Charity registration number 1154484 (England and Wales)
Company registration number 8404246
KUSZER TZEDAKAH
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
KUSZER TZEDAKAH
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs S R Kuszer |
|---|---|
| Mrs J Saphra | |
| Mr Yankel Kuszer | |
| Charity number (England and Wales) | 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
| 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 |
KUSZER TZEDAKAH
TRUSTEES’ REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
Objectives and activities
The company was incorporated on 14 February 2013 and its principal activity is grant making.
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.
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, 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 Tzedakahs 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.
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 and up to the date of signature of the financial statements were:
Mrs S R Kuszer Mrs J Saphra Mr Yankel Kuszer
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.
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KUSZER TZEDAKAH
TRUSTEES’ REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The trustees’ report was approved by the Board of Trustees.
Mr Yankel Kuszer
Trustee
7 January 2025
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KUSZER TZEDAKAH
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KUSZER TZEDAKAH
I report to the trustees on my examination of the financial statements of KUSZER TZEDAKAH (the charity) for the year ended 31 March 2024.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements 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 financial statements 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 financial statements to be reached.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
7 January 2025
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KUSZER TZEDAKAH
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 14,150 | 68,162 |
| Investments | 4 | 61,912 | 64,637 |
| Total income | 76,062 | 132,799 | |
| Expenditure on: | |||
| Charitable activities | 5 | 57,931 | 147,834 |
| Total expenditure | 57,931 | 147,834 | |
| Net income/(expenditure) and movement in funds | 18,131 | (15,035) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 972,475 | 987,510 | |
| Fund balances at 31 March 2024 | 990,606 | 972,475 |
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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KUSZER TZEDAKAH
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Fixed assets Tangible assets 10 Investment property 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 14 |
2024 £ 309,305 11,993 321,298 (754) |
£ 3,803 666,259 670,062 320,544 990,606 990,606 990,606 |
2023 £ 295,945 6,159 302,104 (362) |
£ 4,474 666,259 |
|---|---|---|---|---|
| 670,733 301,742 |
||||
| 972,475 | ||||
| 972,475 | ||||
| 972,475 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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 by the trustees on 7 January 2025
Mr Yankel Kuszer
Trustee
Company registration number 8404246 (England and Wales)
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KUSZER TZEDAKAH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
KUSZER TZEDAKAH is a private company limited by guarantee incorporated in England and Wales. The registered office is , 75 Maygrove Road, West Hampstead, London, NW6 2EG.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". 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 are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
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 or grantors 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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KUSZER TZEDAKAH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 15% RB
1.7 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 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.
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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KUSZER TZEDAKAH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 14,150 | 68,162 | |
| 4 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Rental income | 61,912 | 64,637 | |
| 5 | Expenditure on charitable activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 671 | 790 | |
| Accountancy overprovision | - | (1,288) | |
| Independent examination | 392 | 362 | |
| 1,063 | (136) | ||
| Donations to institutions for education and relief of poverty | 56,868 | 147,970 | |
| 57,931 | 147,834 | ||
| Analysis by fund | |||
| Unrestricted funds | 57,931 | 147,834 | |
| 6 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 327 | 302 | |
| Depreciation of owned tangible fixed assets | 671 | 790 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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KUSZER TZEDAKAH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
8 Employees
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Tangible fixed assets
| 10 | Tangible fixed assets | |
|---|---|---|
| Fixtures and | ||
| fittings | ||
| £ | ||
| Cost | ||
| At 1 April 2023 | 18,840 | |
| At 31 March 2024 | 18,840 | |
| Depreciation and impairment | ||
| At 1 April 2023 | 14,366 | |
| Depreciation charged in the year | 671 | |
| At 31 March 2024 | 15,037 | |
| Carrying amount | ||
| At 31 March 2024 | 3,803 | |
| At 31 March 2023 | 4,474 | |
| 11 | Investment property | |
| 2024 | ||
| £ | ||
| Fair value | ||
| At 1 April 2023 and 31 March 2024 | 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 FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
| 12 Debtors Amounts falling due within one year: Other debtors 13 Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ 309,305 2024 £ 754 |
2023 £ 295,945 |
|---|---|---|
| 2023 £ 362 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 972,475 | 76,062 | (57,931) | 990,606 |
| Previous year: | At 1 April | Incoming | Resources | At 31 March |
| 2022 | resources | expended | 2023 | |
| £ | £ | £ | £ | |
| General funds | 987,510 | 132,799 | (147,834) | 972,475 |
15 Related party transactions
The company has no controlling party. Total amounts donated by trustees are £1,650 (2023: £1,800). Other debtors include a loan of £2,650 (2023: £2,650) to Finematch Ltd, a loan to 30 Wessex Gardens Ltd of £284,711 (2023: £286,711 ) and a loan to Mr and Mrs Kuszer of £20,644 (2023 £5,284 ). These entities are related parties. Donations from Betterkey Ltd, were £5,000 (2023: £58,362 ) and £7,500 (2023: £8,000 ) from Betterkilts Ltd, both related parties.
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