REGISTERED COMPANY NUMBER: 07035874 (England and Wales) REGISTERED CHARITY NUMBER: 1135287
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
FOR
BNEI ZION COMMUNITY NURSERY LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
BNEI ZION COMMUNITY NURSERY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Statement of Cash Flows | 6 | ||
| Notes to the Statement of Cash Flows | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
BNEI ZION COMMUNITY NURSERY LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objects of the charity are:
a) the advancement of the Orthodox Jewish religion,
b) the advancement of Orthodox Jewish religious education and education generally,
c) the relief of poverty, sickness and distress, and
d) the promotion of good health and provision of recreational facilities in the interest of social welfare with the object of improving life conditions.
The trustees have considered the Charity Commission's general guidance on public benefit and in particular the guidance on advancing education and fee charging. In this respect the trustees have set up a school for children (between the ages of 3 and 5) many of whom are underprivileged with every year extending our facilities by adding a new class. Fees are charged but those in financial hardship are given an allowance or are fully funded, according to circumstances. No child is refused education because of an inability to pay.
Significant activities
The Trustees of the school are pleased to report that despite the significant growth, each child has received personal attention in order to realise their potential. Our devoted staff members have come through as a team to bring out the best in every child. The additions to the building went very smoothly due to the competence of our committed management committee members.
Our out of school hours activities have been very successful, meeting our aims in developing the beneficiaries personal, social and emotional well being, improving the children's chances in life. We thank our donors who made this possible.
We are very grateful to our very many dedicated volunteers who work tirelessly for the success of our organisation.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charitable company for the public benefit are detailed in the Objectives and Activities section of the report.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year under review the charity received income that amounted to £857,111 (2022: £724,212) and had nursery running costs that amounted to £877,501 (2022: £830,480).
FINANCIAL REVIEW
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the working capital of the school.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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BNEI ZION COMMUNITY NURSERY LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07035874 (England and Wales)
Registered Charity number
1135287
Registered office
49 Basement, Ravensdale Road London N16 6TJ
Trustees
B D Rudzinski N Rudzinski B Bronner
Company Secretary
B D Rudzinski
Independent Examiner
Malcolm Venitt, A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 10 April 2025 and signed on its behalf by:
B D Rudzinski - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BNEI ZION COMMUNITY NURSERY LIMITED
Independent examiner's report to the trustees of Bnei Zion Community Nursery Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Malcolm Venitt, A.C.A
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
10 April 2025
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BNEI ZION COMMUNITY NURSERY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| 31.10.23 | 31.10.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 857,111 | 724,212 |
| Investment income | 3 | 2 | - |
| Total | 857,113 | 724,212 | |
| EXPENDITURE ON | |||
| Charitable activities | 4 | ||
| Nursery running cost | 877,501 | 830,480 | |
| Administrative expenses | 2,400 | 1,920 | |
| Total | 879,901 | 832,400 | |
| NET INCOME/(EXPENDITURE) | (22,788) | (108,188) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 8,049 | 116,237 | |
| TOTAL FUNDS CARRIED FORWARD | (14,739) | 8,049 |
The notes form part of these financial statements
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BNEI ZION COMMUNITY NURSERY LIMITED
STATEMENT OF FINANCIAL POSITION 31 OCTOBER 2023
| 31.10.23 | 31.10.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 11 | 74,818 | 66,658 |
| CURRENT ASSETS | |||
| Debtors | 12 | 5,000 | - |
| Cash at bank | 819 | 12,724 | |
| 5,819 | 12,724 | ||
| CREDITORS | |||
| Amounts falling due within one year | 13 | (95,376) | (71,333) |
| NET CURRENT ASSETS/(LIABILITIES) | (89,557) | (58,609) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | (14,739) | 8,049 | |
| NET ASSETS | (14,739) | 8,049 | |
| FUNDS | 15 | ||
| Unrestricted funds | (14,739) | 8,049 | |
| TOTAL FUNDS | (14,739) | 8,049 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 April 2025 and were signed on its behalf by:
B D Rudzinski - Trustee
The notes form part of these financial statements
Page 5
BNEI ZION COMMUNITY NURSERY LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash (used in)/provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
31.10.23 £ (9,965) (9,965) (23,587) 2 (23,585) 1 - 1 (33,549) 12,724 (20,825) |
31.10.22 £ (46,119) (46,119) - - - - (47,847) (47,847) (93,966) 106,690 12,724 |
|---|---|---|
The notes form part of these financial statements
Page 6
BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received (Increase)/decrease in debtors Increase in creditors Net cash used in operations 2. ANALYSIS OF CASH AND CASH EQUIVALENTS Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year Total cash and cash equivalents |
31.10.23 £ (22,788) 15,426 (2) (5,000) 2,399 (9,965) 31.10.23 £ 819 (21,644) (20,825) |
31.10.22 £ (108,188) 16,046 - 1,872 44,151 (46,119) 31.10.22 £ 12,724 - 12,724 |
|---|---|---|
3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
| At Net cash Cash at bank Bank overdraft Total |
1.11.22 Cash flow At 31.10.23 £ £ £ 12,724 (11,905) 819 - (21,644) (21,644) 12,724 (33,549) (20,825) 12,724 (33,549) (20,825) |
|---|---|
The notes form part of these financial statements
Page 7
BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on reducing balance Fixtures and fittings - 15% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2. DONATIONS AND LEGACIES
| Donations Grants Fees received Grants received, included in the above, are as follows: Other grants |
31.10.23 £ 406,839 20,000 430,272 857,111 31.10.23 £ 20,000 |
31.10.22 £ 130,958 171,073 422,181 |
|---|---|---|
| 724,212 | ||
| 31.10.22 £ 171,073 |
continued...
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BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
| 3. INVESTMENT INCOME Deposit account interest 4. CHARITABLE ACTIVITIES COSTS Direct Costs £ Nursery running cost 835,309 Administrative expenses - 835,309 5. GRANTS PAYABLE Nursery running cost 6. SUPPORT COSTS Nursery running cost Administrative expenses 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
31.10.23 £ 2 Grant funding of activities Support (see note costs (see 5) note 6) £ £ 41,106 1,086 - 2,400 41,106 3,486 31.10.23 £ 41,106 Governance Finance costs £ £ 1,086 - - 2,400 1,086 2,400 31.10.23 £ 15,427 |
31.10.22 £ - Totals £ 877,501 2,400 |
|---|---|---|
| 879,901 | ||
| 31.10.22 £ - Totals £ 1,086 2,400 3,486 31.10.22 £ 16,046 |
continued...
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BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
9. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Staff No employees received emoluments in excess of £60,000. |
31.10.23 £ 598,955 598,955 31.10.23 60 |
31.10.22 £ 513,669 |
|---|---|---|
| 513,669 | ||
| 31.10.22 28 |
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 724,212 |
| EXPENDITURE ON | |
| Charitable activities | |
| Nursery running cost | 830,480 |
| Administrative expenses | 1,920 |
| Total | 832,400 |
| NET INCOME/(EXPENDITURE) | (108,188) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 116,237 |
| TOTAL FUNDS CARRIED FORWARD | 8,049 |
continued...
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BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
11. TANGIBLE FIXED ASSETS
| Improvements Fixtures to and property fittings £ £ COST At 1 November 2022 95,532 144,807 Additions - 23,587 At 31 October 2023 95,532 168,394 DEPRECIATION At 1 November 2022 93,563 91,700 Charge for year 99 11,505 At 31 October 2023 93,662 103,205 NET BOOK VALUE At 31 October 2023 1,870 65,189 At 31 October 2022 1,969 53,107 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Other creditors Accrued expenses 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts |
Motor vehicles £ 25,800 - 25,800 14,218 3,823 18,041 7,759 11,582 31.10.23 £ 5,000 31.10.23 £ 21,644 71,332 2,400 95,376 31.10.23 £ 21,644 |
Totals £ 266,139 23,587 |
|---|---|---|
| 289,726 | ||
| 199,481 15,427 |
||
| 214,908 | ||
| 74,818 | ||
| 66,658 | ||
| 31.10.22 £ - 31.10.22 £ - 67,860 3,473 71,333 31.10.22 £ - |
continued...
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BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
15. MOVEMENT IN FUNDS
| At 1.11.22 £ Unrestricted funds General fund 8,049 TOTAL FUNDS 8,049 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 857,113 TOTAL FUNDS 857,113 Comparatives for movement in funds At 1.11.21 £ Unrestricted funds General fund 116,237 TOTAL FUNDS 116,237 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 724,212 TOTAL FUNDS 724,212 |
Net movement At in funds 31.10.23 £ £ (22,788) (14,739) (22,788) (14,739) Resources Movement expended in funds £ £ (879,901) (22,788) (879,901) (22,788) Net movement At in funds 31.10.22 £ £ (108,188) 8,049 (108,188) 8,049 Resources Movement expended in funds £ £ (832,400) (108,188) (832,400) (108,188) |
|---|---|
continued...
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BNEI ZION COMMUNITY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| At | movement | At | |
| 1.11.21 | in funds | 31.10.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 116,237 | (130,976) | (14,739) |
| TOTAL FUNDS | 116,237 | (130,976) | (14,739) |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,581,325 | (1,712,301 ) | (130,976) |
| TOTAL FUNDS | 1,581,325 | (1,712,301 ) | (130,976) |
16. RELATED PARTY DISCLOSURES
During the period the charity received a grant of £21,052 from BC Trust. The charity and BC Trust share a common trustee.
During the period the charity paid rent that amounted to £35,000 to BC Trust. The charity and BC Trust share a common trustee.
During the period the charity paid a loan of £5,000 to BC Trust. The charity and BC Trust share a common trustee.
During the period the charity paid a grant that amounted to £9,000 to BCT Foundation. The charity and BCT Foundation share a common trustee.
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