CHARITY REGISTRATION NUMBER: 1167664
CHASDEI MENASHE MEIR
UNAUDITED FINANCIAL STATEMENTS
30 JUNE 2021
CHASDEI MENASHE MEIR
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2021
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
CHASDEI MENASHE MEIR
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 JUNE 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Chasdei Menashe Meir Charity registration number 1167664 Principal office 28 Portland Avenue London N16 6ET The trustees Mr Allan Frankel Mr Jack Stern Mrs Sara Stern Independent examiner Joshua Neumann FCA Cohen Arnold New Burlington House 1075 Finchley Road LONDON NW11 0PU
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CHASDEI MENASHE MEIR
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 JUNE 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The official name of the charity is Chasdei Menashe Meir and its constitution is of a Foundation Charitable Incorporated Organisation.
It is registered with the Charity Commission and its charity number is 1167664.
Appointment, training and recruitment of trustees
The trustees have no beneficial interest in the charity and are chosen by agreement of trustees at an annual meeting. The choice is based on applicants' business and community knowledge.
It is not currently the intention of the Trustees of the charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment and new trustees are subject to trustee induction training which includes an understanding of the content of the Deed of Trust, their legal obligations under Charity Act, the organisational structure of charity and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.
Management of the charity
The charity day-to-day activities are managed by the trustees.
Related parties and co-operations with other organisations
None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a supplier company must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.
OBJECTIVES AND ACTIVITIES
The charity was established for the advancement of the Orthodox Jewish faith, the relief of poverty and the prevention and relief of sickness in such ways as the Trustees from time to time see fit, in particular but not limited to making grants to individuals and to charitable organisations for such charitable purposes.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant making policy
Grants are made to charitable organisations in accord with objects of the charity.
ACHIEVEMENTS AND PERFORMANCE
A total of £115,488 was distributed during the year as shown in the attached financial statements.
The benefits that the charities provide include,
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Provision of basic necessities and financial support to the poor.
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Relief of suffering in regard to illness and disabilities.
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Jewish education and places of worship for the Jewish community.
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CHASDEI MENASHE MEIR
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 JUNE 2021
FINANCIAL REVIEW
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Reserves policy
At the year-end £111,354 (2020: £143,669) was held as unrestricted funds. It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level, which the trustees think appropriate, in-order to maintain and finance the charity's administrative costs of the charity for the next year.
PLANS FOR FUTURE PERIODS
The trustees plan to continue to make grant distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
The trustees' annual report was approved on 26 April 2022 and signed on behalf of the board of trustees by:
Mr Jack Stern Trustee
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CHASDEI MENASHE MEIR
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHASDEI MENASHE MEIR
YEAR ENDED 30 JUNE 2021
I report to the trustees on my examination of the financial statements of Chasdei Menashe Meir ('the charity') for the year ended 30 June 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Joshua Neumann FCA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
26 April 2022
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CHASDEI MENASHE MEIR
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 JUNE 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 84,910 | 84,910 | 175,425 |
| Investment income | 5 | 3 | 3 | 11 |
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| Total income | 84,913 | 84,913 | 175,436 | |
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| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (117,228) | (117,228) | (152,681) |
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| Total expenditure | (117,228) | (117,228) | (152,681) | |
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| Net (expenditure)/income and net movement in funds | (32,315) | (32,315) | 22,755 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 143,669 | 143,669 | 120,914 | |
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| Total funds carried forward | 111,354 | 111,354 | 143,669 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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CHASDEI MENASHE MEIR
STATEMENT OF FINANCIAL POSITION
| 30 | JUNE 2021 | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Note | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 12 | 5,000 | 17,500 | ||
| Cash at bank and in hand | 108,094 | 127,909 | |||
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| 113,094 | 145,409 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 13 | (1,740) | (1,740) | ||
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| NET CURRENT ASSETS | 111,354 | 143,669 | |||
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| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 111,354 | 143,669 | |||
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| NET ASSETS | 111,354 | 143,669 | |||
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| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 111,354 | 143,669 | |||
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| Total charity funds | 14 | 111,354 | 143,669 | ||
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These financial statements were approved by the board of trustees and authorised for issue on 26 April 2022, and are signed on behalf of the board by:
Mr Jack Stern Trustee
The notes on pages 7 to 11 form part of these financial statements.
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CHASDEI MENASHE MEIR
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 28 Portland Avenue, London, N16 6ET, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The charity meets the definition of a public benefit under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance. The trustees recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
(iii) Judgements and key sources of estimation uncertainty
There are no judgements, estimates and assumptions that affect the amounts reported.
(iv) 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 furtherance of the general objectives of the charity.
(v) 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. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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CHASDEI MENASHE MEIR
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2021
3. ACCOUNTING POLICIES (continued)
(vi) Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
(vii) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(viii) Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations received | 79,910 | 79,910 | 157,925 | 157,925 |
| Taxation recoverable | 5,000 | 5,000 | 17,500 | 17,500 |
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| 84,910 | 84,910 | 175,425 | 175,425 | |
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5. INVESTMENT INCOME
| INVESTMENT INCOME | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Other interest receivable | 3 | 3 | 11 | 11 |
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| EXPENDITURE ON CHARITABLE | ACTIVITIES BY FUND TYPE | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | 115,488 | 115,488 | 150,941 | 150,941 |
| Support costs | 1,740 | 1,740 | 1,740 | 1,740 |
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| 117,228 | 117,228 | 152,681 | 152,681 | |
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6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
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CHASDEI MENASHE MEIR
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2021
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | 115,488 | – |
115,488 | 150,941 | |
| Governance costs | – | 1,740 |
1,740 | 1,740 | |
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| 115,488 | 1,740 |
117,228 | 152,681 | ||
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| 8. | ANALYSIS OF GRANTS | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| GRANTS TO INSTITUTIONS | |||||
| Advancement of Health and Saving of | Lives | – | 1,261 | ||
| Advancement of Education | 25,100 | 28,650 | |||
| Relief of Proverty | 8,028 | 74,900 | |||
| Advancement of Jewish Religion | 63,560 | 25,130 | |||
| Advancement of Community Development | 4,500 | 21,000 | |||
| Grants to other Grant Making Charity | 14,300 | – | |||
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| Total grants | 115,488 | 150,941 | |||
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The following grant payments were made during the period ending 30 June 2021:
| 2021 | |||
|---|---|---|---|
| £ | |||
| Beis Aharon Trust | 5,000 | ||
| Ben Amram Charitable Trust | 10,000 | ||
| Law of Truth Talmudical College | 5,000 | ||
| Notzar Chessed | 5,000 | ||
| The New Rachmistrivke Synagogue | 22,500 | ||
| Congregation Sharei Sholom Tchabe Ltd | 5,000 | ||
| Sundry donations < £5,000 | 33,338 | ||
| Tchabe Kollel Ltd | 5,000 | ||
| The Netzach Charitable Trust | 10,650 | ||
| Yad ShlomoTrust | 14,000 | ||
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| Total grants | 115,488 | ||
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| 9. | INDEPENDENT EXAMINATION FEES | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,740 | 1,740 | |
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CHASDEI MENASHE MEIR
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2021
10. STAFF COSTS
No staff costs or wages have been paid to employees, including the members of the committee, during the year.
11. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity were received by the trustees.
12. DEBTORS
| 12. | DEBTORS | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Other debtors | 5,000 | 17,500 | |
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| 13. | CREDITORS: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,740 | 1,740 | |
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14. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 July 2020 | Income | Expenditure | 30 June 2021 |
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| £ | £ | £ | £ | ||
| General funds | 143,669 | 84,913 | (117,228) | 111,354 |
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| At | At | ||||
| 1 July 2019 | Income | Expenditure | 30 June 2020 | ||
| £ | £ | £ | £ | ||
| General funds | 120,914 | 175,436 | (152,681) | 143,669 |
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| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2021 | ||||
| £ | £ | ||||
| Current assets | 113,094 | 113,094 | |||
| Creditors less than 1 year | (1,740) | (1,740) |
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| Net assets | 111,354 | 111,354 | |||
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| Unrestricted | Total Funds | ||||
| Funds | 2020 | ||||
| £ | £ | ||||
| Current assets | 145,409 | 145,409 | |||
| Creditors less than 1 year | (1,740) | (1,740) |
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| Net assets | 143,669 | 143,669 | |||
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15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
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CHASDEI MENASHE MEIR
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2021
16. RELATED PARTIES
During the year, the charity received donations of £77,000 from related parties.
17. CONTROLLING PARTY
The charity was under the control of the trustees throughout the current and previous year.
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