REGISTERED CHARITY NUMBER: 1181876
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
FOR
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022
The trustees present their report with the financial statements of the charity for the year ended 28 February 2022. 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 the Orthodox Jewish religion,Orthodox Jewish education and education in general. The relief of poverty, sickness and infirmity for the public benefit.
Significant activities
During the period the charity received donations of £756,646 (2021 - £453,640) and made donations of £756,831 ( 2021 - £420,822). Donations totalling £319,320 were made to institutions. Grants totalling £437,511 were paid to individuals in financial hardship.
Public benefit
The trustees confirm that they have referred to the guidance contained in the charity commission's general guidance on public benefit when reviewing the charity's aim and objectives and in planning future activities and setting the 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 charity.
FINANCIAL REVIEW
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the working capital of the charity.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Zlotchiv is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission and governed by its constitution dated 5th February 2019.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment 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
1181876
Principal address
8 Lemsford Close Grovelands Road London N15 6BY
Page 1
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022
Trustees G Gluck J Weisbart M Katz
Independent Examiner Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 28 December 2022 and signed on its behalf by:
M Katz - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION
(C.I.O)
Independent examiner's report to the trustees of ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
I report to the charity trustees on my examination of the accounts of ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O) (the Trust) for the year ended 28 February 2022.
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 registered member of _ 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 A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
28 December 2022
Page 3
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022
| 28.2.22 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 756,646 EXPENDITURE ON Charitable activities 3 General 761,681 Other 1,200 Total 762,881 NET INCOME/(EXPENDITURE) (6,235) RECONCILIATION OF FUNDS Total funds brought forward 34,967 TOTAL FUNDS CARRIED FORWARD 28,732 |
28.2.21 Total funds £ 453,640 |
|---|---|
| 420,822 1,080 |
|
| 421,902 | |
| 31,738 3,229 |
|
| 34,967 |
The notes form part of these financial statements
Page 4
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
BALANCE SHEET 28 FEBRUARY 2022
| 28.2.22 | 28.2.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 29,932 | 36,047 | |
| CREDITORS | |||
| Amounts falling due within one year | 8 | (1,200) | (1,080) |
| NET CURRENT ASSETS | 28,732 | 34,967 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 28,732 | 34,967 | |
| NET ASSETS | 28,732 | 34,967 | |
| FUNDS | 9 | ||
| Unrestricted funds | 28,732 | 34,967 | |
| TOTAL FUNDS | 28,732 | 34,967 |
The financial statements were approved by the Board of Trustees and authorised for issue on 28 December 2022 and were signed on its behalf by:
G Gluck - Trustee
J Weisbart - Trustee
The notes form part of these financial statements
Page 5
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2022
| 28.2.22 | 28.2.21 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (6,115) | 32,098 |
| Net cash (used in)/provided by operating activities | (6,115) | 32,098 | |
| Change in cash and cash equivalents in | |||
| the reporting period | (6,115) | 32,098 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 36,047 | 3,949 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 29,932 | 36,047 |
The notes form part of these financial statements
Page 6
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| 28.2.22 | 28.2.21 | |
| £ | £ | |
| Net (expenditure)/income for the reporting period (as per the | ||
| Statement of Financial Activities) | (6,235) | 31,738 |
| Adjustments for: | ||
| Increase in creditors | 120 | 360 |
| Net cash (used in)/provided by operations | (6,115) | 32,098 |
- ANALYSIS OF CHANGES IN NET FUNDS
| At 1.3.21 | Cash flow | At 28.2.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 36,047 | (36,047) | 29,932 |
| 36,047 | (36,047) | 29,932 | |
| Total | 36,047 | (36,047) | 29,932 |
The notes form part of these financial statements
Page 7
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
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. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 28.2.22 | 28.2.21 | |
| £ | £ | |
| Donations | 756,646 | 453,640 |
continued...
Page 8
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
3. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|
| Grant | ||||
| funding of | ||||
| activities | ||||
| Direct | (see note | |||
| Costs | 4) | Totals | ||
| £ | £ | £ | ||
| General | 4,850 | 756,831 | 761,681 | |
| GRANTS PAYABLE | ||||
| 28.2.22 | 28.2.21 | |||
| £ | £ | |||
| General | 756,831 | 417,822 | ||
| Donations made to UK and overseas institutions were for | the furtherance of orthodox | Jewish education. | ||
| Ahavah Veshalom Institutions | £4,200 | |||
| Ahavas Chesed | £3,500 | |||
| Ahavat Torah | £7,700 | |||
| Amud Hatzdokoh Trust | £2,000 | |||
| Biala Synagogue Trust | £4,000 | |||
| Chasdei Shlomo Trust | £25,000 | |||
| Chesed Yiboneh | £11,500 | |||
| Darkei Chaim Educational Centre | £7,550 | |||
| Gates of Healing - Shaarei Marpe | £9,550 | |||
| Hatzola Trust Ltd | £10,000 | |||
| Kehal Yisroel D'Chasidei Gur | £10,520 | |||
| Keren Chochmas Shlomo Trust | £48,660 | |||
| Keren Hatzolas Doros | £2,800 | |||
| Kollel Sha'arei Shlomo | £3,250 | |||
| Maor Hachoshen | £4,200 | |||
| Shefa Chaim | £18,700 | |||
| Shir Chesed Beis Yisroel | £95,040 | |||
| Tchabe Kollel | £5,000 | |||
| The ABC Trust | £5,000 | |||
| The Centre for Special Education Magen Avraham | £8,250 | |||
| Tools 4 Teens | £2,000 | |||
| Westcliff Studies | £5,250 | |||
| Yad Vochesed | £3,550 | |||
| Yeshiva of Chanczynsky Brothers | £3,000 | |||
| Yeshivat Areivat Hatora | £4,500 | |||
| Zlotchiv Beit Knesset | £14,600 | |||
| TOTAL | £319,320 |
4. GRANTS PAYABLE
continued...
Page 9
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
5. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Other resources expended | 1,200 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2022 nor for the year ended 28 February 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2022 nor for the year ended 28 February 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 453,640 |
| EXPENDITURE ON | |
| Charitable activities | |
| General | 420,822 |
| Other | 1,080 |
| Total | 421,902 |
| NET INCOME | 31,738 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 3,229 |
| TOTAL FUNDS CARRIED FORWARD | 34,967 |
continued...
Page 10
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
| 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.3.21 £ Unrestricted funds General fund 34,967 TOTAL FUNDS 34,967 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 756,646 TOTAL FUNDS 756,646 Comparatives for movement in funds At 29.2.20 £ Unrestricted funds General fund 3,229 TOTAL FUNDS 3,229 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 453,640 TOTAL FUNDS 453,640 |
28.2.22 28.2.21 £ £ 1,200 1,080 Net movement At in funds 28.2.22 £ £ (6,235) 28,732 (6,235) 28,732 Resources Movement expended in funds £ £ (762,881) (6,235) (762,881) (6,235) Net movement At in funds 28.2.21 £ £ 31,738 34,967 31,738 34,967 Resources Movement expended in funds £ £ (421,902) 31,738 (421,902) 31,738 |
|---|---|
continued...
Page 11
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net At movement At 29.2.20 in funds 28.2.22 £ £ £ 3,229 25,503 28,732 3,229 25,503 28,732 |
Net At movement At 29.2.20 in funds 28.2.22 £ £ £ 3,229 25,503 28,732 3,229 25,503 28,732 |
|---|---|---|
| 28,732 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,210,286 | (1,184,783) | 25,503 |
| TOTAL FUNDS | 1,210,286 | (1,184,783) | 25,503 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 February 2022.
Page 12
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022
| 28.2.22 | 28.2.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 756,646 | 453,640 |
| Total incoming resources | 756,646 | 453,640 |
| EXPENDITURE | ||
| Charitable activities | ||
| Office rent | 4,850 | 3,000 |
| Grants to institutions | 319,320 | 112,650 |
| Grants to individuals | 437,511 | 305,172 |
| 761,681 | 420,822 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 1,200 | 1,080 |
| Total resources expended | 762,881 | 421,902 |
| Net (expenditure)/income | (6,235) | 31,738 |
This page does not form part of the statutory financial statements
Page 13