COMPANY REGISTRATION NUMBER: 11881379 CHARITY REGISTRATION NUMBER: 1191450
Zichron Baruch Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Zichron Baruch
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities (including income and | |
| expenditure account) | 8 |
| Statement of financial position | 9 |
| Notes to the financial statements | 10 |
Zichron Baruch
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.
Reference and administrative details
Registered charity name Zichron Baruch Charity registration number 1191450 Company registration number 11881379 Principal office and registered 18 Fraser Road office Manchester M8 4HH The trustees D Levkovitz G Soloweitschik Y Rappaport Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
- 1 -
Zichron Baruch
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Structure, governance and management
Zichron Baruch is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 14 Match 2019 as a company and the company number is 11881379. It was registered as a charity on 23 September 2020 with a charity number 1191450.
There is no chief executive officer. The day-to-day affairs are undertaken by the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity's employees are the sole domain of the trustees.
A policy and procedure for the induction and training of new trustees is currently being developed and will be implemented in the coming years.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to manage exposure to the major risks.
The risks faced by the charity are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
- 2 -
Zichron Baruch
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Objectives and activities
The objects of the charity are:-
(i) the advancement of education according to the beliefs and values of the Jewish Faith worldwide;
(ii) the relief of poverty in the Jewish community worldwide and
(iii) any charitable purpose at the discretion of the trustees for the benefit of the community.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations and grants. The charity gives out grants in line with the above objects.
Grants paid to Institutions are as disclosed in the notes to the accounts.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter-term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
- 3 -
Zichron Baruch
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Achievements and performance
The charity received £444,148 in donations during the year.
During the year, the charity awarded charitable grants amounting to £220,765. That figure includes grants to institutions amounting to £28,865 for the furtherance of education, and £191,900 to individuals for the relief of poverty, religion and education.
Additionally, the charity distributed food packages during the year with a value of £220,000.
These grants and food distribution were in keeping with the charity's objects.
Furthermore, the charity expended £1,644 on fundraising during the year.
The charity has incurred governance costs of £1,373 during the year.
Other costs were kept low and were borne by the trustees. The governance costs incurred relates to professional fees incurred during the year.
The trustees would like to record their appreciation for all the financial support received from the local benefactor who anonymously sponsored the office costs during the course of the year.
There were no investments made during the year.
There were no related party transactions in the reporting period.
There was an overall net income and net movement in funds for the year amounting to £366, of which all of it is attributable to the unrestricted fund.
Financial review
The trustees feel that the substantial increase in activities this year reflects the charities considerable increase in exposure within the local community. The impact for future year's expenditure is self-evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.
Reserves policy
The unrestricted fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.
The free reserves being the net current assets stand at £31,065, all of which are unrestricted funds.
- 4 -
Zichron Baruch
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
The trustees' annual report and the strategic report were approved on 17 December 2024 and signed on behalf of the board of trustees by:
G Soloweitschik Trustee
- 5 -
Zichron Baruch
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Zichron Baruch
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Zichron Baruch ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (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 accounts of the company 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 accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
- 6 -
Zichron Baruch
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Zichron Baruch (continued)
Year ended 31 March 2024
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.
Mr Howard Schwalbe ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
17 December 2024
- 7 -
Zichron Baruch
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 444,148 | – | 444,148 | 644,025 |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| Total income | 444,148 | – | 444,148 | 644,025 | |
| ================================ | ============== | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Fund raising costs | 6 | 1,644 | – | 1,644 | 1,315 |
| Expenditure on charitable activities | 7,8 | 432,178 | 9,960 | 442,138 | 621,881 |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 433,822 | 9,960 | 443,782 | 623,196 | |
| ================================ | ======================= | ================================ | ================================ | ||
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| Net income and net movement in | funds | 10,326 | (9,960) | 366 | 20,829 |
| ================================ | ======================= | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 20,739 | 9,960 | 30,699 | 9,870 | |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 31,065 | – | 31,065 | 30,699 | |
| ================================ | ======================= | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
- 8 -
Zichron Baruch
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Debtors | 14 | 13,000 | 13,000 |
| Cash at bank and in hand | 19,385 | 19,019 | |
| ---------------------------- | ---------------------------- | ||
| 32,385 | 32,019 | ||
| Creditors: amounts falling due within one year | 15 | 1,320 | 1,320 |
| ---------------------------- | ---------------------------- | ||
| Net current assets | 31,065 | 30,699 | |
| ---------------------------- | ---------------------------- | ||
| Total assets less current liabilities | 31,065 | 30,699 | |
| ---------------------------- | ---------------------------- | ||
| Net assets | 31,065 | 30,699 | |
| ============================ | ============================ | ||
| Funds of the charity | |||
| Restricted funds | – | 9,960 | |
| Unrestricted funds | 31,065 | 20,739 | |
| ---------------------------- | ---------------------------- | ||
| Total charity funds | 16 | 31,065 | 30,699 |
| ============================ | ============================ |
For the year ending 31 March 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 17 December 2024, and are signed on behalf of the board by:
G Soloweitschik Trustee
The notes on pages 10 to 16 form part of these financial statements.
- 9 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 18 Fraser Road, Manchester, M8 4HH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 10 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
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:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
- 11 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Financial instruments (continued)
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Zichron Baruch is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 444,148 | – | 444,148 |
- 12 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
5. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Grants | |||||
| Grants receivable | – | – | – | ||
| -------------------------------- | -------------- | -------------------------------- | |||
| 444,148 | – | 444,148 | |||
| ================================ | ============== | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 634,065 | – | 634,065 | ||
| Grants | |||||
| Grants receivable | – | 9,960 | 9,960 | ||
| -------------------------------- | ----------------------- | -------------------------------- | |||
| 634,065 | 9,960 | 644,025 | |||
| ================================ | ======================= | ================================ | |||
| 6. | Fund raising costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Fund raising costs | 1,644 | 1,644 | 1,315 | 1,315 | |
| ======================= | ======================= | ======================= | ======================= | ||
| 7. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Charitable grants | 220,765 | – | 220,765 | ||
| Food Packages | 210,040 | 9,960 | 220,000 | ||
| Support costs | 1,373 | – | 1,373 | ||
| -------------------------------- | ----------------------- | -------------------------------- | |||
| 432,178 | 9,960 | 442,138 | |||
| ================================ | ======================= | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Charitable grants | 262,268 | – | 262,268 | ||
| Food Packages | 356,566 | – | 356,566 | ||
| Support costs | 3,047 | – | 3,047 | ||
| -------------------------------- | -------------- | -------------------------------- | |||
| 621,881 | – | 621,881 | |||
| ================================ | ============== | ================================ |
- 13 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
8. Expenditure on charitable activities by activity type
| Activities | ||||||
|---|---|---|---|---|---|---|
| undertaken | Grant funding |
Support |
Total funds | Total fund | ||
| directly | of activities |
costs |
2024 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Charitable grants | – | 220,765 |
53 |
220,818 | 264,187 | |
| Food Packages | 220,000 | – |
– |
220,000 | 356,566 | |
| Governance costs | – | – |
1,320 |
1,320 | 1,128 | |
| -------------------------------- | -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| 220,000 | 220,765 |
1,373 |
442,138 | 621,881 | ||
| ================================ | ================================ | ======================= | ================================ | ================================ | ||
| 9. | Analysis of support costs | |||||
| Analysis of | ||||||
| support costs | Total 2024 | Total 2023 | ||||
| £ | £ | £ | ||||
| General office | 53 | 53 | 1,919 | |||
| Governance costs | 1,320 | 1,320 | 1,128 | |||
| ----------------------- | ----------------------- | ----------------------- | ||||
| 1,373 | 1,373 | 3,047 | ||||
| ======================= | ======================= | ======================= | ||||
| 10. | Analysis of grants | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Grants to institutions | ||||||
| Bederech Kovod | 11,465 | 8,160 | ||||
| Grants Under £1,000 | – | 1,000 | ||||
| Keren Chochmas Shloma | – | 16,500 | ||||
| Kollel Gaon Yaakov | 17,400 | 34,700 | ||||
| Shir Chesed Beis Yisroel | – | 16,000 | ||||
| TTT | – | 20,000 | ||||
| Three Pillars Trust | – | 2,000 | ||||
| ---------------------------- | ---------------------------- | |||||
| 28,865 | 98,360 | |||||
| Grants to individuals | ||||||
| Grants For Education | 156,595 | 150,411 | ||||
| Grants for Relief of Poverty | 20,380 | 7,497 | ||||
| Religious grants | 14,925 | 6,000 | ||||
| -------------------------------- | -------------------------------- | |||||
| 191,900 | 163,908 | |||||
| -------------------------------- | -------------------------------- | |||||
| Total grants | 220,765 | 262,268 | ||||
| ================================ | ================================ |
- 14 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
11. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,320 | 1,320 |
| ======================= | ======================= |
12. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received or expenses reimbursed by the trustees.
14. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other debtors | 13,000 | 13,000 |
| ============================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 1,320 | 1,320 |
| ======================= | ======================= |
15. Creditors: amounts falling due within one year
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 01 | At 31 | |||
| Apr 2023 | Income | Expenditure | Mar 2024 | |
| £ | £ | £ | £ | |
| General funds | 20,739 | 444,148 | (433,822) | 31,065 |
| ============================ | ================================ | ================================ | ============================ | |
| At 01 | At 31 | |||
| Apr 2022 | Income | Expenditure | Mar 2023 | |
| £ | £ | £ | £ | |
| General funds | 9,870 | 634,065 | (623,196) | 20,739 |
| ======================= | ================================ | ================================ | ============================ |
- 15 -
Zichron Baruch
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
16. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | 01 | At 31 | |||
| Apr 2023 | Income | Expenditure | Mar 2024 | ||
| £ | £ | £ | £ | ||
| Restricted fund - grants receivable | 9,960 | – | (9,960) | – |
|
| ======================= | ============== | ======================= | ============== | ||
| At | 01 | At 31 | |||
| Apr 2022 | Income | Expenditure | Mar 2023 | ||
| £ | £ | £ | £ | ||
| Restricted fund - grants receivable | – | 9,960 | – | 9,960 | |
| ============== | ======================= | ============== | ======================= | ||
| Analysis of net assets between funds | |||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Current assets | 32,385 | – | 32,385 | ||
| Creditors less than 1 year | (1,320) | – | (1,320) | ||
| ---------------------------- | -------------- | ---------------------------- | |||
| Net assets | 31,065 | – | 31,065 | ||
| ============================ | ============== | ============================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Current assets | 22,059 | 9,960 | 32,019 | ||
| Creditors less than 1 year | (1,320) | – | (1,320) | ||
| ---------------------------- | ----------------------- | ---------------------------- | |||
| Net assets | 20,739 | 9,960 | 30,699 | ||
| ============================ | ======================= | ============================ |
17. Analysis of net assets between funds
18. Taxation
Zichron Baruch is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
- 16 -