COMPANY REGISTRATION NUMBER: 07255639 CHARITY REGISTRATION NUMBER: 1139039
Kitov Limited Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Kitov Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and | |
| expenditure account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 12 |
Kitov Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, 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 Kitov Limited Charity registration number 1139039 Company registration number 07255639 Principal office and registered 1 Healey Close office Salford Manchester M7 3PQ
The trustees
D Kaye D Landau M Amorese Independent examiner D Schwarz FCCA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
The charity was formed on the 17 May 2010 and is an incorporated charity registered with the Charity Commission (Registration No.1139039). The charity is governed by its Memorandum and Articles of Association.
The day to day affairs of the charity are administered by the Board of Trustees, the Chair of which is Mr D Kaye.
It is not currently the intention of the trustees ofthe charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
- 1 -
Kitov Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Objectives and activities
Objectives
The objects ofthe charity are:
i) The advancement of education for the public benefit in the Jewish religion and culture, drawing on ancient Jewish wisdom as communicated trough Torah literature; and ii) The advancement of Jewish religion for the public benefit.
Activities
The charity organises classes, workshops, seminars all based around the concept of some of the fundamental beliefs in the Jewish religion. The teaching of these fundamental beliefs are the foundations for living in a persons own development, relationship, marriage and parenting.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
One of our main objectives is to give young Jewish people the tools to have meaningful relationships leading to happy and enduring marriages and bring up emotionally stable children. The aim is for a "multiplier effect" of benefits that cascade down the generations. We call this "sustainable Judaism".
Whilst Kitov is not an outreach organisation, the ideas and concepts we provide are based on Jewish wisdom and teaching and the classes and seminars often inspire an increased interest in Judaism as well as impacting profoundly on relationships and marriage. Typical examples are the weekends away which are opportunities to teach and engage with our students in a relationship seminar but also provide a taste of Shabbos and of family life lived the Jewish way.
Please visit us at www.kitov.co.uk for further information.
Financial review
As at 31 March 2024 the charity held Unrestricted reserves of £49,503 (2023: £81,688).
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserve often 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.
- 2 -
Kitov Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
The trustees' annual report and the strategic report were approved on 2 December 2024 and signed on behalf of the board of trustees by:
D Kaye Trustee
- 3 -
Kitov Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Kitov Limited
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Kitov Limited ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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.
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 charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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 financial statements 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.
D Schwarz FCCA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
- 4 -
Kitov Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 31,655 | 31,655 | 41,623 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 31,655 | 31,655 | 41,623 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 63,903 | 63,903 | 33,673 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 63,903 | 63,903 | 33,673 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net (expenditure)/income and net movement in funds | (32,248) | (32,248) | 7,950 | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 81,943 | 81,943 | 73,993 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total funds carried forward | 49,695 | 49,695 | 81,943 | |
| ============================ | ============================ | ============================ |
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 7 to 12 form part of these financial statements.
- 5 -
Kitov Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 13 | 192 | 255 | |
| Current assets | ||||
| Cash at bank and in hand | 51,123 | 83,788 | ||
| Creditors: amounts falling due within one year | 14 | 1,620 | 2,100 | |
| ---------------------------- | ---------------------------- | |||
| Net current assets | 49,503 | 81,688 | ||
| ---------------------------- | ---------------------------- | |||
| Total assets less current liabilities | 49,695 | 81,943 | ||
| ---------------------------- | ---------------------------- | |||
| Net assets | 49,695 | 81,943 | ||
| ============================ | ============================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 49,695 | 81,943 | ||
| ---------------------------- | ---------------------------- | |||
| Total charity funds | 15 | 49,695 | 81,943 | |
| ============================ | ============================ |
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 2 December 2024, and are signed on behalf of the board by:
D Kaye Trustee
The notes on pages 7 to 12 form part of these financial statements.
- 6 -
Kitov Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
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 1 Healey Close, Salford, Manchester, M7 3PQ.
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 did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- 7 -
Kitov Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Incoming resources (continued)
- 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.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
- 25% reducing balance
- 8 -
Kitov Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
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 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. 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 £l.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 31,655 | 31,655 | 41,343 | 41,343 |
| Donations Educational Income | – | – | 280 | 280 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 31,655 | 31,655 | 41,623 | 41,623 | |
| ============================ | ============================ | ============================ | ============================ |
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Charitable activities | 62,469 | 62,469 | 32,142 | 32,142 |
| Support costs | 1,434 | 1,434 | 1,531 | 1,531 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 63,903 | 63,903 | 33,673 | 33,673 | |
| ============================ | ============================ | ============================ | ============================ |
- 9 -
Kitov Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
7. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Charitable activities | 62,469 | 714 | 63,183 | 32,773 |
| Governance costs | – | 720 | 720 | 900 |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | |
| 62,469 | 1,434 | 63,903 | 33,673 | |
| ============================ | ======================= | ============================ | ============================ |
8. Analysis of support costs
| Analysis of | ||||
|---|---|---|---|---|
| support costs | Total 2024 | Total 2023 | ||
| £ | £ | £ | ||
| General office | 714 | 714 | 631 | |
| Governance costs | 720 | 720 | 900 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 1,434 | 1,434 | 1,531 | ||
| ======================= | ======================= | ======================= | ||
| 9. | Net (expenditure)/income | |||
| Net (expenditure)/income is stated after charging/(crediting): | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 63 | 86 | ||
| ============== | ============== | |||
| 10. | Independent examination fees | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 720 | 900 | ||
| ============== | ============== |
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 33,000 | 20,000 |
| ============================ | ============================ |
- 10 -
Kitov Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
11. Staff costs (continued)
The average head count of employees during the year was 1 (2023: 1). The average number of full-time equivalent employees during the year is analysed as follows:
2024 2023 No. No. Number of staff 1 1 ============== ==============
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Tangible fixed assets
| Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| At 1 April 2023 and 31 March 2024 | 1,435 | 1,435 |
| ======================= | ======================= | |
| Depreciation | ||
| At 1 April 2023 | 1,180 | 1,180 |
| Charge for the year | 63 | 63 |
| ----------------------- | ----------------------- | |
| At 31 March 2024 | 1,243 | 1,243 |
| ======================= | ======================= | |
| Carrying amount | ||
| At 31 March 2024 | 192 | 192 |
| ======================= | ======================= | |
| At 31 March 2023 | 255 | 255 |
| ======================= | ======================= | |
| Creditors: amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 1,620 | 1,800 |
| Other creditors | – | 300 |
| ----------------------- | ----------------------- | |
| 1,620 | 2,100 | |
| ======================= | ======================= |
14. Creditors: amounts falling due within one year
- 11 -
Kitov Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 April 2023 | Income | Expenditure | 31 March 24 | |
| £ | £ | £ | £ | |
| General funds | 81,943 | 31,655 | (63,903) | 49,695 |
| ============================ | ============================ | ============================ | ============================ | |
| At | ||||
| At | 31 March 20 | |||
| 1 April 2022 | Income | Expenditure | 23 | |
| £ | £ | £ | £ | |
| General funds | 73,993 | 41,623 | (33,673) | 81,943 |
| ============================ | ============================ | ============================ | ============================ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2024 | |||
| £ | £ | |||
| Tangible fixed assets | 192 | 192 | ||
| Current assets | 51,123 | 51,123 | ||
| Creditors less than 1 year | (1,620) | (1,620) |
||
| ---------------------------- | ---------------------------- | |||
| Net assets | 49,695 | 49,695 | ||
| ============================ | ============================ | |||
| Unrestricted | Total Funds | |||
| Funds | 2023 | |||
| £ | £ | |||
| Tangible fixed assets | 255 | 255 | ||
| Current assets | 83,788 | 83,788 | ||
| Creditors less than 1 year | (2,100) | (2,100) |
||
| ---------------------------- | ---------------------------- | |||
| Net assets | 81,943 | 81,943 | ||
| ============================ | ============================ |
16. Analysis of net assets between funds
17. Related parties
Mr D Kaye, a trustee and director of the charity had loaned sums of money to the charity previously. This was paid off during the year.
Mr D Kaye, a trustee and director of the charity is also a director of Carriage H1 Ltd. During the year, Carriage H1 Ltd donated £30,000 to the charity.
Mr J Kaye, son of Mr D Kaye, was paid £26,063 for his services to the charity. These services included providing seminars and other educational lectures. The trustees are of the opinion that this represents good value for money as Mr J Kaye is an experienced lecturer in this very specialised field.
- 12 -