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2021-01-31-accounts

Charity Registration No. 1190831

Company Registration No. 12431285 (England and Wales)

MOSDOS HATORAH PNEI MENACHEM LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2021

MOSDOS HATORAH PNEI MENACHEM LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr M Kornik

Mr Y B Schaechter

Mr David Margulies

(Appointed 29 January 2020) (Appointed 29 January 2020) (Appointed 29 January 2020)

Charity number 1190831

Company number 12431285 Registered office

13 Leweston Place London England N16 6RJ

Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW

Independent examiner

MOSDOS HATORAH PNEI MENACHEM LTD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

MOSDOS HATORAH PNEI MENACHEM LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE PERIOD ENDED 31 JANUARY 2021

The trustees present their report and financial statements for the period ended 31 January 2021.

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 Companies Act 2006 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 for the public benefit in such ways as are exclusively charitable as set out under English law and in particular but not exclusively by:

Public Benefit

In planning activities for the year, the trustees took due heed of the Charity Commission's guidance on the requirement to provide public benefit, as well as the requirements of the Equalities Act 2010. Trustees undergo periodic training in both these areas.

Risk Management

The charity produced a risk register that sets out the operational and strategic risks to which the charity is exposed, and how these risks are managed and controlled. This included the specific COVID-19 risks. There is a process for internal audit which provides checks that controls are working effectively and that risk is managed in a proportionate way. Internal audit arrives at ratings for each area of risk management and identifies actions for improvement where appropriate. The trustees have assessed the major risks to which the charity is exposed and are satisfied that there are systems are in place to mitigate exposure to the major risks.

Achievements and performance

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. All grants over £5,000 are detailed in the notes to the accounts.

The charity has made various grants in the year under review, initially to one Orthodox Jewish religious educational institution in line with the charity's objectives. The Trustee awarded those grants after a process of due diligence and engagement with the charity’s leadership. During the course of the grant the Charity ensured, through regular contact, that funds are expended by recipients in line with the agreed purpose or in accordance with agreements made, and that reporting requirements are met before any further instalments were paid out. The Trustees are reviewing other applications and will make grants to other charities in the next financial year.

The charity is also involved in the running of a synagogue in the United Kingdom. Trustees were delighted with the outcomes highlighted following an evaluation of services provided by the synagogue.

Financial review

In the year under review the charity generated income of £ 208,476 and incurred expenses of £211,070 resulting in net outgoing resources of £2,594 .

The trustees have increased their fundraising efforts to cover the shortfall in the following year.

MOSDOS HATORAH PNEI MENACHEM LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 JANUARY 2021

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.

There are no current plans to change the activities or modus operandi in the foreseeable future.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006.

It was incorporated on 29 January 2020 as a company and registered as a charity on 12 August 2020 .

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

Mr M Kornik (Appointed 29 January 2020) Mr Y B Schaechter (Appointed 29 January 2020) Mr David Margulies (Appointed 29 January 2020)

It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures .

The trustees administer the day to day running of the charity.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' r eport was approved by the Board of Trustees.

..............................

Mr Y B Schaechter

Trustee Dated: .........................

MOSDOS HATORAH PNEI MENACHEM LTD

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOSDOS HATORAH PNEI MENACHEM LTD

I report to the trustees on my examination of the financial statements of Mosdos Hatorah Pnei Menachem Ltd (the charity) for the period ended 31 January 2021.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (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

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:

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.

Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW

Dated: .........................

MOSDOS HATORAH PNEI MENACHEM LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 JANUARY 2021

Unrestricted
funds
2021
Notes
£
Income from:
Donations and legacies 3 208,476
Expenditure on:
Charitable activities 4 211,070
Net expenditure for the year/
Net movement in funds (2,594)
Fund balances at 29 January 2020 -
Fund balances at 31 January 2021 (2,594)
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

MOSDOS HATORAH PNEI MENACHEM LTD

BALANCE SHEET

AS AT 31 JANUARY 2021

2021
Notes
£
Fixed assets
Tangible assets
9
Current assets
Debtors
10
8,863
Cash at bank and in hand
8,993
17,856
Creditors: amounts falling due within one year
11
(20,908)
Net current liabilities
Total assets less current liabilities
Income funds
Unrestricted funds		 £
458
(3,052)
(2,594)
(2,594)
(2,594)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 January 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

Mr Y B Schaechter Trustee

Company Registration No. 12431285

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2021

1 Accounting policies

Charity information

Mosdos Hatorah Pnei Menachem Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 13 Leweston Place, London, N16 6RJ, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 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)". 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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, based on 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 Income

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.

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.

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JANUARY 2021

1 Accounting policies

(Continued)

1.5 Expenditure

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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:

Plant and equipment

20% Reducing Balance Method

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 net income/(expenditure) for the year.

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.

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JANUARY 2021

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 preparation of these financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.

3 Donations and legacies

Unrestricted
funds
2021
£
Donations and gifts 208,476

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JANUARY 2021

4 Charitable activities

Charitable
Expenditure
2021
£
Depreciation and impairment 114
Synagogue expenditure 31,740
31,854
Grant funding of activities (see note 5) 177,840
Share of governance costs (see note 6) 1,376
211,070

5 Grants payable

Charitable
Expenditure
2021
£
Grants to institutions:
Yeshivas Pney Menachem Leamaley Tora (R.A.) 177,840
-
Support costs
Support
Governance
2021
costs
costs
£
£
£
Accountancy -
720
720
Legal and professional -
656
656
-
1,376
1,376
Analysed between
Charitable activities -
1,376
1,376

6 Support costs

Legal & Professional fees includes payments to the independent examiners of £ 156 for other services .

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JANUARY 2021

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

8 Employees

The average monthly number of employees during the period was:

2021
Number
Total -
9 Tangible fixed assets
Plant and equipment
£
Cost
Additions 572
At 31 January 2021 572
Depreciation and impairment
Depreciation charged in the period 114
At 31 January 2021 114
Carrying amount
At 31 January 2021 458
10 Debtors
2021
Amounts falling due within one year: £
Other debtors 8,863

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 JANUARY 2021

11
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Other creditors is an amount due to a company of which one of the directors is also a trustee
charity.		 2021
£
188
20,000
720
20,908
of this

12 Related party transactions

Besides the above disclosure t here were no disclosable related party transactions during the period .