REGISTERED CHARITY NUMBER: 1168057
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 to | 3 |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Balance Sheet | 6 | |
| Cash Flow Statement | 7 | |
| Notes to the Cash Flow Statement | 8 | |
| Notes to the Financial Statements | 9 to | 14 |
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2022
TRUSTEES Mr R A Rechnitzer Mrs F Goldberg Mr I Piller Mr P Taub PRINCIPAL ADDRESS 165 Kyverdale Road London N16 6PS REGISTERED CHARITY 1168057 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank PLC 403 Holloway Road London N7 6HL
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. 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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are (i) the advancement of the Jewish religion through facilitation or assisting in the provision of facilities, activities or services and in particular through supporting the Gur Foundation in Israel (ii) to promote any other exclusively charitable objects and purposes as the trustees see fit provided that they are regarded as charitable by the law of England and Wales.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking
Grants are made to charitable institutions and organisations which accord with the objects of the charity. This year they were to the Global Centre of Gur.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity is reliant on voluntary donations. Income for the year fell by about 42% compared with the previous year. The charity reduced grantmaking by some 32% and there was also reduction in other expenditure. During the year the charity continued its philanthropic activities and has maintained its support in the advancement of education and religion.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £32,848 (2021- £99,417) of which £5,000 (2021 - £45,000) are restricted reserves.
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity was set up as Charitable Incorporated Organisation (CIO) registered on 6 July 2016.
Organisational structure
The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those 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 Charity SORP;
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make judgements and 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 1 February 2023 and signed on its behalf by:
Mr R A Rechnitzer - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
Independent examiner's report to the trustees of Friends of Gur Foundation Israel (CIO)
I report to the charity trustees on my examination of the accounts of Friends of Gur Foundation Israel (CIO) (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of _ which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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.
E Meyer FCA BSc Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
1 February 2023
Page 4
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Charitable activities 4 Charitable activities Global Centre of Gur Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 312,809 - 312,809 2,971 5,567 330,840 339,378 (26,569) 54,417 27,848 |
Restricted fund £ 433,244 - 433,244 - - 473,244 473,244 (40,000) 45,000 5,000 |
2022 Total funds £ 746,053 - 746,053 2,971 5,567 804,084 812,622 (66,569) 99,417 32,848 |
2021 Total funds £ 1,278,083 6 |
|---|---|---|---|---|
| 1,278,089 | ||||
| 809 326,054 860,900 |
||||
| 1,187,763 | ||||
| 90,326 9,091 |
||||
| 99,417 |
The notes form part of these financial statements
Page 5
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
BALANCE SHEET 5 APRIL 2022
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
2022 £ 659 34,829 (2,640) 32,189 32,848 32,848 27,848 5,000 32,848 |
2021 £ 774 104,643 (6,000) 98,643 99,417 99,417 54,417 45,000 99,417 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 February 2023 and were signed on its behalf by:
Mr R A Rechnitzer - Trustee
The notes form part of these financial statements
Page 6
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing 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 |
2022 £ (69,814) (69,814) - - (69,814) 104,643 34,829 |
2021 £ 88,862 |
|---|---|---|
| 88,862 | ||
| 6 | ||
| 6 | ||
| 88,868 15,775 |
||
| 104,643 |
The notes form part of these financial statements
Page 7
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Decrease in creditors Net cash (used in)/provided by operations |
2022 £ (66,569) 115 - (3,360) (69,814) |
2021 £ 90,326 222 (6) (1,680) |
| 88,862 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 6.4.21 | Cash flow | At 5.4.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 104,643 | (69,814) | 34,829 |
| 104,643 | (69,814) | 34,829 | |
| Total | 104,643 | (69,814) | 34,829 |
The notes form part of these financial statements
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
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 donations are accounted for when received. All other income is recognised on a receivable basis
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure,
Raising funds comprise the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 15% on reducing balance
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
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
| 2. DONATIONS AND LEGACIES Donations Donations for Global Centre of Gur 3. INVESTMENT INCOME Deposit account interest 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) £ Charitable activities - Global Centre of Gur 804,084 804,084 5. GRANTS PAYABLE Charitable activities Global Centre of Gur The total grants paid to institutions during the year was as follows: Advancement of religion Advancement of education |
2022 £ 384,053 362,000 746,053 2022 £ - Support costs (see note 6) £ 5,567 - 5,567 2022 £ - 804,084 804,084 2022 £ 804,084 - 804,084 |
2021 £ 460,583 817,500 |
2021 £ 460,583 817,500 |
2021 £ 460,583 817,500 |
|
|---|---|---|---|---|---|
| 1,278,083 | |||||
| 2021 £ 6 Totals £ 5,567 804,084 |
2021 £ 6 |
||||
| 809,651 | |||||
| 2021 £ 312,861 860,900 |
|||||
| 1,173,761 | |||||
| 2021 £ 1,168,061 5,700 |
|||||
| 1,173,761 |
All donations were to Global Centre for Gur - Hamerkaz Haolam
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
6. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Charitable activities | 2,517 | 56 | 2,994 | 5,567 |
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| 2022 | 2021 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Telephone | 528 | 516 |
| Postage and stationery | 553 | 2,842 |
| Bank charges | 460 | 463 |
| Sundries | 861 | 877 |
| Depreciation of tangible and heritage | ||
| assets | 115 | 222 |
| 2,517 | 4,920 | |
| Finance | ||
| 2022 | 2021 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Bank charges | 56 | - |
| Governance costs | ||
| 2022 | 2021 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Auditors' remuneration | - | 3,000 |
| Auditors' remuneration for non audit | ||
| work | - | 3,000 |
| Independent examiner's fee | 1,200 | - |
| Independent examiner's other fees | 1,440 | - |
| General expenses | 354 | 294 |
| Legal and professional fees | - | 2,279 |
| Fees written off | - | (300) |
| 2,994 | 8,273 |
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Fixtures | |
| and | |
| fittings | |
| £ | |
| COST | |
| At 6 April 2021 and 5 April 2022 | 1,723 |
| DEPRECIATION | |
| At 6 April 2021 | 949 |
| Charge for year | 115 |
| At 5 April 2022 | 1,064 |
| NET BOOK VALUE | |
| At 5 April 2022 | 659 |
| At 5 April 2021 | 774 |
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Fixed assets 659 - Current assets 29,829 5,000 Current liabilities (2,640) - 27,848 5,000 |
2022 £ 2,640 2022 Total funds £ 659 34,829 (2,640) 32,848 |
2021 £ 6,000 2021 Total funds £ 774 104,643 (6,000) 99,417 |
|---|---|---|
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
At 6.4.21 £ 54,417 45,000 99,417 Incoming resources £ 312,809 433,244 746,053 At 6.4.20 £ 8,400 691 9,091 |
Net movement At in funds 5.4.22 £ £ (26,569) 27,848 (40,000) 5,000 (66,569) 32,848 Resources Movement expended in funds £ £ (339,378) (26,569) (473,244) (40,000) (812,622) (66,569) Net movement At in funds 5.4.21 £ £ 46,017 54,417 44,309 45,000 90,326 99,417 |
|---|---|---|
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
Incoming resources £ 387,407 890,682 1,278,089 |
Resources expended £ (341,390) (846,373) (1,187,763) |
Movement in funds £ 46,017 44,309 90,326 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2022.
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