REGISTERED CHARITY NUMBER: 1164563
Report of the Trustees and
Unaudited Financial Statements FOR THE YEAR ENDED 28 February 2025
for
THE KEMACH FOUNDATION
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
THE KEMACH FOUNDATION
Contents of the Financial Statements FOR THE YEAR ENDED 28 FEBRUARY 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Cash Flow Statement | 6 |
| Notes to the Cash Flow Statement | 7 |
| Notes to the Financial Statements | 8 to 9 |
THE KEMACH FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 28 FEBRUARY 2025
The trustees present their report with the financial statements of the charity for the year ended 28 February 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The goal of The Kemach Foundation is to increase the levels of observant Jewish people in the Israeli workforce. Its objectives are achieved by individually addressing financial and academic challenges and facilitating job placement to confront critical issues of social mobility, equal access to higher education and workforce participation.
The objects of the CIO as per its Trust Deed are:
-
The relief of financial hardship among Jewish people living or working in Israel and/or elsewhere by providing such persons with education and training and assistance to find employment
-
The advancement of the Jewish religion through religious education and higher academic professional and/or vocational education and training.
Significant activities
The charity pursues its objectives by supporting the charitable work of The Kemach Foundation in Jerusalem, Israel.
Public benefit
The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
Volunteers
There were no volunteers during the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has had a successful year, raising £783,614 (2024: £682,280) in donations and making grants totalling £780,726 (2024: £682,079) to The Kemach Foundation in Israel.
Internal and external factors
There are no specific factors to report.
FINANCIAL REVIEW
Reserves policy
The charity aims to maintain reserves in order that it is in a position to achieve grant making activities at a consistent level and to cover contingencies of additional calls being made upon the charity for support of organisations, institutions or individuals in times of need.
FUTURE PLANS
The trustees plan to continue to pursue the charitable objectives of the charity and ensure that the ability to generate sufficient income is maintained to achieve that end.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Organisational structure
The charity must have a minimum of 3 trustees. The trustees meet regularly to manage the business of the charity.
Induction and training of new trustees
Apart from the first trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the trustees. Trustees must have regard to the skills, knowledge and experience needed for the effective management of the CIO.
Page 1
THE KEMACH FOUNDATION
Report of the Trustees FOR THE YEAR ENDED 28 FEBRUARY 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to major risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1164563
Principal address
2nd Floor, The Hide 3 Kingly Court London W1B 5PW
Trustees
Mr L Noe Mr S Kanter Sir M L Davis Mr M Abadi
Independent Examiner
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Approved by order of the board of trustees on 27 May 2025 and signed on its behalf by:
Mr L Noe - Trustee
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Independent fxaminer's Report to the Trnstees of The Kemach Foundation Independent examln¢r's report to the trustees of The Kemach Foundation I report to the charity trustees on my exarninallon of the accounts of The Kemach Foundation {the Trust) for the year ended 28 February 2025. Responslbllltles and basis of report As the charlty trustees of the Twst you a responsible for the preparation of the accouvbts in acCOrd8n with the requlrernents of the arItieS Att 20111'the Acv). I report in respect of Tyry examination of the Trust's accounts carried out under Sertlon 145 of the Act and In carrying out my examlnatlon I have followed all applicable Directlons given by the Charity Commission under Sectlon 145{5)(b) of the Independent examiner's statement Since your charity's gr055 income exceeded £250,000 your examiner must be a member of a Ilsted body. I can confim that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wale5, whKh is one of the listed bodies. I have completed my examinatioll. I confirm that no material matters have come to my attention in connectlon with the examination giving me cause to believe that in any material respect: accountlng records were not kept in respect of the Trust as required by Section 130 of the Att; or the accounts do not accord with those records,. or the account5 do not cornply with the applicable requlrement5 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulab"ons 2008 other than any requlrement that the accounts give a true and fair Mew whlch 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 examlnation to whlch attention should be drawn In thls report In order to enable a proper understanding of the accounts to be reach&l. Mr Aryeh MelineK FCA Nellnek Hne LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 IDH Date.. Page 3
THE KEMACH FOUNDATION
Statement of Financial Activities
FOR THE YEAR ENDED 28 FEBRUARY 2025
| 2025 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 783,614 EXPENDITURE ON Charitable activities 3 Charitable activities 1,106 Donations to Kemach, Israel 780,726 Total 781,832 NET INCOME/(EXPENDITURE) 1,782 RECONCILIATION OF FUNDS Total funds brought forward 10,473 TOTAL FUNDS CARRIED FORWARD 12,255 |
2024 Total funds £ 682,280 1,591 682,079 683,670 (1,390) 11,863 10,473 |
|---|---|
The notes form part of these financial statements
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THE KEMACH FOUNDATION
Balance Sheet 28 FEBRUARY 2025
| 2025 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 13,215 CREDITORS Amounts falling due within one year 7 (960) NET CURRENT ASSETS 12,255 TOTAL ASSETS LESS CURRENT LIABILITIES 12,255 NET ASSETS 12,255 FUNDS Unrestricted funds 12,255 TOTAL FUNDS 12,255 |
2024 Total funds £ 11,433 (960) 10,473 10,473 10,473 10,473 10,473 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 May 2025 and were signed on its behalf by:
Mr L Noe - Trustee
The notes form part of these financial statements
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THE KEMACH FOUNDATION
Cash Flow Statement FOR THE YEAR ENDED 28 FEBRUARY 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ 1,782 1,782 1,782 11,433 13,215 |
2024 £ (1,390) (1,390) (1,390) 12,823 11,433 |
|---|---|---|
The notes form part of these financial statements
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THE KEMACH FOUNDATION
Notes to the Cash Flow Statement FOR THE YEAR ENDED 28 FEBRUARY 2025
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING |
|---|---|---|---|
| ACTIVITIES | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Net income/(expenditure) for the reporting period (as per the | |||
| Statement of Financial Activities) | 1,782 | (1,390) | |
| Adjustments for: | |||
| Net cash provided by/(used in) operations | 1,782 | (1,390) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.3.24 Cash flow At £ £ Net cash Cash at bank 11,433 1,782 11,433 1,782 Total 11,433 1,782 |
28.2.25 £ 13,215 |
|---|---|
| 13,215 | |
| 13,215 |
The notes form part of these financial statements
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THE KEMACH FOUNDATION
Notes to the Financial Statements FOR THE YEAR ENDED 28 FEBRUARY 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2. DONATIONS AND LEGACIES
| Donations | 2025 £ 783,614 |
2024 £ 682,280 |
|---|---|---|
continued...
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THE KEMACH FOUNDATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 28 FEBRUARY 2025
3. CHARITABLE ACTIVITIES COSTS
| Charitable activities Donations to Kemach, Israel 4. GRANTS PAYABLE Donations to Kemach, Israel 5. SUPPORT COSTS Charitable activities |
Grant funding of activities Support (see note costs (see 4) note 5) £ £ - 1,106 780,726 - 780,726 1,106 2025 £ 780,726 Governance Finance costs £ £ 146 960 |
Totals £ 1,106 780,726 |
|---|---|---|
| 781,832 | ||
| 2024 £ 682,079 |
||
| Totals £ 1,106 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2025 nor for the year ended 29 February 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2025 nor for the year ended 29 February 2024.
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Other creditors | 960 | 960 |
8. RELATED PARTY DISCLOSURES
During the year £783,314 (2024: £681,979) was donated by charities with some trustees in common with The Kemach Foundation.
During the year, £780,726 (2024: £682,079) was donated to the Kemach Foundation in Israel, a charity with one trustee in common with The Kemach Foundation.
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