BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT (A company limited by guarantee)
Trustees' report and financial statements for the year ended 31 August 2023
BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
Contents
| Charity Information | 2 |
|---|---|
| Trustees Report | 3 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7-8 |
| Detailed Statement of Financial Activities | 9 |
BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
CHARITY INFORMATION
Trustees Mr. E Feldman Mrs. R Lipschitz Mr. B Feldman Charity Address 25 Portland Avenue Stamford Hill London N16 6HD Company Number 07727158 Charity Number 1145806 Accountants JS&CO Accountants Ltd 26 Theydon Road London E5 9NA
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees have pleasure in presenting their report and the financial statements of the charitable trust for the year ended 31 August 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005 in preparing the financial statements of the Charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is a charitable company limited by guarantee and was set up on the 3 August 2011. It is governed by a Memorandum and Articles of Association
Organisational Structure
The charity is managed exclusively by the trustees.
Election of New Trustees
No new trustees were appointed during the year. Should there be a need for a new trustee, the existing trustee will appoint the new trustee.
Induction and Training of Trustees
The charity's trustees periodically evaluate possible training requirements to best suit the charity's objectives.
Training will be given by in-house services and these will be available to existing and new trustees on an ad hoc or demand basis.
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.
Governance and Internal Control
The trustees meet four times during the year to review the strategy and performance of the charity's activities.
Statement of Trustees Responsibilities
Company and Charity 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 charity and of its results for that period.
In preparing these financial statements, the trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) make judgments and estimates that are reasonable and prudent;
c) state whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
d) prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in business
The trustees have overall responsibility for assuring that the charity has appropriate systems of controls, financial and otherwise.
They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide assurance that:-
(i) the charity is operating efficiently and effectively
(ii) the assets are safeguarded against unauthorised use or disposition
(iii) proper records are maintained and financial information used within the charity is reliable
(iv) the charity complies with relevant laws and regulations. The systems of internal control are designed to provide reasonable, but not absolute, assurance against material mis-statement or loss. They include:-
1) a strategic plan, closely monitored
2) regular reviews and consideration by trustees of financial results
3) identification and management of risk. The trustees have introduced a formal risk management process to assess business risks and implement risk management strategies.
This involved identifying the types of risks the charity faces, prioritising them in terms of potential impacts and likelihood of occurrence and identifying means of mitigating the risks. As part of this process, the trustees have reviewed the adequacy of the charity's current internal controls. The trustees are pleased to report that the charity's internal financial controls in particular, conform with the guidelines issued by the Charity Commission.
OBJECTIVES AND ACTIVITIES
The objects of the charity are to advance religion in accordance with the Orthodox Jewish Faith both in UK and throughout the world and to support other charitable activities as are recognised under English Law. The charity makes grants to individuals and institutions in order to relief the sick and needy. All the incomes received during the year were from kind donations from individuals and institutions.
ACHIEVEMENTS AND PERFORMANCE
The charity has achieved its objectives during the year by supporting charitable causes and by maximising income from its available resources with the minimum of risk.
FINANCIAL REVIEW AND FUTURE PLANS
The charity is satisfied that it maximised the income it received by way of donations from various sources. It is also happy to have been able to make substantial grants to further its main objects.
PLANS FOR THE FUTURE
The trustees plan for the charity to continue its charitable activities in a similar way to the current year, and hopes to be able to expand on its current base of donors so that the charity can increase its future charitable activities.
ON BEHALF OF THE BOARD:
E Feldman – Trustee
17 May 2024
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2023
| Notes INCOMING RESOURCES Incoming resources from generated funds Voluntary Income RESOURCES EXPENDED Cost of generating funds Fundraising Costs Cost of generating voluntary income Governance costs Total resources expended NET INCOMING/(OUTGOING) RESOURCES RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 £ 49,815 49,815 3,485 57,751 1,658 62,894 -13,079 -38,221 -51,300 |
2022 £ 47,002 |
|---|---|---|
| 47,002 0 45,800 778 |
||
| 46,578 424 -38,645 |
||
| -38,221 |
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The Notes form part of the financial statements
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
| 2023 Notes £ £ FIXED ASSETS Fixtures & Fittings 3 46 CURRENT ASSETS: Debtors 4 0 Cash at bank and in hand 77 77 CREDITORS: amounts falling due within one year 5 -1,423 Total assets less current liabilities -1,300 CREDITORS: amounts falling -50,000 due after more than one year 6 NET ASSETS: -51,300 FUNDS 7 Unrestricted funds -51,300 TOTAL FUNDS -51,300 BALANCE SHEET 31-Aug-23 |
2023 Notes £ £ FIXED ASSETS Fixtures & Fittings 3 46 CURRENT ASSETS: Debtors 4 0 Cash at bank and in hand 77 77 CREDITORS: amounts falling due within one year 5 -1,423 Total assets less current liabilities -1,300 CREDITORS: amounts falling -50,000 due after more than one year 6 NET ASSETS: -51,300 FUNDS 7 Unrestricted funds -51,300 TOTAL FUNDS -51,300 BALANCE SHEET 31-Aug-23 |
2023 Notes £ £ FIXED ASSETS Fixtures & Fittings 3 46 CURRENT ASSETS: Debtors 4 0 Cash at bank and in hand 77 77 CREDITORS: amounts falling due within one year 5 -1,423 Total assets less current liabilities -1,300 CREDITORS: amounts falling -50,000 due after more than one year 6 NET ASSETS: -51,300 FUNDS 7 Unrestricted funds -51,300 TOTAL FUNDS -51,300 BALANCE SHEET 31-Aug-23 |
2022 £ £ 54 12,405 23 12,428 -703 11,779 -50,000 -38,221 -38,221 -38,221 |
2022 £ £ 54 12,405 23 12,428 -703 11,779 -50,000 -38,221 -38,221 -38,221 |
|---|---|---|---|---|
| -50,000 -51,300 |
-50,000 -38,221 |
|||
| -51,300 | -38,221 | |||
| -51,300 | -38,221 |
The Charitable company is entitled to exemption from audit under section 477 of Companies Act 2006 for the year ended 31 August 2023.
The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with section 476 of Companies Act 2006.
The trustees acknowledge their responsibilities for
-
a) ensuring that the charitable company keeps accounting records that comply with Section 386 and 387 of the Companies Act 2006 and
-
b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with all the requirements of the Companies Act 2006 relaiting to financila stataments, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial reporting Standard for smaller entities (effective April 2008)
Approved by the board of Trustees on: 17 May 2024 And signed on their behalf by:
E Feldman - Trustee
The Notes form part of these financial statements
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023
1 ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requierments of the Statement of Recommended Practice Accounting and Reporting by Charities
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on accurals 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 consitent with the use of resources
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.
2 TRUSTEES REMUNERATION AND BENEFITS
There where no trustees remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees Expenses
There where no trustees expenses paid for the year ended 31 August2023 nor for the year ended 31 August 2022.
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023
| 3 FIXED ASSETS COST: At 1 Septemeber 2022 Additions At 31 August 2023 DEPRECIATION: At 1 Septemeber 2022 Charge for year At 31 August 2023 NET BOOK VALUE: At 31 August 2023 At 31 August 2022 4 DEBTORS Other Debtors 5 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other Creditors 6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans 7 MOVEMENTS IN FUNDS At 1.09.22 £ Unrestricted funds General fund -38,221 TOTAL FUNDS -38,221 Net movement in funds, included in the above are as follows: Incoming resources Unrestricted funds £ General fund 49,815 TOTAL FUNDS 49,815 |
Fixture and fittings £ 410 |
Totals £ 410 0 |
|---|---|---|
| 410 | 410 | |
| 356 8 |
356 8 |
|
| 364 46 |
364 46 |
|
| 54 | 54 | |
| 2023 £ 500 |
2022 £ 12,405 |
|
| 500 | 12,405 | |
| 2023 £ 1,423 |
2022 £ 703 |
|
| 1,423 | 703 | |
| 2023 £ 50,000 |
2022 £ 50,000 |
|
| 50,000 | 50,000 | |
| Net movement in funds £ -13,079 |
At 31.08.23 £ -51,300 |
|
| -13,079 | -51,300 | |
| Rescources expended £ 62,894 |
Movement in funds £ -13,079 |
|
| 62,894 | -13,079 |
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BRITISH FRIENDS OF NEVE INSTITUTE OF TZFAT
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2023
| INCOMING RESOURCES Voluntary Income Donation: Total incoming resources RESOURCES EXPENDED Fundraising Costs Costs of generating voluntary income Charitable Activities Governance costs Accountancy Professional fees Miscellaneous Expense Office expenses Depreciation Bank charges Total resources expended NET INCOME FOR THE YEAR RECONCILIATION OF FUNDS NET INCOME FOR YEAR Total Funds Brought Forward Total Funds Carried Forward |
2023 £ 49,815 49,815 3,485 57,751 57,751 696 350 79 484 8 41 1,658 62,894 -13,079 -13,079 -38,221 -51,300 |
2022 £ 47,002 47,002 0 45,800 |
|---|---|---|
| 45,800 624 0 12 0 9 133 |
||
| 778 46,578 424 424 -38,645 |
||
| -38,221 |
This page does not form part of the financial statment
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