9,000 | ||
| ======================= | ======================= | |||
| Depreciation | ||||
| At 1 April 2020 | 900 | 900 | ||
| Charge for the year | 900 | 900 | ||
| ----------------------- | ----------------------- | |||
| At 31 March 2021 | 1,800 | 1,800 | ||
| ======================= | ======================= | |||
| Carrying amount | ||||
| At 31 March 2021 | 7,200 | 7,200 | ||
| ======================= | ======================= | |||
| At 31 March 2020 | 8,100 | 8,100 | ||
| ======================= | ======================= | |||
| Creditors: amounts falling due within | one year | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Accruals and deferred income | 840 | 480 | ||
| ============== | ============== | |||
| Analysis of charitable funds | ||||
| Unrestricted funds | ||||
| At 1 | At 31 | |||
| April 2020 | Income | Expenditure | March 2021 | |
| £ | £ | £ | £ | |
| General funds | 17,783 | 165,520 | (168,984) | 14,319 |
| ============================ | ================================ | ================================ | ============================ | |
| At 1 | At 31 | |||
| April 2019 | Income | Expenditure | March 2020 | |
| £ | £ | £ | £ | |
| General funds | 16,889 | 282,299 | (281,405) | 17,783 |
| ============================ | ================================ | ================================ | ============================ |
14. Creditors: amounts falling due within one year
15. Analysis of charitable funds
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Keren Moisdos Manchester
Notes to the Financial Statements (continued)
Year ended 31 March 2021
16. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 7,200 | 7,200 |
| Current assets | 7,959 | 7,959 |
| Creditors less than 1 year | (840) | (840) |
| ---------------------------- | ---------------------------- | |
| Net assets | 14,319 | 14,319 |
| ============================ | ============================ | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Tangible fixed assets | 8,100 | 8,100 |
| Current assets | 10,163 | 10,163 |
| Creditors less than 1 year | (480) | (480) |
| ---------------------------- | ---------------------------- | |
| Net assets | 17,783 | 17,783 |
| ============================ | ============================ |
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