Charity registration number: 1156475
Binyamin Ministries
Annual Report and Financial Statements
for the Year Ended 31 March 2022
Binyamin Ministries
Contents
| Contents | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 |
| Statement of Trustees' Responsibilities | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
Binyamin Ministries
Reference and Administrative Details
Trustees
Ronald Kurt Baehr (Chairman) Benjamin Samuel Hersh Eileen Baehr Monica Jane Ursell Chiara Hersh (Vice-Chairman)
Principal Office
Binyamin Ministries 50 Bellevue Road London N11 3ER
Charity Registration Number
1156475
Bankers
CAF Bank
Independent Examiner
Kolade Andrew Alli ACMA KARE Financial Management Consultants Ltd 10 Gatcombe Gardens West End, Hampshire SO18 3NA
Page 1
Binyamin Ministries
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
Our premises in Temple fortune for the last two and half years has been, the focus of our Christian work to Jewish people and non-Jewish and people of those of other faiths. Benjamin and I caught Covid twice in the last year and were very sick we had to close our Charity for a month because of us both been ill. But on the whole from May 2020 to date, despite the pandemic we were able to keep the Binyamin Ministry' s Christian outreach open on the high street, including the sale and distribution of healthy foods.
The shop continued to be a hub of activities and we engaged with our community through our outreach programme to Jews and Gentiles.
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We provided piano lessons, Italian lessons, counselling, bible studies, guitar lessons, singing lessons, recorder lessons, and other instruments.
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Chiara has been training to offer, psychotherapy and counselling to Christians and non-Christians
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We donate free foods and offer free fellowship lunches to weekly gatherings.
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In the shop, once a month, we have had several speakers who came in to give lectures on various topics of interest to the community, including Health, Medical research and the Bible and how to prepare healthy foods.
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Benjamin is running in the shop a weekly children's Choir and also on a separate day an Adult 's Choir
All our lessons including counselling, therapy and Christian life coaching are free of charge to support the community in these difficult times, with anxiety and fears exacerbated by the pandemic.
The Ministry also offers weekly Bible studies and we run Bible class studies with teenagers
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The annual report was approved by the trustees of the charity on 6 May 2022 and signed on its behalf by:
......................................... Chiara Hersh (Vice-Chairman) Trustee
Page 2
Binyamin Ministries
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the charity on 6 May 2022 and signed on its behalf by:
......................................... Chiara Hersh (Vice-Chairman) Trustee
Page 3
Binyamin Ministries
Independent Examiner's Report to the trustees of Binyamin Ministries
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 5 to 13.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Binyamin Ministries, 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 Binyamin Ministries’ accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
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:
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accounting records were not kept in respect of Binyamin Ministries as required by section 130 of the 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 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.
...................................... Kolade Andrew Alli ACMA
KARE Financial Management Consultants Ltd 10 Gatcombe Gardens West End, Hampshire SO18 3NA
- 6 May 2022
Page 4
Binyamin Ministries
Statement of Financial Activities for the Year Ended 31 March 2022
| Statement of Financial Activities for the Year Ended 31 March 2022 |
Statement of Financial Activities for the Year Ended 31 March 2022 |
|---|---|
| Unrestricted funds Restricted funds Total 2022 Total 2021 |
|
| Note £ £ £ £ |
|
| Income and Endowments from: | |
| Charitable activities | 104,249 1,000 105,249 132,517 |
| Expenditure on: | |
| Charitable activities | (102,131) (1,000) (103,131) (128,553) |
| Total expenditure | |
| (102,131) (1,000) (103,131) (128,553) |
|
| Net income | |
| 2,118 - 2,118 3,964 |
|
| Net movement in funds | |
| 2,118 - 2,118 3,964 |
|
| Reconciliation of funds | |
| Total funds brought | |
| forward | 3,903 1,212 5,115 1,151 |
| Total funds carried | |
| forward 10 |
6,021 1,212 7,233 5,115 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2021 is shown in note 10.
Page 5
Binyamin Ministries
(Registration number: 1156475) Balance Sheet as at 31 March 2022
| (Registration number: 1156475) Balance Sheet as at 31 March 2022 |
(Registration number: 1156475) Balance Sheet as at 31 March 2022 |
|---|---|
| 2022 2021 |
|
| Note £ £ |
|
| Current assets | |
| Stocks 6 |
5,055 7,066 |
| Cash at bank and in hand 7 |
3,369 1,989 |
| 8,424 9,055 |
|
| Creditors: Amounts falling due within oneyear 8 |
|
| (700) (700) |
|
| Total assets less current liabilities | |
| 7,724 8,355 |
|
| Creditors: Amounts falling due after more than | |
| oneyear 9 |
(491) (3,240) |
| Netassets | |
| 7,233 5,115 |
|
| Funds of the charity: | |
| Restricted income funds | |
| Restricted funds | 1,212 1,212 |
| Unrestricted income funds | |
| Unrestricted funds | 6,021 3,903 |
| Total funds 10 |
|
| 7,233 5,115 |
The financial statements on pages 5 to 13 were approved by the trustees, and authorised for issue on 6 May 2022 and signed on their behalf by:
......................................... Chiara Hersh (Vice-Chairman) Trustee
Page 6
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Accounting policies
Statement of compliance
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)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Binyamin Ministries 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 notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 7
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 8
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
2 Income from charitable activities
| 2 Income from charitable activities |
2 Income from charitable activities |
|---|---|
| Unrestricted | |
| funds Restricted Total Total |
|
| General funds 2022 2021 |
|
| £ £ £ £ |
|
| Covid - 19 Response - - - 7,200 |
|
| Grants - - - 16,100 |
|
| Donations and Offerings 42,665 1,000 43,665 29,374 |
|
| Gift Aid tax reclaimed 3,052 - 3,052 2,695 |
|
| Echoes International income 4,000 - 4,000 2,000 |
|
| Other Income | 9,262 - 9,262 14,014 |
| USA Donation | - - - 12,393 |
| USA Donation | 12,176 - 12,176 - |
| Cash Donations taking at | |
| the Shop | 13,760 - 13,760 - |
| ShopTakings | 19,334 - 19,334 48,741 |
| 104,249 1,000 105,249 132,517 |
Page 9
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
3 Expenditure on charitable activities
| Unrestricted | |
|---|---|
| funds Restricted Total Total |
|
| General funds 2022 2021 |
|
| £ £ £ £ |
|
| Wages and salaries | 734 - 734 1,000 |
| Telephone & Broadband | 668 - 668 265 |
| Training | 9,748 1,000 10,748 5,482 |
| Printing, Postage, and | |
| Stationery | 493 - 493 735 |
| Subscriptions | 94 - 94 345 |
| Shop Ministry and Food | |
| Expenses | 20,578 - 20,578 51,453 |
| Shop Insurance | - - - 921 |
| Shop Lease | 29,752 - 29,752 24,786 |
| Building repairs and | |
| maintenance | 6,406 - 6,406 3,701 |
| Staff welfare | 624 - 624 - |
| Professional Fees | 1,260 - 1,260 5,957 |
| Bank Charges | 1,062 - 1,062 992 |
| Insurance | 3,465 - 3,465 3,019 |
| Motor Vehicle Expenses | 5,680 - 5,680 12,106 |
| Utilities | 3,724 - 3,724 7,811 |
| Other Expenses | 6,176 - 6,176 2,405 |
| Computer software and | |
| maintenance costs | 1,612 - 1,612 1,903 |
| Gifts and other ministry | |
| costs | 455 - 455 972 |
| Consultancy fees | 8.900 - 8,900 4,000 |
| Independent examiner's fee | 700 - 700 700 |
| 102,131 1,000 103,131 128,553 |
Page 10
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
4 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Benjamin Samuel Hersh
£4,900 (2021: £2,000) in consultancy fees was paid to Benjamin Samuel Hersh during the year, in relation to work done on behalf of the charity.
Chiara Hersh
£2,800 (2020: £3,000) which includes £1,000 in honorarium and £2,000 in consultancy fees was paid to Chiara Hersh during the year, in relation to work done on behalf of the charity.
Page 11
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
5 Taxation
The charity is a registered charity and is therefore exempt from taxation.
| 6 Stock |
6 Stock |
|---|---|
| 2022 2021 |
|
| £ £ |
|
| Stocks 5,055 7,066 |
|
| 7 Cash and cash equivalents |
|
| 2022 2021 |
|
| £ £ |
|
| Cash at bank 3,369 1,989 |
|
| 8 Creditors: amounts falling due within one year |
|
| 2022 2021 |
|
| £ £ |
|
| Accruals 700 700 |
|
| 9 Creditors: amounts falling due after one year |
|
| 2022 2021 |
|
| £ £ |
|
| Other loans | 491 3,240 |
| 10 Funds | |
| Balance at 1 Incoming Resources Balance at 31 |
|
| April 2021 resources expended March 2022 |
|
£ £ £ £ |
|
| Unrestricted funds | |
| General | |
| 3,903 104,249 (102,131) 6,021 |
|
| Restricted funds | |
| 1,212 1,000 (1,000) 1,212 |
|
| Total funds | |
| 5,115 105,249 (103,131) 7,233 |
Page 12
Binyamin Ministries
Notes to the Financial Statements for the Year Ended 31 March 2022
| 2022 | |
|---|---|
| Balance at 1 April Incoming Resources Balance at 31 March |
|
| 2020 resources expended Transfers 2021 |
|
| £ £ £ £ £ |
|
| Unrestricted funds | |
| General | |
| (61) 117,093 (128,553) 15,424 3,903 |
|
| Restricted funds | |
| 1,212 15,424 - (15,424) 1,212 |
|
| Total funds | |
| 1,151 132,517 (128,553) - 5,115 |
Page 13