**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
Page 2
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
Page 4
## **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
Page 5
## **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
Page 6
**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
Page 7
**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...
Page 8
**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.
Page 9