MAASEH TZEDUKEH V’CHESED
CHARITY INCORPORATED ORGANISATION (“CIO”)
CHARITY REGISTRATION NUMBER 1156669
TRUSTEES’ REPORT
- and -
UNAUDITED ACCOUNTS
FROM 1 DECEMBER 2020
TO
30 NOVEMBER 2021
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
| Contents | Page |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Unaudited Accounts | 8 - 11 |
Page 1
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEES
B. Davidovits J. Lew J. Teitelbaum Mrs. E. R. Teitelbaum
CHARITY’S PRINCIPAL ADDRESS AND CONTACT
Mrs. E. R. Teitelbaum 159 Osbaldeston Road London N16 6ND
DETAILS OF FORMATION
The CIO was formed by Constitution dated 20 January 2014 and was registered with the Charity Commission on 14 April 2014 under Registered Charity Number 1156669
BANKERS
Barclays Bank plc
INDEPENDENT EXAMINER
Stephen Sacks FCA for Shears & Partners Limited Chartered Accountants 88 Edgware Way Edgware HA8 8JS
Page 2
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
TRUSTEES’ ANNUAL REPORT
The Trustees present their Annual Report of Maaseh Tzedukeh V’Chesed the Charitable Incorporated Organisation (“CIO”) along with the Unaudited Accounts (“the Accounts”) of the CIO for the year from 1 December 2020 to 30 November 2021. The Accounts have been prepared in accordance with the Accounting Policies set out on Page 8 and comply with the Constitution of the CIO (“the Constitution”) and applicable law.
• OBJECTIVES AND ACTIVITIES
The Trustees shall stand possessed of the Trust Fund upon trust to pay or apply the whole of the income and the capital of the Trust Fund to or towards or in furtherance or for the benefit of such one or more charities, charitable institutions or charitable purposes in any part of the world in such shares and in such manner as the Trustees in their absolute discretion may from time to time determine provided always that:
-
The Trustees shall have power if they so think fit to make payments direct to individual persons in any part of the world (provided that such persons shall qualify as charitable beneficiaries according to English Law) and shall not be limited to making payments to organisations or institutions.
-
Nothing in the Constitution shall authorise an application of the property of the CIO for the purposes which are not charitable.
The CIO’s principal objectives are as follows:
-
A. The advancement of the Orthodox Jewish Faith.
-
B. The relief of poverty, sickness and infirmity;
-
C. To help young people, especially but not exclusively through leisure time activities, so as to develop their skills and capabilities that they may grow to full maturity as individuals and members of society.
Charities and Public Benefit
The Trustees have considered the Charity Commission’s general guidance on public benefit and are satisfied that the CIO complies with that guidance.
Grant Making Policy
To act according to the Constitution which enables grants to be made from both income and capital. All applications to the CIO for grants, donations or loans 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 the applicants face to face and discuss with them the most effective way of providing assistance. The Trustees then usually have a further meeting before making a decision as to whether assistance should be granted, and if so, in what form and to what level.
The Trustees find that, in most cases, this is the most effective way of aiding Charitable Institutions and Beneficiaries as it allows the Trustees a degree of flexibility in terms of deciding whether they will assist by way of a Donation or a Charitable Loan and also ensures that each application to the CIO is considered fairly.
Page 3
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
TRUSTEES’ ANNUAL REPORT (Continued)
• ACHIEVEMENTS AND PERFORMANCE
The Trustees support has been substantially to other UK Registered Charities who themselves support Institutions caring for the poor and sick, who qualify as Charitable Beneficiaries under English Law because they are UK Registered Charities.
The CIO also supported individuals in Israel, the UK and USA who the Trustees were satisfied qualified as Charitable Beneficiaries in accordance with English Law.
During the current year, the Trustees are delighted to announce that the CIO made donations of some £120k (2020: £127k) in the year ended 30 November 2021 to Charitable Beneficiaries and Institutions that support such Beneficiaries.
Monies are raised by way of Charitable Donations received from Charitable Foundations, Corporate Donors and Individuals.
• FINANCIAL REVIEW
Review of the Charity’s Financial Position
The CIO’s Incoming Resources amounted to some £67k ( 2020: £41k) . Resources Expended amounted to some £139k ( 2020: £140k ) and hence there was a surplus/(deficit) for the year of some £(73)k (2020: (£99k )). The CIO’s Funds increased/(decreased) by the same amount (2020: increased/(decreased) by the same amount).
Investments Policy
The CIO operates a Current Bank Account on which interest is earned.
Reserves Policy
The CIO does not normally retain cash, however, at the Balance Sheet date it had some £600 (year ended 30 November 2020 £80) in the bank together with Other Debtors less Creditors of some £(333k) (year ended 30 November 2020: £(260k). (See Note 9).
Going Concern
The Trustees have prepared the Accounts on a going concern basis in their opinion it is appropriate to presume that the CIO will continue in operation.
Investments Policy
The CIO holds a current account. The policy of the CIO is to continue holding this account for its ongoing charitable project expenditure.
Page 4
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
TRUSTEES’ ANNUAL REPORT (Continued)
Risk Management
The first is the risk of a reduction in donations. The Trustees feel that this is beyond their control, however, they continue to monitor the situation on an ongoing basis.
Secondly, there is a risk that Charitable Loans will not be repaid. This is mitigated by the careful consideration and interviewing of applicants by the Trustees prior to any funding being provided. To date, the CIO has not had to write off any loans.
The Trustees regularly undertake a review of the major risks to which the Charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
• STRUCTURE, GOVERNANCE AND MANAGEMENT
The CIO is governed by the Constitution which is dated 20 January 2014 and was Registered with the Charity Commission on 14 April 2014 under Charity Registration Number 1156669.
The Trustees in office in the year were as follows:
B. Davidovits J. Lew J. Teitelbaum Mrs. E. R. Teitelbaum
The power of appointing new Trustees or a new Trustee thereof shall be exercisable by the persons who are, for the time being, the Trustees hereof.
Reference and Administrative Details are set out on Page 1 and form part of this report.
The Trustees declare that they have approved the Trustees’ Report above.
Signed on behalf of the CIO’s Trustees.
J. TEITELBAUM
Trustee
Date: 30 November 2022
Page 5
INDEPENDENT EXAMINER’S REPORT ON THE UNAUDITED ACCOUNTS
TO THE TRUSTEES OF
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
FOR THE YEAR 1 DECEMBER 2020 TO 30 NOVEMBER 2021
I report to the Trustees of Maaseh Tzedukeh V’Chesed the Charity Incorporated Organisation (“CIO”) on my examination of the Unaudited Accounts (“the Accounts”) of the CIO for the year ended 30 November 2021.
Responsibilities and Basis of Report
As the CIO’s Trustees, you are responsible for the preparation of the Accounts in accordance with the Charities Act 2011 (“the 2011 Act”).
Having satisfied myself that the Accounts of the CIO are not required to be audited for this year under Section 144 of the 2011 Act and are eligible for Independent Examination, I report in respect of my examination of CIO’s Accounts as carried out under Section 145 of 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 material matters have come to my attention which give me cause to believe that:
-
accounting records were not kept in accordance with Section 130 of the 2011 Act; or
-
the Accounts do not accord with such records
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 save as for the issue in the following three paragraphs:
In order to meet the CIO’s Commitments, the CIO had originally borrowed £14.5k from Millage Limited (“the Lender”). The loan increased during the year to some £345k by the year end.
Mrs. E. R. Teitelbaum, a Trustee of the CIO, is the controlling party of the Lender. Her husband J. Teitelbaum, also a Trustee of the CIO, is the Sole Director of the Lender. The terms of the £345k loan are such that the loan is interest free and is repayable on demand. The CIO has received a letter of Comfort from the Lender that it is not their intention to demand repayment of the loan within the foreseeable future.
A second loan in the sum of £160k (2020: £150k) was procured from the Grandmother of two of the Trustees Mr J and Mrs. E. R. Teitelbaum on the same terms as the loan from Millage Limited.
Given the above, the Accounts of the CIO have been prepared on a going concern basis.
Stephen Sacks FCA
For SHEARS & PARTNERS LIMITED Chartered Accountants
88 Edgware Way Edgware HA8 8JS
Date: 30 November 2022
Page 6
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
STATEMENT OF FINANCIAL ACTIVITIES
FROM 1 DECEMBER 2020 TO 30 NOVEMBER 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| INCOMING RESOURCES | |||
| INCOME AND ENDOWMENTS from: | |||
| Donations and Legacies | (4) | 66,426 | 40,703 |
| Investments | (5) | 79 | - |
| 66,505 | 40,703 | ||
| Other | - | - | |
| Total | (12) | 66,505 | 40,703 |
| _ | _ | ||
| RESOURCES EXPENDED | |||
| EXPENDITURE on: | |||
| RAISING FUNDS | (6) | (19,177) | (10,835) |
| CHARITABLE ACTIVITIES | (7) | (119,817) | (127,198) |
| OTHER | (8) | (600) | (1,560) |
| Total | (12) | (139,594) | (139,593) |
| __ | __ | ||
| NET INCOME/(EXPENDITURE) BEFORE | |||
| INVESTMENT GAINS | (73,089) | (98,890) | |
| __ | __ | ||
| NET INCOMING/(OUTGOING) RESOURCES | (73,089) | (98,890) | |
| Total Funds/(Deficit) Brought Forward | (12) | (260,198) | (161,308) |
| Total Funds/(Deficit) Carried Forward | (12) | £(333,287) | £(260,198) |
| ====== | ===== |
The Notes on Pages 8 to 11 form part of the Unaudited Accounts.
Page 7
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
BALANCE SHEET
AS AT 30 NOVEMBER 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| CURRENT ASSETS | |||
| Debtors | (9) | 152,257 | 152,257 |
| Cash at Bank and in Hand | 604 | 80 | |
| 152,861 | 152,337 | ||
| CREDITORS:Amounts falling due within one year | (10) | (2,196) | (3,086) |
| NET CURRENT ASSETS/(LIABILITIES) | 150,665 | 149,251 | |
| __ | __ | ||
| TOTAL NET ASSETS/(LIABILITIES) | 150,665 | 149,251 | |
| CREDITORS: Amounts falling due after more than | |||
| one year | (11) | (483,952) | (409,449) |
| PROVISIONS FOR LIABILITIES | - | - | |
| £(333,287) | £(260,198) | ||
| ====== | ===== | ||
| FUNDS OF THE CHARITY | |||
| Unrestricted Funds | (12) | £(333,287) | £(260,198) |
| ====== | ===== |
The Accounts were approved by the Board of Trustees on 30 November 2022 and signed by the following Trustee on behalf of all of the Trustees.
________ Trustee
J. TEITELBAUM
The Notes on Pages 8 to 11 form part of the Unaudited Accounts.
Page 8
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
NOTES TO THE UNAUDITED ACCOUNTS – 30 NOVEMBER 2021
-
STATUTORY INFORMATION
-
Maaseh Tzedukeh V’Chesed (“the Charity”) is a Charity Incorporated Organisation (“CIO”) domiciled in England and Wales, Charity Registration Number 1156669. The Charity’s Contact and Address are Mrs. E. R. Teitelbaum, 159 Osbaldeston Road, London, N16 6ND.
-
COMPLIANCE WITH ACCOUNTING STANDARDS
The Unaudited Accounts (“the Accounts”) have been prepared in accordance with the provisions of FRS 102 SORP and the Charities SORP Update Bulletin 2 issued on 5 October 2018.
There were no material departures from the above Accounting Standards.
-
ACCOUNTING POLICIES
-
a. Basis of Accounting
The Accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts:
-
The Charities Act 2011 (“the 2011 Act”)
-
The Financial Reporting Standard applicable in the UK FRS 102 (“FRS 102”)
-
The Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 the FRS 102 SORP (“the SORP”)
-
The Charities SORP (FRS 102) Update Bulletin 2 issued on 5 October 2018 (“the Charities SORP FRS 102”)
The CIO constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the CIO’s ability to continue as a going concern.
- b. Income
Grants and Donations Grants and Donations accounted for in the Statement of Financial Activities (“SOFA”) when the CIO becomes entitled to the donation and any conditions for receipt are met.
c. Expenditure and Liabilities/Grants Payable without Performance Conditions Charitable Activities represents Grants and Donations payable and are charged in the period in which payment of funds is conveyed to the recipient.
d. Other Other comprises Governance Costs include the cost of the preparation and examination of the Annual Accounts, and the cost of any legal advice to Trustees on Governance and Constitutional matters.
e. Assets
Debtors Debtors (including loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the CIO. Subsequently they are measured at the cash or other consideration expected to be received.
- f. Liabilities
Liability Recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the CIO to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Page 9
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
NOTES TO THE UNAUDITED ACCOUNTS – 30 NOVEMBER 2021 (Continued)
ANALYSIS OF INCOMING RESOURCES
4. DONATIONS AND LEGACIES
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Charitable Foundations | 19,650 | 3,329 | ||
| Corporate Donors | 25,030 | 22,150 | ||
| Donations from Individuals | 21,746 | 15,224 | ||
| £66,426 | £40,703 | |||
| ===== | ==== | |||
| 5. | INVESTMENTS | |||
| Interest Receivable | £79 | £ - | ||
| == | == | |||
| ANALYSIS OF RESOURCES EXPENDED | ||||
| 6. | RAISING FUNDS | |||
| Advertising | 168 | - | ||
| Bank Charges | 21 | 42 | ||
| Convention | 819 | 4,614 | ||
| Professional Fees | 18,219 | 5,425 | ||
| Telephone | (50) | 754 | ||
| £19,177 | £10,835 | |||
| ===== | ==== | |||
| 7. | CHARITABLE ACTIVITIES | |||
| Year ended 30 November 2021 | ||||
| Analysis of Grants/Donations | ||||
| Grants to Institutions | Grants to Individuals | Total | ||
| £ | £ | £ | ||
| Advancement of Religion | 8,591 | - | 8,591 | |
| General Charitable | 5,000 | - | 5,000 | |
| Relief of Poverty | 71,088 | 6,852 | 77,940 | |
| Welfare | - | 28,286 | 28,286 | |
| £84,679 | £35,138 | £119,817 | ||
| ===== | ===== | ====== | ||
| Grants to particular Institutions that are material in the context of Grants to Institutions were made to the following | ||||
| Institutions for the following purposes: |
| Total Number | Total Amount | ||
|---|---|---|---|
| Name of Institution | Purpose | of Donations Paid | of Donations Paid |
| £ | |||
| Ezer Bekovoid Limited | Welfare | 2 | 61,000 |
| 2 | 61,000 | ||
| Grants immaterial to total Grants made to Institutions | 20 | 23,679 | |
| 22 | £84,679 | ||
| == | ===== |
Page 10
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
NOTES TO THE UNAUDITED ACCOUNTS – 30 NOVEMBER 2021 (Continued)
7. CHARITABLE ACTIVITIES (Continued)
| Year ended 30 November 2020 | |||
|---|---|---|---|
| Analysis of Grants/Donations | |||
| Grants to Institutions | Grants to Individuals | Total | |
| £ | £ | £ | |
| Advancement of Religion | 6,641 | - | 6,641 |
| Education | - | - | - |
| General Charitable | 28,956 | - | 28,956 |
| Relief of Poverty | 36,255 | 22,291 | 58,546 |
| Welfare | - | 33,055 | 33,055 |
| £71,852 | £55,346 | £127,198 | |
| ==== | ==== | ===== |
Grants to particular Institutions that are material in the context of Grants to Institutions were made to the following Institutions for the following purposes:
| Total Number | Total Amount | |||
|---|---|---|---|---|
| Name of Institution | Purpose | of Donations Paid | of Donations Paid | |
| £ | ||||
| Alta Feiga Trust | General Charitable | 1 | 10,000 | |
| Porisover Institutions | Relief of Poverty | 10 | 35,925 | |
| 11 | 45,925 | |||
| Grants immaterial to total Grants made to Institutions | 37 | 25,927 | ||
| £71,852 | £71,852 | |||
| ==== | ==== | |||
| 8. | OTHER | |||
| Governance Costs | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Independent Examiner’s fees for reporting on | the Accounts including VAT | 600 | 1,560 | |
| Other fees paid to the Independent Examiner | including VAT | - | - | |
| £600 | £1,560 | |||
| === | ==== | |||
| 9. | DEBTORS | |||
| Other Debtors | £152,257 | £152,257 | ||
| ====== | ===== | |||
| 10. | CREDITORS:Amounts falling due within one year | |||
| Trade Creditors | 1,560 | 1,440 | ||
| Other Creditors | 36 | 36 | ||
| Accruals and Deferred Income | 600 | 1,610 | ||
| £2,196 | £3,086 | |||
| ==== | ==== |
Page 11
MAASEH TZEDUKEH V’CHESED
Charity Registration Number 1156669
NOTES TO THE UNAUDITED ACCOUNTS – 30 NOVEMBER 2021 (Continued)
- CREDITORS: Amounts falling due after more than one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Loans (Unsecured) | £483,952 | £409,449 |
| ====== | ===== | |
| Debt due after more than one year | ||
| repayable between one and five years | - | - |
| repayable in five years or more | 483,952 | 409,449 |
| £483,952 | £409,449 | |
| ====== | ===== |
The Loans, which at the year-end total £505,152 (2020: £409,449) , and includes £Nil ( 2020: £Nil) in less than one year are unsecured. The Loans are repayable on 5 January 2029.
12. UNRESTRICTED FUNDS
| UNRESTRICTED FUNDS | |
|---|---|
| Statement of Financial | |
| Activities | |
| £ | |
| At 1 December 2020 | (260,198) |
| Incoming Resources | 66,505 |
| Resources Expended | (139,594) |
| Other Recognised Gains/(Losses) | - |
| At 30 November 2021 | £(333,287) |
| ====== |
13. TRUSTEES’ EXPENSES
There were no expenses or remuneration paid to the Trustees in the current or previous Accounting Periods.
14. EMPLOYEES
The CIO had no employees in either the current or previous Accounting Periods.
15. RELATED PARTY TRANSACTIONS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Related Party transactions include the following Income: | ||
| • Mrs F. Schneebalg |
||
| £10,000 | £ Nil | |
| ===== | === | |
| Related Party transactions include the following Expenditure: | ||
| • Ezer Bekovoid Limited (Charity) |
£61,000 | £4,860 |
| ===== | ==== | |
| Loans from Related Parties inCREDITORS:Amounts falling due after more | ||
| than one year | ||
| Millage Limited | 333,952 | 259,449 |
| Mrs F. Schneebalg | 150,000 | 150,000 |
| £483,952 | £409,449 | |
| ====== | ===== |