2020-08-31-accounts - Bait Limud Vchesed

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CHARITY REGISTRATION NUMBER: 1174642

Bait Limud Vchesed

Unaudited Financial Statements

31 August 2020

BRINDLEY GOLDSTEIN LIMITED

Chartered accountant 103 High Street Waltham Cross Herts. EN8 7AN

Bait Limud Vchesed

Financial Statements

Year ended 31 August 2020

	Page
Trustees' annual report	1
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

Bait Limud Vchesed

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 Bait Limud Vchesed Charity registration number 1174642 Principal office Flat 3, May Court Fountayne Road London N16 7EB The trustees Mr E. Stern Mr H. Lebrecht Mr I. Roth Independent examiner Charles Goldstein 103 High Street Waltham Cross Herts. EN8 7AN

Structure, governance and management

The Charity is controlled by its governing document a Deed dated 14 September 2017 and constitutes an unincorporated charity.

The trustees administer the day-today affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.

Recruitment, Induction and Training

It is not the intention 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 indentified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.

Bait Limud Vchesed

Trustees' Annual Report (continued)

Year ended 31 August 2020

Objectives and activities

The objectives of the charity are the advancement of the orthodox jewish religion for the public benefit by providing grants to synagogues and other religious charities for the provision of religious objects, prayer books and other religious study books and for the public celebration of religious festivals. The advancement of orthodox jewish education and education in general by providing grants to educational institutions. The relief of poverty by providing grants to other charities working to prevent or relieve poverty. The relief of sickness and infirmity by providing grants to other charities working to relieve sickness and infirmity.

Public Benefit

The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.

Grant Making Policy

Grants are made to individuals and organisations which accord with the objects of the Charity.

Achievements and performance

The charity continued to receive donations during the year and thus was able to continue with the programme of grants to individuals and organisations. The aggregate donations made during the year was £464,338 (2019:£94,398 ). No change of activities is envisaged in the immediate future.

Financial review

The financial results of the Charity's activities for the year reflected in the attached financial statements together with the notes thereon.

Plans for future periods

There are no current plans to change the activities or modus operandi in the foreseeable future.

The trustees' annual report was approved on 10 June 2021 and signed on behalf of the board of trustees by:

Mr E. Stern Trustee

Bait Limud Vchesed

Independent Examiner's Report to the Trustees of Bait Limud Vchesed

Year ended 31 August 2020

I report to the trustees on my examination of the financial statements of Bait Limud Vchesed ('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.

Independent examiner's statement

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:

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 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.

Charles Goldstein Independent Examiner 103 High Street Waltham Cross Herts. EN8 7AN

10 June 2021

Bait Limud Vchesed

Statement of Financial Activities

Year ended 31 August 2020

		2020		2019
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	466,123	466,123	94,398
		`─────────`	`─────────`	`────────`
Total income		466,123	466,123	94,398
		`═════════`	`═════════`	`════════`
Expenditure
Expenditure on charitable activities	5,6	464,338	464,338	102,169
		`─────────`	`─────────`	`─────────`
Total expenditure		464,338	464,338	102,169
		`═════════`	`═════════`	`═════════`
		`─────────`	`─────────`	`─────────`
Net income/(expenditure) and net movement in funds		1,785	1,785	(7,771)
		`═════════`	`═════════`	`═════════`
Reconciliation of funds
Total funds brought forward		(2,937)	(2,937)	4,834
		`─────────`	`─────────`	`─────────`
Total funds carried forward		(1,152)	(1,152)	(2,937)
		`═════════`	`═════════`	`═════════`

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 9 form part of these financial statements.

Bait Limud Vchesed

Statement of Financial Position

31 August 2020

		2020	2019
	Note	£	£
Current assets
Cash at bank and in hand		6,248	1,903
Creditors: amounts falling due within one year	9	7,400	4,840
		`───────`	`───────`
Net current liabilities		1,152	2,937
		`───────`	`───────`
Total assets less current liabilities		(1,152)	(2,937)
		`───────`	`───────`
Net liabilities		(1,152)	(2,937)
		`═══════`	`═══════`
Funds of the charity
Unrestricted funds		(1,152)	(2,937)
		`───────`	`───────`
Total charity funds	10	(1,152) `═══════`	(2,937) `═══════`

These financial statements were approved by the board of trustees and authorised for issue on 10 June 2021, and are signed on behalf of the board by:

Mr E. Stern Trustee

The notes on pages 7 to 9 form part of these financial statements.

Bait Limud Vchesed

Statement of Cash Flows

Year ended 31 August 2020

	2020	2019
	£	£
Cash flows from operating activities
Net income/(expenditure)	1,785	(7,771)
Adjustments for:
Accrued expenses	360	120
Changes in:
Trade and other creditors	2,200	4,000
	`───────`	`───────`
Cash generated from operations	4,345	(3,651)
	`───────`	`───────`
Net cash from/(used in) operating activities	4,345	(3,651)
	`═══════`	`═══════`
Net increase/(decrease) in cash and cash equivalents	4,345	(3,651)
Cash and cash equivalents at beginning of year	1,903	5,553
	`───────`	`───────`
Cash and cash equivalents at end of year	6,248	1,902
	`═══════`	`═══════`

The notes on pages 7 to 9 form part of these financial statements.

Bait Limud Vchesed

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 Flat 3, May Court, Fountayne Road, London, N16 7EB.

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.

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.

Bait Limud Vchesed

Notes to the Financial Statements (continued)

Year ended 31 August 2020

3. Accounting policies (continued)

Incoming resources

All incoming resources are 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.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

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.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2020	Funds	2019
	£	£	£	£
Donations
Donations received	466,123	466,123	94,398	94,398
	`═════════`	`═════════`	`════════`	`════════`

Bait Limud Vchesed

Notes to the Financial Statements (continued)

Year ended 31 August 2020

5. Expenditure on charitable activities by fund type

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2020	Funds	2019
	£	£	£	£
Support costs	464,338 `═════════`	464,338 `═════════`	102,169 `═════════`	102,169 `═════════`

6. Expenditure on charitable activities by activity type

		Total funds	Total fund
	Support costs	2020	2019
	£	£	£
Governance costs	464,338	464,338	102,169
	`═════════`	`═════════`	`═════════`

7. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2020 2019 £ £

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).

8. Trustee remuneration and expenses

There were no trustees' remuneration or other benefits for the year ended 31 August 2020.

There were no trustees' expenses paid for the year ended 31 August 2020.

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Accruals and deferred income	1,200	840
Other creditors	6,200	4,000
	`───────`	`───────`
	7,400	4,840
	`═══════`	`═══════`

10. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At				At
	1	September		31	August	20
		2019	Income	Expenditure		20
		£	£	£	£
General funds		(2,937)	466,123	(464,338)	(1,152)
		`═══════`	`═════════`	`═════════`	`═══════`

11. Related parties

There were no related party transactions for the year ended 31 August 2018.