REGISTERED CHARITY NUMBER: 1147659
ZICHRON MORDECHAI TRUST
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
ZICHRON MORDECHAI TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 to | 3 |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Balance Sheet | 6 | |
| Notes to the Financial Statements | 7 to | 11 |
ZICHRON MORDECHAI TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES M Mandel L Mandel J Posen PRINCIPAL ADDRESS 35 Lordship Road London N16 5UN REGISTERED CHARITY 1147659 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Lloyds Bank plc 182 High Street London E17 7HJ
Page 1
ZICHRON MORDECHAI TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are, the advancement of the orthodox Jewish religion and Jewish religious education and the alleviation of poverty amongst the Jewish community throughout the world.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Both donations and investment income were in line with the previous year. The trustees increased grantmaking which left a deficit for the year, being funded from reserves held.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £475,082 (2022 - £528,789] being net assets.
FUTURE PLANS
The charity plans to continue its activities subject to satisfactory incoming resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was constituted by Trust Deed dated 15 February 2012.
Organisational structure
The day-to-day affairs of the company are administered by the trustees. It is not the intention of the trustees 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 reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees 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).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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ZICHRON MORDECHAI TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on 30 January 2024 and signed on its behalf by:
L Mandel - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ZICHRON MORDECHAI TRUST
Independent examiner's report to the trustees of Zichron Mordechai Trust
I report to the charity trustees on my examination of the accounts of Zichron Mordechai Trust (the Trust) for the year ended 31 March 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
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 Rothfeld
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
30 January 2024
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ZICHRON MORDECHAI TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 84,699 Investment income 4 47,209 Total 131,908 EXPENDITURE ON Raising funds 5 35,526 Charitable activities 6 Grantmaking 147,552 Support 2,537 Total 185,615 NET INCOME/(EXPENDITURE) (53,707) RECONCILIATION OF FUNDS Total funds brought forward 528,789 TOTAL FUNDS CARRIED FORWARD 475,082 |
2022 Total funds £ 87,479 46,296 |
|---|---|
| 133,775 | |
| 18,788 103,430 7,161 |
|
| 129,379 | |
| 4,396 524,393 |
|
| 528,789 |
The notes form part of these financial statements
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ZICHRON MORDECHAI TRUST
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank 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 FUNDS Unrestricted funds TOTAL FUNDS |
2023 Total funds £ 691,013 78,700 214,363 293,063 (23,047) 270,016 961,029 (485,947) 475,082 475,082 475,082 |
2022 Total funds £ 691,013 26,408 325,412 351,820 (21,520) 330,300 1,021,313 (492,524) 528,789 528,789 528,789 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2024 and were signed on its behalf by:
L Mandel - Trustee
The notes form part of these financial statements
Page 6
ZICHRON MORDECHAI TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income received by way of donations is accounted for when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Raising funds comprise investment management costs relating to the investment properties
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
2. 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. These 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 valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
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ZICHRON MORDECHAI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 3. DONATIONS AND LEGACIES Donations 4. INVESTMENT INCOME Rents received 5. RAISING FUNDS Investment management costs Portfolio management 6. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 7) £ Grantmaking 147,552 Support - 147,552 7. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Relief of poverty Advacement of education Social welfare Ezer Viznitz Foundation Chevra Mo'oZ Ladol Beis Aharon Trust Ltd Noam Hatorah Bnos Vishnitz Others under £8.000 |
2023 £ 84,699 2023 £ 47,209 2023 £ 35,526 Support costs (see note 8) £ - 2,537 2,537 2023 £ 147,552 2023 £ 24,782 28,295 60,255 12,200 125,532 20,300 19,760 10,000 10,000 8,000 57,472 125,532 |
2022 £ 87,479 2022 £ 46,296 2022 £ 18,788 Totals £ 147,552 2,537 |
2022 £ 87,479 |
|---|---|---|---|
| 2022 £ 46,296 |
|||
| 2022 £ 18,788 |
|||
| 150,089 | |||
| 2022 £ 103,430 |
|||
| 2022 £ 8,320 24,875 43,661 - |
|||
| 76,856 | |||
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ZICHRON MORDECHAI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
7. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| Relief of poverty 8. SUPPORT COSTS Support Support costs, included in the above, are as follows: Finance Bank charges Other Sundries Governance costs Independent examiner's fee Independent examiner's other fees General expenses Fee written off |
2023 2022 £ £ 22,020 26,574 Governance Other costs Totals £ £ £ 383 2,154 2,537 2023 2022 Total Total activities activities £ £ - 5,097 2023 2022 Total Support activities £ £ 383 - 2023 2022 Total Support activities £ £ 900 840 900 840 354 624 - (240) 2,154 2,064 |
|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
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ZICHRON MORDECHAI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
£ 691,013 |
| 691,013 | |
| 691,013 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Other creditors 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 14) 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank Loan |
2023 £ 78,700 2023 £ 6,900 16,147 23,047 2023 £ 485,947 2023 £ 6,900 6,900 15,117 463,930 |
2022 £ 26,408 2022 £ 6,900 14,620 21,520 2022 £ 492,524 |
2022 £ 26,408 |
|---|---|---|---|
| 2022 £ 6,900 14,620 |
|||
| 21,520 | |||
| 2022 £ 6,900 |
|||
| 6,900 | |||
| 21,694 | |||
| 463,930 |
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ZICHRON MORDECHAI TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
15. SECURED DEBTS
The following secured debts are included within creditors:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans | 492,847 | 499,424 |
The bank loans are secured by legal charges over the charity's investment properties
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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