**COMPANY REGISTRATION NUMBER: 07125201 CHARITY REGISTRATION NUMBER: 1135179** ## **HAROFEH DONATIONS 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 **HAROFEH DONATIONS 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**| **HAROFEH DONATIONS 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** Harofeh Donations Limited **Charity registration number** 1135179 **Company registration number** 07125201 **Principal office and registered** New Burlington House **office** 1075 Finchley Road London NW11 0PU **THE TRUSTEES** Mrs S Oestreicher Mr A Oestreicher Mr D Oestreicher Mr H Oestreicher Mr J Oestreicher Mr M 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 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 voluntary donations 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. **- 1 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)** _**(continued)**_ ## **YEAR ENDED 31 MARCH 2022** ## **ACHIEVEMENTS AND PERFORMANCE** During the year the charity continued its philanthropic activities in support of religious, educational and other charitable institutions and, aggregate donations in the sum of £462,980 (2021: £314,300) 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 costs of the charity for the next year. As at 31 March 2022 the charity had negative reserves. The trustees are actively considering the steps to take to generate surpluses in the future. The accounts are prepared on a going concern basis based on the continued provision of financial support by the charity's creditors. ## **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. ## **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. **- 2 -** HAROFEH DONATIO.NS LIMrfED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPOIL4TING THE DIREcfoR'S REPORT) YEAR ENDED 31 MARCH 2022 In prepariDg these financial statements, the tNsteu are required to: lect suitsble accounting policies 8TMI then Hpplythem consistenily: observe the rnethods aDd Prillciples in the applicAble Clwiti¢s SORP. make jud8m¢nts and accounting estimates that are re¥onoble and pntht: prepare the fin￿e181 statemeAts on the 80ing Concern baBi$ unl¢88 it i¥ inappTopriat¢ to presume that the ¢harity will ¢ontinue in business. The trust¢es ￿¢ re8ponJible for keeping adequate accouD¢ing records that ar¢￿trICient to show 4nd explain thc charitys trdnwtion5 and disc106¢ With T¢￿0￿￿ble yccurncy at any time the finan¢i#l position of the ¢h4rity and ¢rt4ble them ￿ ¢nsure Ih4t th¢ fiDan¢i41 statements comply wilh the Companies Aci 2CN16. They are also responsible for safeguaTdin8 thc 8ssets of the ¢harity gnd hence for taking r¢&son8ble steps for the pTrvention and det¢¢tion of fraud and other irregularitie5. AUDITOR Each of the per6on8 wtho 1$ a In￿¢¢ At the d&te of &pprov&l of this report confirni8 that: $0 far as thry are awar¢. there is no relevant audit information of which the charitys auditor 18 UDawaTe' and they have taken all step8 ihat they ought to bave taken as a trustee to m8k¢ themselveq Aware of any rel¢vaDt audit informatiou and to eslabli8trL that the churity's Auditor is aware of that Inforn￿tI0n. The auditor i& deemed to have been rewappoitited in accordance witb section 487 of the CompMi¢s Act SMALL COMPANY PROVISIONS Tbi8 report has beell prepared ill accordance with the provi8ion8 applicable to companie8 entitled to the small comp&Dies exemption. The twstees, annual report was approved on 30 Jallw 2023 and si8n¢d on behalf of the board of ithecs by: g.k. MRS S OESTREICHER Tn￿te¢ **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAROFEH DONATIONS LIMITED** ## **YEAR ENDED 31 MARCH 2022** ## **OPINION** We have audited the financial statements of Harofeh Donations 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 and the Charities Act 2011. ## **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. **- 4 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAROFEH DONATIONS 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 and the Charities Act 2011 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. **- 5 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAROFEH DONATIONS 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 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. **- 6 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAROFEH DONATIONS 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. **- 7 -** HAROFEH DONATIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAROFEH DONATIONS LIMITED (¢onrlu¥EdJ YEAR ENDED 31 MARCH 2022 We cottllnuni¢atc with those charged with gov¢rnan¢e r¢gArding, aruong othcr matters, th¢ planned scope and timing of th¢ audit and significttnt audit findings, including any significant dcficiencies in internal corLtroI that we identify dur(ng our audit. USE OF OUR REPORT This report is nade sol¢ly to the charity's members, as a body. in accordatjcc with $¢¢tson 144 of the Charities Act 2011 and regul&tion5 made under scction 154 of th&t Act. Our audit work has been undertaken so that we might state to th¢ ¢harity's members thosc maiters w¢ are required io state to them in an auditor's report and for no other purpose. To the fullcst ¢xtent perniitted by law. we do nol accept or assume respon8ibility to anyotte other than the charity and the charity's members as a body, for our audit work, for thi report, or for the opinions we have fonned. DAV I.DBERG ISENIOR STATUTORY AUDITOR) nd on behalf of Cohcn Amold Chartered accountants & Sta￿tOry auditor New Burlington Hous¢ 1075 Finchley Road London NWI I OPU 30 January 2023 **HAROFEH DONATIONS 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**|1,275,250|**1,275,250**|324,000| |||-----------------------------------------------|-----------------------------------------------|-------------------------------------| |**TOTAL INCOME**||1,275,250|**1,275,250**|324,000| |||===============================================|===============================================|=====================================| |**EXPENDITURE**||||| |Expenditure on charitable activities|**6,7**|(468,959)|**(468,959)**|(317,206)| |||-----------------------------------------------|-----------------------------------------------|-------------------------------------| |**TOTAL EXPENDITURE**||(468,959)|**(468,959)**|(317,206)| |||===============================================|===============================================|=====================================| |||-----------------------------------------------|-----------------------------------------------|-------------------------------------| |**NET INCOME AND NET MOVEMENT IN FUNDS**||806,291|**806,291**|6,794| |||===============================================|===============================================|=====================================| |**RECONCILIATION OF FUNDS**||||| |Total funds brought forward||(906,746)|**(906,746)**|(913,540)| |||-----------------------------------------------|-----------------------------------------------|-------------------------------------| |**TOTAL FUNDS CARRIED FORWARD**||(100,455)|**(100,455)**|(906,746)| |||===============================================|===============================================|=====================================| 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 16 form part of these financial statements.** **- 9 -** HAROFEH DONATIONS LIhllTED COMPANY LIMfTED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 MARCH 2022 2022 2021 Note cullR￿ ASSETS Casb al bank aDd in haDd CREDITORS: *moullts due Jvlthln one yt*r NET CURRENT LIABILTfiES TOTAL ASSETS LESS CUIUiENT LIABltiriES NET LIABILITIES ISS107 110,566 12 (25&562) (1,017,312) (100,455) (906.746) (100,455) (906.746) (100,455) (906,746) FUNDS OF THE CHARITY Unrestricted fvndg (10(J.455) (906,746) (IoD,455) (906,746) TOTAL CHARrrY FUNDS Th¢8¢ financial 8t•iemeftts hay¢ been pr¢p8red in o¢cordance with the provi9ion8 applicable to compante8 iubject to the gmall eompanie8' regime. Thele fu￿￿1a1 Statem￿ts were approved by th¢ boord of tN8tee8 and &utborised for issue on 30 January 2023, and are signed on beh&lf ofthe board by.. MRS S OESTREICHER Tru$t¢e Tb¢ Aot¢O •ttPAVS 12 to 16 f•rm p*rl of th* kn*n¢l•l ¥tstemENh. ## **HAROFEH DONATIONS 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|**806,291**|6,794| |_Adjustments for:_||| |Interest payable and similar charges|**219**|103| |Accrued income|**–**|(3,360)| |_Changes in:_||| |Trade and other creditors|**(761,750)**|80,685| ||-------------------------------------|-------------------------------| |Cash generated from operations|**44,760**|84,222| |Interest paid|**(219)**|(103)| ||-------------------------------|-------------------------------| |Net cash from operating activities|**44,541**|84,119| ||===============================|===============================| |**NET INCREASE IN CASH AND CASH EQUIVALENTS**|**44,541**|84,119| |**CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR**|**110,566**|26,447| ||-------------------------------------|-------------------------------------| |**CASH AND CASH EQUIVALENTS AT END OF YEAR**|**155,107**|110,566| ||=====================================|=====================================| **The notes on pages 12 to 16 form part of these financial statements.** **- 11 -** **HAROFEH DONATIONS 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. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **Going concern** The financial statements have been prepared on a going concern basis which assumes that the charity will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continued financial support from the charity's loan creditors. The trustees are of the opinion that such support will be forthcoming. ## **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. ## **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. **- 12 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ ## **YEAR ENDED 31 MARCH 2022** ## **3. ACCOUNTING POLICIES** _**(continued)**_ ## **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. ## **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** ||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---| ||Funds|**2022**|Funds|2021| ||£|**£**|£|£| |**DONATIONS**||||| |Donations Received|1,275,250|**1,275,250**|324,000|324,000| ||===============================================|===============================================|=====================================|=====================================| **- 13 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ ## **YEAR ENDED 31 MARCH 2022** ## **6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE** ||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---| ||Funds|**2022**|Funds|2021| ||£|**£**|£|£| |Grants|462,980|**462,980**|314,300|314,300| |Support costs|5,979|**5,979**|2,906|2,906| ||-------------------------------------|-------------------------------------|-------------------------------------|-------------------------------------| ||468,959|**468,959**|317,206|317,206| ||=====================================|=====================================|=====================================|=====================================| ## **7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE** ||Activities|||| |---|---|---|---|---| ||undertaken||**Total funds**|Total fund| ||directly Support costs||**2022**|2021| ||£|£|**£**|£| |Grants|462,980|–|**462,980**|314,300| |Governance costs|–|5,979|**5,979**|2,906| ||-------------------------------------|--------------------------|-------------------------------------|-------------------------------------| ||462,980|5,979|**468,959**|317,206| ||=====================================|==========================|=====================================|=====================================| |The charity made grants towards the following institutions:||||| |||||£| |The Rehabilitation Trust||||120,000| |Amud Hachesed Trust||||62,300| |Bait Limud Vchesed||||23,200| |Uk Friends Of Tiferes Chaim Ltd||||20,000| |Tomchei Yotzei Anglia||||20,000| |Friends Of Beis Chinuch Lebonos Trust||||15,000| |Friends Of Yeshiva Daas Sholem Shotz||||15,000| |Yankov Charitable Trust||||15,000| |Riosan Limited||||13,000| |Achisomoch Aid Company Limited||||10,900| |Congregation Sharei Sholom Tchabe Limited||||10,000| |Higher Talmudical Education Limited||||10,000| |Shir Chesed Beis Yisroel||||10,000| |Less than £10,000||||118,580| |||||-------------------------------------| |**Total**||||462,980| |||||=====================================| The charity made grants towards the following institutions: Grants were made for the advancement of Jewish religion and education, and for the prevention or relief of poverty. ## **8. ANALYSIS OF SUPPORT COSTS** ||Support costs|**Total 2022**|Total 2021| |---|---|---|---| ||£|**£**|£| |Governance costs|5,979|**5,979**|2,906| ||==========================|==========================|==========================| **- 14 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ ## **YEAR ENDED 31 MARCH 2022** ## **9. INDEPENDENT EXAMINATION FEES** **2022** 2021 **£** £ Fees payable to the independent examiner for: Independent examination of the financial statements **–** 2,400 ================ ========================== ## **10. STAFF COSTS** No salaries or employee benefits were paid during the year (2021: £nil). ## **11. 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 trustee for services provided to the charity. (2021: £Nil). ## **12. CREDITORS: amounts falling due within one year** ||**2022**|2021| |---|---|---| ||**£**|£| |Accruals and deferred income|**5,760**|5,760| |Other creditors|**249,802**|1,011,552| ||-------------------------------------|-----------------------------------------------| ||**255,562**|1,017,312| ||=====================================|===============================================| ## **13. ANALYSIS OF CHARITABLE FUNDS** **Unrestricted funds** |**Unrestricted funds**||||| |---|---|---|---|---| ||At|||**At**| ||1 April|||**31 March**| ||2021|Income|Expenditure|**2022**| ||£|£|£|**£**| |General funds|(906,746)|1,275,250|(468,959)|**(100,455)**| ||=====================================|===============================================|=====================================|=====================================| ||At|||At| ||1 April|||31 March| ||2020|Income|Expenditure|2021| ||£|£|£|£| |General funds|(913,540)|324,000|(317,206)|(906,746)| ||=====================================|=====================================|=====================================|=====================================| **- 15 -** **HAROFEH DONATIONS LIMITED** ## **COMPANY LIMITED BY GUARANTEE** ## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_ ## **YEAR ENDED 31 MARCH 2022** ## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS** |||Unrestricted|**Total Funds**| |---|---|---|---| |||Funds|**2022**| |||£|**£**| |Current assets||155,107|**155,107**| |Creditors less than 1 year||(255,562)|
**(255,562)**| |||-------------------------------------|-------------------------------------| |**Net liabilities**||(100,455)|
**(100,455)**| |||=====================================|=====================================| |||Unrestricted|Total Funds| |||Funds|2021| |||£|£| |Current assets||110,566|110,566| |Creditors less than 1 year||(1,017,312)|
(1,017,312)| |||-----------------------------------------------|-----------------------------------------------| |**Net liabilities**||(906,746)|
(906,746)| |||===============================================|===============================================| |**ANALYSIS OF CHANGES IN NET DEBT**|||| ||At||**At**| ||1 Apr 2021|Cash flows|**31 Mar 2022**| ||£|£|**£**| |Cash at bank and in hand|110,566|44,541|**155,107**| ||=====================================|===============================|=====================================| ## **15. ANALYSIS OF CHANGES IN NET DEBT** ## **16. RELATED PARTIES** Donations received relate to donations from companies with common directors. Included in creditors is £249,802 due to companies with common directors. The loans are interest free. **- 16 -**