REGISTERED CHARITY NUMBER: 1143010
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
FOR
REVACH VEHAZOLA TRUST
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
REVACH VEHAZOLA TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
REVACH VEHAZOLA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
The trustees present their report with the financial statements of the charity for the year ended 31 July 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 main objectives of the charity are to::
1) Relieve poverty, sickness and infirmity in particular but not exclusively for people living in Israel
2) Promote the advancement of the Jewish religion, education and learning of the Orthodox Jewish faith
3) Provide food, drink and assistance for the aged, vulnerable and infirm and other such purposes as recognised by English Law as charitable.
Significant activities
The financial results of the charity's activities for the period ended 31 July 2023 are fully reflected in the attached financial statements together with the notes thereon.
The trustees are satisfied with the results and activities of the company for the year and do not anticipate any significant changes in the forthcoming year.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. The aims of the charity for the public benefit are detailed in the Objectives and Activities section of the report.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity received donations that amounted to £965,714 (2022: £452,842) and spent £933,576 (2022: £475,963) in charitable activities.
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves 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.
FUTURE PLANS
The charity plans to continue its activities subject to satisfactory incoming resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a declaration of trust and constitutes an unincorporated charity.
Organisational structure
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction 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 Charity number
1143010
Page 1
REVACH VEHAZOLA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
Principal address
Flat 10 Zemba House 63 Stamford Hill London N16 5FE
Trustees
D Grauman M Y Monderer Y B Rosenbaum
Independent Examiner
M A 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 28 May 2024 and signed on its behalf by:
Y B Rosenbaum - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REVACH VEHAZOLA TRUST
Independent examiner's report to the trustees of REVACH VEHAZOLA TRUST
I report to the charity trustees on my examination of the accounts of REVACH VEHAZOLA TRUST (the Trust) for the year ended 31 July 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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.
M A Venitt, A.C.A The Institute of Chartered Accountants in England and Wales
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
28 May 2024
Page 3
REVACH VEHAZOLA TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| 31.7.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 965,714 EXPENDITURE ON Charitable activities 3 Charitable activities 933,576 Other 2,148 Total 935,724 NET INCOME/(EXPENDITURE) 29,990 RECONCILIATION OF FUNDS Total funds brought forward (41,377) TOTAL FUNDS CARRIED FORWARD (11,387) |
31.7.22 Total funds £ 452,842 475,963 3,384 479,347 (26,505) (14,872) (41,377) |
|---|---|
The notes form part of these financial statements
Page 4
REVACH VEHAZOLA TRUST
BALANCE SHEET 31 JULY 2023
| 31.7.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 30,000 CURRENT ASSETS Debtors 9 91,794 Cash at bank 26,214 118,008 CREDITORS Amounts falling due within one year 10 (159,395) NET CURRENT ASSETS/(LIABILITIES) (41,387) TOTAL ASSETS LESS CURRENT LIABILITIES (11,387) NET ASSETS/(LIABILITIES) (11,387) FUNDS 12 Unrestricted funds (11,387) TOTAL FUNDS (11,387) |
31.7.22 Total funds £ 30,000 91,794 5,924 97,718 (169,095) (71,377) (41,377) (41,377) (41,377) (41,377) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 May 2024 and were signed on its behalf by:
D Grauman - Trustee
M Y Monderer - Trustee
Y B Rosenbaum - Trustee
The notes form part of these financial statements
Page 5
REVACH VEHAZOLA TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023
| 31.7.23 | 31.7.22 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 20,290 | (13,408) |
| Net cash provided by/(used in) operating activities | 20,290 | (13,408) | |
| Change in cash and cash equivalents in | |||
| the reporting period | 20,290 | (13,408) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 5,924 | 19,332 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 26,214 | 5,924 |
The notes form part of these financial statements
Page 6
REVACH VEHAZOLA TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| 31.7.23 | 31.7.22 | |
| £ | £ | |
| Net income/(expenditure) for the reporting period (as per the | ||
| Statement of Financial Activities) | 29,990 | (26,505) |
| Adjustments for: | ||
| Decrease in debtors | - | 19,978 |
| Decrease in creditors | (9,700) | (6,881) |
| Net cash provided by/(used in) operations | 20,290 | (13,408) |
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.8.22 Cash flow At £ £ Net cash Cash at bank 5,924 20,290 5,924 20,290 Debt Debts falling due within 1 year (50,000) - (50,000) - Total (44,076) 20,290 |
31.7.23 £ 26,214 26,214 (50,000) (50,000) (23,786) |
|---|---|
The notes form part of these financial statements
Page 7
REVACH VEHAZOLA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
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 cost of Trustee meetings and the preparation of the statutory accounts.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property
- not provided
Taxation
The charity is exempt from 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.
continued...
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REVACH VEHAZOLA TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
| 2. | DONATIONS AND LEGACIES | |||
|---|---|---|---|---|
| 31.7.23 | 31.7.22 | |||
| £ | £ | |||
| Donations | 965,714 | 452,842 | ||
| 3. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | ||||
| Direct | (see note | |||
| Costs | 4) | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 641,567 | 292,009 | 933,576 | |
| 4. | GRANTS PAYABLE | |||
| 31.7.23 | 31.7.22 | |||
| £ | £ | |||
| Charitable activities | 292,009 | 131,200 | ||
| 5. | SUPPORT COSTS | |||
| Governance | ||||
| costs | ||||
| £ | ||||
| Other resources expended | 2,148 | |||
| 6. | TRUSTEES' REMUNERATION AND BENEFITS | |||
| There were no trustees' remuneration or other benefits for the year ended 31 July | 2023 nor for | the year ende | ||
| 31 July 2022. | ||||
| Trustees' expenses | ||||
| There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year | ended 31 July 2022. | |||
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | ||||
| fund | ||||
| £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 452,842 | |||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Charitable activities | 475,963 | |||
| Other | 3,384 | |||
| Total | 479,347 | |||
| NET INCOME/(EXPENDITURE) | (26,505) |
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. Trustees' expenses
continued...
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REVACH VEHAZOLA TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS COST At 1 August 2022 and 31 July 2023 NET BOOK VALUE At 31 July 2023 At 31 July 2022 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 11) Trade creditors Other creditors 11. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans |
Unrestricted fund £ (14,872) (41,377) Freehold property £ 30,000 30,000 30,000 31.7.23 31.7.22 £ £ 10,000 10,000 81,794 81,794 91,794 91,794 31.7.23 31.7.22 £ £ 50,000 50,000 1,614 1,614 107,781 117,481 159,395 169,095 31.7.23 31.7.22 £ £ 50,000 50,000 |
|---|---|
continued...
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REVACH VEHAZOLA TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
12. MOVEMENT IN FUNDS
| At 1.8.22 £ Unrestricted funds General fund (41,377) TOTAL FUNDS (41,377) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 965,714 TOTAL FUNDS 965,714 Comparatives for movement in funds At 1.8.21 £ Unrestricted funds General fund (14,872) TOTAL FUNDS (14,872) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 452,842 TOTAL FUNDS 452,842 |
Net movement At in funds 31.7.23 £ £ 29,990 (11,387) 29,990 (11,387) Resources Movement expended in funds £ £ (935,724) 29,990 (935,724) 29,990 Net movement At in funds 31.7.22 £ £ (26,505) (41,377) (26,505) (41,377) Resources Movement expended in funds £ £ (479,347) (26,505) (479,347) (26,505) |
|---|---|
continued...
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REVACH VEHAZOLA TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.8.21 | in funds | 31.7.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (14,872) | 3,485 | (11,387) |
| TOTAL FUNDS | (14,872) | 3,485 | (11,387) |
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 | 1,418,556 | (1,415,071 ) | 3,485 |
| TOTAL FUNDS | 1,418,556 | (1,415,071 ) | 3,485 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2023.
Page 12