OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Charity Registration Number: 1154484 Company Registration Number: 8404246

KUSZER TZEDAKAH

TRUSTEES’ REPORT AND UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

KUSZER TZEDAKAH

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES Mr Yankel Kuszer
Mrs Sharon Kuszer
Mrs Judy Saphra
CHARITY NUMBER 1154484
COMPANY NUMBER 8404246
PRINCIPAL ADDRESS 39 Heathfield Gardens
London
NW11 9HY
REGISTERED OFFICE 75 Maygrove Road
West Hampstead
London
NW6 2EG
ACCOUNTANTS Goldwins
75 Maygrove Road
West Hampstead
London NW6 2EG

KUSZER TZEDAKAH

CONTENTS

Trustees’ report
Independent examiner’s report
Statement of financial activities
Balance sheet
Notes to the accounts		 Page
1
3
4
5
6 - 10

KUSZER TZEDAKAH

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and accounts for the year ended 31 March 2021.

The financial statements have been prepared in accordance with 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 (FRS102- effective 1 January 2015- (Charities SORP FRS 102).

Structure, governance and management

The company is limited by guarantee and has no share capital.

The Trustees, who are also the directors for the purpose of company law and who served during the year were:

Mr Y Kuszer Mrs S Kuszer Mrs J Saphra

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.

Achievements and performance

The trust provides funds to several charities mainly in the UK and Israel including schools and educational establishments and a youth group, hospitals, charities for sick, disabled and disadvantaged children and adults and charities helping to relieve poverty

Objectives and activities

The company was incorporated on 14 February 2013 and its principal activity is grant making.

Financial review

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,

1

KUSZER TZEDAKAH

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

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.

Reserves Policy

Kuszer Tzedakah`s reserves policy is to create sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations, the trustees review this position on a regular basis.

Responsibilities of the trustees

The charity's trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The 2011 Charities Act and the 2006 Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus of deficit of the charity. In preparing those financial statements the Board is required to:

The trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity’s transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act 2011. 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.

This report was approved by the Board of Trustees on 13 January 2022

....................................................... Mr Yankel Kuszer Trustee

2

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF KUSZER TZEDAKAH FOR THE YEAR ENDED 31 MARCH 2021

I report to the charity’s trustees on my examination of the accounts of Kuszer Tzedakah for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

13 January 2022

3

KUSZER TZEDAKAH STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021

Note
2021 2020
Income from: £ £
Donations
 3 24,017 3,918
Investment income
 4 61,907 56,507
_ _
Total income
 85,924 60,425
_ _
Expenditure on:
Charitable activities:
 5
97,883		 113,521
_ _
Total expenditure 97,883 113,521
_ _
Net (expenditure)/ income (11,959) (53,096)
Transfers between funds - -
_ _
Net (expenditure)/ income before
other recognised gains and losses (11,959) (53,096)
Gains/(losses) on investment property - (54,825)
_ _
Net movement in funds (11,959) (107,921)
Total funds brought forward 693,755 801,676
_ _
Total funds carried forward 681,796 693,755
====== ======

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

4

KUSZER TZEDAKAH BALANCE SHEET AS AT 31 MARCH 2021

2021 2020 2020
Note £ £ £ £
Fixed Assets
Fixed assets 9 672,453 673,475
Current Assets
Debtors 10 2,651 3,670
Cash at bank and in hand 8,343 18,260
________ _____
10,994 21,930
Creditors: amounts falling due within
one year 11 (1,650) (1650)
___ _____
Net current assets 9,344 20,280
_ _
Total assets less current liabilities 681,796 693,755
====== ======
Income funds
Unrestricted Funds 681,796 693,755
_ _
681,796 693,755
====== ======

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 13 January 2022.

................................

Mr Y Kuszer Director

Company Registration No: 8404246

The attached notes form an integral part of these accounts.

5

KUSZER TZEDAKAH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Reconciliation with previously Generally Accepted Accounting Practice (GAAP)

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required.

c) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

6

KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies (continued)

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity`s activities. These costs have been allocated to expenditure on charitable activities.

i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

j) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Fixed assets and depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life.

A regular impairment review is undertaken.

There is no depreciation on investment properties. Fixtures & Fittings 15% reducing the balance

l) Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.

m) Funds structure policy

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance to the general objectives of the charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors.

Designated funds are funds that have been set aside at the discretion of the trustees for specific purposes. There are no designated funds as at the balance sheet date.

7

KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Net income/(expenditure) for the year
2021 2020
£ £
This is stated after charging:
Depreciation 1,023 1,203
Independent examiner`s fee 1,650 1,650
====== ======
3 Donations
2021 2020
£ £
Donations 24,017 3,918
====== ======
4 Investment Income 2021 2020
£ £
Rental income 61,907 56,507
--------- ----------
61,907 56,507
====== ======
5 Total expenditure 2021 2020
£ £
Charitable activities
Activities undertaken directly (note 6) 96,863 111,506
Governance costs (note 7) 1,020 2,015
--------- ----------
97,883 113,521
====== ======

8

KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Activities undertaken directly 2021 2020
Donations to institutions for education and relief of poverty 95,850 105,180
Legal and professional fees - 780
Repairs & Renewals - 2,326
Depreciation 1,023 1,203
Insurance - 1,283
Sundry 10 734
--------- ----------
96,863 111,506
====== ======
7 Governance costs 2021 2020
£ £
Accountancy fees 1,020 2,015
--------- ----------
1,020 2,015
====== ======

8 Staff costs and emoluments The trustees received no remuneration during the year. The charity had no employees during the year.

9 Tangible Fixed Assets
 Investment Fixtures Total
Properties & Fittings
£ £ £
Cost
At 1 April 2020 666,259 18,840 685,099
Additions - - -
Disposals - - -
----------- ---------- ----------
At 31 March 2021 666,259 18,840 685,099
====== ====== ======
Depreciation
At 1 April 2020 - 11,624 11,624
Charge for the year - 1,023 1,023
----------- ---------- ----------
At 31 March 2021 - 12,647 12,647
====== ====== ======
Net book value
At 31 March 2021 666,259 6,193 672,452
====== ====== ======
At 31 March 2020 666,259 7,216 673,475
====== ====== ======

Freehold land and property includes land purchased at 47 Mile End Road, London E1 4TT and 54 Clifton Street, Blackpool FY1 1JP. These assets are used for charitable purposes and are valued at fair value by the trustees.

9

KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

10 Debtors

Debtors
2021 2020
£ £
Other debtors 2,651 3,670
--------- ----------
2,651 3,670
===== ======

11 Creditors: amounts falling due within one year

2021 2020
£ £
Other creditors - -
Accruals 1,650 1,650
--------- ----------
1,650 1,650
===== ======

12 Related party transactions

The company has no controlling party. Total amounts donated by trustees are £3,017 (2020: £800). Other debtors include a loan of £2,651 (2020: £3,670) to Finematch Ltd. The company is related party. Donations received from Betterkey Ltd, a related party, were £21,000 (2020 0).

13 Share capital

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. There were three members at 31 March 2021 (3 - 2020).

10