REGISTERED COMPANY NUMBER: 10658076 (England and Wales) REGISTERED CHARITY NUMBER: 1177086
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
CHASDEI ESTHER
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
CHASDEI ESTHER
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
CHASDEI ESTHER (REGISTERED NUMBER: 10658076)
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. 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 advancement of orthodox Jewish religion, orthodox Jewish religious education and education in general, in particular (but not exclusively) by making grants to and supporting the charitable activities of schools, organisations and other charities both in the UK and worldwide.
The relief of poverty, sickness and infirmity among persons of the Jewish faith residing in both the UK and worldwide by any charitable means the trustees determine.
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Grantmaking
All applications to the charity for grants are considered carefully by the trustees at regular meetings. On most occasions, if the trustees feel the application meets their approval in principle, they will meet applicants face to face and discuss with them the most effective way of providing assistance. The trustees usually then have a further meeting before making a decision as to whether assistance should be granted, and if so, in what form and to what level.
ACHIEVEMENT AND PERFORMANCE
The trustees are grateful to their donors, through whose generosity they have been able to raise in excess of £226,000 to provide grants and support to qualifying institutions and individuals. The recipient charities have been able to further their own activities in the relief of poverty, furtherance of education and advancement of religion.
FINANCIAL REVIEW
Financial position
The charity's income for the year amounted to £255,458 (2023 - £291,294) and the expenses for the year were £258,025 (2023 - £285,788). The resulting net deficit was £2,567 (2023 - surplus of £5,506).
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary donations. The trustees consider that the ideal level of reserves as at 31 March 2024 would be about three months of expenditure. However, Chasdei Esther is principally operated as a grant giving charity, and the trustees' policy is to seek to distribute the bulk of the income arising in each financial year as it becomes available.
At 31 March 2024 , the charity had total unrestricted funds of £114,030 (2023 - £116,597).
The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility.
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CHASDEI ESTHER (REGISTERED NUMBER: 10658076)
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association, incorporated on 8 March 2017.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of charity and their recognised experience in specific fields which will further support the work of the Chasdei Esther.
Organisational structure
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
Induction and training of new trustees
New trustees are given a full induction by the chairman. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Risk management
The Trustees regularly undertake a review of the major risks to which the charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10658076 (England and Wales)
Registered Charity number
1177086
Registered office
19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Trustees
Mr P S Pinter Trustee Mr C Pinter Trustee (deceased 5.10.23) Mr D Halberstam Trustee
Independent Examiner
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 17 December 2024 and signed on its behalf by:
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CHASDEI ESTHER (REGISTERED NUMBER: 10658076)
REPORT OF THE TRUSTEES for the year ended 31 March 2024
Mr D Halberstam - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHASDEI ESTHER
Independent examiner's report to the trustees of Chasdei Esther ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 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 matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Mr Yedidya Zaiden, FCCA (Senior Statutory Auditor)
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
17 December 2024
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CHASDEI ESTHER
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 226,546 Investment income 3 28,912 Total 255,458 EXPENDITURE ON Raising funds 4 1,226 Charitable activities 5 Relief of Poverty, Advancement of Education and Furtherance of Religion 256,799 Total 258,025 Net gains on investments - NET INCOME/(EXPENDITURE) (2,567) RECONCILIATION OF FUNDS Total funds brought forward 116,597 TOTAL FUNDS CARRIED FORWARD 114,030 CONTINUING OPERATIONS |
2023 Total funds £ 266,144 25,150 |
|---|---|
| 291,294 | |
| 1,526 284,262 |
|
| 285,788 | |
| 17,145 | |
| 22,651 93,946 |
|
| 116,597 | |
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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CHASDEI ESTHER (REGISTERED NUMBER: 10658076)
BALANCE SHEET
31 March 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Investment property 11 410,000 CURRENT ASSETS Debtors 12 1,000 Cash at bank 21,425 22,425 CREDITORS Amounts falling due within one year 13 (308,514) NET CURRENT ASSETS (286,089) TOTAL ASSETS LESS CURRENT LIABILITIES 123,911 CREDITORS Amounts falling due after more than one year 14 (9,881) NET ASSETS 114,030 FUNDS 16 Unrestricted funds 114,030 TOTAL FUNDS 114,030 |
2023 Total funds £ 410,000 8,500 23,481 31,981 (305,633) (273,652) 136,348 (19,751) 116,597 116,597 116,597 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
CHASDEI ESTHER (REGISTERED NUMBER: 10658076)
BALANCE SHEET - continued 31 March 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 17 December 2024 and were signed on its behalf by:
Mr D Halberstam - Trustee
The notes form part of these financial statements
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as going concern. Notwithstanding the net current liabilities position, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due and note that the major loan creditor has offered its continued support.
Exemption from preparing cash flow statement
The financial statements do not include a cash flow statement because the charitable company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Charities SORP (FRS 102) Update Bulletin 1, Module 14.
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 payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
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.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.
continued...
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
Overhead and support costs relating to charitable activities have been apportioned based on staff time where applicable.
Investment property
Investment properties are initially included at cost and subsequently at their fair value at each balance sheet date and are not depreciated. Changes in fair value are recognised in the Statement of Financial Activities.
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.
continued...
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Costs of generating rental income Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 6) £ Relief of Poverty, Advancement of Education and Furtherance of Religion 251,649 6. GRANTS PAYABLE Relief of Poverty, Advancement of Education and Furtherance of Religion The total grants paid to institutions during the year was as follows: BC Trust Fundd Ichud Talmudei Yesodey Hatorah Shaarei Orah Ltd Yesodey Hatorah School Smaller grants |
2024 £ 226,546 2024 £ 28,912 2024 £ 524 702 1,226 Support costs (see note 7) £ 5,150 2024 £ 251,649 2024 £ - 21,000 - 13,875 11,000 132,012 177,887 |
2023 £ 266,144 |
2023 £ 266,144 |
|---|---|---|---|
| 2023 £ 25,150 2023 £ 577 949 1,526 Totals £ 256,799 |
2023 £ 25,150 |
||
| 2023 £ 281,359 |
|||
| 2023 £ 14,300 10,000 14,000 18,700 18,500 125,539 |
|||
| 201,039 |
continued...
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
6. GRANTS PAYABLE - continued
During the year, grants paid to individuals totalled £73,762 (2023: £80,320).
7. SUPPORT COSTS
| Governance | |||
|---|---|---|---|
| Management | costs | Totals | |
| £ | £ | £ | |
| Relief of Poverty, Advancement of Education | |||
| and Furtherance of Religion | 920 | 4,230 | 5,150 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
9. STAFF COSTS
During the year the average number of employees were nil (2023: nil)
10. INDEPENDENT EXAMINER'S FEES
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Independent Examiner's and accountancy fees | 4,230 | 2,584 | |
| INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 410,000 410,000 410,000 |
11. INVESTMENT PROPERTY
The properties were valued as at 31 March 2024 by the trustees, on an open market value basis, with the assistance of their professional advisors and based on their knowledge of the property market.
continued...
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Other creditors Accrued expenses 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans 16. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General funds 116,597 TOTAL FUNDS 116,597 |
2024 £ 1,000 2024 £ 8,334 297,000 3,180 308,514 2024 £ 9,881 2024 £ 8,334 9,881 Net movement in funds £ (2,567) (2,567) |
2023 £ 8,500 2023 £ 8,333 295,000 2,300 |
2023 £ 8,500 2023 £ 8,333 295,000 2,300 |
2023 £ 8,500 |
|---|---|---|---|---|
| 305,633 | ||||
| 2023 £ 19,751 2023 £ 8,333 19,751 At 31.3.24 £ 114,030 |
2023 £ 19,751 |
|||
| 2023 £ 8,333 |
||||
| 19,751 | ||||
| 114,030 |
continued...
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
16. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General funds TOTAL FUNDS Comparatives for movement in funds |
Incoming resources £ 255,458 255,458 |
Resources Movement expended in funds £ £ (258,025) (2,567) (258,025) (2,567) |
|---|---|---|
| At 1.4.22 £ Unrestricted funds General funds 93,946 TOTAL FUNDS 93,946 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General funds 291,294 (285,788) TOTAL FUNDS 291,294 (285,788) |
Net movement At in funds 31.3.23 £ £ 22,651 116,597 22,651 116,597 Gains and Movement losses in funds £ £ 17,145 22,651 17,145 22,651 |
|---|---|
continued...
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CHASDEI ESTHER
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024 or 31 March 2023.
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