**Registered number: 08528518 Charity number: 1155103**
## **NORTH LONDON WELFARE AND EDUCATIONAL FOUNDATION**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022**
**North London Welfare and Educational Foundation Contents of the financial statements For the year ended 31 May 2022**
||Page|
|---|---|
|Reference and administrative details of the charity|1|
|Report of the Trustees|2 – 5|
|Report of the Independent Auditors|6 – 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes to the Financial Statements|13 - 18|
**North London Welfare and Educational Foundation Reference and administrative details For the year ended 31 May 2022**
|**Registered Company number**|08528518 (England and Wales)|
|---|---|
|**Registered Charity number**|1155103|
|**Registered office**|44 Warwick Avenue|
||Edgware|
||Middlesex|
||HA8 8UJ|
|**Trustees**|B C Joseph|
||M Sinitsky|
|**Auditors**|Goldwins Limited|
||75 Maygrove Road|
||West Hampstead|
||London|
||NW6 2EG|
|**Bankers**|Barclays Bank Plc - Mile End|
||Leicester,|
||Leicestershire,|
||LE87 2BB|
1
**North London Welfare and Educational Foundation Report of the trustees For the year ended 31 May 2022**
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2022. 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 2015).
## **Objectives and activities:**
The Trustees are delighted to report on another successful year of fundraising and distribution of the charity's funds. The objective of the charity is to support, but not restricted to, local North London needy families in the form of direct grants, shopping vouchers and the like. These families are all recipients of government support such as housing benefit, tax or universal credits. Unlike salaries, these benefits do not increase with inflation. This, together with the two child cap with tax and universal credits, leave many of these low income families with large gaps in their income and for this reason the charity steps in to support them until their income becomes sufficient for a large growing family. North London Welfare and Educational Foundation was founded in 2013 and due to the large increase in low income families living in North London, the more our charity has found itself being asked to support. Each family that applies to the charity for support goes through a thorough vetting process to be certain that they are truly in need of assistance. This can include a telephone or face to face interview or their case is sometimes referred to ourselves by a local rabbi or community leader. The application process has to be managed with utmost sensitivity as often those asking for assistance are embarrassed of their situation, exceptional care is taken to protect the anonymity of the recipients.
The charity has an educational arm which provides assistance to
a) UK based privately funded educational establishments in the form of grants to further their objectives which is all for the benefit of the public.
b) those who are doing research in educational establishments are given student grants whilst they are enrolled in those educational establishments.
## **Public benefit**
The Trustees confirm their compliance with the duty to have regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
## **Plans for future periods**
The Charity plans to continue to support people living primarily, but not exclusively, in North London by making grants of money for providing or paying for items, services or facilities and relieving of financial hardship, either generally or individually.
2
**North London Welfare and Educational Foundation Report of the trustees For the year ended 31 May 2022**
## **Grant and donation making policy**
The charity's policy is to act according to the Articles of Association which enables grants and donations to be made from both income and capital. All applications to the charity for grants are considered carefully by the trustees at regular meetings. On most occasions, if the trustees feel that the application meets their approval in principle, they will meet applicants face to face and discuss with them the most effective way of providing assistance. The trustees usually then have a further meeting before making a decision as to whether assistance should be granted, and at what level.
The trustees find that this is the most effective way of aiding applicants as it allows them flexibility in terms of deciding whether they will provide a grant and also ensures that each application is considered fairly.
## **Investment policy and objectives**
The charity holds a current account. The policy of the charity is to continue holding this account for its ongoing expenditure.
The charity's reserves policy is to maintain 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.
Having regard to the above the trustees are of the opinion that the cash reserves held as at the year-end would be sufficient to meet one-month basic operating costs and, they intend to increase the reserves held in the forthcoming year.
## **Financial review**
The trustees are delighted to report that during the year the total income for the charity was £3,503,777 (2021 £2,217,754). The total distribution of the charity funds was £2,996,818 (2021 £2,193,833). Carried forward funds, as in cash in the bank, £670,451 of which £343,591 is restricted funds. The charity’s distribution of money paid as grants £1,768,700 as grants to individuals (50.45%), £1,035,627 as grants to educational institutions all of which are UK registered charities (29.545%) and £192,491 as relief of poverty (<1%).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
The statutory power of appointing new trustees hereof shall be exercisable by the persons who are for the time being the trustees hereof.
3
**North London Welfare and Educational Foundation Report of the trustees For the year ended 31 May 2022**
## **Induction and training of new trustees**
There are policies adopted by the trustees for the induction and training of charity trustees. There are no plans at present to appoint new trustees. The trustees will liaise together as the charity grows. At that point there will be a necessity to appoint more trustees and induction/training procedures will be considered then.
## **Risk management**
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of further adverse conditions.
The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate any significant risks.
## **COVID-19**
The financial fallout from the pandemic was still felt during the financial year and the charity was there to support those who had been affected by the various lockdowns and downturn in their income. The trustees are extremely grateful to the very many donors and charitable trusts who increased their donations so that the charity can continue meeting the many demands for financial assistance. The increased level of demand continued after the year end and is expected to continue for some time. The Trustees recognise that they have the ability to exercise control over the charity's grant making policy due to the absence of any legally binding obligations. Challenges regarding fundraising are beyond the control of the charity but the Trustees believe these challenges are surmountable, hence during the period of national lockdowns the charity was able to continue its vital work and the trustees are confident that this would continue in the future.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of North London Welfare and Educational Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
4
**North London Welfare and Educational Foundation Report of the trustees For the year ended 31 May 2022**
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Goldwins Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
5
**Independent auditor's report to the members of North London Welfare and Educational Foundation For the year ended 31 May 2022**
## **Opinion**
We have audited the financial statements of North West London and Educational Foundation for the year ended 31 May 2022 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 May 2022 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information
6
**Independent auditor's report to the members of North London Welfare and Educational Foundation For the year ended 31 May 2022**
and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
- the financial statements are not in agreement with the accounting records and returns;
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
7
**Independent auditor's report to the members of North London Welfare and Educational Foundation For the year ended 31 May 2022**
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.
8
**Independent auditor's report to the members of North London Welfare and Educational Foundation For the year ended 31 May 2022**
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
**Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road London NW6 2EG**
## **18 January 2023**
Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
9
## **North London Welfare and Educational Foundation Statement of financial activities (including Income and Expenditure Account) For the year ended 31 May 2022**
|**Note**
**Income from:**
Donations
**Total income**
**Expenditure on:**
Charitable activities
**2**
**Total expenditure**
**Net income / (expenditure) for**
**the year**
**3**
**Net movement in funds**
**Reconciliation of funds:**
**8**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
Total
funds
**2022**
**2022**
**2022**
2021
**£**
**£**
**£**
£
3,112,528
391,249
3,503,777
2,217,754|
|---|---|
||**3,112,528**
**391,249**
**3,503,777**
2,217,754|
||2,958,375
47,658
3,006,033
2,193,833|
||**2,958,375**
**47,658**
**3,006,033**
2,193,833|
||**154,153**
**343,591**
**497,744**
23,921|
||**154,153**
**343,591**
**497,744**
23,921|
||172,707
-
172,707
148,786|
||**326,860**
**343,591**
**670,451**
172,707|
All of the above results are derived from continuing activities.
There were no recognised gains or losses other than those stated above.
The attached notes form part of these financial statements.
10
## **North London Welfare and Educational Foundation Balance sheet**
## **As at 31 May 2022**
||**2022**
**2022**
2021
**Note**
**£**
**£**
£
**Current assets:**
674,451
176,707
**674,451**
176,707
**Liabilities:**
**6**
**(4,000)**
(4,000)
**670,451**
**670,451**
**8**
**343,591**
**326,860**
**670,451**
Approved by the trustees on ………………………………and signed on their behalf by:
Restricted funds
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets**
**Total net assets**
**Funds**
**Total funds**
Unrestricted funds
**B C Joseph**
**Trustee**|**2022**
**£**
674,451|**2022**
**£**
**670,451**|2021
£
176,707|2021
£
172,707|
|---|---|---|---|---|---|
|||**674,451**
**(4,000)**||176,707
(4,000)||
||||**670,451**||172,707|
||||**343,591**
**326,860**||-
172,707|
||||**670,451**||172,707|
|||||||
## **Company number 08528518**
The attached notes form part of the financial statements.
11
**North London Welfare and Educational Foundation Statement of cash flows For the year ended 31 May 2022**
||**Note**|**2022**|2021|
|---|---|---|---|
|||**£**|£|
|**Cash flows from operating activities:**||||
|Net cash provided by operating activities|**9**|497,744|27,122|
|**Change in cash and cash equivalents in the year**||**497,744**|27,122|
|Cash and cash equivalents at the beginning of the year||176,707|149,585|
|**Cash and cash equivalents at the end of the year**|**10**|**674,451**|176,707|
12
**North London Welfare and Educational Foundation Notes to the financial statements For the year ended 31 May 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 UK Generally Accepted Accounting Practice.
The charity 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) Going concern**
The trustees consider that there are no material uncertainties about the charity'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.
## **c) 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.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
## **d) 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.
## **e) 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.
13
**North London Welfare and Educational Foundation Notes to the financial statements For the year ended 31 May 2022**
## **1 Accounting policies**
## **f) 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. Expenditure is classified under the following activity headings:
● Expenditure on charitable activities includes the costs of delivering services to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **g) 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 and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
## **h) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **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) Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
14
**North London Welfare and Educational Foundation Notes to the financial statements For the year ended 31 May 2022**
## **2 Analysis of expenditure**
||**Basis of**|**Charitable**|**Support**|**Governance**|||
|---|---|---|---|---|---|---|
||**allocation**|**Activities**|**costs**|**costs**|**2022 Total**|2021 Total|
|||**£**|**£**|**£**|**£**||
|Grants to institutions|Direct|1,035,627|-|-|**1,035,627**|633,777|
|Grants to individuals|Direct|1,768,700|-|-|**1,768,700**|1,523,550|
|Relief of poverty|Direct|192,491|-|-|**192,491**|30,000|
|Audit fees|Direct|-|-|4,000|**4,000**|4,000|
|Other costs|Direct|-|5,215|-|**5,215**|2,506|
|||**2,996,818**|**5,215**|**4,000**|**3,006,033**|2,193,833|
|Support costs||5,215|(5,215)|-|**-**||
|Governance costs||4,000||(4,000)|**-**||
|**Total expenditure 2022**||**3,006,033**|**-**|**-**|**3,006,033**||
||||||||
|Total expenditure 2021||2,193,833|-|-|-|2,193,833|
Of the total expenditure, £2,958,375 (2021: £2,193,833 was unrestricted and £47,658 was restricted (2021: nil).
The institutions to which the grants were made to support their charitable activities were as following:
|_Beis Medrash Lemoroth_|_27,070_|_Shir Chesed Beis Yisroel_|_49,600_|
|---|---|---|---|
|_Chasdie Sholom Trust_|_31,805_|_Start Upright_|_43,095_|
|_Keren Shlomo Trust_|_39,500_|_Tchabe Kollel Ltd_|_21,000_|
|_Kollel Beis Aharon_|_24,840_|_Torah 5759 Ltd_|_35,000_|
|_Kollel Wiznitz_|_20,000_|_Torah-Vodaas_|_21,800_|
|_One Heart_|_20,000_|_Wlodowa Trust_|_36,000_|
|_Pardes House Grammar School_|_128,000_|_Zlotchiv charity_|_77,500_|
The total grants paid to institutions during the year was as follows:
|Education
Religious Organisations
Welfare Organisations|**2022**
2021
**£**
£
687,803
360,587
90,580
88,700
257,244
184,490|
|---|---|
||**1,035,627**
633,777|
15
**North London Welfare and Educational Foundation Notes to the financial statements For the year ended 31 May 2022**
## **3 Net income / (expenditure) for the year**
|**Net income / (expenditure) for the year**|||
|---|---|---|
|This is stated after charging / (crediting):|**2022**|2021|
||**£**|£|
|Auditor's remuneration:|||
|Audit fees|3,333|3,333|
## **4 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel**
The charity had no employees in the year (2021: no employees).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).
## **5 Taxation**
The charitable company is exempt from tax as all its income is charitable and is applied for charitable purposes.
## **6 Creditors: amounts falling due within one year**
|Accruals|**2022**
2021
**£**
£
4,000
4,000|
|---|---|
||**4,000**
4,000|
## **7 Analysis of net assets between funds - current year**
||**General**||**Total**|
|---|---|---|---|
||**unrestricted**|**Restricted**|**funds**|
||**£**|**£**|**£**|
|Net current assets|326,860|343,591|**670,451**|
|**Net assets at the end of the year**|**326,860**|**343,591**|**670,451**|
|Analysis of net assets between funds - previous year||||
||General|||
||unrestricted|Restricted|Total funds|
||£|£|£|
|Net current assets|172,707|-|172,707|
|Net assets at the end of the year|172,707|-|172,707|
16
## **North London Welfare and Educational Foundation Notes to the financial statements For the year ended 31 May 2022**
|**8**|**Movements in funds - current year**|**Movements in funds - current year**||||
|---|---|---|---|---|---|
|||**At the start**|**Income &**|**Expenditure**|**At the end**|
|||**of the year**|**gains**|**& losses**|**of the year**|
|||**£**|**£**|**£**|**£**|
||**Restricted funds**|||||
||Relief of Poverty|-|391,249|(47,658)|**343,591**|
||**Total restricted funds**|**-**|**391,249**|**(47,658)**|**343,591**|
||General funds|172,707|3,112,528|(2,958,375)|**326,860**|
||**Total unrestricted funds**|**172,707**|**3,112,528**|**(2,958,375)**|**326,860**|
|||||||
||**Total funds**|**172,707**|**3,503,777**|**(3,006,033)**|**670,451**|
||Movements in funds - previous year|||||
|||At the start of|Income &|Expenditure &|At the end of|
|||the year|gains|losses|the year|
|||£|£|£|£|
||General funds|148,786|2,217,754|(2,193,833)|172,707|
||Total unrestricted funds|148,786|2,217,754|(2,193,833)|172,707|
|||||||
||Total funds|148,786|2,217,754|(2,193,833)|172,707|
|**9**|**Reconciliation of net income / (expenditure) to net cash flow**|**from operating**|**activities**|
|---|---|---|---|
|||**2022**|2021|
|||**£**|£|
||**Net income / (expenditure) for the reporting year**|**497,744**|23,921|
||**(as per the statement of financial activities)**|||
||(Increase)/ decrease in debtors|**-**|3,201|
||Increase/ (decrease) in creditors|**-**|-|
||**Net cash provided by / (used in) operating activities**|**497,744**|27,122|
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**North London Welfare and Educational Foundation Notes to the financial statements For the year ended 31 May 2022**
## **10 Analysis of cash and cash equivalents - current year**
||**At the**|||
|---|---|---|---|
||**beginning of**||**At the end**|
||**the year**|**Cash flows**|**of the year**|
||**£**|**£**|**£**|
|Cash at bank and in hand|176,707|497,744|674,451|
|**Total cash and cash equivalents**|**176,707**|**497,744**|**674,451**|
|Analysis of cash and cash equivalents - previous year||||
||At the|||
||beginning of||At the end of|
||the year|Cash flows|the year|
||£|£|£|
|Cash at bank and in hand|149,585|27,122|176,707|
|Total cash and cash equivalents|149,585|27,122|176,707|
## **11 Legal status of the charity**
The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.
## **12 Related party transactions**
During the year grants of £8,500 were made to Yeshivas Mekor Chayim Ltd, a charity in which one of the trustee, Mr B C Joseph, is aso a trustee.
18