REGISTERED CHARITY NUMBER: 1168057
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 2024
| 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 | |
| Notes to the Financial Statements | 7 to | 12 |
FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2024
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 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. 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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity is reliant on voluntary donations. Income for the year fell substantially compared with the previous year There was a deficit for the year, being funded from finance received. During the year the charity continued its philanthropic activities and has maintained its support in the advancement 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 £34,712 deficit (2023- £13,931surplus).
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 reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
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 2024
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 30 January 2025 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 2024.
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 member of the Institute of Chartered Accountants in England and Wales, 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
30 January 2025
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 200,014 EXPENDITURE ON Raising funds 15,167 Charitable activities 3 Global Centre of Gur 229,390 Support 4,100 Total 248,657 NET INCOME/(EXPENDITURE) (48,643) RECONCILIATION OF FUNDS Total funds brought forward 13,931 TOTAL FUNDS CARRIED FORWARD (34,712) |
Restricted fund £ 157,110 - 157,110 - 157,110 - - - |
2024 Total funds £ 357,124 15,167 386,500 4,100 405,767 (48,643) 13,931 (34,712) |
2023 Total funds £ 913,444 5,005 920,000 7,356 932,361 (18,917) 32,848 13,931 |
|---|---|---|---|
The notes form part of these financial statements
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
BALANCE SHEET 5 APRIL 2024
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2024 £ 478 16,730 (51,920) (35,190) (34,712) (34,712) (34,712) (34,712) |
2023 £ 561 16,010 (2,640) 13,370 13,931 13,931 13,931 13,931 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 and were signed on its behalf by:
Mr R A Rechnitzer - Trustee
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 2024
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
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern notwithstanding the deficiency in net assets at the balance sheet date. The trustees consider this to be appropriate having regard to the continued provision of financial support by the charity's creditors.
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
| 2. DONATIONS AND LEGACIES 2024 £ Donations 200,014 Donations for Global Centre of Gur 157,110 357,124 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 4) note 5) £ £ Global Centre of Gur 386,500 - Support - 4,100 386,500 4,100 4. GRANTS PAYABLE 2024 £ Global Centre of Gur 386,500 The total grants paid to institutions during the year was as follows: 2024 £ Advancement of religion 386,500 All grants were to Global Centre for Gur - Hamerkaz Haolam 5. SUPPORT COSTS Governance Management costs £ £ Support 1,825 2,275 |
2023 £ 438,444 475,000 |
|---|---|
| 913,444 | |
| Totals £ 386,500 4,100 |
|
| 390,600 | |
| 2023 £ 920,000 |
|
| 2023 £ 920,000 |
|
| Totals £ 4,100 |
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
5. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| 2024 | 2023 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Telephone | 596 | 739 |
| Postage and stationery | 707 | 800 |
| Bank charges | 259 | 448 |
| Sundries | 180 | 2,277 |
| Depreciation of tangible and heritage | ||
| assets | 83 | 98 |
| 1,825 | 4,362 | |
| Governance costs | ||
| 2024 | 2023 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Independent examiner's fee | 960 | 1,200 |
| Independent examiner's other fees | 960 | 1,440 |
| General expenses | 355 | 354 |
| 2,275 | 2,994 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Office | 1 | 1 |
No employees received emoluments in excess of £60,000.
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
8. TANGIBLE FIXED ASSETS
| 8. | TANGIBLE FIXED ASSETS | ||||||
|---|---|---|---|---|---|---|---|
| Fixtures | |||||||
| and | |||||||
| fittings | |||||||
| £ | |||||||
| COST | |||||||
| At 6 April 2023 and 5 April 2024 | 1,723 | ||||||
| DEPRECIATION | |||||||
| At 6 April 2023 | 1,162 | ||||||
| Charge for year | 83 | ||||||
| At 5 April 2024 | 1,245 | ||||||
| NET BOOK VALUE | |||||||
| At 5 April 2024 | 478 | ||||||
| At 5 April 2023 | 561 | ||||||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 2024 | 2023 | ||||||
| £ | £ | ||||||
| Other creditors | 51,920 | 2,640 | |||||
| 10. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||||
| 2024 | 2023 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| fund | fund | funds | funds | ||||
| £ | £ | £ | £ | ||||
| Fixed assets | 478 | - | 478 | 561 | |||
| Current assets | 16,730 | - | 16,730 | 16,010 | |||
| Current liabilities | (51,920) | - | (51,920) | (2,640) | |||
| (34,712) | - | (34,712) | 13,931 | ||||
| 11. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At | ||||||
| At 6.4.23 | in funds | 5.4.24 | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 13,931 | (48,643) | (34,712) | ||||
| TOTAL FUNDS | 13,931 | (48,643) | (34,712) |
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 200,014 Restricted funds Restricted fund 157,110 TOTAL FUNDS 357,124 Comparatives for movement in funds At 6.4.22 £ Unrestricted funds General fund 27,848 Restricted funds Restricted fund 5,000 TOTAL FUNDS 32,848 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 438,444 Restricted funds Restricted fund 475,000 TOTAL FUNDS 913,444 |
Resources Movement expended in funds £ £ (248,657) (48,643) (157,110) - (405,767) (48,643) Net movement At in funds 5.4.23 £ £ (13,917) 13,931 (5,000) - (18,917) 13,931 Resources Movement expended in funds £ £ (452,361) (13,917) (480,000) (5,000) (932,361) (18,917) |
|---|---|
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FRIENDS OF GUR FOUNDATION ISRAEL (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2024.
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