| Page | |||||
|---|---|---|---|---|---|
| Trustees' | annual report (incorporating |
the director's report) | |||
| Independent auditor's |
report to the members | ||||
| Statement | offinancial | activities (including | income and expenditure | ||
| account) | 13 | ||||
| Statement | offinancial | position | 14 | ||
| Statement | ofcash flows | 15 | |||
| Notes to | the financial | statements | 16 |
| financial s |
tatements ofthe charit | tatements ofthe charit | y for the year ende | d 5 April 2023. | ||
|---|---|---|---|---|---|---|
| Reference | and administrative | details | ||||
| Registered | charity name | Project S.E.E.D | Limited | |||
| Charity registration | number | 1155460 | ||||
| Company | registration | number | 03805072 | |||
| Principal | office and registered | New Burlington | House | |||
| office | 1075 Finchley Road | |||||
| NW11 OPU | ||||||
| The trustees | Mr M Bordon | |||||
| Mr RM Denton | ||||||
| Rabbi H Ehrentreu | (Deceased | 24November 2022) | ||||
| Mr M Z Morris | ||||||
| Mr D Rosenthal | ||||||
| Mrs D Davis | (Appointed | 5 July 2022) | ||||
| Auditor | Cohen Arnold | |||||
| Chartered accountants &statutory |
auditor | |||||
| New Burlington | House | |||||
| 1075Finchley Road | ||||||
| LONDON | ||||||
| NW11 OPU |
| 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | |||||||
| funds | funds | Total funds | Total funds | |||||
| Note | ||||||||
| Income and endowments | ||||||||
| Donations snd legacies |
5 | 2,142,955 | 60,000 | 2,202,955 | 1,775,876 | |||
| Charitable activities |
6 | 92,235 | 92,235 | 35,387 | ||||
| Other trading activities | 7 | 32,158 | 32,158 | 38,613 | ||||
| Investment income |
8 | 22,284 | 22,284 | 11,330 | ||||
| Other income | 9 | 130,130 | ||||||
| Total income | 2,289,632 | 60,000 | 2,349,632 | 1,991,336 | ||||
| Expenditure | ||||||||
| Expenditure on raising funds: |
||||||||
| Costs ofraising | donations | and | ||||||
| legacies | 10 | 97,144 | 97,144 | 44,869 | ||||
| Expenditure on charitable |
activities | 11,12 | 2,131,712 | 70,511 | 2,202,223 | 1,765,345 | ||
| Total expenditure | 2,228,856 | 70,511 | 2,299,367 | 1,810,214 | ||||
| Net (losses)/gains on investments |
13 | (48,772) | (48,772) | 8,090 | ||||
| Net income and net | movement | in | funds | 12,004 | (10,511) | 1,493 | 189,212 | |
| Reconciliation offunds |
||||||||
| Total funds brought | forward | 931,105 | 19,186 | 950,291 | 761,079 | |||
| Total funds carried | forward | 943,109 | 8,675 | 951,784 | 950,291 |
| 2Q23 | 2022 | |||
|---|---|---|---|---|
| Plxcd asscfs | Note | 8 | ||
| Tangible fixed assets lnveslnlcnts |
18 19 |
89,586 527,032 |
108,926 505,687 |
|
| 616,618 | 614,613 | |||
| Currenf assets | ||||
| Debtors Cash at bank and in hand |
20 | 67,669 512,1Q9 |
51,906 532,994 |
|
| 579,778 | 584,900 | |||
| Creditors: amounts | falling due within one year | 72 | 69,007 | 73,617 |
| piet current assets | 510,771 | 511,283 | ||
| Total assets less current liabilities | 1,127,389 | I,125,896 | ||
| Creditors; amounts | failing due after more than one year | 23 | 175,605 | iI75,605 |
| f4et assefs | 951,784 | 950,291 | ||
| Funds ofthe charity | ||||
| Restricted funds Unrestricted funds |
8,675 943,109 |
19,186 931,105 |
||
| Total charity funds | 25 | 951,784 | 950,291 |
| 2023 | 2022 | ||
|---|---|---|---|
| Note | |||
| Cash flows from operating activities |
|||
| Net income | 1,493 | 189,212 | |
| Adjustments for: Depreciation oftangible fixed assets |
17,403 | 20,318 | |
| Net (losses)/gains on investments |
48,772 | (8,090) | |
| Dividends, interest and rents from investments |
(21,984) | (11,325) | |
| Other interest receivable and similar income |
(300) | (5) | |
| Interest payable and similar charges | 5,881 | 5,213 | |
| Accrued (income)/expenses | (I) | I | |
| Changes In: | |||
| Trade and other debtors | (15,763) | 31,445 | |
| Trade and other creditors | (2,891) | (640) | |
| Cash generated from operations |
32,610 | 226,129 | |
| Interest paid | (5,881) | (5,213) | |
| Interest received | 300 | 5 | |
| Net cash from operating activities |
27,029 | 220,921 | |
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments |
21,984 | 11,325 | |
| Purchase oftangible assets |
(1,936) | (8,835) | |
| Proceeds from sale oftangible assets | 3,873 | ||
| Purchases ofother investments | (400,004) | (497,597) | |
| Proceeds from sale ofother investments | 329,887 | ||
| Net cash used in investing activities |
(46,196) | (495,107) | |
| Net decrease in cash and cash equivalents | (19,167) | (274,186) | |
| Cash and cash equivalents at beginning ofyear |
525,549 | 799,735 | |
| Cash and cash equivalents at end ofyear |
21 | 506,382 | 525,549 |
| 5. | The charity Donations |
is a company limited by and legacies |
guarantee and has |
no share capita | l. | |
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2023 | ||||
| f | ||||||
| Donations | ||||||
| Donations | 2,142,955 | 60,000 | 2,202,955 | |||
| Unrestncted | Restricted | Total Funds | ||||
| Funds | Funds | 2022 | ||||
| f | ||||||
| Donations | ||||||
| Donations | 1,739,776 | 36,100 | 1,775,876 | |||
| 6. | Charitable | activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2023 | Funds | 2022 | |||
| f | ||||||
| Seminars, | events and programmes | 92,235 | 92,235 | 35,387 | 35,387 |
| 7. | Other trading | Other trading | activities | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||||
| Funds | 2023 | Funds | 2022 | ||||||||
| 8 | t | ||||||||||
| Fundraising | income | 32,158 | 32,158 | 38,613 | 38,613 | ||||||
| 8. | Investment | income | |||||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||||
| Funds | 2023 | Funds | 2022 | ||||||||
| Income from | listed investments | 21,984 | 21,984 | 11,325 | 11,325 | ||||||
| Bank interest | receivable | 300 | 300 | 5 | 5 | ||||||
| 22,284 | 22,284 | 11,330 | 11,330 | ||||||||
| 9. | Other income | ||||||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||||
| Funds | 2023 | Funds | 2022 | ||||||||
| Coronsvirus | Job Retention | Scheme | |||||||||
| Grant | 130,130 | 130,130 | |||||||||
| 10. | Costs ofraising donations | and legacies | |||||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||||||
| Funds | 2023 | Funds | 2022 | ||||||||
| Costs ofraising donations | and legacies | ||||||||||
| - Donations | 97,144 | 97,144 | 44,869 | 44,869 | |||||||
| 11. | Expenditure | on charitable | activities | by fund | type | ||||||
| Unrestricted | Restricted | Total Funds | |||||||||
| Funds | Funds | 2023 | |||||||||
| Seminars, courses snd community | programmes | 2,114,171 | 70,511 | 2,184,682 | |||||||
| Support costs | 17,541 | 17,541 | |||||||||
| 2,131,712 | 70,511 | 2,202,223 | |||||||||
| Unrestricted | Restricted | Total Funds | |||||||||
| Funds | Funds | 2022 | |||||||||
| Seminars, courses and community | programmes | 1,583,499 | 161,914 | 1,745,413 | |||||||
| Support costs | 19,932 | 19,932 | |||||||||
| 1,603,431 | 161,914 | 1,765,345 |
| Activities | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| undertaken | Grant | funding | Total funds | Total fund | ||||||
| directly | of | activities | Support costs | 2023 | 2022 | |||||
| Seminars, courses and | ||||||||||
| community | programmes | 2,178,287 | 6,395 | 2, 184,682 | 1,745,413 | |||||
| Governance | costs | 17,541 | 17,541 | 19,932 | ||||||
| 2,178,287 | 6,395 | 17,541 | 2,202,223 | 1,765,345 | ||||||
| 13. | Net (losses)/gains on investments |
|||||||||
| Unrestricted | Total | Funds | Unrestricted | Total Funds | ||||||
| Funds | 2023 | Funds | 2022 | |||||||
| Gains/(losses) on listed |
investments | (48,772) | (48,772) | 8,090 | 8,090 | |||||
| 14. | Net income | |||||||||
| Net income | is stated after charging/(crediting): | |||||||||
| 2023 | 2022 | |||||||||
| Depreciation | oftangible | fixed assets | 17,403 | 20,318 | ||||||
| 15. | Auditors remuneration |
|||||||||
| 2023 | 2022 | |||||||||
| f. | ||||||||||
| Fees payable forthe audit ofthe financial | statements | 7,800 | 7,800 | |||||||
| 16. | Staff costs | |||||||||
| The total staff costs and | employee benefits for the reporting | period are analysed as |
follows: | |||||||
| 2023 | 2022 | |||||||||
| f | ||||||||||
| Wages and salaries Social security costs Employer contributions |
to pension plans | 915,060 65,921 46,807 |
905,451 63564 46,619 |
|||||||
| 1,027,788 | 1,015,634 |
| The average head count o | femployees during t |
he year was 39 (2022:43). | |
|---|---|---|---|
| The number ofemployees | whose remuneration | for the year fell within the following | bands, were: |
| 2023 | 2022 | ||
| No. | No. | ||
| %60000tof69999 | 1 | 1 |
| Long | ||||||
|---|---|---|---|---|---|---|
| leasehold | Fixtures and | Torah | ||||
| property | fittings | Equipment | Scrolls t |
Total | ||
| Cost | ||||||
| At 6April Additions |
2022 | 95,494 | 80,368 | 38,644 1,936 |
41,006 | 255,512 1,936 |
| Disposals | (5,164) | (5,164) | ||||
| At 5April | 2023 | 95,494 | 75,204 | 40,580 | 41,006 | 252,284 |
| Depreciation | ||||||
| At 6April | 2022 | 51,130 | 64,524 | 29,292 | 1,640 | 146,586 |
| Charge for the year Disposals |
11,091 | 2,670 (1,291) |
2,822 | 820 | 17,403 (1,291) |
|
| At 5April | 2023 | 62,221 | 65,903 | 32,114 | 2,460 | 162,698 |
| Carrying At 5April |
amount 2023 |
33,273 | 9,301 | 8,466 | 38,546 | 89,586 |
| At 5 April | 2022 | 44,364 | 15,844 | 9,352 | 39,366 | 108,926 |
| Listed | ||
|---|---|---|
| investments | ||
| Cost or valuation | ||
| At 6 April | 2022 | 505,687 |
| Additions | 400,004 | |
| Disposals | (362,425) | |
| Fair value | movements | (16,234) |
| At 5April | 2023 | 527,032 |
| Impairment | ||
| At 6April | 2022 and 5April 2023 | |
| Carrying At 5April |
amount 2023 |
527,032 |
| At 5 April | 2022 | 505,687 |
| 20. | value as at 5t Debtors |
h April 2023. | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Prepayments | and accrued income | 22,274 | 22,274 | ||
| Other debtors | 45,395 | 29,632 | |||
| 67,669 | 51,906 | ||||
| 21, | Cash and cash equivalents | ||||
| Cash and cash equivalents | comprise the following: | ||||
| 2023 | 2022 | ||||
| Cash at bank | and in hand | 512,109 | 532,994 | ||
| Bank overdrails | (5,727) | (7,445) | |||
| 506,382 | 525,549 |
| 22. | Creditors: amounts | falling due within one year | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Bank loans and overdrafls | 5,727 | 7,445 | ||
| Trade creditors | 31,099 | 26,128 | ||
| Accruals snd deferred income | 7,800 | 7,801 | ||
| Social security and other taxes | 14,391 | 19,863 | ||
| Other creditors | 9,990 | 12,380 | ||
| 69,007 | 73,617 | |||
| 23. | Creditors: amounts | falling due after more than one year | ||
| 2023 | 2022 | |||
| Other creditors | 175,605 | 175,605 |
| Unrestri | cted funds |
||||||
|---|---|---|---|---|---|---|---|
| At | Gains snd | At | |||||
| 6 | April 2022 | Income | Expenditure | losses | 5April 2023 | ||
| f. | |||||||
| General | funds | 931,105 | 2,289,632 | (2,228,856) | (48,772) | 943,109 | |
| At | Gains and | At | |||||
| 6 | April 2021 | Income | Expenditure | losses | 5 April 2022 | ||
| General | funds | 616,079 | 1,955,236 | (1,648,300) | 8,090 | 931,105 |
| Analysis ofcharit Restricted funds |
able funds (continued) |
||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 6April 2022 | Income | Expenditure | losses | 5April 2023 | |
| f. | |||||
| Restricted funds | 19,186 | 60,000 | (70,511) | 8,675 | |
| At | Gains and | At | |||
| 6April 2021 | Income | Expenditure | losses | 5 April 2022 | |
| Restricted funds | 145,000 | 36,100 | (161,914) | 19,186 | |
| Analysis ofnet assets between funds | |||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| Tangible fixed assets | 89,586 | 89,586 | |||
| Investments | 527,032 | 527,032 | |||
| Current assets | 571,103 | 8,675 | 579,778 | ||
| Creditors less than | I year | (69,007) | (69,007) | ||
| Creditors greater than I year | (175,605) | (175,605) | |||
| Net assets | 943,109 | 8,675 | 951,784 | ||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| Tangible fixed assets | 108,926 | 108,926 | |||
| Investments | 505,687 | 505,687 | |||
| Current assets | 565,714 | 19,186 | 584,900 | ||
| Creditors less than | 1 year | (73,617) | (73,617) | ||
| Creditors greater than I year | (175,605) | (175,605) | |||
| Net assets | 931,105 | 19,186 | 950,291 | ||
| Analysis ofchanges in net debt | |||||
| At | |||||
| At 6Apr 2022 | Cash flows | 5Apr 2023 | |||
| Cash at bank and | in hand | 532,994 | (20,885) | 512,109 | |
| Bank overdmfts | (7,445) | 1,718 | (5,727) | ||
| 525,549 | (19,167) | 506,382 |