Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
CHARITY REGISTRATION NUMBER: 1138345
KOLEL IYUN
UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2024
Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Kolel Iyun Charity registration number 1138345 Principal office New Burlington House 1075 Finchley Road NW11 0PU London THE TRUSTEES B Margulies E Hoffman M Gluck
INDEPENDENT EXAMINER David Goldberg FCA DChA
New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is an unincorporated charity registered with the Charity Commission (Registration No. 1138345). The charity is governed by its Trust Deed.
The day to day affairs of the charity are administered by the Board of Trustees.
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 and training procedures.
OBJECTIVES AND ACTIVITIES
The objectives of the Charity are the advancement and furtherance of the Jewish religion, Jewish education and the alleviation of poverty among the Jewish community.
The Charity raises funds from individuals and other charitable organisations. The Charity runs an academy for the learning of higher Rabbinical studies and Jewish learning and particularly for the education of young men from the UK. The Charity also provides Grants for students.
The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2024
Grant making policy
Grants are made to charitable institutions and organisations which accord with the objects of the Charity.
The trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.
ACHIEVEMENTS AND PERFORMANCE
During the year the Charity continued its philanthropic activities in support of religious, educational and other charitable activities. Aggregate donations in the sum of £23,390 were paid in the period to 31 March 2024.
The financial results of the Charity's activities for the year ended 31 March 2024 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, which are the free reserve of the charity, 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 2024 the charity has total funds of £1,221, all of which are unrestricted.
Investment Powers and Policy and Objectives
Under the Trust Deed, 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.
The trustees' annual report was approved on 29 January 2025 and signed on behalf of the board of trustees by:
- [ eemar by:
B MARGULIES
Trustee
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KOLEL IYUN
YEAR ENDED 31 MARCH 2024
I report to the trustees on my examination of the financial statements of Kolel Iyun ('the charity') for the year ended 31 March 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
[DavidDocuSignedBC6977A458CD499... Lallbery by:
DAVID GOLDBERG FCA DCHA
Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU
29 January 2025
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | 4 | 29,022 | 29,022 | 2,590 |
| ------------------------------- | ------------------------------- | -------------------------- | ||
| TOTAL INCOME | 29,022 | 29,022 | 2,590 | |
| =============================== | =============================== | ========================== | ||
| EXPENDITURE | ||||
| Expenditure on charitable activities | 5,6 | 23,510 | 23,510 | 2,921 |
| ------------------------------- | ------------------------------- | -------------------------- | ||
| TOTAL EXPENDITURE | 23,510 | 23,510 | 2,921 | |
| =============================== | =============================== | ========================== | ||
| ------------------------------- | ------------------------------- | -------------------------- | ||
| NET INCOME/(EXPENDITURE) AND NET | ||||
| MOVEMENT IN FUNDS | 5,512 | 5,512 | (331) | |
| =============================== | =============================== | ========================== | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | (4,291) | (4,291) | (3,960) | |
| ------------------------------- | ------------------------------- | -------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 1,221 | 1,221 | (4,291) | |
| =============================== | =============================== | ========================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 9 form part of these financial statements.
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| CURRENT ASSETS | ||||
| Cash at bank and in hand | 3,501 | 1,109 | ||
| CREDITORS: amounts falling due within one | ||||
| year | 10 | 2,280 | 5,400 | |
| -------------------------- | -------------------------- | |||
| NET CURRENT ASSETS | 1,221 | (4,291) | ||
| -------------------------- | -------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | TOTAL ASSETS LESS CURRENT LIABILITIES | 1,221 | (4,291) | |
| -------------------------- | -------------------------- | |||
| NET ASSETS | 1,221 | (4,291) | ||
| ========================== | ========================== | |||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds | 1,221 | (4,291) | ||
| -------------------------- | -------------------------- | |||
| TOTAL CHARITY FUNDS | 11 | 1,221 | (4,291) | |
| ========================== | ========================== |
These financial statements were approved by the board of trustees and authorised for issue on 29 January 2025, and are signed on behalf of the board by:
[ eemar77F0A0D9002A443... by: B MARGULIES
Trustee
The notes on pages 6 to 9 form part of these financial statements.
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is New Burlington House, 1075 Finchley Road, London, NW11 0PU, UK.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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
In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
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.
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
3. ACCOUNTING POLICIES (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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 foundation 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 paable 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.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 29,022 | 29,022 | 2,590 | 2,590 |
| =============================== | =============================== | ========================== | ========================== |
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
5. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Academy costs | 23,390 | 23,390 | 1,840 | 1,840 |
| Support costs | 120 | 120 | 1,081 | 1,081 |
| ------------------------------- | ------------------------------- | -------------------------- | -------------------------- | |
| 23,510 =============================== |
23,510 =============================== |
2,921 ========================== |
2,921 ========================== |
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly Support costs | 2024 | 2023 | ||
| £ | £ | £ | £ | |
| Academy costs | 23,390 | – | 23,390 | 1,840 |
| Governance costs | – | 120 | 120 | 1,081 |
| ------------------------------- | ---------------- | ------------------------------- | -------------------------- | |
| 23,390 | 120 | 23,510 | 2,921 | |
| =============================== | ================ | =============================== | ========================== |
All grants and donations were paid to charitable institutions for the purposes of either the advancement of education or the alleviation of poverty.
The composition of donations is shown below.
| The composition of donations is shown below. | |
|---|---|
| £ | |
| Yad Shlomo Trust | 10,000 |
| The New Rachmistrivke Synagogue Trust | 4,620 |
| YHS Trust | 3,600 |
| The Bluzhov Charitable Trust | 1,500 |
| Donations Under £1,000 | 3,670 |
| ------------------------------- | |
| Total | 23,390 |
| =============================== |
7.
INDEPENDENT EXAMINATION FEES
| INDEPENDENT EXAMINATION FEES | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,800 | 1,800 |
| ========================== | ========================== |
8. STAFF COSTS
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
9. TRUSTEE REMUNERATION AND EXPENSES
There was no remuneration paid to the trustees. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
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Docusign Envelope ID: 639E563C-FFE8-4BC8-A02C-ECBABC90244C
KOLEL IYUN
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
10. CREDITORS: amounts falling due within one year
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Accruals and deferred income | 2,280 | 5,400 | |||
| ========================== | ========================== | ||||
| 11. | ANALYSIS OF CHARITABLE FUNDS | ||||
| Unrestricted funds | |||||
| At | At | ||||
| 1 April | 31 March | ||||
| 2023 | Income | Expenditure | 2024 | ||
| £ | £ | £ | £ | ||
| General funds | (4,291) | 29,022 | (23,510) | 1,221 |
|
| ========================== | =============================== | =============================== | ========================== | ||
| At | At | ||||
| 1 April | 31 March | ||||
| 2022 | Income | Expenditure | 2023 | ||
| £ | £ | £ | £ | ||
| General funds | (3,960) | 2,590 | (2,921) | (4,291) |
|
| ========================== | ========================== | ========================== | ========================== | ||
| 12. | ANALYSIS OF NET ASSETS BETWEEN | FUNDS | |||
| Unrestricted | Total Funds | ||||
| Funds | 2024 | ||||
| £ | £ | ||||
| Current assets | 3,501 | 3,501 | |||
| Creditors less than 1 year | (2,280) | (2,280) |
|||
| -------------------------- | -------------------------- | ||||
| Net assets | 1,221 | 1,221 | |||
| ========================== | ========================== | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2023 | ||||
| £ | £ | ||||
| Current assets | 1,109 | 1,109 | |||
| Creditors less than 1 year | (5,400) | (5,400) |
|||
| -------------------------- | -------------------------- | ||||
| Net assets | (4,291) ========================== |
(4,291) ========================== |
13. RELATED PARTIES
No related party transactions took place during the period that need to be disclosed.
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