Satmar Kolel
Charity No. 1169555
Trustees' Report and Unaudited Accounts
31 July 2023
Satmar Kolel Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 9 |
| Detailed Statement of Financial Activities | 10 to 11 |
Page 1
Satmar Kolel Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 July 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1169555
Principal Office
23 Kildas Road Clapton London E5 9AZ
Trustees
The following trustees served during the year:
P. Benedikt
E. Berger M. Eckstein M. Taub
Accountants
S J Sheldon Ltd 20 Clarence Road Hale Cheshire WA15 8SG
OBJECTIVES AND ACTIVITIES
The charity was constituted by trust deed dated 10th October 2016 and is a registered charity
The strategic aim of the charity is the advancement of the Orthodox Jewish faith, Orthodox Jewish education, in particular, but not exclusively by supporting the charitable activities of the institute and also the advancement of such other purposes as are charitable according to English Law.
During the year, the charity made grants and donations of £202,575 (2022: £167,413)
FINANCIAL REVIEW
The trustees retain reserves as necessary and where appropriate and consolidate funds in order to make more substantial grants which they feel to be appropriate.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 2
Satmar Kolel Trustees Annual Report
The trustees are responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
M. Eckstein Trustee 19 May 2024
Page 3
Satmar Kolel Independent Examiners Report
Independent Examiner's Report to the trustees of Satmar Kolel
I report to the trustees on my examination of the financial statements of Satmar Kolel for the year ended 31 July 2023.
Responsibilities and basis of report
As the charity's trustees 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
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of Institute of Financial Accountants.
I have completed my examination. I can 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:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Simon Sheldon Institute of Financial Accountants
S J Sheldon Ltd 20 Clarence Road Hale Cheshire
WA15 8SG 19 May 2024
Page 4
Satmar Kolel Statement of Financial Activities
for the year ended 31 July 2023
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Raising funds 4 Charitable activities 5 Other 6 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Total funds | Total funds | |
|---|---|---|---|---|
| 2023 | 2023 | 2022 | ||
| £ | £ | £ | ||
| 841,283 | 841,283 | 812,761 | ||
| 841,283 | 841,283 | 812,761 | ||
| 11,683 | 11,683 | 4,848 | ||
| 1,013,258 | 1,013,258 | 762,444 | ||
| 500 | 500 | 7,324 | ||
| 1,025,441 | 1,025,441 | 774,616 | ||
| - | - | - | ||
| (184,158) | (184,158) | 38,145 | ||
| - | - | - | ||
| (184,158) | (184,158) | 38,145 | ||
| (184,158) | (184,158) | 38,145 | ||
| 38,020 | 38,020 | (125) | ||
| (146,138) | (146,138) | 38,020 | ||
Page 5
Satmar Kolel Balance Sheet
at 31 July 2023
| Charity No. 1169555 Current assets Debtors 8 Cash at bank and in hand Creditors:Amount falling due within one year 9 Net current (liabilities)/assets Total assets less current liabilities Creditors:Amounts falling due after more than one year 10 Net (liabilities)/assets excluding pension asset or liability Total net (liabilities)/assets The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds Reserves 11 Total funds Approved by the trustees on 19 May 2024 |
2023 £ 74,680 - 74,680 (201,281) (126,601) (126,601) (19,537) (146,138) (146,138) (146,138) (146,138) (146,138) |
2022 £ 48,225 33,332 |
|---|---|---|
| 81,557 (14,000) |
||
| 67,557 67,557 (29,537) |
||
| 38,020 | ||
| 38,020 | ||
| 38,020 | ||
| 38,020 | ||
| 38,020 | ||
And signed on their behalf by:
M. Eckstein Trustee 12 May 2024
Page 6
Satmar Kolel Notes to the Accounts
for the year ended 31 July 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
Satmar Kolel Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
Satmar Kolel
Notes to the Accounts
2 Statement of Financial Activities - prior year
| 2 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Total Expenditure on: Raising funds Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations 4 Expenditure on raising funds Costs of generating voluntary income Donations |
Unrestricted £ 841,283 841,283 Unrestricted £ 11,683 11,683 |
Unrestricted funds 2022 £ 812,761 812,761 4,848 762,444 7,324 774,616 38,145 38,145 38,145 (125) 38,020 Total 2023 £ 841,283 841,283 Total 2023 £ 11,683 11,683 |
Total funds 2022 £ 812,761 |
| 812,761 4,848 762,444 7,324 |
|||
| 774,616 | |||
| 38,145 | |||
| 38,145 | |||
| 38,145 (125) |
|||
| 38,020 | |||
| Total 2022 £ 812,761 |
|||
| 812,761 | |||
| Total 2022 £ 4,848 |
|||
| 4,848 |
Page 9
Satmar Kolel Notes to the Accounts
5 Expenditure on charitable activities
| Expenditure on charitable activities Donations to individuals and communities Kol Mevaser Relief of proverty Wedding total Grants made Governance costs Bank charges and interest 6 Other expenditure Operational costs Legal and professional costs 7 Staff costs No employee received emoluments in excess of £60,000. 8 Debtors Other debtors 9 Creditors: amounts falling due within one year Bank loans and overdrafts Other creditors 10 Creditors: amounts falling due after more than one year Bank loans and overdrafts |
Unrestricted £ 202,575 22,803 177,272 156,400 451,360 2,848 1,013,258 Unrestricted £ - 500 500 2023 £ 74,680 74,680 2023 £ 25,981 175,300 201,281 2023 £ 19,537 19,537 |
Total 2023 £ 202,575 22,803 177,272 156,400 451,360 2,848 1,013,258 Total 2023 £ - 500 500 |
Total 2022 £ 167,413 23,254 154,954 122,800 291,810 2,213 |
|---|---|---|---|
| 762,444 | |||
| Total 2022 £ 7,324 - |
|||
| 7,324 | |||
| 2022 £ 48,225 |
|||
| 48,225 | |||
| 2022 £ 10,000 4,000 |
|||
| 14,000 | |||
| 2022 £ 29,537 |
|||
| 29,537 |
Page 10
Satmar Kolel Notes to the Accounts
11 Movement in funds
| Restricted funds: Unrestricted funds: General funds Total funds 12 Analysis of net assets between funds Net current assets Creditors due in more than one year and provisions 13 Reconciliation of net debt Cash and cash equivalents Bank overdrafts |
At 1 August 2022 38,020 38,020 |
Incoming resources (including other gains/losses ) £ 841,283 841,283 At 1 August 2022 £ |
Resources expended £ (1,025,441) (1,025,441) Unrestricted funds £ (126,601) (19,537) (146,138) Cash flows £ |
At 31 July 2023 £ (146,138) |
|---|---|---|---|---|
| (146,138) | ||||
| Total £ (126,601) (19,537) |
||||
| (146,138) | ||||
| At 31 July 2023 £ |
||||
| 33,332 | (33,332) | - | ||
| - | (15,981) | (15,981) | ||
| 33,332 (39,537) |
(49,313) | (15,981) (29,537) |
||
| Bank loans | 10,000 | |||
| Net debt | (39,537) (6,205) |
10,000 (39,313) |
(29,537) | |
| (45,518) | ||||
Page 11
Satmar Kolel Statement of Cash flows for the year ended 31 July 2023
| Cash flows from operating activities Net (expenditure)/income per Statement of Financial Activities Adjustments for: Increase in trade and other receivables Increase in trade and other payables Net cash (used in)/provided by operating activities Net cash from investing activities Cash flows from financing activities Repayment of borrowings Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2023 £ (184,158) (26,455) 171,300 (39,313) - (10,000) (10,000) (49,313) 33,332 (15,981) |
2022 £ 38,145 - 3,250 |
|---|---|---|
| 41,395 | ||
| - | ||
| (9,576) | ||
| (9,576) | ||
| 31,819 | ||
| 1,513 | ||
| 33,332 | ||
| Components of cash and cash equivalents | ||
| Cash and bank balances | - | 33,332 |
| Bank overdrafts | (15,981) | - |
| (15,981) | 33,332 |
Page 12
Satmar Kolel Detailed Statement of Financial Activities
for the year ended 31 July 2023
| Income and endowments from: Donations and legacies Donations Total income and endowments Expenditure on: Costs of generating donations and legacies Donations Total of expenditure on raising funds Charitable activities Donations to individuals and communities Kol Mevaser Relief of proverty Wedding total Grants made Governance costs Bank charges and interest Total of expenditure on charitable activities Other expenditure Operational costs Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) |
Unrestricted funds 2023 £ 841,283 841,283 841,283 11,683 11,683 11,683 202,575 22,803 177,272 156,400 451,360 1,010,410 2,848 2,848 1,013,258 - - 500 500 500 1,025,441 - (184,158) (184,158) |
Total funds 2023 £ 841,283 841,283 841,283 11,683 11,683 11,683 202,575 22,803 177,272 156,400 451,360 1,010,410 2,848 2,848 1,013,258 - - 500 500 500 1,025,441 - (184,158) (184,158) |
Total funds 2022 £ 812,761 |
|---|---|---|---|
| 812,761 | |||
| 812,761 4,848 |
|||
| 4,848 | |||
| 4,848 167,413 23,254 154,954 122,800 291,810 |
|||
| 760,231 | |||
| 2,213 | |||
| 2,213 | |||
| 762,444 7,324 |
|||
| 7,324 | |||
| - | |||
| - | |||
| 7,324 | |||
| 774,616 - |
|||
| 38,145 | |||
| 38,145 |
Page 13
Satmar Kolel Detailed Statement of Financial Activities
| Satmar Kolel Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
- (184,158) 38,020 (146,138) |
- (184,158) 38,020 (146,138) |
- |
| 38,145 | |||
| (125) | |||
| 38,020 |
Page 14