CHARITY REGISTRATION NUMBER: 1170278
Tzidkas Yosef Unaudited Financial Statements 31 August 2020
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Tzidkas Yosef
Financial Statements
Year ended 31 August 2020
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 10 |
Tzidkas Yosef
Trustees' Annual Report
Year ended 31 August 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2020.
Reference and administrative details
Registered charity name Tzidkas Yosef Charity registration number 1170278 Principal office MMR Group Broadhurst House Bury Old Road Salford M7 4QX The trustees J Feldman M Scher S Sussman Independent examiner D Schwarz FCCA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Tzidkas Yosef is a charitable trust constituted by a Deed of Trust dated 28 August 2016 and is a registered charity, number 1170278.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
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Tzidkas Yosef
Trustees' Annual Report (continued)
Year ended 31 August 2020
Objectives and activities
To promote advance and provide strictly orthodox Jewish education anywhere in the world and to generally further promote all activities in connection therewith. To promote and advance religion anywhere in the world in accordance with the doctrines and principles of orthodox Judaism. To promote the relief of poverty amongst persons of the Jewish faith. To further such other charitable purposes which the trustees may determine are connected with the above objects.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Achievements and performance
During the year the charity made donations totalling £482,098 in furtherance of its objectives.
During the year the charity received an interest free loan for over £1.6 Million and extended a loan £1.3 Million to a Limited Company registered in the UK at an interest rate of 6% per annum. The interest of £11,375 is included in the Statement of Financial Activities.
Financial review
As at 31 August 2020 unrestricted reserves stood at £6,274 (2019: £1,091).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
It is the policy of the charity to send grants to beneficiaries regularly, as and when donations are received, and therefore the charity would normally not hold any substantial reserves.
The trustees' annual report was approved on 29 July 2021 and signed on behalf of the board of trustees by:
M Scher
Trustee
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Tzidkas Yosef
Independent Examiner's Report to the Trustees of Tzidkas Yosef
Year ended 31 August 2020
I report to the trustees on my examination of the financial statements of Tzidkas Yosef ('the charity') for the year ended 31 August 2020.
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.
Since 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 because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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 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.
D Schwarz FCCA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
29 July 2021
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Tzidkas Yosef
Statement of Financial Activities
Year ended 31 August 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 477,240 | 477,240 | 410,750 |
| Other income | 5 | 11,375 | 11,375 | – |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 488,615 | 488,615 | 410,750 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 483,432 | 483,432 | 409,376 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 483,432 | 483,432 | 409,376 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income and net movement in funds | 5,183 | 5,183 | 1,374 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,091 | 1,091 | (283) | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 6,274 | 6,274 | 1,091 | |
| ================================ | ================================ | ================================ |
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 6 to Error! Bookmark not defined. form part of these financial statements.
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Tzidkas Yosef
Statement of Financial Position
31 August 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Debtors | 12 | 1,311,391 | – |
| Cash at bank and in hand | 302,379 | 2,051 | |
| ----------------------------------------- | ----------------------- | ||
| 1,613,770 | 2,051 | ||
| Creditors: amounts falling due within one year | 13 | 1,607,496 | 960 |
| ----------------------------------------- | ----------------------- | ||
| Net current assets | 6,274 | 1,091 | |
| ----------------------- | ----------------------- | ||
| Total assets less current liabilities | 6,274 | 1,091 | |
| ----------------------- | ----------------------- | ||
| Net assets | 6,274 | 1,091 | |
| ======================= | ======================= | ||
| Funds of the charity | |||
| Unrestricted funds | 6,274 | 1,091 | |
| ----------------------- | ----------------------- | ||
| Total charity funds | 14 | 6,274 | 1,091 |
| ======================= | ======================= |
These financial statements were approved by the board of trustees and authorised for issue on 29 July 2021, and are signed on behalf of the board by:
M Scher Trustee
The notes on pages 6 to Error! Bookmark not defined. form part of these financial statements.
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Tzidkas Yosef
Notes to the Financial Statements
Year ended 31 August 2020
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 MMR Group, Broadhurst House, Bury Old Road, Salford, M7 4QX.
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
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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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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Tzidkas Yosef
Notes to the Financial Statements (continued)
Year ended 31 August 2020
3. Accounting policies (continued)
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:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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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.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 477,240 | 477,240 | 410,750 | 410,750 | |
| ================================ | ================================ | ================================ | ================================ | ||
| 5. | Other income |
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Interest Receivable | 11,375 | 11,375 | – | – |
| ============================ | ============================ | ============== | ============== |
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Tzidkas Yosef
Notes to the Financial Statements (continued)
Year ended 31 August 2020
6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 482,098 | 482,098 | 408,159 | 408,159 | |
| Support costs | 1,334 | 1,334 | 1,217 | 1,217 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 483,432 | 483,432 | 409,376 | 409,376 | ||
| ================================ | ================================ | ================================ | ================================ | ||
| 7. | Expenditure on charitable activities | by activity type | |||
| Grant funding | Support | Total funds | Total fund | ||
| of activities | costs | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 482,098 | – | 482,098 | 408,159 | |
| Governance costs | – | 1,334 | 1,334 | 1,217 | |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| 482,098 | 1,334 | 483,432 | 409,376 | ||
| ================================ | ======================= | ================================ | ================================ | ||
| 8. | Analysis of grants | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Grants to institutions | 482,098 | 408,159 | |||
| -------------------------------- | -------------------------------- | ||||
| Total grants | 482,098 | 408,159 | |||
| ================================ | ================================ | ||||
| Grants to Institutions | |||||
| Grants over £10,000 | |||||
| 2020 | |||||
| £ | |||||
| Aniyei Ircho | 28,234 | ||||
| Beis Hamidrash Abarbanel - Ashdod | 28,142 | ||||
| Chinah Vechisda | 17,630 | ||||
| Colel Polen Kupath Ramban | 34,400 | ||||
| Congergation Kehal Toldos Yakov | |||||
| Yosef | 27,011 | ||||
| Keren Ezra Mimitzar | 183,691 | ||||
| VMM Zichron Chaim | 26,025 | ||||
| Von Tiefem Herzen | 10,099 | ||||
| Further Grants | 126,866 | ||||
| -------------------------------- | |||||
| Total Grants to Institutions | 482,098 | ||||
| ================================ |
The above grants were made to institutions in he U.K and abroad and went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
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Tzidkas Yosef
Notes to the Financial Statements (continued)
Year ended 31 August 2020
9. Independent examination fees
2020 2019 £ £ Fees payable to the independent examiner for: Independent examination of the financial statements 960 960
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2020 2019 £ £ Nil Nil
The average head count of employees during the year was Nil (2019: Nil).
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Debtors
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other debtors | 1,311,391 | – |
| ========================================= | ============== | |
| Creditors: amounts falling due within one year | ||
| 2020 | 2019 | |
| £ | £ | |
| Accruals and deferred income | 1,920 | 960 |
| Other creditors | 1,605,576 | – |
| ----------------------------------------- | -------------- | |
| 1,607,496 | 960 | |
| ========================================= | ============== |
13. Creditors: amounts falling due within one year
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Tzidkas Yosef
Notes to the Financial Statements (continued)
Year ended 31 August 2020
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 01 | At 31 | |||
| September | August | |||
| 2019 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| General funds | 1,091 | 488,615 | (483,432) | 6,274 |
| ======================= | ================================ | ================================ | ======================= | |
| At 01 | At 31 | |||
| September | August | |||
| 2018 | Income | Expenditure | 2019 | |
| £ | £ | £ | £ | |
| General funds | (283) | 410,750 | (409,376) | 1,091 |
| ============== | ================================ | ================================ | ======================= |
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2020 | |
| £ | £ | |
| Current assets | 1,613,770 | 1,613,770 |
| Creditors less than 1 year | (1,607,496) | (1,607,496) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 6,274 | 6,274 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2019 | |
| £ | £ | |
| Current assets | 2,051 | 2,051 |
| Creditors less than 1 year | (960) | (960) |
| ----------------------- | ----------------------- | |
| Net assets | 1,091 | 1,091 |
| ======================= | ======================= |
16. Related parties
During the year aggregate donations of £477,240 were received from trustees and related parties.
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