REGISTERED CHARITY NUMBER: 1186335
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
FOR KKMG
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
KKMG
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 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 10 |
KKMG
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 30 November 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 principal activity of the Charity is to advance the Orthodox Jewish religion for the public benefit by providing grants to synagogues and other religious institutions to support public prayer, celebration of religious festivals, religious education and the relief of poverty.
Significant activities
The charity received donations of £735,000 in addition to the £959,000 received last year. In accordance with the charity's stated strategy, the charity purchased an investment property for £129,307 and invested a further £1,425,000 in loan facilities. Both of these investments made a return for the charity and the trustees believe they will continue to bring in investment income for the foreseeable future, which will be used to pursue the charity's charitable objects.
Public benefit
The trustees have given careful consideration to the Charity Commission's guidance on public benefit when setting the aims and objectives of the Charity. In particular, the Trustees consider how planned activities will contribute to the aims and objectives of the Charity.
Grantmaking
Grants are made to charitable institutions, organisations and individuals after it has been satisfied that payments will accord with the objectives of the charity.
ACHIEVEMENT AND PERFORMANCE
Internal and external factors
The charity has no staff or volunteers.
FINANCIAL REVIEW
Investment policy and objectives
The charity holds investments in order to create income to further its charitable objectives. The trustees have reviewed the performance of these investments and consider it satisfactory.
Reserves policy
It is the policy of the trustees to seek to maintain the reserves of the Charity by gaining investment income at a level sufficient to cover expenditure. Investment income during the year was £55,810 (2021: £0) which were sufficient to cover the charitable donations of £55,669 (2021: £11,125).
As at 30 November 2022 the Charity had reserves of £1,678,182 (2021: £946,443).
FUTURE PLANS
The trustees intend to continue to provide grants to charitable organisations that further the charity's objectives for the benefit of the public.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1186335
Principal address
4 Queens Way London NW4 2TN
Page 1
KKMG
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 NOVEMBER 2022
Trustees
Mr G Z Noe Ms P Noe Mr S Levy
Independent Examiner
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Approved by order of the board of trustees on 27 March 2023 and signed on its behalf by:
Mr G Z Noe - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KKMG
Independent examiner's report to the trustees of KKMG
I report to the charity trustees on my examination of the accounts of KKMG (the Trust) for the year ended 30 November 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 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.
Aryeh Melinek, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
27 March 2023
Page 3
KKMG
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 NOVEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Charitable activities Relief of poverty Religious institutions Education Relief of sickness Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 735,000 55,810 790,810 1,033 2,369 26,000 7,521 20,790 1,358 59,071 731,739 946,443 **1,678,182 ** |
2021 Total funds £ 959,000 - 959,000 - 1,432 3,129 5,559 2,437 - 12,557 946,443 - 946,443 |
|---|---|---|
The notes form part of these financial statements
Page 4
KKMG
BALANCE SHEET
30 NOVEMBER 2022
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 129,307 1,425,000 125,555 1,550,555 (1,680) 1,548,875 1,678,182 1,678,182 1,678,182 1,678,182 |
2021 Total funds £ - - 947,823 947,823 (1,380) 946,443 946,443 946,443 946,443 946,443 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 March 2023 and were signed on its behalf by:
Mr G Z Noe - Trustee
The notes form part of these financial statements
Page 5
KKMG
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investment property Interest received Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (747,431) (747,431) (129,307) 54,470 (74,837) (822,268) 947,823 125,555 |
2021 £ 947,823 947,823 - - - 947,823 - 947,823 |
|---|---|---|
The notes form part of these financial statements
Page 6
KKMG
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | |
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Net income for the reporting period (as per the Statement of | |||||
| Financial Activities) | 731,739 | 946,443 | |||
| Adjustments for: | |||||
| Interest received | (54,470) | - | |||
| Increase in debtors | (1,425,000) | - | |||
| Increase in creditors | 300 | 1,380 | |||
| Net cash (used in)/provided by operations | (747,431) | 947,823 | |||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At 1.12.21 | Cash flow | At | 30.11.22 | ||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 947,823 | **(822,268) ** | 125,555 | ||
| 947,823 | **(822,268) ** | 125,555 | |||
| Total | 947,823 | **(822,268) ** | 125,555 |
The notes form part of these financial statements
Page 7
KKMG
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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 3. INVESTMENT INCOME Rents received Deposit account interest Other interest |
2022 £ 735,000 2022 £ 1,340 1 54,469 55,810 |
2021 £ 959,000 2021 £ - - - - |
|---|---|---|
continued...
Page 8
KKMG
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
4. RAISING FUNDS
Investment management costs
| Insurance Travel and subsistence |
2022 2021 £ £ 486 - 547 - 1,033 - |
|---|---|
5. CHARITABLE ACTIVITIES COSTS
| Charitable activities Relief of poverty Religious institutions Education Relief of sickness GRANTS PAYABLE Relief of poverty Religious institutions Education Relief of sickness |
Grant funding of activities (see note 6) £ - 26,000 7,521 20,790 1,358 55,669 |
Support costs (see note 7) £ 2,369 - - - - 2,369 2022 £ 26,000 7,521 20,790 1,358 55,669 |
Totals £ 2,369 26,000 7,521 20,790 1,358 58,038 2021 £ 3,129 5,559 2,437 - 11,125 |
|---|---|---|---|
6. GRANTS PAYABLE
The total grants paid to institutions during the year was £55,669 (2021: £11,125). A summary of grants made to institutions during the year is as follows:
| Name of institution | Amount (£) |
|---|---|
| Mercaz Hatorah Belz Machnovke | 15,000 |
| String of Pearls | 5,000 |
| Beis Hamedrash Nishmas Yisroel Limited | 5,000 |
| Seaquins (Westcliff) | 5,000 |
| Mifal Hachesed Vehatzdokoh | 3,600 |
| Friends of Beis Chinuch Lebonos | 3,600 |
| Friends of Beis Soroh Schnirer | 3,600 |
| Mendan Ltd | 3,600 |
| Achisomoch Aid Company Limited | 3,000 |
| Other | 8,269 |
| Total | 55,669 |
continued...
Page 9
KKMG
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2022
7. SUPPORT COSTS
| Finance £ Charitable activities 149 |
Governance Other costs Totals £ £ £ 720 1,500 2,369 |
|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2022 nor for the year ended 30 November 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2022 nor for the year ended 30 November 2021.
9. INVESTMENT PROPERTY
| FAIR VALUE Additions At 30 November 2022 NET BOOK VALUE At 30 November 2022 At 30 November 2021 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2022 £ 1,425,000 2022 £ 1,680 |
£ **129,307 ** |
£ **129,307 ** |
£ **129,307 ** |
|
|---|---|---|---|---|---|
| **129,307 ** | |||||
| **129,307 ** | |||||
| - | |||||
| 2021 £ - |
|||||
| 2021 £ 1,380 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2022.
Page 10