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2023-01-31-accounts

Charity registration number 1190831

Company registration number 12431285 (England and Wales)

MOSDOS HATORAH PNEI MENACHEM LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

MOSDOS HATORAH PNEI MENACHEM LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr M Kornik Mr Y B Schaechter Mr David Margulies Mr S Margulies (Appointed 25 May 2023)

Charity number 1190831 Company number 12431285 Registered office 13 Leweston Place London England N16 6RJ

Auditor Glazers 843 Finchley Road NW11 8NA

MOSDOS HATORAH PNEI MENACHEM LTD

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 16

MOSDOS HATORAH PNEI MENACHEM LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2023

The trustees present their annual report and financial statements for the year ended 31 January 2023.

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:

a) providing or supporting in the provision of places for religious worship and education; and

b) providing for the pastoral needs and welfare of the community, particularly members of the Jewish community.

Grants on the unrestricted fund are made after the charity has undertaken the due diligence steps recommended by the charity commission.

Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader, the charity also ascertains that the individuals are in need of funds by requesting proof of income.

Grants to institutions are issued after a process of due diligence and engagement with the charity’s leadership both before the donation/s being made and afterwards through continuous monitoring and evaluation during the course of the grant, to ensure that funds are expended by the recipients in line with the agreed purpose or in accordance with agreements made, and that reporting requirements are met before any further instalments are paid out.

Where the grants are made to overseas charities the charity has policies, procedures and agreements in place with the overseas bodies to ensure it is meeting the necessary regulatory requirements. The Charity undertakes visits to the various projects, as well as conducts spot checks on financial procedures, request evidence of expenditure etc.

The charity is also involved in the running of a synagogue in the United Kingdom, and during the year the charity purchased a building to be used for this purpose. Trustees were delighted with the outcomes highlighted following an evaluation of services provided by the synagogue.

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

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.

Due regard is also given to the deliverance of the Child Protection Policies within the direct work undertaken by the charity and within the Organisations in receipt of grants.

Achievements and performance

In the year under review the charity generated income of £1,258,617 and incurred expenses of £917,373 resulting in net incoming resources of £341,244.

The trustees are satisfied with the results of the charity.

Financial review

The amount on the Unrestricted fund at the year end was £509,721.

MOSDOS HATORAH PNEI MENACHEM LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

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

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. 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.

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 year and up to the date of signature of the financial statements were:

Mr M Kornik Mr Y B Schaechter Mr David Margulies Mr S Margulies (Appointed 25 May 2023)

All new trustees receive suitable recruitment induction and training procedures.It is not the intention of the trustees of the charity to appoint any further new trustees at the moment.

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.

Auditor

In accordance with the company's articles, a resolution proposing that Glazers be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

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

Mr Y B Schaechter

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

MOSDOS HATORAH PNEI MENACHEM LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JANUARY 2023

The trustees, who are also the directors of Mosdos Hatorah Pnei Menachem Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MOSDOS HATORAH PNEI MENACHEM LTD

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF MOSDOS HATORAH PNEI MENACHEM LTD

Opinion

We have audited the financial statements of Mosdos Hatorah Pnei Menachem Ltd (the ‘charity’) for the year ended 31 January 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

MOSDOS HATORAH PNEI MENACHEM LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MOSDOS HATORAH PNEI MENACHEM LTD

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

1) Enquiries of management concerning the charity's policies and procedures relating to:

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

MOSDOS HATORAH PNEI MENACHEM LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MOSDOS HATORAH PNEI MENACHEM LTD

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and the Charities Act 2011 .

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or avoid a material penalty.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Trustees and other management are responsible for such internal control as the Trustees and other management of the Charity determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the comparative figures were not audited, as the prior years accounts were not subject to an audit.

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

.........................
Glazers
Chartered Accountants 843 Finchley Road
Statutory Auditor London

Glazers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

MOSDOS HATORAH PNEI MENACHEM LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 1,228,947 671,066
Investments 4 29,670 9,400
Total income 1,258,617 680,466
Expenditure on:
Raising funds 5 33,350 10,090
Charitable activities 6 884,023 499,305
Total expenditure 917,373 509,395
Net income for the year/
Net movement in funds 341,244 171,071
Fund balances at 1 February 2022 168,477 (2,594)
Fund balances at 31 January 2023 509,721 168,477

The statement of financial activities includes all gains and losses recognised in the year.

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 2023

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
491,809
84,044
575,853
(67,643)		 £
1,511
508,210
509,721
509,721
509,721		 2022
£
-
188,080
188,080
(21,277)		 £
1,674
166,803
168,477
168,477
168,477

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

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 under the requirements of the Companies Act 2006, for the year 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 number 12431285

MOSDOS HATORAH PNEI MENACHEM LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
17
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(133,491)
(215)
29,670
29,455
-
(104,036)
188,080
84,044		 2022
£
(1,635)
9,400		 £
171,322
7,765
-
179,087
8,993
188,080

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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 YEAR ENDED 31 JANUARY 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

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

Freehold land and assets in the course of construction are not depreciated.

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 the statement of financial activities.

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 YEAR ENDED 31 JANUARY 2023

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 payments 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.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 1,228,947 671,066

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

4 Investments

5
6		 Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Rental income
29,670
9,400
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Staging fundraising events
20,630
-
Other fundraising costs
12,720
10,090
Fundraising and publicity
33,350
10,090
33,350
10,090
Charitable activities
Charitable
Expenditure
Charitable
Expenditure
2023
2022
£
£
Depreciation and impairment
378
419
Synagogue expenditure
50,704
20,346
51,082
20,765
Grant funding of activities (see note 7)
828,250
477,005
Share of governance costs (see note 8)
4,691
1,535
884,023
499,305		 Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Rental income
29,670
9,400
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Staging fundraising events
20,630
-
Other fundraising costs
12,720
10,090
Fundraising and publicity
33,350
10,090
33,350
10,090
Charitable activities
Charitable
Expenditure
Charitable
Expenditure
2023
2022
£
£
Depreciation and impairment
378
419
Synagogue expenditure
50,704
20,346
51,082
20,765
Grant funding of activities (see note 7)
828,250
477,005
Share of governance costs (see note 8)
4,691
1,535
884,023
499,305
20,765
477,005
1,535
499,305

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

7 Grants payable

Charitable
Charitable
Expenditure Expenditure
2023 2022
£ £
Grants to institutions:
Mosdos Hatora Vehachesed Pney Menachem (R.A.) 121,000 375,500
Yeshivas Pney Menachem Leamaley Tora (R.A.) - 80,425
Amud Hatzdokoh Trust - 5,500
Ahavat Yisroel UK - 5,000
The Friends Of Alexander Institutions Trust - 5,000
Yaalozin Hassidim 687,700 -
Other 7,050 1,080
815,750 472,505
Grants to individuals 12,500 4,500
828,250 477,005

8 Support costs

Support costs
Audit fees
Accountancy
Legal and professional
Bank fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
2,880
-
1,068
-
48
-
695
-
4,691
-
4,691		 2023Support costs Governance
costs
£
£
£
2,880
-
-
1,068
-
960
48
-
352
695
-
223
4,691
-
1,535
4,691
-
1,535		 2022
£
-
960
352
223
1,535
1,535

Governance costs includes payments to the auditors of £2,880 for audit fees.

9 Trustees

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

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

12 Tangible fixed assets
Plant and equipment
£
Cost
At 1 February 2022 2,207
Additions 215
At 31 January 2023 2,422
Depreciation and impairment
At 1 February 2022 533
Depreciation charged in the year 378
At 31 January 2023 911
Carrying amount
At 31 January 2023 1,511
At 31 January 2022 1,674
13 Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 491,809 -

On the 21 July 2022 the charity entered into a contract to purchase a property to be used as a synagogue and other charitable purposes.

Included in other debtors is £491,016 paid in advance in respect of the above purchase. See Note 15.

MOSDOS HATORAH PNEI MENACHEM LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
564
14,099
50,100
2,880
67,643		 2022
£
-
557
20,000
720
21,277

Other creditors includes £50,000 due to companies of which one of the directors is also a trustee of this charity.

15 Events after the reporting date

On the 13 June 2023 the charity completed on the purchase of a property to be used as a synagogue and for other charitable purposes.

16 Related party transactions

Besides the disclosure in note 14 above there were no disclosable related party transactions during the year.

17
Cash generated from operations
2023
£
Surplus for the year
341,244
Adjustments for:
Investment income recognised in statement of financial activities
(29,670)
Depreciation and impairment of tangible fixed assets
378
Movements in working capital:
(Increase)/decrease in debtors
(491,809)
Increase in creditors
46,366
Cash (absorbed by)/generated from operations
(133,491)		 2022
£
171,071
(9,400)
419
8,863
369
171,322

18 Analysis of changes in net funds The charity had no debt during the year.