**CHARITY REGISTRATION NUMBER: 1170278**
## **Tzidkas Yosef Unaudited Financial Statements 31 August 2021**
## **HAFFNER HOFF LTD**
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
## **Tzidkas Yosef**
## **Financial Statements**
## **Year ended 31 August 2021**
||**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**|
|Statement of cash flows|**6**|
|Notes to the financial statements|**7 to 12**|
## **Tzidkas Yosef**
## **Trustees' Annual Report**
## **Year ended 31 August 2021**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2021.
## **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'.
**- 1 -**
## **Tzidkas Yosef**
## **Trustees' Annual Report** _**(continued)**_
## **Year ended 31 August 2021**
## **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 £517,776 in furtherance of its objectives.
During the previous 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 £96,681 is included in the Statement of Financial Activities.
## **Financial review**
As at 31 August 2021 unrestricted reserves stood at £224,415 (2020: £6,274).
## **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 11 May 2022 and signed on behalf of the board of trustees by:
M Scher Trustee
**- 2 -**
## **Tzidkas Yosef**
## **Independent Examiner's Report to the Trustees of Tzidkas Yosef**
## **Year ended 31 August 2021**
I report to the trustees on my examination of the financial statements of Tzidkas Yosef ('the charity') for the year ended 31 August 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.
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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. 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
**- 3 -**
## **Tzidkas Yosef**
## **Statement of Financial Activities**
## **Year ended 31 August 2021**
|||**2021**||2020|
|---|---|---|---|---|
|||Unrestricted|||
|||funds**Total funds**||Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|640,773|640,773|477,240|
|Other income|**5**|96,681|96,681|11,375|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total income**||737,454|737,454|488,615|
|||================================|================================|================================|
|**Expenditure**|||||
|Expenditure on charitable activities|**6,7**|519,313|519,313|483,432|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||519,313|519,313|483,432|
|||================================|================================|================================|
|||--------------------------------|--------------------------------|--------------------------------|
|**Net income and net movement in funds**||218,141|218,141|5,183|
|||================================|================================|================================|
|**Reconciliation of funds**|||||
|Total funds brought forward||6,274|6,274|1,091|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total funds carried forward**||224,415|224,415|6,274|
|||================================|================================|================================|
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 12 form part of these financial statements.**
**- 4 -**
## **Tzidkas Yosef**
## **Statement of Financial Position**
## **31 August 2021**
|||**2021**|2020|
|---|---|---|---|
||**Note**|**£**|£|
|**Current assets**||||
|Debtors|**13**|1,699,691|1,311,391|
|Cash at bank and in hand||249,735|302,379|
|||-----------------------------------------|-----------------------------------------|
|||1,949,426|1,613,770|
|**Creditors: amounts falling due within one year**|**14**|1,725,011|1,607,496|
|||-----------------------------------------|-----------------------------------------|
|**Net current assets**||224,415|6,274|
|||--------------------------------|-----------------------|
|**Total assets less current liabilities**||224,415|6,274|
|||--------------------------------|-----------------------|
|**Net assets**||224,415|6,274|
|||================================|=======================|
|**Funds of the charity**||||
|Unrestricted funds||224,415|6,274|
|||--------------------------------|-----------------------|
|**Total charity funds**|**15**|224,415|6,274|
|||================================|=======================|
These financial statements were approved by the board of trustees and authorised for issue on 11 May 2022, and are signed on behalf of the board by:
M Scher Trustee
**The notes on pages 7 to 12 form part of these financial statements.**
**- 5 -**
## **Tzidkas Yosef**
## **Statement of Cash Flows**
## **Year ended 31 August 2021**
||**2021**|2020|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net income|218,141|5,183|
|_Adjustments for:_|||
|Accrued expenses|1,200|960|
|_Changes in:_|||
|Trade and other debtors|(388,300)|(1,311,391)|
|Trade and other creditors|116,315|1,605,576|
||--------------------------------|-----------------------------------------|
|Cash generated from operations|(52,644)|300,328|
||----------------------------|--------------------------------|
|Net cash (used in)/from operating activities|(52,644)|300,328|
||============================|================================|
|**Net (decrease)/increase in cash and cash equivalents**|(52,644)|300,328|
|**Cash and cash equivalents at beginning of year**|302,379|2,051|
||--------------------------------|--------------------------------|
|**Cash and cash equivalents at end of year**|249,735|302,379|
||================================|================================|
**The notes on pages 7 to 12 form part of these financial statements.**
**- 6 -**
## **Tzidkas Yosef**
## **Notes to the Financial Statements**
## **Year ended 31 August 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 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.
**- 7 -**
## **Tzidkas Yosef**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2021**
## **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:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- 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.
- 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|**2021**|Funds|2020|
||£|**£**|£|£|
|**Donations**|||||
|Donations|640,773|640,773|477,240|477,240|
||================================|================================|================================|================================|
## **5. Other income**
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2021**|Funds|2020|
||£|**£**|£|£|
|Interest Receivable|96,681|96,681|11,375|11,375|
||============================|============================|============================|============================|
**- 8 -**
## **Tzidkas Yosef**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2021**
## **6. Expenditure on charitable activities by fund type**
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|**2021**|Funds|2020|
|||£|**£**|£|£|
||Charitable activities|517,776|517,776|482,098|482,098|
||Support costs|1,537|1,537|1,334|1,334|
|||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
|||519,313|519,313|483,432|483,432|
|||================================|================================|================================|================================|
|**7.**|**Expenditure on charitable activities by activity type**|||||
|||Grant funding|Support|**Total funds**|Total fund|
|||of activities|costs|**2021**|2020|
|||£|£|**£**|£|
||Charitable activities|517,776|–|517,776|482,098|
||Governance costs|–|1,537|1,537|1,334|
|||--------------------------------|-----------------------|--------------------------------|--------------------------------|
|||517,776|1,537|519,313|483,432|
|||================================|=======================|================================|================================|
## **8. Analysis of support costs**
|||Analysis of|||
|---|---|---|---|---|
|||support costs|||
|||activity 1|**Total 2021**|Total 2020|
|||£|**£**|£|
||Governance costs|1,200|1,200|960|
|||=======================|=======================|==============|
|**9.**|**Analysis of grants**||||
||||**2021**|2020|
||||**£**|£|
||**Grants to institutions**||||
||Amshenov||14,894|482,098|
||Aniyei Ircho||55,039|28,234|
||Beis Hamidrash Abarbenel Ashdod||70,460|28,142|
||Bikur Cholim Tzefas||19,504|–|
||China Vechisda||–|17,630|
||Collel Polin Kupath Ramban||–|34,400|
||Congregation Khal Toldos Yaakov Yosef||–|27,011|
||Grants below £10000||135,945|126,866|
||Keren Ezra Memeitzar||159,504|183,691|
||Merkaz Toldos||25,356|–|
||Shevet Halevi||12,084|–|
||Slonim||12,990|–|
||VMM Zichron Chaim||–|26,025|
||Von Tiefem Herzen||–|10,099|
||Wlodowa||12,000|–|
||||--------------------------------|--------------------------------|
||||517,776|964,196|
||||--------------------------------|--------------------------------|
||Total grants||517,776|964,196|
||||================================|================================|
**- 9 -**
## **Tzidkas Yosef**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2021**
## **9. Analysis of grants** _**(continued)**_
The above grants were made to institutions in the 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.
## **10. Independent examination fees**
||**2021**|2020|
|---|---|---|
||**£**|£|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|1,200|960|
||=======================|==============|
## **11. Staff costs**
Nil Nil
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
## **12. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
## **13. Debtors**
||**2021**|2020|
|---|---|---|
||**£**|£|
|Other debtors|1,699,691|1,311,391|
||=========================================|=========================================|
**- 10 -**
## **Tzidkas Yosef**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2021**
## **14. Creditors: amounts falling due within one year**
||**2021**|2020|
|---|---|---|
||**£**|£|
|Accruals and deferred income|3,120|1,920|
|Other creditors|1,721,891|1,605,576|
||-----------------------------------------|-----------------------------------------|
||1,725,011|1,607,496|
||=========================================|=========================================|
## **15. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**|||||||
|---|---|---|---|---|---|---|
||At|1 Sept 20|Income|Expenditure|**At 31 Aug 21**||
|||£|£|£||£|
|General funds||6,274|737,454|(519,313)||224,415|
|||=======================|================================|================================||================================|
||At|1 Sept 19|Income|Expenditure|At|31 Aug 20|
|||£|£|£||£|
|General funds||1,091|488,615|(483,432)||6,274|
|||=======================|================================|================================||=======================|
|**Analysis of net assets between funds**|||||||
|||||Unrestricted|**Total Funds**||
|||||Funds||**2021**|
|||||£||**£**|
|Current assets||||1,949,426||1,949,426|
|Creditors less than 1 year||||(1,725,011)|
(1,725,011)||
|||||-----------------------------------------||-----------------------------------------|
|**Net assets**||||224,415||224,415|
|||||=========================================||=========================================|
|||||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|
|||||=========================================||=========================================|
|**Analysis of changes in net debt**|||||||
||||At|||**At**|
||||1 Sep 2020|Cash flows|**31 Aug 2021**||
||||£|£||**£**|
|Cash at bank and in hand|||302,379|(52,644)||249,735|
||||================================|============================||================================|
## **16. Analysis of net assets between funds**
## **17. Analysis of changes in net debt**
**- 11 -**
## **Tzidkas Yosef**
## **Notes to the Financial Statements** _**(continued)**_
## **Year ended 31 August 2021**
## **18. Related parties**
During the year aggregate donations of £412,300 were received from trustees and related parties.
**- 12 -**