REGISTERED CHARITY NUMBER: 1173928
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
FOR
KOLEL LHOROAH DCHASUDEI BELZ
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
KOLEL LHOROAH DCHASUDEI BELZ
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
KOLEL LHOROAH DCHASUDEI BELZ
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is the advancement of the Orthodox Jewish faith by managing and supporting the Institute for Rabbinical studies known as Kolel Lhoroah Dchasudei Belz in North London.
The charity carries out its objects by grantmaking.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review the charity raised substantial funds and spent these funds raised in the furtherance of its objects.
During the year under review the charity received donations and grants that amounted to £312,202 (2022: £244,983) and grants to institutions £101,961 (2022: £76,671) on its charitable activities.
FINANCIAL REVIEW
Financial position
The charity is reliant on donations. The trustees are satisfied with the results for the year.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
FUTURE PLANS
The charity plans to continue its activities subject to satisfactory incoming resources.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a trust deed and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
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.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1173928
Page 1
KOLEL LHOROAH DCHASUDEI BELZ
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
Principal address 115 Clapton Common London E5 9AB
Trustees
E Bard Trustee S Roitenbarg Chair S Spitzer Trustee
Independent Examiner
M A Venitt Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 3 July 2024 and signed on its behalf by:
S Roitenbarg - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KOLEL LHOROAH DCHASUDEI BELZ
Independent examiner's report to the trustees of KOLEL LHOROAH DCHASUDEI BELZ
I report to the charity trustees on my examination of the accounts of KOLEL LHOROAH DCHASUDEI BELZ (the Trust) for the year ended 31 July 2023.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
M A Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
3 July 2024
Page 3
KOLEL LHOROAH DCHASUDEI BELZ
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| 31.7.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 312,202 Other income - Total 312,202 EXPENDITURE ON Raising funds 2 21,188 Charitable activities Charitable activities 289,448 Other 900 Total 311,536 NET INCOME 666 RECONCILIATION OF FUNDS Total funds brought forward (12,047) TOTAL FUNDS CARRIED FORWARD (11,381) |
31.7.22 Total funds £ 244,983 14,056 259,039 22,372 235,581 - 257,953 1,086 (13,133) (12,047) |
|---|---|
The notes form part of these financial statements
Page 4
KOLEL LHOROAH DCHASUDEI BELZ
BALANCE SHEET 31 JULY 2023
| 31.7.23 | 31.7.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 6 | 14,500 | 19,000 |
| Cash at bank and in hand | 13,761 | 14,412 | |
| 28,261 | 33,412 | ||
| CREDITORS | |||
| Amounts falling due within one year | 7 | (1,680) | (1,941) |
| NET CURRENT ASSETS | 26,581 | 31,471 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 26,581 | 31,471 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 8 | (37,962) | (43,518) |
| NET ASSETS | (11,381) | (12,047) | |
| FUNDS | 11 | ||
| Unrestricted funds | (11,381) | (12,047) | |
| TOTAL FUNDS | (11,381) | (12,047) |
The financial statements were approved by the Board of Trustees and authorised for issue on 3 July 2024 and were signed on its behalf by:
S Roitenbarg - Trustee
The notes form part of these financial statements
Page 5
KOLEL LHOROAH DCHASUDEI BELZ
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
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 income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. RAISING FUNDS
Investment management costs
| 31.7.23 | 31.7.22 | |
|---|---|---|
| £ | £ | |
| Rent collection | 18,000 | 18,000 |
| Property repairs | 3,188 | 4,372 |
| 21,188 | 22,372 |
Page 6
continued...
KOLEL LHOROAH DCHASUDEI BELZ
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Other income Total EXPENDITURE ON Raising funds Charitable activities Charitable activities Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.7.23 31.7.22 24 27 Unrestricted fund £ 244,983 14,056 259,039 22,372 235,581 257,953 1,086 (13,133) (12,047) |
|---|---|
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 7
KOLEL LHOROAH DCHASUDEI BELZ
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Other debtors | 14,500 | 19,000 | |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Other creditors | 1,680 | 1,941 | |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Other creditors | 37,962 | 43,518 | |
| 9. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Amounts falling due in more than five years: | |||
| Repayable by instalments: | |||
| Other loans more 5yrs instal | 37,962 | 43,518 | |
| 10. | SECURED DEBTS | ||
| The following secured debts are included within creditors: | |||
| 31.7.23 | 31.7.22 | ||
| £ | £ | ||
| Other loans | 37,962 | 43,518 |
Under the bank loan, £37,962 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.
11. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.8.22 | in funds | 31.7.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (12,047) | 666 | (11,381) |
| TOTAL FUNDS | (12,047) | 666 | (11,381) |
continued...
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KOLEL LHOROAH DCHASUDEI BELZ
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 312,202 312,202 |
Resources Movement expended in funds £ £ (311,536) 666 (311,536) 666 |
|---|---|---|
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.8.21 | in funds | 31.7.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (13,133) | 1,086 | (12,047) |
| TOTAL FUNDS | (13,133) | 1,086 | (12,047) |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 259,039 259,039 |
Resources Movement expended in funds £ £ (257,953) 1,086 (257,953) 1,086 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.8.21 | in funds | 31.7.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (13,133) | 1,752 | (11,381) |
| TOTAL FUNDS | (13,133) | 1,752 | (11,381) |
continued...
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KOLEL LHOROAH DCHASUDEI BELZ
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 571,241 571,241 |
Resources Movement expended in funds £ £ (569,489) 1,752 (569,489) 1,752 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2023.
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