Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE
YEAR ENDED 30 JUNE 2024
COMPANY REGISTRATION NUMBER 09649856 CHARITY NUMBER 1163637
COHEN ARNOLD
Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
| CONTENTS | PAGES |
|---|---|
| Members of the Board and professional advisers | 1 |
| Trustees Annual Report | 2 |
| Independent auditor's report to the members | 10 |
| Statement of financial activities (incorporating the | |
| income and expenditure account) | 14 |
| Balance sheets | 15 |
| Statement of Cash Flows | 17 |
| Notes to the financial statements | 18 |
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE) MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
YEAR ENDED 30 JUNE 2024
Reference and administrative details
Registered charity name Bonei Olam Limited Charity registration number 1163637 Company registration number 09649856 Principle office and registered 130a Northwold Road office London E5 8RA UK The trustees Mr J Englander Mr C Reichberg Mrs E Weissman Mr A J Sprung Mr A D Leitner Mr B Rudzinski Mr I Moskovitz Company secretary Mr C Reichberg Independent auditor Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and audited financial statements for the year ended 30 June 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal structure
BONEI OLAM, UK was originally established as a charitable trust in 2004 to assist infertile couples. As of 1 July 2017, the charity's activities were transferred to a newly formed incorporated charity, Bonei Olam Limited (charity number 1163637, company number 09649856). In the trustees’ view this is a more suitable legal structure given the nature and expansion of the charity's activities. The charity’s governing document is its Memorandum and Articles of Association.
Governance and management
The charity is governed by a board of seven trustees, none of whom has been paid for services provided to the charity. The power to appoint new trustees is vested with the board. The trustees, all with suitable skills to support the governance and continued growth of the charity. They have a wealth of experience in governing, managing, or fundraising for charities.
To deliver the charity’s strategy and goals, the trustees employ staff with responsibility for management and administration of daily activities. Trustees also play an active role in the charity’s strategic management and daily work, which is separate to their governance responsibilities.
Risk management
The trustees have assessed the risks to which the charity is exposed, and regularly reviews these to ensure that risk is continually identified, assessed and managed. Key risks relate to the operations of the charity, and the way it supports people experiencing infertility, and financial risk. The trustees are satisfied that systems are in place to manage its exposure to risk.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Bonei Olam’s object is to help couples experiencing infertility. It was founded by a group of people who have struggled with infertility. Its charitable object is ‘the relief of sickness amongst those who are suffering from infertility problems through the provision of financial assistance, resources, support and information provided in accordance with Jewish law and tradition.'
Bonei Olam work primarily with Orthodox Jewish patients, where fertility treatments are complicated by requirements of Jewish law (Halacha). Its main area of operation is Barnet, Hackney, Haringey, Manchester and Gateshead. It also receives referrals and provides services to patients across England and Europe.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
Bonei Olam achieves its charitable object through the following activities and services:
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Information and advice for infertility patients.
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Advocacy and support for patients to get the best infertility treatment.
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Financial support for infertility treatment, where patients would otherwise be unable to access it or would experience hardship.
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Initiation and development of new services for infertility patients, working in partnership with other healthcare providers and organisations.
During the year, Bonei Olam has continued to expand and improve its existing activities, whilst initiating and developing new services.
Improved patient advice and services
Bonei Olam continued to provide sensitive and expert support for patients. Information, advice and guidance was provided to 450 couples experiencing infertility. Bonei Olam’s work continues to be regarded by both patients and clinicians as outstanding.
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➢ 59 babies were born during the last 12 months with Bonei Olam’s assistance.
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➢ 213 couples were treated for primary infertility
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➢ 228 couples were treated for secondary infertility
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➢ 305 couples obtained advice, guidance and referrals. Bonei Olam translated, explained and advocated for patients to their doctors
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➢ 94 couples had non-invasive fertility treatments funded (under £3,600 each)
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➢ 66 couples had more invasive treatments funded (average £11,600 per couple)
Bonei Olam’s counsellors, both volunteer and paid, have continued to improve in the following ways;
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Achieving high levels of expertise in the field of infertility and keeping constantly abreast of the latest medical developments in the subject.
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Building and maintaining strong relationships with clinicians in the NHS and private sectors.
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Increasing their level of knowledge about the interaction between Jewish law and fertility matters.
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Ongoing training in the emotional aspects of supporting couples struggling with infertility.
Patient Advocacy and Support
BO undertook patient advocacy in two ways. The first way was through liaising with infertility centres and clinicians to improve the support they offer, particularly surrounding areas where Jewish law may affect certain aspects of treatment. BO has worked hard to develop strong relationships with the local NHS services, including clinicians, managers, and commissioners, to ensure the smoothest possible integration between NHS funded pathways and private treatments. NHS services have continued to become more accessible to eligible infertility patients who abide by Orthodox Jewish faith, easing the financial burden on these patients.
The second way was through encouraging individual couples to access the optimum treatment plan for them and assist them throughout their treatment. BO’s improved advice around treatment protocols for Polycystic Ovarian Syndrome (PCOS), which is a major cause of infertility, has resulted in significantly improved outcomes.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
Financial support for medical treatments
The financial cost of infertility treatment is beyond the reach of many patients, and as chances of positive outcomes decrease rapidly for each couple as they age, without financial assistance some couples face the prospect of never being blessed with a child. Financial support for couples who cannot be helped within the NHS remains the largest area of expenditure for Bonei Olam.
The Trustees work tirelessly to lower the cost of providing treatment. The trustees have been steadily;
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focusing on supporting couples to conceive naturally without the need for medical interventions
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• improving protocols for treating patients with PCOS (a high percentage of patients), which has resulted in many women conceiving naturally and avoiding the need for invasive treatments.
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advocating for patients on the NHS with positive results. This has reduced the need for private diagnostics and treatment.
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Continuing to improve cost-effective procurement resulting in more lower price fertility treatment (for patients who are not eligible for NHS options).
Bonei Olam aims to continue to support fertility treatments at the lowest possible cost, whilst improving the quality of its services.
This year BO worldwide across the globe celebrated a monumental milestone, the ten thousandth baby born to parents who were the recipients of Bonei Olam services.
DEVELOPMENT OF SERVICES
Counselling Services
Mental health plays an important role in fertility. For some patients, fertility issues are simply a symptom of an emotional or relationship issue and counselling is often sufficient to resolve the patients’ issues. For other patients, medical intervention is necessary for a positive outcome but adding counselling to the treatment plan can increase the chances of success considerably.
Manchester Branch
The service in Manchester continues to grow rapidly. To date 109 babies have been born to parents who have been helped by BO. The BO Manchester team now consists of a new executive board, rabbinic board, six trained counsellors, a medical director and coordinator, administrative and fundraisers. Two rabbinical conferences were held for Manchester’s rabbis, where leading fertility medical professionals explained in detail various treatments. Several smaller training sessions were held this year, too. Fundraising in Manchester was successful, as the community are becoming aware of the importance of BO’s vital services and feel the need for BO to expand its services locally to help more couples.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
Gateshead Branch
BO opened its own local office in Gateshead two years ago to serve the local community. A medical administrator is now available in Gateshead to help couples with local clinics and treatment options.
Many Gateshead couples seeking fertility treatment find that specialist appointments are mainly in London. Travel time to London is significant and zoom appointments are not always suitable. A solution to this problem would be if BO open a Nova Health Clinic in Gateshead, similar to the one it operates in Stamford Hill. Bonei Olam is working with Dr Matthew Prior, Consultant Gynaecologist at Newcastle Fertility Centre, who specialises in reproductive medicine, to turn this idea into reality.
A baby was born this year in Gateshead to a couple who had extremely complex fertility issues.
Medical Developments
During the year, Bonei Olam has continued to grow, improve its existing activities and successfully initiated new services.
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Great strides were made this year in the field of male fertility for a specific condition (obstructive azoospermia). Medical professionals around the world were brought together by BO to facilitate the new treatment options for Orthodox Jewish patients. Rabbis across the UK met to ensure that this treatment can be offered to UK patients. As this condition is fairly common, BO are hoping that many couples will benefit from this new treatment.
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BO has been treating patients with many disorders including epilepsy, Turner’s syndrome, diabetes, mental health issues, and cancer.
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BO is currently involved in facilitating and supporting research into new treatments, and stays up-to-date with all advances in fertility treatment in order to ensure the best care for its service users.
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This year, BO were able to send more couples abroad, to be treated by experts who don’t provide treatment nearer to home. This was only for couples whose issues needed specific procedures that they would not be accessible in the UK.
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BO invests in its relationships with leading experts at many London-based clinics and hospitals, in order to advocate for its patients and also to be constantly up-to-date in a fast-changing climate where new treatments and procedures are approved regularly.
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The new helpline ‘Eitzo’ was established to assist couples with less complex fertility related issues. When potential challenges are addressed earlier on, it can save much grief, heartache and expense down the line. The helpline is run daily by four caseworkers.
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Over the past six years, BO has developed a strong relationship with the Swedish transplant medical team and has been in close contact regarding specific genetic testing for Rabbinical approval of the procedure.
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Until recently women born without a uterus would never be able to have a biological child.
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However, a ground-breaking medical procedure has now made it possible for these women to also carry their own children. This year, the first Jewish uterine transplant in our community was successful! A woman who previously had no uterus and no hope, gave birth to a healthy baby boy.
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Since then, Bonei Olam has received numerous requests from women who had never hoped to have biological children, who now see this dream as a possibility. This uterine transplant (which also requires IVF treatment) is a very expensive procedure and BO are looking into how they could access funding to help these couples pursue their dreams.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
Bonei Olam’s Other Programmes
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❖ Bonei Olam has expanded its awareness and education initiatives. This year it produced a magazine to explain in simple terms the latest developments in the fertility world and separately a booklet on Bonei Olam’s news and events in order to reach out to those who need its services. Distribution of each publication reached over 3,000.
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❖ In February the founder of Bonei Olam worldwide (Rabbi Bochner) visited London and addressed an audience of over a thousand women. Included in the programme were speeches and presentations by people who have struggled and are still struggling with fertility issues, as well as medical professionals. The purpose of this gathering was to enhance awareness of fertility issues, including prevention, through healthy lifestyle choices. The goal was also to address the emotional aspects and stigma surrounding fertility challenges and to encourage sensitivity and support for those struggling with this challenge.
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❖ Many initiatives were developed this year to encourage financial support from within the community. The charity has attracted a significant donor base as more people become aware of the life-changing work that BO does. An international conference was held for large donors in Poland in order to encourage them to continue to be ambassadors for the organisation. 15 UK donors attended.
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❖ Bonei Olam has been working closely with affiliated charities. In May, a charity, Menucha, set up to help women suffering from perinatal mood disorders ran a conference. Bonei Olam was asked to participate and a representative joined the panel discussing a common health issue faced by women – PCOS.
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❖ Bonei Olam has been developing its North West London branch and has therefore expanded its awareness and fundraising programmes in the area.
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❖ The rabbinic advisory board has also been expanded and improved with over 70 rabbis participating in a rabbi’s conference. An online group has been established to enhance communication between BO and rabbinic advisors.
NOVA Health Clinic Bonei Olam’s wholly owned subsidiary, the Nova Health Clinic.
The Nova Clinic is situated near Bonei Olam Ltd.’s offices and charges patients for the medical services it provides, including scans, tests and procedures. It is anticipated in the future the Nova Clinic will generate profits which will help fund the operations of Bonei Olam Ltd. Patients at the clinic include Bonei Olam beneficiaries and members of the wider public who use the ultrasound clinic and other services regularly.
Bonei Olam Ltd refers its beneficiaries to the Nova Clinic as well as to a number of other fertility clinics and pays for the services that they use. Patients are requested to make a contribution to Bonei Olam Ltd to help offset these costs, according to their means, but they are not required to do so.
The Nova Health Clinic has developed and flourished this year. Until now its CQC registration was through a local GP office. This year, the Nova Clinic has become independent, with its own CQC registration and operates as a stand- alone gynaecological/ fertility clinic. Its well-located premises is new and state-of -the-art and was funded by a generous patron. Patients struggling through a difficult time now have better surroundings for many of their routine medical procedures carried out at the clinic.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
It is now open five days a week throughout the year. It is constantly striving to improve the services it offers. The clinic recently instituted an overseas preparation service for UK couples being treated abroad. Initial parts of the treatment are performed by the Nova Clinic, allowing the couple to remain at home until the final part of their treatment. The prescription dispensing service, which can dispense the first three days of medication ensures that treatment plans can be started whilst the remaining part of the prescription can be filled at the local chemist. Specialist fertility drugs are usually not kept in stock and often take three days to order.
The Clinic is now able to offer many fertility treatments to patients on site, including 3D saline infusion sonograms, fallopian tubal patency checks with HyCoSy expanding foam and routine internal Speculum exams. Patients requiring treatments that require an on-site lab or an operative theatre, are referred to a hospital. These include polyp removal and bone density scans.
Two of the most successful fertility clinics (per HFEA.gov.uk), The CRGH and The Lister Fertility Clinic are now associated with Nova and work in collaboration for patients preferring off site local scanning during IVF/ICSI/PGD procedures.
The Nova clinic is run by Mr Dimitrios Mavrelos BA (OXON) MBBS, MD, MRCOG, and Dr Steven Moser. Dr Mavrelos is a consultant gynaecologist at the UCH hospital and Dr Moser is an interventional radiologist and an expert on male urological ultrasound. Male service users can generally be diagnosed and treated by Dr Moser. However, if in the course of his investigations he determines a need for corrective intervention, he is able to treat patients at the Wellington hospital or the London Clinic. A recent investment in ViewPoint Ultrasound Reporting, has upgraded the clinic’s ultrasound reporting to the gold standard.
Fundraising campaigns
This year Bonei Olam held its big fundraising event, which is generally held every third year. It was heartwarming to see how the community values the difference that BO makes and the impact it has on so many couples and families. Thankfully, many donated to this very worthwhile cause, enabling BO to continue its vital work
FINANCIAL REVIEW
BO’s Ohel Sarala Project is an ongoing fundraising initiative that is growing rapidly and will hopefully continue to provide the charity with funding in the future. One of the benefits of this income stream is that donors set up small monthly payments to the charity, which means a steady stream of income on which the charity can rely. As this initiative is funded by a large number of donors, BO is not reliant on one or two dominant funders. Following the successful women’s gatherings in London this year, there were many new sign-ups. This initiative is currently contributing almost £100k annually towards helping couples access fertility treatment.
Due to successful fundraising, Bonei Olam was able to cover its costs this year and build up its reserves. The newer local branches in Manchester, Gateshead and North West London are attracting new funders and supporters. However, as inflation has soared, all costs have risen over the past two years, necessitating additional fundraising and new strategies and ideas to add additional income streams to continue to help couples struggling with infertility.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
Reserves policy
The goal of the charity's reserves policy is to hold the equivalent of at least 3 months and no more than 6 months running costs as free reserves, although trustees recognise that they will not always be able to hold reserves at that level. BO’s operating costs are £1.577m less £551k (grants paid out for medical treatment), which is £1.026m. At the end of the year BO’s free reserves of £220k, or two and a half months of operating costs is only very slightly lower than BO tries to maintain. This is a greatly improved position from last year and the trustees are hopeful that new avenues of funding will allow the charity to increase its reserves level further to allow the charity stability and sustainability.
Public benefit
The trustees have taken due heed of the Charity Commission’s guidance on public benefit when reviewing Bonei Olam’s aims and objectives and in planning future activities. They have also taken due heed of their obligations under the Equality Act 2010 and are satisfied that they meet their obligations.
TRUSTEES' RESPONSIBILITIES STATEMENT
The trustees, who are also directors for the purposes of company law, 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).
Company law 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 charitable company and the incoming resources and application of resources, including the income and expenditure, 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 applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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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 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 Companies Act 2006. 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.
AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Cohen Arnold is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
TRUSTEES ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 30 April 2025 and signed on behalf of the board of trustees by:
............................ Mr J Englander Director/Trustee
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BONEI OLAM
YEAR ENDED 30 JUNE 2024
OPINION
We have audited the financial statements of Bonei Olam (the ‘parent company’) and its subsidiary (the ‘group’) for the year ended 30 June 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The Financial Reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
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give a true and fair view of the state of the group’s and of the parent company’s affairs as at 30 June 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared with the requirements of the Companies Act 2006 and Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BONEI OLAM
YEAR ENDED 30 JUNE 2024
opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees annual report and from the requirement to prepare a strategic report.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BONEI OLAM
YEAR ENDED 30 JUNE 2024
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements.
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We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations.
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We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
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We assessed the susceptibility of the group's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation phases stages of our audit. The susceptibility to such material misstatement was determined to be low.
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Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF BONEI OLAM
YEAR ENDED 30 JUNE 2024
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
New Burlington House 1075 Finchley Road LONDON NW11 0PU
DAVID GOLDBERG (Senior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor
30 April 2025
- 13 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED
(LIMITED BY GUARANTEE)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)
| YEAR ENDED 30 JUNE 2024 | YEAR ENDED 30 JUNE 2024 | YEAR ENDED 30 JUNE 2024 | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | Total Funds | ||
| Funds | Funds | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | |
| INCOME AND | |||||
| ENDOWMENTS | |||||
| Donations and legacies | 4 | 1,417,732 | - | 1,417,732 | 1,247,183 |
| Charitable activities | 5 | 150,175 | - | 150,175 | 78,610 |
| Other trading activities: | |||||
| Nova Health Clinic | 6 | 104,720 | - | 104,720 | 21,357 |
| Rental income | 4,331 | - | 4,331 | 4,550 | |
| ---------------------------------------------- | ------------------------------------ | ---------------------------------------------- | ---------------------------------------------- | ||
| TOTAL INCOME | 1,676,958 | - | 1,676,958 | 1,351,700 | |
════════════ |
══════════ |
════════════ |
════════════ |
||
| EXPENDITURE | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations | |||||
| and legacies | 7 | 289,906 | - | 289,906 | 114,639 |
| Expenditure on charitable | |||||
| activities | 8/9 | 1,048,656 | 8,163 | 1,056,819 | 1,048,277 |
| Nova Health Clinic | 10 | 73,756 | - | 73,756 | 186,895 |
| ---------------------------------------------- | ------------------------------------ | ---------------------------------------------- | ---------------------------------------------- | ||
| TOTAL | 1,577,736 | 8,163 | 1,585,899 | 1,349,811 | |
════════════ |
══════════ |
════════════ |
════════════ |
||
| NET SURPLUS | 99,222 | (8,163) | 91,059 | 1,889 | |
| ------------------------------------ | ------------------------------- | ------------------------------------ | ------------------------------------ | ||
| NET MOVEMENT IN | |||||
| FUNDS | 99,222 | (8,163) | 91,059 | 1,889 | |
| RECONCILIATION OF | |||||
| FUNDS | |||||
| Total funds brought forward | 120,500 | 48,985 | 169,485 | 167,596 | |
| ------------------------------------ | ------------------------------- | ------------------------------------ | ------------------------------------ | ||
| TOTAL FUNDS CARRIED | |||||
| FORWARD | 219,722 | 40,822 | 260,544 | 169,485 | |
| ==================================== | =============================== | ==================================== | ==================================== |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 17 to 26 form part of these financial statements.
- 14 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
CONSOLIDATED BALANCE SHEET
30 JUNE 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible fixed assets | 16 | 176,691 | 208,372 | ||
| CURRENT ASSETS | |||||
| Debtors | 18 | - | 3,500 | ||
| Cash at bank and in hand | 148,903 | 33,576 | |||
| ------------------------------- | ------------------------------- | ||||
| 148,903 | 37,076 | ||||
| CREDITORS: amounts falling due within one | |||||
| year | 19 | (36,004) | (42,010) | ||
| ------------------------------- | ------------------------------- | ||||
| NET CURRENT ASSETS | 112,899 | (4,934) | |||
| ------------------------------------- | ------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 289,590 | 203,438 | |||
| CREDITORS: amounts falling due after more | |||||
| than one year | 20 | (29,046) | (33,953) | ||
| ------------------------------------- | ------------------------------------- | ||||
| NET ASSETS | 260,544 | 169,485 | |||
| ===================================== | ===================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Restricted funds | 22 | 40,822 | 48,985 | ||
| Unrestricted funds | 23 | 219,722 | 120,500 | ||
| ------------------------------------- | ------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 260,544 | 169,485 | |||
| ===================================== | ===================================== |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 30 April 2025, and are signed on behalf of the board by:
.............................
Mr J Englander
Director/Trustee
Company Registration Number: 09649856
The notes on pages 17 to 26 form part of these financial statements.
- 15 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
BALANCE SHEET
30 JUNE 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Tangible fixed assets | 16 | 137,321 | 155,879 | ||
| Investments | 17 | 100 | 100 | ||
| ------------------------------------- | ------------------------------------- | ||||
| 137,421 | 155,979 | ||||
| CURRENT ASSETS | |||||
| Debtors | 18 | 2,030 | 11,215 | ||
| Cash at bank and in hand | 140,100 | 33,526 | |||
| ------------------------------- | ------------------------------- | ||||
| 142,130 | 37,026 | ||||
| CREDITORS: amounts falling due within one | |||||
| year | 19 | (32,764) | (38,890) | ||
| ------------------------------- | ------------------------------- | ||||
| NET CURRENT ASSETS | 109,366 | 5,851 | |||
| ------------------------------------- | ------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 246,787 | 161,830 | |||
| CREDITORS: amounts falling due after more | |||||
| than one year | 20 | (29,046) | (33,953) | ||
| ------------------------------------- | ------------------------------------- | ||||
| NET ASSETS | 217,741 | 127,877 | |||
| ===================================== | ===================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Restricted funds | 22 | 40,822 | 48,985 | ||
| Unrestricted funds | 23 | 176,919 | 78,892 | ||
| ------------------------------------- | ------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 217,741 | 127,877 | |||
| ===================================== | ===================================== |
The Charity's own net surplus for the year was £89,864 (2023: £44,397 deficit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 30 April 2025, and are signed on behalf of the board by:
............................
Mr J Englander
Director/Trustee
Company Registration Number: 09649856
The notes on pages 17 to 26 form part of these financial statements.
- 16 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
YEAR ENDED 30 JUNE 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 91,059 | 1,889 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 31,681 | 32,673 |
| Interest payable and similar charges | - | 904 |
| Changes in: | ||
| Trade and other debtors | 3,500 | 16,500 |
| Trade and other creditors | (6,006) | (49,883) |
────────── |
────────── |
|
| Cash generated from operations | 120,234 | 2,083 |
| Interest received | - | (904) |
────────── |
────────── |
|
| Net cash from operating activities | 120,234 | 1,179 |
══════════ |
══════════ |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of tangible assets | - | (65,616) |
─────────── |
─────────── |
|
| Net cash used in investing activities | - | (65,616) |
══════════ |
══════════ |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from borrowing | (4,907) | (5,330) |
─────────── |
─────────── |
|
| Net cash from financing activities | (4,907) | (5,330) |
══════════ |
══════════ |
|
| NET INCREASE / (DECREASE) IN CASH AND | ||
| CASH EQUIVALENTS | 115,327 | (69,767) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 33,576 | 103,343 |
| ------------- | ------------- | |
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 148,903 | 33,576 |
══════════ |
══════════ |
The notes on pages 17 to 26 form part of these financial statements.
- 17 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1.
GENERAL INFORMATION
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 130a Northwold Road, London, E5 8RA, UK.
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)); the companies act 2006 and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in Sterling, which is the functional currency of the entity.
The charity constitutes a public benefit entity as defined by FRS102.
Consolidation
The group financial statements incorporate the audited financial statements of the company and its wholly owned subsidiary, Nova Health Clinic Limited, whose financial statements are made up to the same date as the holding company 30 June 2023.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Going Concern
The trustees have reviewed the cash flow forecast and are of the opinion that the charity is able to continue as a going concern for the foreseeable future.
Incoming resources
All income is 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.
Grants and donations
Grants and donations are only included in the statement of financial activities when the Charity has unconditional entitlement to the resources. Donations represent voluntary amounts received during the year.
- 18 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
3. ACCOUNTING POLICIES (continued)
Legacies
Legacies are included in the Financial Statements as soon as their receipt can be anticipated with a high degree of certainty. This frequently coincides with the funds being received.
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in the furtherance of the general objectives of the Charity.
Restricted funds are funds subject to specific restricted conditions imposed by donors.
Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no Designated Funds as at the Balance Sheet date.
Expenditure
Expenditure is charged on an accruals basis and allocated to the appropriate headings in the accounts.
The majority of costs are directly attributable to specific activities. Costs incurred in respect of the charitable activities include elements of staff costs and attributable support costs.
Support costs
Support costs are those costs which are common to all areas of the organisation. These are allocated across all areas of activity on the basis of time and other resources dedicated to the respective services.
Governance costs
Governance costs are associated with the governance arrangements of the Company and Charity and relate to the general running of both. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Short leasehold improvement over the term of the lease Plant and Machinery 25% reducing balance Equipment some at 30% reducing balance, 10% straight line and 16 years straight line Sefer Torah 2% straight line
- 19 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
4. DONATIONS AND LEGACIES
| 4. | DONATIONS AND LEGACIES | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Donations | ||||
| North London | 598,900 | - | 598,900 | |
| Northwest London | 387,832 | - | 387,832 | |
| Manchester | 394,000 | - | 394,000 | |
| Gateshead | 37,000 | - | 37,000 | |
| ------------------------------------- | ------------------------------- | ------------------------------------- | ||
| 1,417,732 | - | 1,417,732 | ||
| ===================================== | =============================== | ===================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Donations | ||||
| North London | 671,160 | 50,000 | 721,160 | |
| Northwest London | 402,268 | - | 402,268 | |
| Manchester | 61,592 | - | 61,592 | |
| Gateshead | 62,163 | - | 62,163 | |
| ------------------------------------- | ------------------------------- | ------------------------------------- | ||
| 1,197,183 | 50,000 | 1,247,183 | ||
| ===================================== | =============================== | ===================================== | ||
| 5. | INCOME FROM CHARITABLE ACTIVITIES | |||
| Total Funds | ||||
| Unrestricted | Total Funds | Unrestricted | ||
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Patient contributions | 150,175 | 150,175 | 78,610 | |
| =============================================== | =============================================== | =============================================== | ||
| 6. | OTHER TRADING ACTIVITIES | |||
| Total Funds | ||||
| Unrestricted | Total Funds | Unrestricted |
||
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Nova Health Clinic income | 104,720 | 104,720 |
21,357 | |
| ============== | ============== | ============== | ||
| 7. | COSTS OF RAISING DONATIONS AND LEGACIES | |||
| Total Funds | ||||
| Unrestricted | Total Funds | Unrestricted | ||
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Fundraising costs | 289,906 | 289,906 | 114,639 | |
| ===================================== | ===================================== | ===================================== |
- 20 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
8. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Patient advice | 357,860 | - | 357,860 | 295,242 |
| Patient advocacy | 11,856 | - | 11,856 | 22,213 |
| Medical treatment costs | 550,888 | - | 550,888 | 603,037 |
| Infertility education & awareness | 33,626 | - | 33,626 | 11,316 |
| Nova Health Clinic | 5,894 | 8,163 | 14,057 | 33,610 |
| Support costs | 88,532 | - | 88,532 | 82,859 |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| 1,048,656 | 8,163 | 1,056,819 | 1,048,277 | |
| =============================================== | =============================================== | =============================================== | ============================================== |
Of the £1,048,277 expenditure in 2023, £1,212,938 was charged to unrestricted funds and £8,163 to restricted funds.
9. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support | Total Funds | Total Funds | ||
| directly | costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Patient advice | 357,375 | 25,766 | 383,141 | 313,746 | |
| Patient advocacy | 11,856 | 855 | 12,711 | 23,605 | |
| Medical treatment costs | 550,888 | 46,221 | 597,109 | 647,661 | |
| Infertility education & awareness | 33,626 | 2,424 | 36,050 | 12,025 | |
| Nova Health Clinic | 14,057 | 4,290 | 18,347 | 42,851 | |
| Governance costs | 8,977 | 8,977 | 8,389 | ||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| 967,802 | 88,532 | 1,056,334 | 1,048,277 | ||
| =============================================== | =========================================== | =============================================== | ============================================== | ||
| 10. | COSTS OF OTHER TRADING ACTIVITES | ||||
| Total Funds | |||||
| Unrestricted | Total Funds | Unrestricted | |||
| Funds | 2024 | 2023 | |||
| £ | £ | £ | |||
| Nova Health Clinic costs | 239,174 | 239,174 | 186,895 | ||
| ===================================== | ===================================== | ===================================== | |||
| 11. | NET INCOME FOR THE YEAR | ||||
| This is stated after charging: | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 31,681 | 32,637 | |||
| =============================== | =============================== |
- 21 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
12. AUDITORS REMUNERATION
| 12. AUDITORS REMUNERATION | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fees payable for the audit of the financial statements | 6,000 | 5,400 |
| ========================== | ========================== | |
| 13. STAFF COSTS AND EMOLUMENTS | ||
| Total staff costs were as follows: | ||
| 2024 | 2023 | |
| £ | £ | |
| Wages and salaries | 194,707 | 134,283 |
| Social security costs | 8,743 | 7,618 |
| Other employee benefits | 4,696 | - |
| ----------------------------------------------- | ----------------------------------------------- | |
| 208,146 | 141,901 | |
| =============================================== | ============================================== | |
| Particulars of employees: | ||
| 2024 | 2023 | |
| No | No | |
| Number of Full Time Staff | 1 | 1 |
| Number of Part Time Staff | 13 | 9 |
| -------------- | -------------- | |
| 14 | 10 | |
| =============== | =============== |
The number of employees whose remuneration for the year fell within the following bands, were:
| 2024 | 2023 | ||
|---|---|---|---|
| No | No | ||
| £60,000 | to £69,999 | - | - |
14. TRUSTEE REMUNERATION AND EXPENSES
No trustees received any remuneration during the year (2023: £0). The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
- 22 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
15. TANGIBLE FIXED ASSETS Group
| Short | |||||
|---|---|---|---|---|---|
| leasehold | Plant and | ||||
| improvements | machinery | Equipment | Sefer Torah | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 30 June 2023 | 151,813 | 1,813 | 113,785 | 53,500 | 320,911 |
| Additions | - | - | - | - | - |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------------- | ------------------------------------- | |
| At 30 June 2024 | 151,813 | 1,813 | 113,785 | 53,500 | 320,911 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| Depreciation | |||||
| At 1 July 2023 | 49,937 | 1,491 | 58,992 | 2,119 | 112,539 |
| Charge for the year | 20,492 | 81 | 10,080 | 1,028 | 31,681 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------------- | ------------------------------------- | |
| At 30 June 2024 | 70,429 | 1,572 | 69,072 | 3,147 | 144,220 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| Carrying amount | |||||
| At 30 June 2024 | 81,384 | 241 | 44,713 | 50,353 | 176,691 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| At 30 June 2023 | 101,876 | 322 | 54,793 | 51,381 | 208,372 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| pany | |||||
| Short | |||||
| leasehold | Plant and | ||||
| improvements | machinery | Equipment | Sefer Torah | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 30 June 2023 | 86,197 | 1,813 | 113,785 | 53,500 | 255,295 |
| Additions | - | - | - | - | - |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------------- | ------------------------------------- | |
| At 30 June 2024 | 86,197 | 1,813 | 113,785 | 53,500 | 255,295 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| Depreciation | |||||
| At 1 July 2023 | 36,814 | 1,491 | 58,992 | 2,119 | 99,416 |
| Charge for the year | 7,369 | 81 | 10,080 | 1,028 | 18,558 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------------- | ------------------------------------- | |
| At 30 June 2024 | 44,183 | 1,572 | 69,072 | 3,147 | 117,974 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| Carrying amount | |||||
| At 30 June 2024 | 42,014 | 241 | 44,713 | 50,353 | 137,321 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== | |
| At 30 June 2023 | 49,383 | 322 | 54,793 | 51,381 | 155,879 |
| =============================== | ========================== | =============================== | ===================================== | ===================================== |
Company
- 23 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
16. INVESTMENTS
Movement in market value
| Movement in market value | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Market value at 1 July 2023 | 100 | 100 | ||
| =============== | =============== | |||
| Market value at 30 June 2024 | 100 | 100 | ||
| =============== | =============== | |||
| Historical cost at 30 June 2024 | 100 | 100 | ||
| =============== | =============== | |||
| Analysis of investments at 30 | June 2024 between | funds | ||
| Unrestricted | Restricted | Total Funds | Total Funds | |
| Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Other investments | ||||
| UK Group undertakings | 100 | - | 100 | 100 |
| =============== | =============== | =============== | =============== |
The subsidiary undertaking, Nova Health Clinic Limited, is a wholly owned trading company, incorporated and registered in England and Wales, whose registered address is 130a Northwold Road, London, United Kingdom E5 8RA. The aggregate capital and reserves as at 30 June 2024 totalled £42,903. The profit for the year totalled £1,195.
17. DEBTORS
| DEBTORS | ||||
|---|---|---|---|---|
| Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Amounts owed by group undertakings | - | - | 2,030 | 7,715 |
| Prepayments and accrued income | - | 3,500 | - | 3,500 |
| ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | |
| - | 3,500 | 2,030 | 11,215 | |
| ==================================== | ==================================== | ===================================== | ===================================== |
See note 26 for related party transactions included in other debtors.
18. CREDITORS: Amounts falling due within one year
| CREDITORS: Amounts falling due | within one year | |||
|---|---|---|---|---|
| Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Social security and other taxes | 16,331 | 8,678 | 16,331 | 8,678 |
| Accruals and deferred income | 10,440 | 14,250 | 7,200 | 11,400 |
| Loan creditors | 9,233 | 18,812 | 9,233 | 18,812 |
| ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | |
| 36,004 | 42,010 | 32,764 | 38,890 | |
| ==================================== | ==================================== | ===================================== | ===================================== |
- 24 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
19. CREDITORS: Amounts falling due after more than one year
| Group | Company | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Bank loans and overdraft | 29,046 | 33,953 | 29,046 | 33,953 |
| ==================================== | ==================================== | ===================================== | ===================================== |
20. PENSIONS AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £0 (2023: £0).
21. RESTRICTED INCOME FUNDS
Group
| Group | |||||
|---|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2023 | resources | resources | Transfers | 30 June 2024 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund | 48,985 | - | (8,163) | - | 40,822 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== | |
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2022 | resources | resources | Transfers | 30 June 2023 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund | 57,148 | 50,000 | (8,163) | (50,000) | 48,985 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== | |
| Company | |||||
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2023 | resources | resources | Transfers | 30 June 2024 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund | 48,985 | - | (8,163) | - | 40,822 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== | |
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2022 | resources | resources | Transfers | 30 June 2023 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund | 57,148 | 50,000 | (58,163) | - | 48,985 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== |
- 25 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
22. UNRESTRICTED INCOME FUNDS
Group
| Group | |||||
|---|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2023 | resources | resources | Transfers | 30 June 2024 | |
| £ | £ | £ | £ | £ | |
| General Funds | 120,500 | 1,676,958 | (1,577,736) | - | 219,722 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== | |
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2022 | resources | resources | Transfers | 30 June 2023 | |
| £ | £ | £ | £ | £ | |
| General Funds | 110,448 | 1,301,700 | (1,341,648) | 50,000 | 120,500 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== | |
| Company | |||||
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2023 | resources | resources | Transfers | 30 June 2024 | |
| £ | £ | £ | £ | £ | |
| General Funds | 78,892 | 1,572,238 | (1,474,211) | - | 176,919 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== | |
| Balance at | Incoming | Outgoing | Balance at | ||
| 1 July 2022 | resources | resources | Transfers | 30 June 2023 | |
| £ | £ | £ | £ | £ | |
| General Funds | 115,126 | 1,280,343 | (1,316,577) | - | 78,892 |
| ==================================== | ==================================== | ==================================== | ==================================== | ==================================== |
23. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Group | Unrestricted | Restricted | Total Funds |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 135,869 | 40,822 | 176,691 |
| Current assets | 148,903 | - | 148,903 |
| Creditors less than 1 year | (36,004) | - | (36,004) |
| Creditors greater than 1 year | (29,046) | - | (29,046) |
| ------------------------------- | ------------------------------------- | ------------------------------------- | |
| Net assets | 219,722 | 40,822 | 260,544 |
| =============================== | ===================================== | ===================================== | |
| Company | Unrestricted | Restricted | Total Funds |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 96,499 | 40,822 | 137,321 |
| Investments | 100 | - | 100 |
| Current assets | 142,130 | - | 142,130 |
| Creditors less than 1 year | (32,764) | - | (32,764) |
| Creditors greater than 1 year | (29,046) | - | (29,046) |
| ------------------------------- | ------------------------------------- | ------------------------------------- | |
| Net assets | 176,919 | 40,822 | 217,741 |
| =============================== | ===================================== | ===================================== |
Group
- 26 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
| Group | Unrestricted | Restricted | Total Funds |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 159,387 | 48,985 | 208,372 |
| Current assets | 37,076 | - | 37,076 |
| Creditors less than 1 year | (42,010) | - | (42,010) |
| Creditors greater than 1 year | (33,953) | - | (33,953) |
| ------------------------------- | ------------------------------------- | ------------------------------------- | |
| Net assets | 120,500 | 48,985 | 169,485 |
| =============================== | ===================================== | ===================================== | |
| Company | Unrestricted | Restricted | Total Funds |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 106,894 | 48,985 | 155,879 |
| Investments | 100 | - | 100 |
| Current assets | 44,741 | - | 44,741 |
| Creditors less than 1 year | (38,890) | - | (38,890) |
| Creditors greater than 1 year | (33,953) | - | (33,953) |
| ------------------------------- | ------------------------------------- | ------------------------------------- | |
| Net assets | 78,892 | 48,985 | 127,877 |
| =============================== | ===================================== | ===================================== | |
| ANALYSIS OF CHANGES IN NET DEBT | |||
| Group | |||
| At 1 July | At | 30 June | |
| 2023 Cash flows |
2024 | ||
| £ | £ | £ | |
| Cash in hand and at bank | 33,576 | 115,327 | 148,903 |
| Debt due after one year | (33,953) | 4,907 | (29,046) |
| ------------------------------------ | ------------------------------------ | ------------------------------------ | |
| (377) | 120,234 | 119,857 | |
| ==================================== | ==================================== | ==================================== | |
| OPERATING LEASE COMMITMENTS | |||
| The total future minimum lease payments under | non-cancellable operating leases are as follows: | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Not later than 1 year | 51,480 | 61,480 | |
| Later than 1 year and not later than 5 years | 109,920 | 139,920 | |
| Later than 5 years | 27,480 | 27,480 | |
| ------------------------------------- | ------------------------------------- | ||
| 188,880 | 228,880 | ||
| ===================================== | ===================================== |
24. ANALYSIS OF CHANGES IN NET DEBT
25. OPERATING LEASE COMMITMENTS
26. RELATED PARTY TRANSACTIONS
Amounts owed to group undertakings in note 18 relates to Nova Health Clinic Limited, a wholly owned subsidiary of Bonei Olam Limited.
27. COMPANY LIMITED BY GUARANTEE
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
- 27 -
Docusign Envelope ID: B7FEC8BC-FA20-4BAA-98BC-9278B5833DCF
BONEI OLAM LIMITED (LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES ( INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)
YEAR ENDED 30 JUNE 2024
28. SUMMARY OF MANCHESTER BRANCH
| SUMMARY OF MANCHESTER BRANCH | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Income | ||
| Donations Received | 302,491 | 61,717 |
| Charitable activities | 14,944 | - |
| Other Income | 4,331 | 4,550 |
| ==================================== | ==================================== | |
| Expenditure | ||
| Medical treatment costs | 37,645 | 67,835 |
| Patient advice and referral costs | 45,256 | 32,649 |
| Infertility education | 2,194 | - |
| ==================================== | ==================================== |
The majority of the donations were received towards the end of the financial year and was spent in the next financial year.
-28-