DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
CHARITY REGISTRATION NUMBER: 1160938
Friends of WMSBG - Kolel Damesek Eliezer
Unaudited Financial Statements
For the year ended 31 January 2023
COHEN ARNOLD
Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Financial Statements
Year ended 31 January 2023
| Pages | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 to 15 |
DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Trustees' Annual Report
Year ended 31 January 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 January 2023.
Reference and administrative details
Registered charity name Friends of WMSBG - Kolel Damesek Eliezer Charity registration number 1160938 Principal office 147 Stamfofd Hill London N16 5LG The trustees J Schreiber R Niederman S Rosenfeld J Kestenbaum Independent examiner Moshe Broner-Cohen FCA Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
Structure, governance and management
Governing document
The organisation is governed by a Trust Deed dated 12th March 2015.
Appointment Training and Recruitment of Trustees
The organisation is run by the trustees who do not receive any remuneration in their capacity as trustees or in any other capacity.
The statutory power of appointing new trustees or a new trustee is exercisable by the trustees during their joint lives and thereafter by the survivor of them.
There must be at least two trustees. Apart from the first trustees, every trustee must be appointed by a resolution of the trustees passed at a special meeting called under clause 15 of the Trust Deed.
In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity.
The trustees must keep a record of the name and address and the dates of appointment, re-appointment and retirement of each trustee.
The trustees must make available to each new trustee, on his or her first appointment:
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a copy of the Trust Deed and any amendments made to it;
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a copy of the charity's latest report and statement of accounts.
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Friends of WMSBG - Kolel Damesek Eliezer
Trustees' Annual Report (continued)
Year ended 31 January 2023
Structure, governance and management (continued)
Risk Management
The trustees have identified and reviewed the major risks to which the Trust is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that systems are in place to mitigate those risks.
Financial risk management and policies
The charity holds or issues financial instruments in order to achieve three main objectives being:
-
a) to finance its operations
-
b) to manage its exposure to interest and currency risks arising from operations and from its sources of finance; and
-
c) for generating funds.
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the charity's operations.
Credit risks
The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of managing exposure to credit risk.
The charity has no significant concentrations of credit risks. Amounts shown in the balance sheet represent the maximum credit exposure in the event other parties fail to perform their obligations under the financial instruments including charitable loans that are made in the furtherance of charitable objectives.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
Charitable Objects
The objects of the charity (the "objects") are:
-
1) Advancement of education
-
2) Prevention or relief of poverty
3) Promotion of the Orthodox Jewish Religion in general and in particular by maintaining the synagogue and providing facilities for religious worship and maintaining and running a Kolel
4) Any other purpose currently recognised as charitable by analogy to, or within the spirit of, purposes of the above mentioned or any other purpose recognised as charitable under the law of England and Wales.
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Trustees' Annual Report (continued)
Year ended 31 January 2023
Aims, Objectives and Activities for Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
The trustees will identify institutions and organisations which meet its above charitable objects and regularly support a number of these institutions and organisations, not only in England but also worldwide.
During the year, the charity made donations to institutions in accordance with the charity's objects for advancement of education and relief of poverty. These activities were undertaken to further the charity's purposes for public benefit.
Achievements and performance
The main areas of charitable activity will be the provision of financial support to organisations engaging in religious education, advancement of religion and philanthropic aid to the needy. These activities were undertaken for public benefit to further the charity's objectives.
Financial review
The charity is dependent on income from investments and voluntary donations. During the year ended 31st January 2023 income from donations and legacies was £594,115 (2022: £248,100) and investment income was £135,583 (2022 £190,896). Charitable distributions made were £439,275(2022: £154,050).
Plans for future periods
In accordance with the trust deed, the charity has the power to make any investments which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
Grant Making Policy
The charity will accept applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. At the year end, the charity had £1.7m of free reserves.
Plans For Future Periods
The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
Fixed Assets
The movements in fixed assets are fully reflected in the notes to the financial statements.
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Trustees' Annual Report (continued)
Year ended 31 January 2023
Plans for future periods (continued)
Investment Property
The charity's investment property is held by Alexander Swansea Limited which acts as bare trustee for Friends of WMSBG - Kolel Damesek Elieer and two other charities.
The Charity's investment property is stated at market value and has been revalued by the trustee, Mr J Schreiber who has an extensive knowledge of the property market.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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;
-
observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK 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 charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Trust Deed. They 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.
The trustees' annual report was approved on 31 October 2023 and signed on behalf of the board of trustees by:
J Schreiber R Niederman Trustee Trustee
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Friends of WMSBG - Kolel Damesek Eliezer
Independent Examiner's Report to the Trustees of Friends of WMSBG - Kolel Damesek Eliezer
Year ended 31 January 2023
I report to the trustees on my examination of the financial statements of Friends of WMSBG - Kolel Damesek Eliezer ('the charity') for the year ended 31 January 2023.
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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
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.
Moshe Broner-Cohen FCA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
31 October 2023
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Statement of Financial Activities
Year ended 31 January 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 594,115 | 594,115 | 248,100 |
| Investment income | 5 | 135,583 | 135,583 | 190,896 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total income | 729,698 | 729,698 | 438,996 | |
| ===================================== | ===================================== | ===================================== | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (77,459) | (77,459) | (73,078) |
| Expenditure on charitable activities | 7,8 | (444,542) | (444,542) | (159,274) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total expenditure | (522,001) | (522,001) | (232,352) | |
| ===================================== | ===================================== | ===================================== | ||
| Net losses on investments | 11 | (333,333) | (333,333) | (772,479) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Net expenditure and net movement in funds | (125,636) | (125,636) | (565,835) | |
| ===================================== | ===================================== | ===================================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,833,609 | 1,833,609 | 2,399,444 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total funds carried forward | 1,707,973 | 1,707,973 | 1,833,609 | |
| =============================================== | =============================================== | =============================================== |
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 9 to 15 form part of these financial statements.
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Statement of Financial Position
31 January 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 15 | 1,333,334 | 1,666,667 | |
| Current assets | ||||
| Debtors | 16 | 59,544 | 90,560 | |
| Cash at bank and in hand | 985,722 | 747,009 | ||
| ----------------------------------------------- | ------------------------------------- | |||
| 1,045,266 | 837,569 | |||
| Creditors: amounts falling due within one year | 17 | (3,960) | (3,960) | |
| ----------------------------------------------- | ------------------------------------- | |||
| Net current assets | 1,041,306 | 833,609 | ||
| ----------------------------------------------- | ----------------------------------------------- | |||
| Total assets less current liabilities | 2,374,640 | 2,500,276 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 18 | (666,667) | (666,667) | |
| ----------------------------------------------- | ----------------------------------------------- | |||
| Net assets | 1,707,973 | 1,833,609 | ||
| =============================================== | =============================================== | |||
| Funds of the charity | ||||
| Unrestricted funds | 1,707,973 | 1,833,609 | ||
| ----------------------------------------------- | ----------------------------------------------- | |||
| Total charity funds | 19 | 1,707,973 | 1,833,609 | |
| =============================================== | =============================================== |
These financial statements were approved by the board of trustees and authorised for issue on 31 October 2023, and are signed on behalf of the board by:
J Schreiber R Niederman Trustee Trustee
The notes on pages 9 to 15 form part of these financial statements.
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Statement of Cash Flows
Year ended 31 January 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net expenditure | (125,636) | (565,835) |
| Adjustments for: | ||
| Net losses on investments | 333,333 | 772,479 |
| Dividends, interest and rents from investments | (135,583) | (190,896) |
| Changes in: | ||
| Trade and other debtors | 31,016 | (42,729) |
| ------------------------------------- | ------------------------------------- | |
| Cash generated from operations | 103,130 | (26,981) |
| ------------------------------------- | ------------------------------- | |
| Net cash from/(used in) operating activities | 103,130 | (26,981) |
| ===================================== | =============================== | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 135,583 | 190,896 |
| ------------------------------------- | ------------------------------------- | |
| Net cash from investing activities | 135,583 | 190,896 |
| ===================================== | ===================================== | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | – | (16,666) |
| ------------------------------------- | ------------------------------------- | |
| Net cash used in financing activities | – | (16,666) |
| ===================================== | ===================================== | |
| Net increase in cash and cash equivalents | 238,713 | 147,249 |
| Cash and cash equivalents at beginning of year | 747,009 | 599,760 |
| ------------------------------------- | ------------------------------------- | |
| Cash and cash equivalents at end of year | 985,722 | 747,009 |
| ===================================== | ===================================== |
The notes on pages 9 to 15 form part of these financial statements.
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Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements
Year ended 31 January 2023
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 147 Stamford Hill, London, N16 5LG.
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.
Aquisitions and disposals
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Going concern
There are no material uncertainties about the charity's ability to continue.
Finance cost
Cost of obtaining finance is allocated to profit and loss account over the length of the loan, up to a maximum of five years. In the case of early redemption of loans, unamortised finance cost is written off fully to profit and loss account in the year when early redemption occurs.
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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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements (continued)
Year ended 31 January 2023
3. Accounting policies (continued)
Incoming resources
All donations are recognised in the Statement of Financial Activities (SOFA) of the charity when received.
Resources expended
Governance costs
Governance costs include costs of the preparation and audit of financial statements and cost of any legal advice to trustees on governance or constitutional matters.
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources.
Charitable activities
Charitable donations are only recognised in the accounts when paid.
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.
Investment property
All investment properties are stated at fair valuation.
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.
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.
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements (continued)
Year ended 31 January 2023
3. Accounting policies (continued)
Financial instruments (continued)
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.
4. Donations and legacies
5.
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations Income | 594,115 | 594,115 | 248,100 | 248,100 |
| ===================================== | ===================================== | ===================================== | ===================================== | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from investment properties | 135,583 | 135,583 | 190,896 | 190,896 |
| ===================================== | ===================================== | ===================================== | ===================================== |
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements (continued)
Year ended 31 January 2023
6. Investment management costs
| nvestment management costs | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Property management expenses | 47,522 | 47,522 | 53,405 | 53,405 |
| Other Financial Costs | 1,333 | 1,333 | 1,333 | 1,333 |
| Bank charges | 127 | 127 | 247 | 247 |
| Interest payable and similar charges | 28,477 | 28,477 | 18,093 | 18,093 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 77,459 | 77,459 | 73,078 | 73,078 | |
| =============================== | =============================== | =============================== | =============================== |
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |||
|---|---|---|---|---|---|---|
| Funds | 2023 |
Funds | 2022 | |||
| £ | £ | £ | £ | |||
| Donations paid | 439,275 | 439,275 |
154,050 | 154,050 | ||
| Support costs | 5,267 | 5,267 |
5,224 | 5,224 | ||
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | |||
| 444,542 | 444,542 |
159,274 | 159,274 | |||
| ===================================== | ===================================== | ===================================== | ===================================== | |||
| 8. | Expenditure on charitable activities by activity type | |||||
| Grant | ||||||
| funding of | Total funds | Total fund | ||||
| activities | Support costs | 2023 | 2022 | |||
| £ | £ | £ | £ | |||
| Donations paid | 439,275 | – |
439,275 | 154,050 | ||
| Governance costs | – | 5,267 |
5,267 | 5,224 | ||
| ------------------------------------- | -------------------------- | ------------------------------------- | ------------------------------------- | |||
| 439,275 | 5,267 |
444,542 | 159,274 | |||
| ===================================== | ========================== | ===================================== | ===================================== | |||
| 9. | Analysis of support costs | |||||
| Accountancy | Legal & | Bank |
||||
| fees | Professional | Charges |
Total 2023 | Total 2022 | ||
| £ | £ | £ | £ | £ | ||
| Governance costs | 3,960 | 340 | 198 |
4,498 | 5,224 | |
| ========================== | ================ | ================ | ========================== | ========================== | ||
| 10. | Analysis of grants | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Grants to institutions | ||||||
| Dushinsky Trust Ltd | 147,890 | – | ||||
| Chevras Mo'oz Ladol | 113,865 | – | ||||
| Y G S Yeshiva Gedola | Seminar | 173,920 | 151,350 | |||
| Donations < £5,000 | 3,600 | 2,700 | ||||
| ------------------------------------- | ------------------------------------- | |||||
| 439,275 | 154,050 | |||||
| ------------------------------------- | ------------------------------------- | |||||
| Total grants | 439,275 | 154,050 | ||||
| ===================================== | ===================================== |
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements (continued)
Year ended 31 January 2023
10. Analysis of grants (continued)
All donations were paid to charitable institutions for the purpose of either the advancement of Jewish Religious education and/or the alleviation of poverty.
11. Net losses on investments
| Net losses on investments | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Deficit on revaluation of investment | ||||
| property | (333,333) | (333,333) |
(772,479) | (772,479) |
| ===================================== | ===================================== | ===================================== | ===================================== | |
| Independent examination fees | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 3,960 | 3,960 | ||
| ========================== | ========================== |
12. Independent examination fees
13. Staff costs
No remuneration was paid to the trustees (2022: Nil)
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Investments
| Investments | |
|---|---|
| Investment | |
| properties | |
| £ | |
| Cost or valuation | |
| At 1 February 2022 | 1,666,667 |
| Additions | – |
| Fair value movements | (333,333) |
| ----------------------------------------------- | |
| At 31 January 2023 | 1,333,334 |
| =============================================== | |
| Impairment | |
| At 1 February 2022 and 31 January 2023 | |
| Carrying amount | |
| At 31 January 2023 | 1,333,334 |
| =============================================== | |
| At 31 January 2022 | 1,666,667 |
| =============================================== |
All investments shown above are held at valuation.
Investment properties
The charity's investment property is stated at market value and has been revalued by the trustee, Mr J Schreiber, who has an extensive knowledge of the property market.
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements (continued)
Year ended 31 January 2023
16. Debtors
| 16. | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 59,544 | 90,560 | |
| =============================== | =============================== | ||
| 17. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 3,960 | 3,960 | |
| ========================== | ========================== | ||
| 18. | Creditors: amounts falling due after more than one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 666,667 | 666,667 | |
| ===================================== | ===================================== |
The bank loan is for a 5 year term and interest is charged at 2.7% p.a over SONIA (Sterling Over Night Index Average). It is an interest only loan. The loan is secured on the freehold property.
19. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 | At 31 | ||||
| February | Gains and | January | |||
| 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 1,833,609 | 729,698 | (522,001) | (333,333) | 1,707,973 |
| =============================================== | ===================================== | ===================================== | ===================================== | =============================================== | |
| At 1 | At 31 | ||||
| February | Gains and | January | |||
| 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 2,399,444 | 438,996 | (232,352) | (772,479) | 1,833,609 |
| =============================================== | ===================================== | ===================================== | ===================================== | =============================================== |
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DocuSign Envelope ID: D4F5A2AA-6A66-4AD8-8E95-5A2A26DC89C6
Friends of WMSBG - Kolel Damesek Eliezer
Notes to the Financial Statements (continued)
Year ended 31 January 2023
20. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Funds | 2023 | ||
| £ | £ | ||
| Investments | 1,333,334 | 1,333,334 | |
| Current assets | 1,045,266 | 1,045,266 | |
| Creditors less than 1 year | (3,960) | (3,960) |
|
| Creditors greater than 1 year | (666,667) | (666,667) |
|
| ----------------------------------------------- | ----------------------------------------------- | ||
| Net assets | 1,707,973 | 1,707,973 | |
| =============================================== | =============================================== | ||
| Unrestricted | Total Funds | ||
| Funds | 2022 | ||
| £ | £ | ||
| Investments | 1,666,667 | 1,666,667 | |
| Current assets | 837,569 | 837,569 | |
| Creditors less than 1 year | (3,960) | (3,960) |
|
| Creditors greater than 1 year | (666,667) | (666,667) |
|
| ----------------------------------------------- | ----------------------------------------------- | ||
| Net assets | 1,833,609 | 1,833,609 | |
| =============================================== | =============================================== | ||
| Analysis of changes in net debt | |||
| At | At | ||
| 1 Feb 2022 | Cash flows | 31 Jan 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 747,009 | 238,713 | 985,722 |
| Debt due after one year | (666,667) | – |
(666,667) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 80,342 | 238,713 | 319,055 | |
| ===================================== | ===================================== | ===================================== | |
| Related parties | |||
| Donations received are from companies connected to one or more of | the trustees. | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Hemel Jempstead Estates Limited | 30,325 | 44,975 | |
| Broad Estates Limited | – | 18,720 | |
| Penge Investments Limited | 51,235 | 20,260 | |
| Omnia Doxford Limited | 104,200 | 15,950 | |
| Barnet Residential Limited | 143,000 | 98,800 | |
| Horley Victoria Limited | – | 3,280 | |
| Bracknell Estates Limited | – | 13,640 | |
| Slough Investments Limited | 91,185 | – | |
| Wokingham Investments Limited | – | 32,475 | |
| Gosforth and Northumbria One Ltd | 174,170 | – |
21. Analysis of changes in net debt
22. Related parties
Donations received are from companies connected to one or more of the trustees.
Income from investment properties relate to income from an investment held by a company acting as a bare trustee for the charity.
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