Charity Registration No. 1178105
KARLIN LONDON
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
KARLIN LONDON
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Y Glauberman Mr B Frand Charity number 1178105 Registered office Alexander House 106 Bouverie Road London N16 0AQ Independent examiner J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
KARLIN LONDON
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
KARLIN LONDON
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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
The charity's objects are the advancement of the orthodox Jewish faith, orthodox Jewish religious education, and the relief of poverty in the orthodox Jewish community. The charity is also involved in the refurbishment and running of a synagogue.
The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance issued by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities . Grants on the unrestricted fund are made at the trustees' discretion from their knowledge of the various institutions, applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
Achievements and performance
In the year under review the charity generated income of £ 179,125 and incurred expenses of £65,819 resulting in net incoming resources of £113,306.
Financial review
The Trustees aim to maintain reserves so that they continue to fulfil the objects of the charity.
As at 31 March 2022 the Charity had £404,318 Unrestricted Funds.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on 26 April 2018.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Y Glauberman Mr B Frand
The day to day affairs of the Charity are administered by the Board of Trustees.
It is not currently the intention of the Trustees of the Charity to appoint new trustees. Should the situation change in the future, the Trustees will apply suitable recruitment and training procedures.
None of the Trustees have any beneficial interest in the Charity.
The trustees' r eport was approved by the Board of Trustees.
..............................
Mr Y Glauberman Trustee Dated: .........................
.............................. Mr B Frand Trustee Dated:.........................
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KARLIN LONDON
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KARLIN LONDON
I report to the trustees on my examination of the financial statements of Karlin London (the charity) for the year ended 31 March 2022.
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 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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 financial statements to be reached.
J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
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KARLIN LONDON
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2022 | 2021 |
||
| Notes | £ |
£ |
|
| Income from: | |||
| Donations and legacies | 3 | 159,841 | 75,889 |
| Other trading activities | 4 | 19,284 | 4,856 |
| Total income | 179,125 | 80,745 |
|
| Expenditure on: | |||
| Raising funds | 5 | 2,700 | 4,055 |
| Charitable activities | 6 | 63,119 | 50,480 |
| Total resources expended | 65,819 | 54,535 |
|
| Net income for the year/ | |||
| Net movement in funds | 113,306 | 26,210 |
|
| Fund balances at 1 April 2021 | 291,012 | 264,802 |
|
| Fund balances at 31 March 2022 | 404,318 | 291,012 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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KARLIN LONDON
BALANCE SHEET
AS AT 31 MARCH 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible assets | 11 | 548,722 | 422,256 | |||
| Current assets | ||||||
| Debtors | 12 | 7,009 | 1,724 | |||
| Cash at bank and in hand | 31,873 | 1,717 | ||||
| 38,882 | 3,441 | |||||
| Creditors: amounts falling due within | ||||||
| one year | 13 | (183,286) | (134,685) | |||
| Net current liabilities | (144,404) | (131,244) | ||||
| Total assets less current liabilities | 404,318 | 291,012 | ||||
| Income funds | ||||||
| Unrestricted funds | 404,318 | 291,012 | ||||
| 404,318 | 291,012 |
The financial statements were approved by the Trustees on .........................
| .............................. | .............................. |
|---|---|
| Mr Y Glauberman | Mr B Frand |
| Trustee | Trustee |
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Karlin London is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future notwithstanding the deficiency in net current assets, due to the continued financial support from the community . Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 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:
E xpenditure 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.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 20% RBM
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The preparation of these accounts did not require the trustees to make any judgments or estimates.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 159,841 | 75,889 |
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
4 Other trading activities
| 5 6 |
UnrestrictedUnrestricted funds funds 2022 2021 £ £ Office space - Rental Income 19,284 4,856 Raising funds UnrestrictedUnrestricted funds funds 2022 2021 £ £ Trading costs Office space - property expenses 2,700 4,055 2,700 4,055 Charitable activities Charitable Expenditure Charitable Expenditure 2022 2021 £ £ Depreciation and impairment 1,428 1,111 Charitable expenditure 56,352 46,969 57,780 48,080 Grant funding of activities (see note 7) 4,139 - Share of governance costs (see note 8) 1,200 2,400 63,119 50,480 |
|---|---|
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
7 Grants payable
| Charitable | Expenditure | |||
|---|---|---|---|---|
| 2022 | ||||
| £ | ||||
| Grants to institutions: | ||||
| Chevras Mo'oz Ladol | 1,800 | |||
| Support the Charity Worker | 1,000 | |||
| Care All Limited | 1,000 | |||
| Other | 339 | |||
| 4,139 | ||||
| - | ||||
| Support costs | ||||
| Support | Governance |
2022 | 2021 |
|
| costs | costs |
|||
| £ | £ |
£ | £ |
|
| Accountancy fees | - | 1,200 |
1,200 | 2,400 |
| - | 1,200 |
1,200 | 2,400 |
|
| Analysed between | ||||
| Charitable activities | - | 1,200 |
1,200 | 2,400 |
8 Support costs
Fees payable to the independent examiner for preparing the financial statements and carrying out an independent examination is £1,200 (2021: £2,400).
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
10 Employees
(Continued)
There were no employees whose annual remuneration was more than £60,000.
11 Tangible fixed assets
| Leasehold improvements Fixtures and fittings £ £ Cost At 1 April 2021 417,814 6,393 Additions 125,194 2,700 At 31 March 2022 543,008 9,093 Depreciation and impairment At 1 April 2021 - 1,951 Depreciation charged in the year - 1,428 At 31 March 2022 - 3,379 Carrying amount At 31 March 2022 543,008 5,714 At 31 March 2021 417,814 4,442 |
Total £ 424,207 127,894 552,101 1,951 1,428 3,379 548,722 422,256 |
|---|---|
12 Debtors
| Amounts falling due within one year: Other debtors Creditors: amounts falling due within one year Notes Deferred income 14 Trade creditors Other creditors |
2022 £ 7,009 2022 £ 3,900 1,430 177,956 183,286 |
2021 £ 1,724 2021 £ - 1,517 133,168 134,685 |
|---|---|---|
13 Creditors: amounts falling due within one year
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KARLIN LONDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 14 | Deferred income | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Arising from Rental Income received in | |||
| advance | 3,900 | - |
15 Related party transactions
There were no disclosable related party transactions during the year .
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