**Charity Registration Number: 1154484 Company Registration Number: 8404246**
## **KUSZER TZEDAKAH**
**TRUSTEES’ REPORT AND UNAUDITED ACCOUNTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
**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 fnancial activities
Balance sheet
Notes to the accounts|Page
1 - 2
3
4
5
6 - 10|
|---|---|
## **KUSZER TZEDAKAH**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees present their report and accounts for the year ended 31 March 2022.
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 2022**
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:
- select suitable accounting policies and then apply them consistently:
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
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 4 January 2023
**Mr Yankel Kuszer Trustee**
**2**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF KUSZER TZEDAKAH FOR THE YEAR ENDED 31 MARCH 2022**
I report to the charity’s trustees on my examination of the accounts of Kuszer Tzedakah for the year ended 31 March 2022.
## **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**
**3**
## **4 January 2023**
**KUSZER TZEDAKAH STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022**
|||**Note**|||
|---|---|---|---|---|
||||**2022**||
||||**2021**||
|**Income from:**|||**£**||
|**£**|||||
|Donations
|3||328,624|24,017|
|Investment income
||4|71,853||
|61,907|||||
||||_______|_______|
|**Total income**|||400,477||
|85,924|||||
||||_______|_______|
|**Expenditure on:**|||||
|Charitable activities:
||5|||
|97,883|||||
||||_______|_______|
|**Total expenditure**||||94,763|
|97,883|||||
||||_______|_______|
|**Net income/(expenditure)**|||305,714|(11,959)|
|Transfers between funds|||-|-|
||||_______|_______|
|**Net (expenditure)/ income before**|||||
|**other recognised gains and losses**|||305,714||
|(11,959)|||||
|Gains/(losses) on investment property|||-||
|-|||||
||||_______|_______|
|**Net movement in funds**|||305,714|(11,959)|
Total funds brought forward
Total funds brought forward 681,796 693,755 **Total funds carried forward** 987,510_______ 681,796_______ ======
======
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.
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4
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**KUSZER TZEDAKAH BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note £ £ £ £ Fixed Assets** Fixed assets 9 671,523 672,453 **Current Assets** Debtors 10 297,170 2,651 Cash at bank and in hand 20,467 8,343 317,637____________________ 10,994_______________________ **Creditors: amounts falling due within one year** 11 (1,650) (1,650) _____________________ _______________________ **Net current assets** 315,987 9,344 _______ _______ **Total assets less current liabilities** 987,510 681,796 ====== ====== **Income funds** Unrestricted Funds 987,510 681,796
987,510_______ _______
681,796 ======
======
For the financial year ended 31 March 2022 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 4 January 2023.
## **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 2022**
## **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 2022**
## **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 2022**
|**2**|**Net income/(expenditure) for the year**|**Net income/(expenditure) for the year**||
|---|---|---|---|
|||**2022**||
||**2021**|||
|||**£**||
||This is stated after charging:|||
||Depreciation||929|
||1,023|||
||Independent examiner`s fee||1,650|
||1,650|||
|||======||
||======|||
|**3**|**Donations**|||
|||**2022**||
||**2021**|||
|||**£**||
||Donations|328,624||
||24,017|||
|||======||
||======|||
|**4**|**Investment Income**|**2022**||
|---|---|---|---|
||**2021**|||
|||**£**||
||Rental income||71,853|
||61,907|||
|||---------||
|-------||||
|||71,853||
||61,907|||
|||======||
||======|||
|**5**|**Total expenditure**|**2022**||
||**2021**|||
|||**£**||
||**Charitable activities**|||
||Activities undertaken directly (note 6)||93,113|
||96,863|||
||**Governance costs (note 7)**|1,650||
||1,020|||
|||---------||
|-------||||
|||94,763||
||97,883|||
|||======||
||======|||
## **8**
## **KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
|6|**Activities undertaken directly**||**2022**|
|---|---|---|---|
||**2021**
**£**|**£**||
||Donations to institutions for education and relief of poverty||92,272|
||95,850|||
||Legal and professional fees|-||
||Repairs & Renewals|-||
929
Depreciation 929 1,023 Insurance - Sundry (88) 10 --------------93,113 96,863 ====== ====== 7 **Governance costs 2022 2021 £** Accountancy fees 1,650 1,020 --------------1,650 1,020 ====== ======
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**|**Investment**|
|---|---|---|---|---|
|**Fixtures**
**Total**|||||
|||||**Properties**|
|**&**|**Fittings**||||
||||**£**|**£**|
||**Cost**||||
||At 1 April 2021|||666,259|
||18,840|685,099|||
||Additions||-|-|
||Disposals||-|-|
||||-----------|----------|
||-------||||
||At 31 March 2022||666,259|18,840|
||685,099||||
||||======|======|
||======||||
||**Depreciation**||||
||At 1 April 2021|||-|
||12,647|12,647|||
||Charge for the year||-|929|
||929||||
||||-----------|----------|
||-------||||
||At 31 March 2022||-|13,576|
||13,576||||
||||======|======|
||======||||
||**Net book value**||||
**At 31 March 2022** 671,523
**At 31 March 2022** 666,259 5,264 671,523 ====== ====== ====== **At 31 March 2021** 666,259 6,193 672,452 ====== ====== ======
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 2022**
**----- Start of picture text -----**
10 Debtors
2022
2021
£
Other debtors 297,170
2,651
---------
-------
297,170
2,651
=====
======
**----- End of picture text -----**
|**11**|**Creditors: amounts falling due within one year**|**Creditors: amounts falling due within one year**|
|---|---|---|
|||**2022**|
||**2021**|**£**|
|||**£**|
||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 £1,800 (2021: £3,017). Other debtors include a loan of £2,651 (2021: £2,651) to Finematch Ltd, a loan to 30 Wessex Gardens Ltd of £288,711 and a loan to Mr and Mrs Kuszer of £4,508 (2021: nil).
The companies are related parties. Donations received from Betterkey Ltd, a related party, were £326,824 (2021: £21,000).
## **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 2022 (3 - 2021).
**10**