REGISTERED CHARITY NUMBER: 1181876
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
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 PERIOD 1 MARCH 2022 TO 31 MAY 2023
| 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 |
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
REPORT OF THE TRUSTEES FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
The trustees present their report with the financial statements of the charity for the period 1 March 2022 to 31 May 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 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 £723,752 (2022: £756,646) and made donations of £699,027 (2022: £756,831). Donations totalling £447,970 (2022: £319,320) were made to institutions. Grants totalling £251,057 (2022: £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
42 Lingwood Road London E5 9BN
Page 1
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
REPORT OF THE TRUSTEES FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
Trustees
G Gluck (resigned 6.12.23) J Weisbart (resigned 6.12.23) M Katz (resigned 6.12.23) M M Rosenberg (appointed 15.3.23) A A Silberberg (appointed 6.12.23)
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 22 March 2024 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 period 1 March 2022 to 31 May 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 A.C.A
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
22 March 2024
Page 3
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
| Period | |||
|---|---|---|---|
| 1.3.22 | |||
| to | Year ended | ||
| 31.5.23 | 28.2.22 | ||
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 723,752 | 756,646 |
| EXPENDITURE ON | |||
| Charitable activities | 3 | ||
| General | 699,099 | 761,681 | |
| Other | 1,200 | 1,200 | |
| Total | 700,299 | 762,881 | |
| NET INCOME/(EXPENDITURE) | 23,453 | (6,235) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 28,732 | 34,967 | |
| TOTAL FUNDS CARRIED FORWARD | 52,185 | 28,732 |
The notes form part of these financial statements
Page 4
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
BALANCE SHEET 31 MAY 2023
| 31.5.23 | 28.2.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 54,585 | 29,932 | |
| CREDITORS | |||
| Amounts falling due within one year | 8 | (2,400) | (1,200) |
| NET CURRENT ASSETS | 52,185 | 28,732 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 52,185 | 28,732 | |
| NET ASSETS | 52,185 | 28,732 | |
| FUNDS | 9 | ||
| Unrestricted funds | 52,185 | 28,732 | |
| TOTAL FUNDS | 52,185 | 28,732 |
The financial statements were approved by the Board of Trustees and authorised for issue on 22 March 2024 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 PERIOD 1 MARCH 2022 TO 31 MAY 2023
| Period | |||
|---|---|---|---|
| 1.3.22 | |||
| to | Year ended | ||
| 31.5.23 | 28.2.22 | ||
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 24,653 | (6,115) |
| Net cash provided by/(used in) operating activities | 24,653 | (6,115) | |
| Change in cash and cash equivalents in | |||
| the reporting period | 24,653 | (6,115) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 29,932 | 36,047 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 54,585 | 29,932 |
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 PERIOD 1 MARCH 2022 TO 31 MAY 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| Period | ||
| 1.3.22 | ||
| to | Year ended | |
| 31.5.23 | 28.2.22 | |
| £ | £ | |
| Net income/(expenditure) for the reporting period (as per the | ||
| Statement of Financial Activities) | 23,453 | (6,235) |
| Adjustments for: | ||
| Increase in creditors | 1,200 | 120 |
| Net cash provided by/(used in) operations | 24,653 | (6,115) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.3.22 Cash flow At £ £ Net cash Cash at bank 29,932 24,653 29,932 24,653 Total 29,932 24,653 |
31.5.23 £ 54,585 |
|---|---|
| 54,585 | |
| 54,585 |
The notes form part of these financial statements
Page 7
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
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.
continued...
Page 8
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|---|
| Period | |||||
| 1.3.22 | |||||
| to | Year ended | ||||
| 31.5.23 | 28.2.22 | ||||
| £ | £ | ||||
| Donations | 723,752 | 756,646 | |||
| 3. | CHARITABLE ACTIVITIES COSTS | ||||
| Grant | |||||
| funding of | |||||
| activities | Support | ||||
| (see note | costs (see | ||||
| 4) | note | 5) | Totals | ||
| £ | £ | £ | |||
| General | 699,027 | 72 | 699,099 | ||
| 4. | GRANTS PAYABLE | ||||
| Period | |||||
| 1.3.22 | |||||
| to | Year ended | ||||
| 31.5.23 | 28.2.22 | ||||
| £ | £ | ||||
| General | 699,027 | 756,831 | |||
| Donations made to UK and overseas institutions were for the furtherance of orthodox | Jewish | education. | |||
| Institution | Amount | ||||
| Ani Itcha | £8,000 | ||||
| Care All Ltd | £15,000 | ||||
| Casdei Sorele | £10,000 | ||||
| Chasdei Yosef Moshe | £10,000 | ||||
| Hoshiva Shoftenu | £8,000 | ||||
| Institution Bnei Banim | £6,500 | ||||
| Keren Chochmas Shloma Trust | £10,000 | ||||
| Keren Habinyan Limited | £70,000 | ||||
| Keren Chessed Yiboneh | £10,000 | ||||
| Kollel Beis Yisroel D'chsidea Gur Jerusalem | £6,000 | ||||
| Lechteich | £7,500 | ||||
| Machon Lehafotzat Mishpat Ha'Torah | £7,500 | ||||
| Mesilot Yisrael | £1,650 | ||||
| Mifaal Matan Baseser | £15,000 | ||||
| Ohr Vetikvah | £7,500 | ||||
| Project Hashutfim | £5,000 | ||||
| Shir Chesed Beis Yisroel | £60,620 | ||||
| Talmud Torah D'chasidei Gur Limited | £5,000 | ||||
| The Z.S.V. Trust | £157,000 | ||||
| Yachad Institution | £7,500 | ||||
| Yeshiva of the Chanczynsky Brothers | £12,700 | ||||
| Yeshivah & Talmud Torah Torath Emeth | £7,500 | ||||
| TOTAL | £447,970 |
continued...
Page 9
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
4. GRANTS PAYABLE - continued
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | - | 1,200 | 1,200 |
| General | 72 | - | 72 |
| 72 | 1,200 | 1,272 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 May 2023 nor for the year ended 28 February 2022.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 May 2023 nor for the year ended 28 February 2022.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 756,646 |
| EXPENDITURE ON | |
| Charitable activities | |
| 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 |
continued...
Page 10
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
| 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.3.22 £ Unrestricted funds General fund 28,732 TOTAL FUNDS 28,732 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 723,752 TOTAL FUNDS 723,752 Comparatives for movement in funds At 1.3.21 £ Unrestricted funds General fund 34,967 TOTAL FUNDS 34,967 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 756,646 TOTAL FUNDS 756,646 |
31.5.23 28.2.22 £ £ 2,400 1,200 Net movement At in funds 31.5.23 £ £ 23,453 52,185 23,453 52,185 Resources Movement expended in funds £ £ (700,299) 23,453 (700,299) 23,453 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) |
|---|---|
continued...
Page 11
ZLOTCHIV CHARITABLE INCORPORATED ORGANISATION (C.I.O)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1 MARCH 2022 TO 31 MAY 2023
10. RELATED PARTY DISCLOSURES
During the period the charity paid donations to Keren Chochmas Shloma Trust that amounted to £10,000 (2022: £48,660). The charity and Keren Chochmas Shloma Trust share common trustees.
Page 12