REGISTERED COMPANY NUMBER: 07563285 (England and Wales) REGISTERED CHARITY NUMBER: 1142069
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
BNOS ZION D'BOBOV LTD
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
BNOS ZION D'BOBOV LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Trustees' Responsibility Statement | 5 | ||
| Report of the Independent Auditors | 6 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Statement of Financial Position | 10 | to | 11 |
| Statement of Cash Flows | 12 | ||
| Notes to the Statement of Cash Flows | 13 | ||
| Notes to the Financial Statements | 14 | to | 20 |
BNOS ZION D'BOBOV LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
| TRUSTEES | C Lipschitz Co Director |
|---|---|
| Z E Vorst Co Director | |
| REGISTERED OFFICE | 115 Craven Park Road |
| South Tottenham | |
| London | |
| N15 6BL | |
| PRINCIPAL ADDRESS | 100 Amhurst Park |
| London | |
| N16 5AR | |
| REGISTERED COMPANY | 07563285 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1142069 |
| NUMBER | |
| SENIOR STATUTORY AUDITOR | Malcolm Venitt |
| INDEPENDENT AUDITORS | Venitt and Greaves |
| Chartered Accountants | |
| 115 Craven Park Road | |
| South Tottenham | |
| London | |
| N15 6BL |
Page 1
BNOS ZION D'BOBOV LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 March 2024. 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
Bnos Zion D'Bobov Ltd objectives are the advancement of orthodox Jewish religious education and education in general primarily but not exclusively by establishing maintaining and managing a school for Jewish girls in the north London area.
Significant activities
The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations.
During the year, the charity made donations to institutions in accordance with the charity's objectives. These activities were undertaken for public benefit to further the charity's objectives.
The charity also continued to manage their school for Jewish girls based in the north London area. During the period the school moved its main operations to a new building, works performed previously have ensured this new building meets all of the schools requirements.
Public benefit
The trustees of the school confirm that they have considered the Charity Commission's general guidance on public benefit and the requirements of s4 of the Charities Act 2011 in this area.
The main purpose of the charity is the provision of high quality education in a safe and supporting learning environment and to support the continued improvement of education.
The charity's funds are utilised by its school to fund staff and activities to enable high quality education to be provided on an ongoing basis. When considering which pupils to admit, the school do not discriminate between them based upon the personal circumstances of their parents,
Grantmaking
The charity provides donations to various institutions and individuals whose objectives align closely with its own.
Volunteers
The majority of the charity's work is undertaken by paid employees. Occasional voluntary assistance is provided by Governors and Parents.
STRATEGIC REPORT
Achievement and performance
Charitable activities
During the year the charity received donations totalling £788,540 (2023: £2,243,874) and grants totalling £772,612 (2023: 631,787). The charity also generated £694,698 (2023: £620,903) from the provision of childcare services.
Financial review
Key Performance Indicators
The trustees monitor the entities performance against its charitable objectives on a regular basis. Performance is assessed against the objectives and expectations using financial and non-financial indicators. The key financial performance indicators used by the charity are income from charitable activities, donations income, expenditure on charitable activities and the surplus/ deficit generated.
For the period ending 31.03.24 the charity is in a deficit position. The trustees have put plans in place to remediate this going forwards.
Page 2
BNOS ZION D'BOBOV LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STRATEGIC REPORT Financial review
Principal funding sources
The major sources of income during the year were donations from various institutions, income from the provision of childcare services and various Government education grants to support the school.
Reserves policy
It is the policy of the charity to try and maintain unrestricted funds at a level which the trustees think appropriate after considering the future commitments of the charity, unplanned emergency expenditure and the likely administrative costs of the charity for the next year.
As at 31.03.2024 the charity's unrestricted funds were £1,407,721 (2023: £2,046,848)
Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. For this reason, the charity has adopted the going concern basis of accounting in preparing the annual financial statements.
Future plans
There are no current plans to change the activities or modus operandi of the charity for the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, memorandum and articles association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Should the trustees of the charity appoint a new trustee the trustees of the charity will apply suitable recruitment and training procedures.
Organisational structure
There are two trustees who also act as directors. They meet on a regular basis to discuss the affairs of the charity. All decisions are required to be unanimous.
Related parties
Related party transactions and balances are disclosed in the notes to the financial statements where required.
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. Systems of internal controls are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
The trustees pay particular attention to the financial sustainability. The trustees regularly review the available funding sources to ensure that the charity has sufficient liquid funds to meet its short term working capital needs and sustainable funding sources to meet its mid to long term obligations.
The principle risks are financial including items such as a decrease in donations or grant income.
STREAMLINED ENERGY AND CARBON REPORTING
The trustees ensure that the activities of the charity are performed in a way that has as little damaging effect on the environment as possible
Page 3
BNOS ZION D'BOBOV LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 23 January 2025 and signed on the board's behalf by:
C Lipschitz - Trustee
Page 4
BNOS ZION D'BOBOV LTD
TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
The trustees (who are also the directors of Bnos Zion D'Bobov Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BNOS ZION D'BOBOV LTD
Opinion
We have audited the financial statements of Bnos Zion D'Bobov Ltd (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BNOS ZION D'BOBOV LTD
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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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.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BNOS ZION D'BOBOV LTD
Our 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 a Report of the Independent Auditors 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.
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 charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements. These included but were not limited to FRS 102, Charities Act 2011, Companies Act 2006, Employment law, Data protection legislation, Health & Safety laws and Safeguarding Regulations as they affect the direct charitable activities of the charity.
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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.
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We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
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We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. Specific areas identified were the completeness of income and going concern.
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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. We performed appropriate audit testing on the recognition and completeness of income and management’s assessment of going concern.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Malcolm Venitt (Senior Statutory Auditor) for and on behalf of Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
23 January 2025
Page 8
BNOS ZION D'BOBOV LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 3 Charitable Activities Other income Total EXPENDITURE ON Raising funds Raising donations and legacies Charitable activities 4 Charitable Activities Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 788,540 694,698 13,867 1,497,105 12,035 12,035 1,700,056 16,314 1,728,405 (407,827) (639,127) 2,046,848 1,407,721 |
Restricted fund £ - 772,612 - 772,612 - - 758,760 - 758,760 - 13,852 - 13,852 |
31.3.24 Total funds £ 788,540 1,467,310 13,867 2,269,717 12,035 12,035 2,458,816 16,314 2,487,165 (407,827) (625,275) 2,046,848 1,421,573 |
31.3.23 Total funds £ 2,243,874 1,252,690 - 3,496,564 1,181,047 1,181,047 2,351,975 15,112 3,548,134 - (51,570) 2,098,418 2,046,848 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
BNOS ZION D'BOBOV LTD
STATEMENT OF FINANCIAL POSITION 31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 9 Investment property 10 CURRENT ASSETS Debtors 11 Prepayments and accrued income Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS |
Unrestricted funds £ - 1,550,000 1,550,000 453,547 - 71,594 525,141 (637,288) (112,147) 1,437,853 (30,132) 1,407,721 |
Restricted fund £ - - - 13,852 - - 13,852 - 13,852 13,852 - 13,852 |
31.3.24 Total funds £ - 1,550,000 1,550,000 467,399 - 71,594 538,993 (637,288) (98,295) 1,451,705 (30,132) 1,421,573 |
31.3.23 Total funds £ 1,957,827 - 1,957,827 3,560 75,000 130,110 208,670 (84,659) 124,011 2,081,838 (34,990) 2,046,848 |
|---|---|---|---|---|
The notes form part of these financial statements
continued...
Page 10
BNOS ZION D'BOBOV LTD
STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2024
| FUNDS 17 Unrestricted funds: General fund Revaluation reserve Restricted funds: Restricted TOTAL FUNDS |
1,815,548 (407,827) 1,407,721 13,852 1,421,573 |
2,046,848 - |
|---|---|---|
| 2,046,848 | ||
| - | ||
| 2,046,848 |
The financial statements were approved by the Board of Trustees and authorised for issue on 23 January 2025 and were signed on its behalf by:
C Lipschitz - Trustee
Z E Vorst - Trustee
The notes form part of these financial statements
Page 11
BNOS ZION D'BOBOV LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating 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 Cash and cash equivalents at the end of the reporting period |
31.3.24 £ (536,754) (7,014) (543,768) 500,000 (14,748) 485,252 (58,516) 130,110 71,594 |
31.3.23 £ (75,718) (1,082) (76,800) - (5,136) (5,136) (81,936) 212,046 130,110 |
|---|---|---|
The notes form part of these financial statements
Page 12
BNOS ZION D'BOBOV LTD
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses on investments Interest paid (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash used in operations ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) At 1.4.23 £ Net cash Cash at bank and in hand 130,110 130,110 Debt Debts falling due within 1 year (5,674) Debts falling due after 1 year (34,990) (40,664) Total 89,446 |
31.3.24 £ (625,275) 407,827 7,014 (388,839) 62,519 (536,754) Cash flow £ (58,516) (58,516) (490,110) 4,858 (485,252) (543,768) |
31.3.23 £ (51,570) - 1,082 4,623 (29,853) (75,718) At 31.3.24 £ 71,594 71,594 (495,784) (30,132) (525,916) (454,322) |
|---|---|---|
The notes form part of these financial statements
Page 13
BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 as modified by the revaluation of certain assets. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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.
Donations income is recognised on receipt and grant income is recognised when there is evidence of entitlement to the gift unless performance or other conditions require deferral of the amount.
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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the costs of Trustee meetings and the preparation of the statutory accounts.
Investment property
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
continued...
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BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2. DONATIONS AND LEGACIES
| Donations 3. INCOME FROM CHARITABLE ACTIVITIES Activity Charitable activities Charitable Activities Grants Charitable Activities Grants received, included in the above, are as follows: London Borough of Hackney Government support Other Grants 4. CHARITABLE ACTIVITIES COSTS |
31.3.24 £ 788,540 31.3.24 £ 694,698 772,612 1,467,310 31.3.24 £ 486,651 213,016 72,945 772,612 |
31.3.23 £ 2,243,874 |
31.3.23 £ 2,243,874 |
|---|---|---|---|
| 31.3.23 £ 620,903 631,787 |
|||
| 1,252,690 | |||
| 31.3.23 £ 429,135 161,053 41,599 |
|||
| 631,787 | |||
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Direct | |
| Costs | |
| £ | |
| Charitable Activities | 2,458,816 |
| 5. | SUPPORT COSTS | |
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Other resources expended | 9,300 |
Page 15
continued...
BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. AUDITORS' REMUNERATION
| AUDITORS' REMUNERATION | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Fees payable to the charity's auditors and their associates for the audit of the | ||
| charity's financial statements | 6,300 | 6,300 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
8. STAFF COSTS
| Wages and salaries Social security costs The average monthly number of employees during the year was as follows: Charitable activities No employees received emoluments in excess of £60,000. |
31.3.24 £ 1,187,324 4,920 1,192,244 31.3.24 206 |
31.3.23 £ 1,057,001 2,965 |
31.3.23 £ 1,057,001 2,965 |
|---|---|---|---|
| 1,059,966 | |||
| 31.3.23 187 |
9. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Reclassification At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold property £ 1,957,827 (1,957,827 |
|---|---|
| - | |
| - | |
| 1,957,827 |
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continued...
BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE Revaluation Reclassification At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 Fair value at 31 March 2024 is represented by: Valuation in 2024 Cost |
£ (407,827 1,957,827 |
| 1,550,000 | |
| 1,550,000 | |
| - | |
| £ (407,827 1,957,827 |
|
| 1,550,000 |
If investment property had not been revalued it would have been included at the following historical cost:
| Cost Aggregate depreciation |
31.3.24 £ 1,957,827 322,788 |
31.3.23 £ 1,957,827 |
|---|---|---|
| 283,632 |
Investment property was valued on a fair value basis on 31 March 2024 by the trustees.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade debtors Other debtors Accruals |
31.3.24 £ 16,547 437,000 13,852 467,399 |
31.3.23 £ 3,560 - - |
| 3,560 |
continued...
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BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.3.24 £ Bank loans and overdrafts (see note 14) 495,784 Trade creditors 18,349 Other creditors 48,491 Payroll liability 68,364 Accrued expenses 6,300 637,288 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 £ Bank loans (see note 14) 30,132 14. LOANS An analysis of the maturity of loans is given below: 31.3.24 £ Amounts falling due within one year on demand: Bank loans 495,784 Amounts falling between one and two years: Bank loans - 1-2 years 5,266 Amounts falling due between two and five years: Bank loans - 2-5 years 15,798 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 9,068 |
31.3.23 £ 5,674 8,580 48,491 15,614 6,300 |
|---|---|
| 84,659 | |
| 31.3.23 £ 34,990 31.3.23 £ 5,674 |
|
| 5,674 | |
| 17,022 | |
| 12,294 |
The loan balance as at 31st March 2024 contains a COVID bounceback loan totalling £35,398. The loan is unsecured, 100% guaranteed by the Government and interest is capped at 2.5%.
15. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years In more than five years |
31.3.24 £ 458,000 1,832,000 3,877,364 6,167,364 |
31.3.23 £ 353,205 2,290,000 3,874,970 |
|---|---|---|
| 6,518,175 |
continued...
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BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
16. SECURED DEBTS
The following secured debts are included within creditors:
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| £ | £ | ||
| Bank Loans | 490,518 | - |
This bank loan is secured by a first charge over the charity's investment property and bears interest at a variable rate.
17. MOVEMENT IN FUNDS
| Unrestricted funds General fund Revaluation reserve Restricted funds Restricted TOTAL FUNDS |
At 1.4.23 £ 2,046,848 - 2,046,848 - 2,046,848 |
Net movement in funds £ (231,300) (407,827) (639,127) 13,852 (625,275) |
At 31.3.24 £ 1,815,548 (407,827) |
|---|---|---|---|
| 1,407,721 13,852 |
|||
| 1,421,573 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve Restricted funds Restricted TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,497,105 - 1,497,105 772,612 2,269,717 |
Resources expended £ (1,728,405 ) - (1,728,405 ) (758,760) (2,487,165 ) At 1.4.22 £ 2,098,418 2,098,418 |
Gains and losses £ - (407,827) (407,827) - (407,827) Net movement in funds £ (51,570) (51,570) |
Movement in funds £ (231,300) (407,827) |
|---|---|---|---|---|
| (639,127) 13,852 |
||||
| (625,275) | ||||
| At 31.3.23 £ 2,046,848 |
||||
| 2,046,848 |
continued...
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BNOS ZION D'BOBOV LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 2,864,777 631,787 3,496,564 |
Resources expended £ (2,916,347 ) (631,787) (3,548,134 ) |
Movement in funds £ (51,570) - (51,570) |
|---|---|---|---|
18. RELATED PARTY DISCLOSURES
During the period ending 31 March 2024 donations totalling £1,000 were received from Kosher Care Ltd, an entity which shares one Trustee with Bnos Zion D'Bobov Limited (Mr Z E Vorst).
Throughout the period the wife and daughters of Mr C Lipschitz (Trustee) were employed by the charity, in addition the daughters of Mr Z E Vorst (Trustee) were employed by the charity.
Both of the Bnos Zion D'Bobov Limited Trustees utilised the charity's childcare services in the period, paying a combined total of £21,350 in the period with Mr C Lipschitz (Trustee) owing the charity £300 at period end. In addition, Mr Z E Vorst (Trustee) donated £146 to the charity in the period.
The charity's childcare services were also utilised by the brothers of both Trustees who paid a combined total of £21,080 in the period. The Trustees and their relatives pay the same rate as all other customers for the charity's childcare services.
Finally, during the period donations were received from Lipster Ltd (£1,000), Euroshire Ltd (£4,750), Pearlregal Limited (£13,120) and Linnet 2022 Ltd (£485); the father of Mr C Lipschitz (Trustee) is a Director of each of these entities. In addition as at 31st March 2024 the charity owed Pearlregal Limited £48,491.
No other related party transactions have been noted during the period ended 31 March 2024.
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