REGISTERED CHARITY NUMBER: 1190418
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
FOR
DARKEI CHAIM
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
DARKEI CHAIM
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
DARKEI CHAIM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 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 for the public benefit by providing grants to synagogues and other religious charities, for the provision of religious objects, prayer books and other religious study books, and for the public celebration of religious festivals.
The advancement of Orthodox Jewish education and education in general by providing grants to educational institutions.
The relief of poverty for the public benefit by providing grants to other charities working to prevent or relieve poverty and to individuals.
The relief of sickness and infirmity for the public benefit by providing grants to other charities working to relieve sickness and infirmity and to individuals.
Public benefit
Each year the trustees review their objectives and activities to ensure that they continue to reflect the trustees aims. In carrying out their review the trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance, with focused regard towards the advancement of the Orthodox Jewish Faith and all its facets for the public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity considers that it achieved its objectives during the year by supporting charitable causes in accordance with the charity's objectives. The trustees aim to continue operating the charity by similar means for the future.
During the year under review the charity received generous donations that amounted to £230,475 (2022: £246,436). During the year under review the charity paid donations that amounted to £39,175 (2022: £25,750).
FINANCIAL REVIEW
Principal funding sources
The charity is financially dependent on income from charitable donations.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
Going concern
The trustees are confident that the charity will continue to operate in the foreseeable future.
FUTURE PLANS
The trustees intend to continue to operate the charity in a similar manner to the year under review which has been satisfactory.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution and constitutes a charitable incorporated organisation.
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.
Page 1
DARKEI CHAIM
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
The charity trustees periodically review and consider possible training requirements to best suit the charity's objectives.
Related parties
Details of transactions with related parties are disclosed in the notes to the financial statements.
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
1190418
Principal address
13 Heathland Road London N16 5PD
Trustees
M Schwimmer N B Bindinger V Schwimmer
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 June 2024 and signed on its behalf by:
M Schwimmer - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DARKEI CHAIM
Independent examiner's report to the trustees of Darkei Chaim
I report to the charity trustees on my examination of the accounts of Darkei Chaim (the Trust) for the year ended 31 August 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
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 June 2024
Page 3
DARKEI CHAIM
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| 31.8.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 230,475 EXPENDITURE ON Charitable activities Charitable activities 151,355 Other 1,080 Total 152,435 NET INCOME 78,040 RECONCILIATION OF FUNDS Total funds brought forward 290,497 TOTAL FUNDS CARRIED FORWARD 368,537 |
31.8.22 Total funds £ 246,436 |
|---|---|
| 125,758 960 |
|
| 126,718 | |
| 119,718 170,779 |
|
| 290,497 |
The notes form part of these financial statements
Page 4
DARKEI CHAIM
BALANCE SHEET 31 AUGUST 2023
| Notes FIXED ASSETS Tangible assets 4 Investment property 5 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 7 NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
31.8.23 Unrestricted fund £ 8,100 1,583,468 1,591,568 15,611 (322,608) (306,997) 1,284,571 (916,034) 368,537 368,537 368,537 |
31.8.22 Total funds £ 9,529 1,583,468 1,592,997 28,201 (410,428) (382,227) 1,210,770 (920,273) 290,497 290,497 290,497 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 June 2024 and were signed on its behalf by:
M Schwimmer - Trustee
N B Bindinger - Trustee
V Schwimmer - Trustee
The notes form part of these financial statements
Page 5
DARKEI CHAIM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 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.
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 estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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
Goverance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 15% on reducing balance
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.
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continued...
DARKEI CHAIM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
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. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 246,436 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable activities | 125,758 |
| Other | 960 |
| Total | 126,718 |
| NET INCOME | 119,718 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 170,779 |
| TOTAL FUNDS CARRIED FORWARD | 290,497 |
continued...
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DARKEI CHAIM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
4. TANGIBLE FIXED ASSETS
| COST At 1 September 2022 and 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 5. INVESTMENT PROPERTY FAIR VALUE At 1 September 2022 and 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.23 £ Other creditors 322,608 7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.23 £ Bank loans (see note 8) 916,034 |
Fixtures and fittings £ 11,211 1,682 1,429 3,111 8,100 9,529 £ 1,583,468 |
Fixtures and fittings £ 11,211 1,682 1,429 3,111 8,100 9,529 £ 1,583,468 |
Fixtures and fittings £ 11,211 |
|---|---|---|---|
| 1,682 1,429 |
|||
| 3,111 | |||
| 8,100 | |||
| 9,529 | |||
| 1,583,468 | |||
| 1,583,468 | |||
| 31.8.22 £ 410,428 |
|||
| 31.8.22 £ 920,273 |
Included within creditors due after more than one year is the amount of £29,728 (2022: £33,967) due under the Bounce Back Loan Scheme (BBLS). The loan is unsecured, guaranteed by the government, and attracts an interest rate of 2.5% after the interest free period in the first year.
continued...
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DARKEI CHAIM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
8. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst |
31.8.23 £ 29,728 886,306 |
31.8.22 £ 33,967 |
|---|---|---|
| 886,306 |
9. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.9.22 £ 290,497 290,497 Incoming resources £ 230,475 230,475 At 1.9.21 £ 170,779 170,779 |
Net movement At in funds 31.8.23 £ £ 78,040 368,537 78,040 368,537 Resources Movement expended in funds £ £ (152,435) 78,040 (152,435) 78,040 Net movement At in funds 31.8.22 £ £ 119,718 290,497 119,718 290,497 |
At 31.8.23 £ 368,537 |
|---|---|---|---|
| 368,537 | |||
| 78,040 | |||
| At 31.8.22 £ 290,497 |
|||
| 290,497 |
continued...
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DARKEI CHAIM
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 246,436 246,436 |
Resources Movement expended in funds £ £ (126,718) 119,718 (126,718) 119,718 |
Resources Movement expended in funds £ £ (126,718) 119,718 (126,718) 119,718 |
|---|---|---|---|
| 119,718 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.21 £ 170,779 170,779 |
Net movement in funds £ 197,758 197,758 |
At 31.8.23 £ 368,537 |
|---|---|---|---|
| 368,537 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 476,911 476,911 |
Resources Movement expended in funds £ £ (279,153) 197,758 (279,153) 197,758 |
Resources Movement expended in funds £ £ (279,153) 197,758 (279,153) 197,758 |
|---|---|---|---|
| 197,758 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
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DARKEI CHAIM
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 AUGUST 2023 | ||
| 31.8.23 | 31.8.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 230,475 | 246,436 |
| Total incoming resources | 230,475 | 246,436 |
| EXPENDITURE | ||
| Charitable activities | ||
| Insurance | 751 | 689 |
| Advertising | 29,359 | 27,555 |
| Travel | 1,390 | - |
| Repairs | 3,893 | 9,976 |
| Telephone | 4,599 | 4,887 |
| Light and heat | 9,388 | 4,614 |
| Rates and water | 7,092 | 688 |
| Legal fees | 3,550 | 2,339 |
| School maintenance | 10,288 | 9,045 |
| Postage | 774 | - |
| Grants to institutions | 31,925 | 5,850 |
| Grants to individuals | 7,250 | 19,900 |
| 110,259 | 85,543 | |
| Support costs | ||
| Finance | ||
| Bank charges | 5,111 | 478 |
| Bank loan interest | 34,526 | 37,599 |
| 39,637 | 38,077 | |
| Other | ||
| Sundries | 30 | 456 |
| Depreciation of tangible fixed assets | 1,429 | 1,682 |
| 1,459 | 2,138 | |
| Governance costs | ||
| Accountancy and legal fees | 1,080 | 960 |
| Total resources expended | 152,435 | 126,718 |
| Net income | 78,040 | 119,718 |
This page does not form part of the statutory financial statements
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