CHARITY REGISTRATION NUMBER: 1151634
BEDERECH KOVOD Unaudited Financial Statements 30 November 2020
ACCOUNTS & BUSINESS SOLUTIONS LIMITED
Chartered Certified Accountants 158 Cromwell Road Salford M6 6DE
BEDERECH KOVOD
Financial Statements
Year ended 30 November 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
BEDERECH KOVOD
Trustees' Annual Report
Year ended 30 November 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 November 2020.
Reference and administrative details
Registered charity name BEDERECH KOVOD Charity registration number 1151634 Principal office 158 Cromwell Road Salford M66DE
The trustees
Mr M Scher Mr E Leech Mr N Gruner Mr S Grossberger
Independent examiner H Davies FCCA
Structure, governance and management
Description of Organisation
Recruitment and appointment of new trustees is in line with the trust deed, objectives of the charity and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation. The charity is constituted as a charitable trust and is therefore governed by a trust deed. The constitution was adopted on 3rd April 2013 and amended on 18th September 2019.
Objectives and activities
Making grants to poor families and individuals for basic needs such as food and the like. Making grants to poor families and individuals in need of medical requirements. Assistance for religious institutions.
Making Grants for the enhancement of the practice of the Jewish Religion.
Achievements and performance
The Charity had incoming resources totalling £751,185. During the year the Charity made grants and distributions totalling £728,380 of which 80% went to beneficiaries requiring extra financial assistance. The remaining 20% was distributed for enhancement of the practice of the Jewish Religion.
Financial review
As at 30th November 2020 the charity held reserves of £7,800.
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BEDERECH KOVOD
Trustees' Annual Report (continued)
Year ended 30 November 2020
Reserves policy
In order to protect the charity from the risk of disruption and at the same time ensure that funds are being utilised, the trustees have voted to hold a reserve of £5,000 at any time.
Plans for future periods
The charity plans to continue to collect grants and donations, and make donations in accordance with its grant making policy for the foreseeable future. There are no plans for any major changes. The charity plans to continue to collect grants and donations, and make donations in accordance with its grant making policy for the foreseeable future. There are no plans for any major changes.
The trustees' annual report was approved on 11 February 2021 and signed on behalf of the board of trustees by:
Mr M Scher Trustee
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BEDERECH KOVOD
Independent Examiner's Report to the Trustees of BEDERECH KOVOD
Year ended 30 November 2020
I report to the trustees on my examination of the financial statements of BEDERECH KOVOD ('the charity') for the year ended 30 November 2020.
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 Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 registered member of 'named body' 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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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 accounts to be reached.
H Davies FCCA Independent Examiner
158 Cromwell Road Salford M6 6DE
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BEDERECH KOVOD
Statement of Financial Activities
Year ended 30 November 2020
| 2020 | 2020 | ||
|---|---|---|---|
| Unrestricted | |||
| funds | Total funds | ||
| Note | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 4 | 751,185 | 751,185 |
| -------------------------------- | -------------------------------- | ||
| Total income | 751,185 | 751,185 | |
| ================================ | ================================ | ||
| Expenditure | |||
| Expenditure on charitable activities | 5,6 | 743,385 | 743,385 |
| -------------------------------- | -------------------------------- | ||
| Total expenditure | 743,385 | 743,385 | |
| ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | ||
| Net income and net movement in funds | 7,800 | 7,800 | |
| ================================ | ================================ | ||
| Reconciliation of funds | |||
| Total funds brought forward | – | – | |
| -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 7,800 | 7,800 | |
| ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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BEDERECH KOVOD
Statement of Financial Position
30 November 2020
| 2020 | ||
|---|---|---|
| Note | £ | |
| Current assets | ||
| Cash at bank and in hand | 92,143 | |
| Creditors: amounts falling due within one year | 12 | 84,343 |
| ---------------------------- | ||
| Net current assets | 7,800 | |
| ----------------------- | ||
| Total assets less current liabilities | 7,800 | |
| ----------------------- | ||
| Net assets | 7,800 | |
| ======================= | ||
| Funds of the charity | ||
| Unrestricted funds | 7,800 | |
| ----------------------- | ||
| Total charity funds | 13 | 7,800 |
| ======================= |
These financial statements were approved by the board of trustees and authorised for issue on 11 February 2021, and are signed on behalf of the board by:
Mr M Scher Trustee
The notes on pages 7 to 11 form part of these financial statements.
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BEDERECH KOVOD
Statement of Cash Flows
Year ended 30 November 2020
| 2020 | |
|---|---|
| £ | |
| Cash flows from operating activities | |
| Net income | 7,800 |
| Adjustments for: | |
| Interest payable and similar charges | 52 |
| Accrued expenses | 1,000 |
| Changes in: | |
| Trade and other creditors | 83,343 |
| ---------------------------- | |
| Cash generated from operations | 92,195 |
| Interest paid | (52) |
| ---------------------------- | |
| Net cash from operating activities | 92,143 |
| ============================ | |
| Net increase in cash and cash equivalents | 92,143 |
| Cash and cash equivalents at beginning of year | – |
| ---------------------------- | |
| Cash and cash equivalents at end of year | 92,143 |
| ============================ |
The notes on pages 7 to 11 form part of these financial statements.
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BEDERECH KOVOD
Notes to the Financial Statements
Year ended 30 November 2020
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 158 Cromwell Road, Salford, M66DE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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BEDERECH KOVOD
Notes to the Financial Statements (continued)
Year ended 30 November 2020
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
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BEDERECH KOVOD
Notes to the Financial Statements (continued)
Year ended 30 November 2020
3. Accounting policies (continued)
Financial instruments (continued)
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2020 | |
| £ | £ | |
| Donations | ||
| Donations | 731,185 | 731,185 |
| Grants | ||
| Grants receivable | 20,000 | 20,000 |
| -------------------------------- | -------------------------------- | |
| 751,185 | 751,185 | |
| ================================ | ================================ |
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BEDERECH KOVOD
Notes to the Financial Statements (continued)
Year ended 30 November 2020
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2020 | |||
| £ | £ | |||
| Grants and distributions | 728,379 | 728,379 | ||
| Support costs | 15,006 | 15,006 | ||
| -------------------------------- | -------------------------------- | |||
| 743,385 | 743,385 | |||
| ================================ | ================================ | |||
| 6. | Expenditure on charitable activities by activity type | |||
| Activities | ||||
| undertaken | Support |
Total funds | ||
| directly | costs | 2020 | ||
| £ | £ | £ | ||
| Grants and distributions | 728,379 | 13,756 | 742,135 | |
| Governance costs | – | 1,250 | 1,250 | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 728,379 | 15,006 | 743,385 | ||
| ================================ | ============================ | ================================ | ||
| 7. | Analysis of support costs | |||
| Analysis of | ||||
| support costs | Total 2020 | |||
| £ | £ | |||
| Premises | 1,200 | 1,200 | ||
| General office | 1,500 | 1,500 | ||
| Human resources | 8,477 | 8,477 | ||
| Finance costs | 52 | 52 | ||
| Professional fees | 2,527 | 2,527 | ||
| ---------------------------- | ---------------------------- | |||
| 13,756 | 13,756 | |||
| ============================ | ============================ | |||
| 8. | Analysis of grants | |||
| 2020 | ||||
| £ | ||||
| Grants to individuals | ||||
| Relief of poverty | 578,980 | |||
| Enhancement of practice of religion | 149,400 | |||
| -------------------------------- | ||||
| 728,380 | ||||
| -------------------------------- | ||||
| Total grants | 728,380 | |||
| ================================ | ||||
| 9. | Independent examination fees | |||
| 2020 | ||||
| £ | ||||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,000 | |||
| ======================= |
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BEDERECH KOVOD
Notes to the Financial Statements (continued)
Year ended 30 November 2020
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
Wages and salaries
2020 £ 8,477 =======================
The average head count of employees during the year was 1.
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Creditors: amounts falling due within one year
| 2020 | |
|---|---|
| £ | |
| Bills of exchange payable | 83,343 |
| Accruals and deferred income | 1,000 |
| ---------------------------- | |
| 84,343 | |
| ============================ |
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 | December | 30 | Novembe | |||
| 2019 | Income | Expenditure | r 2020 | |||
| £ | £ | £ | £ | |||
| General funds | – | 751,185 | (743,385) | 7,800 | ||
| ============== | ================================ | ================================ | ======================= |
14. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2020 | |
| £ | £ | |
| Current assets | 92,143 | 92,143 |
| Creditors less than 1 year | (84,343) | (84,343) |
| ---------------------------- | ---------------------------- | |
| Net assets | 7,800 | 7,800 |
| ============================ | ============================ |
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