**REGISTERED CHARITY NUMBER: 1154995** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **FOR** ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Statement of Financial Position**||5|| |**Statement of Cash Flows**||6|| |**Notes to the Statement of Cash Flows**||7|| |**Notes to the Financial Statements**|8|to|13| ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The advancement of the Orthodox Jewish religion,Orthodox Jewish education and education in general. The relief of poverty, sickness and infirmity for the public benefit. ## **Significant activities** The charity made donation of £940,379 (£419,932 - 2019) to achieve it's charitable objectives. ## **Public benefit** The Trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The Trustees are satisfied that they meet their obligations. ## **Grantmaking** Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The main activity of charity is to provide charitable donations to organization who mission, vision and objective closely aligns with that of itself. ## **FINANCIAL REVIEW** ## **Reserves policy** The charity aims to hold reserve equal to three months working capital requirement. ## **Going concern** The trustees are confident that the charity will continue to operate in foreseeable future, ## **FUTURE PLANS** No change is envisaged in the operation of the charity. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Machsikei Yeshive is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission and governed by its constitution dated 12th December 2013. ## **Recruitment and appointment of new trustees** It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures. ## **Related parties** No related parties transaction to report during the year. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Page 1 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1154995 **Principal address** 69 LORDSHIP ROAD London N16 0QX ## **Trustees** S Tambur ## **Independent Examiner** Malcolm Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL Approved by order of the board of trustees on 25 October 2021 and signed on its behalf by: S Tambur - Trustee Page 2 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION** ## **(C.I.O)** **Independent examiner's report to the trustees of Machsikei Yeshive CHARITY INCORPORATED ORGANISATION (C.I.O)** I report to the charity trustees on my examination of the accounts of Machsikei Yeshive CHARITY INCORPORATED ORGANISATION (C.I.O) (the Trust) for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 A.C.A 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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. Malcolm Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL 25 October 2021 Page 3 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** |||31.12.20|31.12.19| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**INCOME AND ENDOWMENTS FROM**|||| |Donations and legacies|2|932,566|421,458| |**EXPENDITURE ON**|||| |Raising funds|3|-|43| |**Charitable activities**|4||| |Charitable||940,379|419,932| |Other||9,100|2,085| |**Total**||949,479|422,060| |**NET INCOME/(EXPENDITURE)**||(16,913)|(602)| |**RECONCILIATION OF FUNDS**|||| |**Total funds brought forward**||(24,922)|(24,320)| |**TOTAL FUNDS CARRIED FORWARD**||(41,835)|(24,922)| The notes form part of these financial statements Page 4 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020** |||31.12.20|31.12.19| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |**CURRENT ASSETS**|||| |Debtors|9|10,838|10,838| |Cash at bank||14,862|17,585| |||25,700|28,423| |**CREDITORS**|||| |Amounts falling due within one year|10|(67,535)|(53,345)| |**NET CURRENT ASSETS/(LIABILITIES)**||(41,835)|(24,922)| |**TOTAL ASSETS LESS CURRENT**|||| |**LIABILITIES**||(41,835)|(24,922)| |**NET ASSETS/(LIABILITIES)**||(41,835)|(24,922)| |**FUNDS**|11||| |Unrestricted funds||(41,835)|(24,922)| |**TOTAL FUNDS**||(41,835)|(24,922)| The financial statements were approved and authorized for issue by the Board of Trustees and authorised for issue on 25 October 2021 and were signed on its behalf by: S Tambur - Trustee The notes form part of these financial statements Page 5 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020** |||31.12.20|31.12.19| |---|---|---|---| ||Notes|£|£| |**Cash flows from operating activities**|||| |Cash generated from operations|1|(2,723)|17,553| |Net cash (used in)/provided by operating activities||(2,723)|17,553| ||||| |**Change in cash and cash equivalents in the**|||| |**reporting period**||(2,723)|17,553| |**Cash and cash equivalents at the beginning**|||| |**of the reporting period**||17,585|32| |**Cash and cash equivalents at the end of the**|||| |**reporting period**||14,862|17,585| The notes form part of these financial statements Page 6 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020** |**1.**|**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW**|**FROM OPERATING**|**ACTIVITIES**| |---|---|---|---| |||31.12.20|31.12.19| |||£|£| ||**Net expenditure for the reporting period (as per the Statement of**||| ||**Financial Activities)**|(16,913)|(602)| ||**Adjustments for:**||| ||Increase in creditors|14,190|18,155| ||**Net cash (used in)/provided by operations**|(2,723)|17,553| |2.|**ANALYSIS OF CHANGES IN NET FUNDS**||| ||At 1.1.20|Cash flow|At 31.12.20| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|17,585|(2,723)|14,862| ||17,585|(2,723)|14,862| |**Total**|17,585|(2,723)|14,862| The notes form part of these financial statements Page 7 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## **2. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||31.12.20|31.12.19| ||£|£| |Donations|932,566|421,458| continued... Page 8 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** ## **3. RAISING FUNDS** ## **Raising donations and legacies** |Postage and stationery
**4.**
**CHARITABLE ACTIVITIES COSTS**
Charitable
**5.**
**GRANTS PAYABLE**
Charitable
**6.**
**SUPPORT COSTS**
Other resources expended|31.12.20
£
-
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
227,895
712,484
31.12.20
£
712,484
Governance
Finance
costs
£
£
1,580
7,520|31.12.19
£
43
Totals
£
940,379| |---|---|---| |||31.12.19
£
419,932| |||Totals
£
9,100| ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019. continued... Page 9 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** |**8.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||| |---|---|---|---| ||||Unrestricted| ||||fund| ||||£| ||**INCOME AND ENDOWMENTS FROM**||| ||Donations and legacies||421,458| ||**EXPENDITURE ON**||| ||Raising funds||43| ||**Charitable activities**||| ||Charitable||419,932| ||Other||2,085| ||**Total**||422,060| ||**NET INCOME/(EXPENDITURE)**||(602)| ||**RECONCILIATION OF FUNDS**||| ||**Total funds brought forward**||(24,320)| ||**TOTAL FUNDS CARRIED FORWARD**||(24,922)| |**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| |||31.12.20|31.12.19| |||£|£| ||Other debtors|10,838|10,838| continued... Page 10 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** |**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|
At 1.1.20
£
(24,922)
(24,922)
Incoming
resources
£
932,566
932,566
At 1.1.19
£
(24,320)
(24,320)|31.12.20
31.12.19
£
£
67,535
53,345
Net
movement
At
in funds
31.12.20
£
£
(16,913)
(41,835)
(16,913)
(41,835)
Resources
Movement
expended
in funds
£
£
(949,479)
(16,913)
(949,479)
(16,913)
Net
movement
At
in funds
31.12.19
£
£
(602)
(24,922)
(602)
(24,922)| |---|---|---| continued... Page 11 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION (C.I.O)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** ## **11. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
421,458
421,458|Resources
Movement
expended
in funds
£
£
(422,060)
(602)
(422,060)
(602)| |---|---|---| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.1.19|in funds|31.12.20| ||£|£|£| |**Unrestricted funds**|||| |General fund|(24,320)|(17,515)|(41,835)| |**TOTAL FUNDS**|(24,320)|(17,515)|(41,835)| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|1,354,024|(1,371,539 )|(17,515)| |**TOTAL FUNDS**|1,354,024|(1,371,539 )|(17,515)| continued... Page 12 ## **MACHSIKEI YESHIVE CHARITY INCORPORATED ORGANISATION** ## **(C.I.O)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2020. Page 13