Charity Registration Number: 1154484 Company Registration Number: 8404246
KUSZER TZEDAKAH
TRUSTEES’ REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
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 - 2 3 4 5 6 - 10 |
|---|---|
KUSZER TZEDAKAH
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their report and accounts for the year ended 31 March 2023.
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,
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KUSZER TZEDAKAH
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2023
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:
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select suitable accounting policies and then apply them consistently:
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make judgements and estimates that are reasonable and prudent; and
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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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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 2024.
Mr Yankel Kuszer Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF KUSZER TZEDAKAH FOR THE YEAR ENDED 31 MARCH 2023
I report to the charity trustees on my examination of the accounts of Kuszer Tzedakah for the year ended 31 March 2023.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 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 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
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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
4 January 2024
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KUSZER TZEDAKAH STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2023
| Note | |||
|---|---|---|---|
| 2023 | 2022 | ||
| Income from: | £ | £ | |
| Donations | 3 | 68,162 | 328,624 |
| Investment income | 4 | 64,637 | 71,853 |
| _ | _ | ||
| Total income | 132,799 | 400,477 | |
| _ | _ | ||
| Expenditure on: | |||
| Charitable activities: | 5 | 147,834 | 94,763 |
| _ | _ | ||
| Total expenditure | 147,834 | 94,763 | |
| _ | _ | ||
| Net (expenditure)/income | (15,035) | 305,714 | |
| Transfers between funds | - | - | |
| _ | _ | ||
| Net (expenditure)/ income before | |||
| other recognised gains and losses | (15,035) | 305,714 | |
| Gains/(losses) on investment property | - | - | |
| _ | _ | ||
| Net movement in funds | (15,035) | 305,714 | |
| Total funds brought forward | 987,510 | 681,796 | |
| _ | _ | ||
| Total funds carried forward | 972,475 | 987,510 | |
| ====== | ====== |
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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KUSZER TZEDAKAH BALANCE SHEET AS AT 31 MARCH 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Fixed assets | 9 | 670,733 | 671,532 | ||
| Current Assets | |||||
| Debtors | 10 | 295,945 | 297,170 | ||
| Cash at bank and in hand | 6,159 | 20,467 | |||
| ________ | _____ | ||||
| 302,104 | 317,637 | ||||
| Creditors: amounts falling due within | |||||
| one year | 11 | (362) | (1,650) | ||
| ___ | _____ | ||||
| Net current assets | 301,742 | 315,987 | |||
| _ | _ | ||||
| Total assets less current liabilities | 972,475 | 987,510 | |||
| ====== | ====== | ||||
| Income funds | |||||
| Unrestricted Funds | 972,475 | 987,510 | |||
| _ | _ | ||||
| 972,475 | 987,510 | ||||
| ====== | ====== |
For the financial year ended 31 March 2023 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 2024.
Mr Y Kuszer Director
Company Registration No: 8404246
The attached notes form an integral part of these accounts.
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KUSZER TZEDAKAH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
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.
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KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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.
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KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 2 | Net income/(expenditure) for the year | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| This is stated after charging: | |||
| Depreciation | 790 | 929 | |
| Independent examiner`s fee | 362 | 1,650 | |
| ====== | ====== | ||
| 3 | Donations | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations | 132,799 | 328,624 | |
| ====== | ====== | ||
| 4 | Investment Income | 2023 | 2022 |
| £ | £ | ||
| Rental income | 64,637 | 71,853 | |
| --------- | ---------- | ||
| 64,637 | 71,853 | ||
| ====== | ====== | ||
| 5 | Total expenditure | 2023 | 2022 |
| £ | £ | ||
| Charitable activities | |||
| Activities undertaken directly (note 6) | 147,472 | 93,113 | |
| Governance costs (note 7) | 362 | 1,650 | |
| --------- | ---------- | ||
| 147,834 | 94,763 | ||
| ====== | ====== |
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KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 6 | Activities undertaken directly | 2023 | 2022 | ||
|---|---|---|---|---|---|
| Donations to institutions for education and relief of poverty | 147,970 | 92,272 | |||
| Accountancy overprovision | (1,288) | - | |||
| Depreciation | 790 | 929 | |||
| Sundry | - | (88) | |||
| --------- | ---------- | ||||
| 147,472 | 93,113 | ||||
| ====== | ====== | ||||
| 7 | Governance costs | 2023 | 2022 | ||
| £ | £ | ||||
| Accountancy fees | 362 | 1,650 | |||
| --------- | ---------- | ||||
| 362 | 1,650 | ||||
| ====== | ====== | ||||
| 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 2022 | 666,259 | 18,840 | 685,099 | ||
| Additions | - | - | - | ||
| Disposals | - | - | - | ||
| ----------- | ---------- | ---------- | |||
| At 31 March 2023 | 666,259 | 18,840 | 685,099 | ||
| ====== | ====== | ====== | |||
| Depreciation | |||||
| At 1 April 2022 | - | 13,576 | 13,576 | ||
| Charge for the year | - | 790 | 790 | ||
| ----------- | ---------- | ---------- | |||
| At 31 March 2023 | - | 14,366 | 14,366 | ||
| ====== | ====== | ====== | |||
| Net book value | |||||
| At 31 March 2023 | 666,259 | 4,474 | 670,733 | ||
| ====== | ====== | ====== | |||
| At 31 March 2022 | 666,259 | 5,264 | 666,259 | ||
| ====== | ====== | ====== |
Investment properties includes land purchased at 47 Mile End Road, London E1 4TT and 54 Clifton Street, Blackpool FY1 1JP. These properties are valued at fair value by the trustees.
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KUSZER TZEDAKAH NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 10 | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Other debtors | 295,945 | 297,170 | |
| --------- | ---------- | ||
| 295,945 | 297,170 | ||
| ===== | ====== | ||
| 11 | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals | 362 | 1,650 | |
| --------- | ---------- | ||
| 362 | 1,650 | ||
| ===== | ====== |
12 Related party transactions
The company has no controlling party. Total amounts donated by trustees are £1,800 (2022: £1,800). Other debtors include a loan of £2,650 (2022: £2,651) to Finematch Ltd, a loan to 30 Wessex Gardens Ltd of £286,711 (2022: £288,711) and a loan to Mr and Mrs Kuszer of £5,284 (2022 £4,508). These entities are related parties. Donations from Betterkey Ltd, were £58,362 (2022: £326,824) and £8,000 (2022: £Nil) from Betterkilts Ltd, both related parties.
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 2023.
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