Charity registration number 1149611
MI'KAMCHO CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
MI'KAMCHO CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr A Bamberger |
|---|---|
| Mr Y Greenberg | |
| Moshe Kahan | |
| Charity number | 1149611 |
| Principal address | 6 Powis Gardens |
| London | |
| NW11 8HH | |
| Independent examiner | Weissbraun Emanuel |
| 220 The Vale | |
| London | |
| NW11 8SR | |
| Bankers | Lloyds Bank |
| 8 Golders Green Road | |
| London | |
| NW11 8LJ |
MI'KAMCHO CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
MI'KAMCHO CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The trustees present their report and accounts for the year ended 31 October 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trustee deed, the Charities Act 2011 and "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
The objectives of the Project, as established, continued unchanged, are:
1) To act a resource for young people and young adults by providing advice and assistance and organising programmes of physical, educational and other activities.
2) The promotion of any other exclusively charitable object and purposes such as the trustees see fit provided that they are regarded as charitable by the law of England and Wales.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant Making Policy
The trustees have ultimate responsibility for all grant making decisions in line with the Charity's charitable purposes. The trustees consider all requests which they receive and make decision based on the level of funds availability.
Achievements and performance
Financial review
In the period under review, the Project made a deficit of £15,125 (2021: surplus £1,909).
Reserve Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Investment policy
The trustees will invest any surplus funds as they see fit. Income arising from the investments will be used for charitable purpose.
Risk factors introductions
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Mi'Kamcho Charitable Trust is a legal registered charity (no.1149611) and constituted by Deed of Trust.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr A Bamberger
Mr Y Greenberg Moshe Kahan
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MI'KAMCHO CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022
Recruitment policy
The Charity recognizes that an effective board of trustees is essential if the charity is to be effective in achieving its objects. The board therefore always looking for the resentative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. Currently, the charity believe that the current board of trustees has the necessary skills to run the Charitys' operations.
Trustees are legally responsible for the overall management control of the Charity. The day to day management of the Charity is delegated by the Trustee to Mr. Yaacov Greenberg and supported by all other trustees.
The trustees' report was approved by the Board of Trustees.
Mr Y Greenberg Trustee Dated: 26 June 2024
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MI'KAMCHO CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MI'KAMCHO CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of MI'KAMCHO CHARITABLE TRUST (the charity) for the year ended 31 October 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Michael Weissbraun, FCA Weissbraun Emanuel
220 The Vale London NW11 8SR
Dated: 26 June 2024
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MI'KAMCHO CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 35,231 | 47,498 |
| Charitable activities | 4 | 4,900 | - |
| Total income | 40,131 | 47,498 | |
| Expenditure on: | |||
| Raising funds | 5 | 14,321 | 18,034 |
| Charitable activities | 6 | 40,935 | 27,555 |
| Total expenditure | 55,256 | 45,589 | |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (15,125) | 1,909 | |
| Fund balances at 1 November 2021 | 15,268 | 13,359 | |
| Fund balances at 31 October 2022 | 143 | 15,268 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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MI'KAMCHO CHARITABLE TRUST
BALANCE SHEET
AS AT 31 OCTOBER 2022
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Income funds Unrestricted funds |
2022 £ 1,797 (1,654) |
£ 143 143 143 |
2021 £ 16,768 (1,500) |
£ 15,268 |
|---|---|---|---|---|
| 15,268 | ||||
| 15,268 |
The financial statements were approved by the Trustees on 26 June 2024
Mr Y Greenberg Trustee
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MI'KAMCHO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
1 Accounting policies
Charity information
MI'KAMCHO CHARITABLE TRUST is a legal entity signed by trust deed on 12 September 2011.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's trustees, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to that applicable expenditure headings.
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MI'KAMCHO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7 Taxation
The Charity is exempt from tax on its charitable activites.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.
2 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.
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MI'KAMCHO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
3 Donations and legacies
| 4 5 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ Donations and gifts 35,231 37,498 Government grant receivable - 10,000 35,231 47,498 Charitable activities Charitable Income Heading 1 2021 2022 £ £ Charitable rental income 4,900 - Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Staging fundraising events 7,061 10,774 Staff costs 7,260 7,260 Fundraising and publicity 14,321 18,034 14,321 18,034 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ Donations and gifts 35,231 37,498 Government grant receivable - 10,000 35,231 47,498 Charitable activities Charitable Income Heading 1 2021 2022 £ £ Charitable rental income 4,900 - Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Staging fundraising events 7,061 10,774 Staff costs 7,260 7,260 Fundraising and publicity 14,321 18,034 14,321 18,034 |
|---|---|---|
| 18,034 | ||
| 18,034 |
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MI'KAMCHO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
6 Charitable activities
| Charitable payments Mentoring expenses Books Share of support costs (see note 7) Share of governance costs (see note 7) Support costs Support costs Governance costs £ £ Insurance 2,014 - Printing, postage & stationary 532 - Telecommunications 1,167 - Utilities 1,800 - Bank charges 215 - Advertising - - Repairs & maintainence - - Rent 1,571 - Travels 6,066 - Accountancy - 1,020 Bookkeeping and secretarial services - 173 Sundry - - Bank charges - 33 Other wages - 1,556 13,365 2,782 Analysed between Charitable activities 13,365 2,782 |
Charitable Activities Charitable Activities 2022 2021 £ £ 15,418 4,148 9,370 6,527 - 260 24,788 10,935 13,365 13,478 2,782 3,142 40,935 27,555 2022Support costs Governance costs 2021 £ £ £ £ 2,014 2,812 - 2,812 532 413 - 413 1,167 1,519 - 1,519 1,800 3,656 - 3,656 215 - - - - 37 - 37 - 694 - 694 1,571 1,050 - 1,050 6,066 3,297 - 3,297 1,020 - 1,320 1,320 173 - - - - - 102 102 33 - 2 2 1,556 - 1,718 1,718 16,147 13,478 3,142 16,620 16,147 13,478 3,142 16,620 |
|---|---|
7 Support costs
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MI'KAMCHO CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
There were no trustees' expenses paid for the year ended 31 October 2022 nor 31 October 2021.
9 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 7,260 | 7,260 |
There were no employees whose annual remuneration was more than £60,000.
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 154 1,500 1,654 |
2021 £ - 1,500 |
|---|---|---|
| 1,500 |
12 Retirement benefit schemes
The charity does not operate a retirement benefit scheme as there are no eligible employees
13 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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