CHARITABLE INCORPORATED ORGANISATION (CIO) NUMBER: 1158986
KERESTIER
Unaudited Financial Statements 31 October 2024
WHITESIDE AND DAVIES LTD
Chartered Certified Accountants 158 Cromwell Road Salford M6 6DE
KERESTIER
Financial Statements
Year ended 31 October 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
KERESTIER
Trustees' Annual Report (continued)
Year ended 31 October 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2024.
Reference and administrative details
Registered charity name KERESTIER Charity registration number 1158986 Principal office 170 Holmleigh Road London N16 5PY The trustees Mr E Schneck Mr Y Marmorshtein Mr J Matyas Mr J Meisels Independent examiner C Frenkel FCCA 158 Cromwell Road Salford M6 6DE
Structure, governance and management
Kerestier is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission and governed by its constitution dated 27th October 2014. The Trustees in office throughout the year were Mr E Schneck, Mr J Meisels, Mr J Matyas and Mr Y Marmorshtein. All trustees give of their time freely. They are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full trustees’ meetings. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005 in preparing the annual report and financial statements of the charity.
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.
Public benefit
The Trustees confirm their compliance, with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Chanty's aims and objectives and in planning future activities. The Trustees are satisfied that they meet their obligations.
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KERESTIER
Trustees' Annual Report (continued)
Year ended 31 October 2024
Objectives and activities
The Charity’s objectives are:
-
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.
Achievements and performance
The charity continued to fulfil its charitable objectives during the year by promoting education in the Orthodox Jewish faith and providing relief from poverty, primarily through the distribution of charitable grants.
Financial review
During the period the charity received investment income of £6,668 (2023: £3,725) and made Grants of £6,430 (2023: £2,590). The charity reported a net deficit of £823 for the year (2023: deficit of £155), resulting in unrestricted reserves carried forward at a deficit of £2,552.
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.
Reserves policy
The trustees retain reserves as necessary and where appropriate consolidate funds in order to enable the charity to meet future needs or to make more substantial grants which they feel to be appropriate. A minimum of £500 in free reserves is always maintained.
The trustees' annual report was approved on 29 August 2025 and signed on behalf of the board of trustees by:
Mr E Schneck Trustee
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KERESTIER
Independent Examiner's Report to the Trustees of KERESTIER
Year ended 31 October 2024
I report to the trustees on my examination of the financial statements of KERESTIER ('the charity') for the year ended 31 October 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
C Frenkel FCCA Independent Examiner
158 Cromwell Road Salford M6 6DE
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KERESTIER
Statement of Financial Activities
Year ended 31 October 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 6,668 | 6,668 | 3,725 |
| ----------------------- | ----------------------- | ----------------------- | ||
| Total income | 6,668 | 6,668 | 3,725 | |
| ======================= | ======================= | ======================= | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 7,491 | 7,491 | 3,880 |
| ----------------------- | ----------------------- | ----------------------- | ||
| Total expenditure | 7,491 | 7,491 | 3,880 | |
| ======================= | ======================= | ======================= | ||
| ----------------------- | ----------------------- | ----------------------- | ||
| Net expenditure and net movement in funds | (823) | (823) | (155) | |
| ======================= | ======================= | ======================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | (1,729) | (1,729) | (1,574) | |
| ----------------------- | ----------------------- | ----------------------- | ||
| Total funds carried forward | (2,552) ======================= |
(2,552) ======================= |
(1,729) ======================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
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KERESTIER
Statement of Financial Position
31 October 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 12 | 184,070 | 184,070 |
| Current assets | |||
| Cash at bank and in hand | 784 | 1,607 | |
| Creditors: amounts falling due within one year | 13 | 187,406 | 187,406 |
| -------------------------------- | -------------------------------- | ||
| Net current liabilities | 186,622 | 185,799 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | (2,552) | (1,729) | |
| ----------------------- | ----------------------- | ||
| Net liabilities | (2,552) | (1,729) | |
| ======================= | ======================= | ||
| Funds of the charity | |||
| Unrestricted funds | (2,552) | (1,729) | |
| ----------------------- | ----------------------- | ||
| Total charity funds | 14 | (2,552) ======================= |
(1,729) ======================= |
These financial statements were approved by the board of trustees and authorised for issue on 29 August 2025, and are signed on behalf of the board by:
Mr E Schneck Trustee
The notes on pages 6 to 12 form part of these financial statements.
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KERESTIER
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 170 Holmleigh Road, London, N16 5PY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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KERESTIER
Notes to the Financial Statements (continued)
Year ended 31 October 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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KERESTIER
Notes to the Financial Statements (continued)
Year ended 31 October 2024
3. Accounting policies (continued)
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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KERESTIER
Notes to the Financial Statements (continued)
Year ended 31 October 2024
3. Accounting policies (continued)
Impairment of fixed assets (continued)
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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KERESTIER
Notes to the Financial Statements (continued)
Year ended 31 October 2024
4. Investment income
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 6,666 | 6,666 | 3,725 | 3,725 | |
| Bank interest receivable | 2 | 2 | – | – | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| 6,668 | 6,668 | 3,725 | 3,725 | ||
| ======================= | ======================= | ======================= | ======================= | ||
| 5. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable activity | 6,430 | 6,430 | 2,590 | 2,590 | |
| Support costs | 1,061 | 1,061 | 1,290 | 1,290 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| 7,491 | 7,491 | 3,880 | 3,880 | ||
| ======================= | ======================= | ======================= | ======================= | ||
| 6. | Expenditure on charitable activities | by activity type | |||
| Grant funding | Support |
Total funds | Total fund | ||
| of activities | costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable activity | 6,430 | 161 | 6,591 | 2,980 | |
| Governance costs | – | 900 | 900 | 900 | |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ||
| 6,430 | 1,061 | 7,491 | 3,880 | ||
| ======================= | ======================= | ======================= | ======================= | ||
| 7. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | Total 2024 | Total 2023 | |||
| £ | £ | £ | |||
| General office | 101 | 101 | 322 | ||
| Finance costs | 60 | 60 | 68 | ||
| Governance costs | 900 | 900 | 900 | ||
| ----------------------- | ----------------------- | ----------------------- | |||
| 1,061 | 1,061 | 1,290 | |||
| ======================= | ======================= | ======================= | |||
| 8. | Analysis of grants | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Mesifta Talmudical College | 2,018 | – | |||
| Grants less than £1,000 | 4,412 | 2,590 | |||
| ----------------------- | ----------------------- | ||||
| 6,430 | 2,590 | ||||
| ----------------------- | ----------------------- | ||||
| Total grants | 6,430 | 2,590 | |||
| ======================= | ======================= |
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KERESTIER
Notes to the Financial Statements (continued)
Year ended 31 October 2024
9. Independent examination fees
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 900 ============== |
900 ============== |
10. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 November 2023 and 31 October 2024 | 184,070 |
| ================================ | |
| Impairment | |
| At 1 November 2023 and 31 October 2024 | |
| Carrying amount | |
| At 31 October 2024 | 184,070 |
| ================================ | |
| At 31 October 2023 | 184,070 |
| ================================ |
All investments shown above are held at valuation.
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
13. Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 4,040 | 4,040 |
| Other creditors | 183,366 | 183,366 |
| -------------------------------- | -------------------------------- | |
| 187,406 | 187,406 | |
| ================================ | ================================ |
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KERESTIER
Notes to the Financial Statements (continued)
Year ended 31 October 2024
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | November | 31 October | |||
| 2023 | Income | Expenditure | 24 | ||
| £ | £ | £ | £ | ||
| General funds | (1,729) | 6,668 | (7,491) | (2,552) | |
| ======================= | ======================= | ======================= | ======================= | ||
| At | At | ||||
| 1 | November | 31 October | |||
| 2022 | Income | Expenditure | 23 | ||
| £ | £ | £ | £ | ||
| General funds | (1,574) | 3,725 | (3,880) | (1,729) | |
| ======================= | ======================= | ======================= | ======================= |
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Tangible fixed assets | 184,070 | 184,070 |
| Current assets | 784 | 784 |
| Creditors less than 1 year | (187,406) | (187,406) |
| -------------------------------- | -------------------------------- | |
| Net liabilities | (2,552) | (2,552) |
| ================================ | ================================ | |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 184,070 | 184,070 |
| Current assets | 1,607 | 1,607 |
| Creditors less than 1 year | (187,406) | (187,406) |
| -------------------------------- | -------------------------------- | |
| Net liabilities | (1,729) | (1,729) |
| ================================ | ================================ |
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