2022-03-31-accounts

COMPANY REGISTRATION NUMBER: 07112372 CHARITY REGISTRATION NUMBER: 1135165

FOUNTAIN OF CHESSED LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS

31 MARCH 2022

COHEN ARNOLD

Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU

FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

	PAGE
Trustees' annual report (incorporating the director's report)	1
Independent auditor's report to the members	4
Statement of financial activities (including income and expenditure
account)	9
Statement of financial position	10
Statement of cash flows	11
Notes to the financial statements	12

FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Fountain of Chessed Limited Charity registration number 1135165 Company registration number 07112372 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU THE TRUSTEES Mr J Oestreicher Mrs M Oestreicher Mr P Oestreicher AUDITOR Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is constituted as a company limited by guarantee, and is therefore governed by its memorandum and articles of association.

The day-to-day affairs of the charity are administered by the council of trustees. None of the trustees who are also the directors have any beneficial interest in the company.

It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and procedures.

OBJECTIVES AND ACTIVITIES

The charity's object and its principal activity continues to be that providing grants for the enhancement of education and religion and for the relief of poverty.

The charity receives income from donations and its property investments which it utilises in the provision and distribution of grants and donations.

The trustees confirm that they have referred to the guidance contained in the charity commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

ACHIEVEMENTS AND PERFORMANCE

During the period the charity continued its philanthropic activities in support of religious, educational and other charitable institutions and, aggregate donations in the sum of £958,296 were paid in the year to 31 March 2022.

The financial results of the charity's activities for the year ended 31 March 2022 are fully reflected in the attached financial statements together with the notes thereon.

FINANCIAL REVIEW

Reserve Policy

It is the policy of the charity to maintain unrestricted funds at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.

As at 31 March 2022 the charity had total funds of £172,428, all of which were unrestricted.

Grant Making Policy

Grants are made to charitable institutions and organisations which accord with the objects of the charity.

Investment Powers and Policy and Objectives

Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.

The charity's investment policy is to make investments of its free funds which provide a secure stream of income with potential for increases in capital growth with particular preference for low risk secure property investments.

Risk Management

The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage those risks.

PLANS FOR FUTURE PERIODS

The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

(continued)

YEAR ENDED 31 MARCH 2022

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• 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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 31 January 2023 and signed on behalf of the board of trustees by:

MR J OESTREICHER

Trustee

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNTAIN OF CHESSED LIMITED

YEAR ENDED 31 MARCH 2022

OPINION

We have audited the financial statements of Fountain of Chessed Limited (the 'charity') for the year ended 31 March 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNTAIN OF CHESSED LIMITED (continued)

YEAR ENDED 31 MARCH 2022

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNTAIN OF CHESSED LIMITED (continued)

YEAR ENDED 31 MARCH 2022

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and determined that the most relevant to the presentation of the financial statements are those that relate to the reporting legislation (UK GAAP and the Companies Act 2006), the relevant tax regulations in the United Kingdom, the Landlord and Tenant Act, the UK General Data Protection Regulation (GDPR), Health & Safety Regulations and the Bribery Act. We understood how the company is complying with those frameworks through discussion with the trustees and senior management, and by identifying the company's policies and procedures regarding compliance with laws and regulations. We also identified those members of management who have the primary responsibility for ensuring compliance with laws and regulations, and for reporting any known instances of non-compliance to the trustees. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.

• We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.

• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by reviewing the company's identified risks and enquiry with the trustees and senior management during the planning and finalisation phases of our audit. The susceptibility to such material misstatement was determined to be low.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNTAIN OF CHESSED LIMITED (continued)

YEAR ENDED 31 MARCH 2022

• Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the company's internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HMRC, testing transactions outside the normal course of the business and journal entries, and discussions with the trustees and senior management.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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FOUTr4TAIN OF CHESSED LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE h￿mBERs OF FOUNTAIN OF CHESSED LIMITED YEAR ENDED 31 MARCH 2022 We communi¢ate with those charged with 8overnan¢¢ regarding> among other matters, the plann¢d scope and timing of thc audit and significanl audit fmdin8s, including atty sx8nificant deficiencics in internal control thal wc idenlify during our audit. USE OF OUR REPORT This report 18 made solely to the charity's members, as a body, in accordance with Chaptcr 3 of Part 16 of thc Companies Act 2006. Our audit work has been und¢rtAken so that w¢ might stale to the chariry'5 members those mattcrs we ore required to statc to them in an auditols r¢port and for no other purEK)se. To the ￿lIest extcnt pennittcd by law, we do no¢ aceept or assumc r¢sponsibility to anyone oiher than the chariry and the ¢hAriry'S members as a body. for our audif worL for this reporL or for th¢ opinions w¢ av¢ fo DAVIDF ERG (SENIOR STATUTORY AUDITOR) For an chalf of n Arnold Chartered accounianis & statulory auditor New Burlinglon House 1075 Fittchley Road London NWI I OPU 31 January 2023

FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2022

		2022	2022	2021
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
INCOME AND ENDOWMENTS
Donations and legacies	5	1,024,000	1,024,000	614,000
Investment income	6	64,203	64,203	61,673
		-----------------------------------------------	-----------------------------------------------	-------------------------------------
TOTAL INCOME		1,088,203	1,088,203	675,673
		===============================================	===============================================	=====================================
EXPENDITURE
Expenditure on raising funds:
Investment management costs	7	(19,189)	(19,189)	(26,200)
Expenditure on charitable activities	8,9	(964,668)	(964,668)	(890,374)
		-----------------------------------------------	-----------------------------------------------	-------------------------------------
TOTAL EXPENDITURE		(983,857)	(983,857)	(916,574)
		===============================================	===============================================	=====================================
Net gains on investments	11	–	–	461,000
		-----------------------------------------------	-----------------------------------------------	-------------------------------------
NET INCOME AND NET MOVEMENT IN FUNDS		104,346	104,346	220,099
		===============================================	===============================================	=====================================
RECONCILIATION OF FUNDS
Total funds brought forward		68,082	68,082	(152,017)
		-----------------------------------------------	-----------------------------------------------	-------------------------------------
TOTAL FUNDS CARRIED FORWARD		172,428	172,428	68,082
		===============================================	===============================================	=====================================

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 12 to 18 form part of these financial statements.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 MARCH 2022

		2022		2021
	Note	£	£	£	£
FIXED ASSETS
Investments	15		1,400,000		1,400,000
CURRENT ASSETS
Debtors	16	7,000		–
Cash at bank and in hand		278,865		66,519
		-------------------------------------		-------------------------------
		285,865		66,519
CREDITORS: amounts falling due
within one year	17	(1,513,437)		(1,398,437)
		-----------------------------------------------		-----------------------------------------------
NET CURRENT LIABILITIES			(1,227,572)		(1,331,918)
			-----------------------------------------------		-----------------------------------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES			172,428		68,082
			-------------------------------------		-------------------------------
NET ASSETS			172,428		68,082
			=====================================		===============================
FUNDS OF THE CHARITY
Unrestricted funds			172,428		68,082
			-------------------------------------		-------------------------------
TOTAL CHARITY FUNDS	18		172,428		68,082
			=====================================		===============================

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 31 January 2023, and are signed on behalf of the board by:

MR J OESTREICHER

Trustee

The notes on pages 12 to 18 form part of these financial statements.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2022

YEAR ENDED 31 MARCH 2022
	2022	2021
	£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	104,346	220,099
Adjustments for:
Net gains on investments	–	(461,000)
Dividends, interest and rents from investments	(45,014)	(35,472)
Interest payable and similar charges	372	360
Changes in:
Trade and other debtors	(7,000)	4,090
Trade and other creditors	115,000	225,000
	-------------------------------------	-------------------------------------
Cash generated from operations	167,704	(46,923)
Interest paid	(372)	(360)
	-------------------------------------	-------------------------------
Net cash from/(used in) operating activities	167,332	(47,283)
	=====================================	===============================
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments	45,014	35,472
	-------------------------------------	-------------------------------
Net cash from investing activities	45,014	35,472
	=====================================	===============================
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS	212,346	(11,811)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	66,519	78,330
	-------------------------------------	-------------------------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	278,865	66,519
	=====================================	===============================

The notes on pages 12 to 18 form part of these financial statements.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

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 Companies Act 2006.

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 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:

(i) Property valuation

The valuation of the company's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

(ii) Trade and other debtors

Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

Fund accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors.

Designated funds are funds which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds as at balance sheet date.

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.

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.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Charitable activities

Grants payable are charged to the statement of financial activities once the charity has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment Properties are included at trustees' valuation as at the Balance sheet date. Any realised or unrealised gains or losses are taken to the statements of financial activities.

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

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 receivable 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.

Debt instruments are subsequently measured at amortised cost.

4. LIMITED BY GUARANTEE

The Charity is a Company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.

5. DONATIONS AND LEGACIES

6.

DONATIONS AND LEGACIES
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
DONATIONS
Donations received	1,024,000	1,024,000	614,000	614,000
	===============================================	===============================================	=====================================	=====================================
INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Income from investment properties	64,203	64,203	61,673	61,673
	===============================	===============================	===============================	===============================

7. INVESTMENT MANAGEMENT COSTS

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Investment management fees	6,357	6,357	6,615	6,615
Investment management costs	12,832	12,832	19,585	19,585
	-------------------------------	-------------------------------	-------------------------------	-------------------------------
	19,189	19,189	26,200	26,200
	===============================	===============================	===============================	===============================

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FOUNTAIN OF CHESSED LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

8. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Grants	958,296	958,296	884,014	884,014
Support costs	6,372	6,372	6,360	6,360
	-------------------------------------	-------------------------------------	-------------------------------------	-------------------------------------
	964,668	964,668	890,374	890,374
	=====================================	=====================================	=====================================	=====================================

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Activities	Activities
	undertaken			Total funds	Total fund
	directly		Support costs	2022	2021
		£	£	£	£
Grants	958,296		–	958,296	884,014
Governance costs		–	6,372	6,372	6,360
	-------------------------------------		--------------------------	-------------------------------------	-------------------------------------
	958,296		6,372	964,668	890,374
	=====================================		==========================	=====================================	=====================================
Grants were paid to the following institutions:
					£
Mesifta Talmudical College					107,162
Y G S Yeshiva Gedola Seminar					55,000
Low Cost Living Limited					49,200
The Abc Trust					45,700
Alte Feiga Trust					36,600
Amud Hatzdokoh Trust					35,426
Friends of Mosdos Torah Veyirah					28,160
Chevras Mo'Oz Ladol					27,595
Inspirations					25,300
Ben Amram Charitable Trust					24,720
The Netzach Charitable Trust					22,000
Kolel Torah Vyireh Ltd					20,820
Start Upright					18,500
The Rehabilitation Trust					18,500
Kollel Lev Ephraim					15,600
Live And Learn					15,000
Less Than £15,000					413,013
					-------------------------------------
Total					958,296
					=====================================

Grants were paid to the following institutions:

Grants were made for the advancement of Jewish religion and education, and for the prevention or relief of poverty.

10. SUPPORT COSTS

SUPPORT COSTS
	Support costs	Total 2022	Total 2021
	£	£	£
Governance costs	6,373	6,373	6,360
	==========================	==========================	==========================

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

11. NET GAINS ON INVESTMENTS

11.	NET GAINS ON INVESTMENTS
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Gains/(losses) on investment property	–	–	461,000	461,000
		================	================	=====================================	=====================================
12.	AUDITORS REMUNERATION
				2022	2021
				£	£
	Fees payable to the charity's auditor and	its associates	for other services:
	Audit-related assurance services			6,000	–
				==========================	================
13.	INDEPENDENT EXAMINATION FEES
				2022	2021
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			– ================	4,200 ==========================

14. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

The charity did not meet any expenses incurred by the trustees for services provided to the charity (2021: £Nil)

15. INVESTMENTS

	Investment
	properties
	£
Cost or valuation
At 1 April 2021 and 31 March 2022	1,400,000
	===============================================
Impairment
At 1 April 2021 and 31 March 2022
Carrying amount
At 31 March 2022	1,400,000
	===============================================
At 31 March 2021	1,400,000
	===============================================

All investments shown above are held at valuation.

Investment properties

The investment properties are stated at trustees' valuation as at 31 March 2022. The historical cost of the property at 31 March 2022 is £498,406 (2021: £498,406).

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FOUNTAIN OF CHESSED LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

16. DEBTORS

DEBTORS
	2022	2021
	£	£
Other debtors	7,000	–
	==========================	================
CREDITORS: amounts falling due within one year
	2022	2021
	£	£
Accruals and deferred income	12,000	12,000
Other creditors	1,501,437	1,386,437
	-----------------------------------------------	-----------------------------------------------
	1,513,437	1,398,437
	===============================================	===============================================

17. CREDITORS: amounts falling due within one year

18. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
	At				At
	1 April			Gains and	31 March
	2021	Income	Expenditure	losses	2022
	£	£	£	£	£
General funds	68,082	1,088,203	(983,857)	–	172,428
	===============================	===============================================	=====================================	================	=====================================
	At				At
	1 April			Gains and	31 March
	2020	Income	Expenditure	losses	2021
	£	£	£	£	£
General funds	(152,017) =====================================	675,673 =====================================	(916,574) =====================================	461,000 =====================================	68,082 ===============================

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	1,400,000	1,400,000
Current assets	285,865	285,865
Creditors less than 1 year	(1,513,437)	(1,513,437)
	-----------------------------------------------	-----------------------------------------------
Net assets	172,428	172,428
	===============================================	===============================================
	Unrestricted	Total Funds
	Funds	2021
	£	£
Investments	1,400,000	1,400,000
Current assets	66,519	66,519
Creditors less than 1 year	(1,398,437)	(1,398,437)
	-----------------------------------------------	-----------------------------------------------
Net assets	68,082	68,082
	===============================================	===============================================

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FOUNTAIN OF CHESSED LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

20. ANALYSIS OF CHANGES IN NET DEBT

		At		At
	1	Apr 2021	Cash flows	31 Mar 2022
		£	£	£
Cash at bank and in hand		66,519	212,346	278,865
		===============================	=====================================	=====================================

21. RELATED PARTIES

Included in the financial statements are charitable donations totalling £1,024,000 received from related companies and charities.

Included in creditors is £1,501,437 due to companies with common directors.

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