Charity registration number 1192812
TORATH MOISHE VIZNITZ CLUB
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TORATH MOISHE VIZNITZ CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees G E Kornitzer Y Y Tzin C M Taub Charity number 1192812 Independent examiner CHS Accountants Limited Lower Ground Floor, 13 High Road London N15 6LT
TORATH MOISHE VIZNITZ CLUB
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 11 |
TORATH MOISHE VIZNITZ CLUB
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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 CIO Foundation Constitution, the Charities Act 2011 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 objects of the charity are:
The advancement of the Jewish faith for the benefit of the public in such ways as are exclusively charitable in 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 needs of the community, particularly members of the Jewish community.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant making policy
The charity makes grants for the provision and support of places of religious worship and Jewish education.
In making these grants the trustees use their personal knowledge and experience of the local community and its specific needs. The trustees monitor the application of funds by observation of the recipient institutions and regular verbal and written correspondence.
Achievements and performance
Significant activities and achievements against objectives
The charity employs its funds and resources for the provision of and the support of places of religious worship and Jewish education. The charity also provides food for needy students and people from the community.
During the year the charity made grants totalling £18,000 (2023: Nil) and employed its resources exclusively for the provision of charitable activities. The charity received donations aggregating £233,748 (2023: 163,068).
Financial review
The financial results for the year to 31 December 2024 are fully reflected in the attached Financial Statements and the Notes thereon.
As at 31 December 2024, the charity had a deficit in reserves of £14,009 (2023: deficit of £20,419). This situation is temporary and should be completely reversed in the coming year.
Reserves policy
The charitys policy is to maintain Unrestricted funds at a level which the trustees deem appropriate after considering future commitments and the likely costs for the next year.
Structure, governance and management
The charity is registered with the Charity Commission and governed by its CIO Foundation Constitution dated 16 December 2020.
The trustees who served during the year and up to the date of signature of the financial statements were: G E Kornitzer
Y Y Tzin C M Taub
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TORATH MOISHE VIZNITZ CLUB
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Recruitment and appointment of trustees
New trustees are appointed based on personal competence, availability and knowledge and familiarity with the community which the charity serves. New trustees are inducted into the workings of the charity by the existing trustees.
None of the trustees has any beneficial interest in the charity.
Organisational structure
The trustees administer the day-to-day affairs of the charity.
The trustees' report was approved by the Board of Trustees.
G E Kornitzer
Trustee
30 October 2025
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TORATH MOISHE VIZNITZ CLUB
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TORATH MOISHE VIZNITZ CLUB
I report to the trustees on my examination of the financial statements of Torath Moishe Viznitz Club (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Pini Shebson ACA
CHS Accountants Limited Lower Ground Floor, 13 High Road London N15 6LT
Dated: 30 October 2025
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TORATH MOISHE VIZNITZ CLUB
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 233,748 | 163,068 |
| Total income | 233,748 | 163,068 | |
| Expenditure on: | |||
| Raising funds | 4 | 3,022 | 3,756 |
| Charitable activities | 5 | 224,316 | 188,887 |
| Total expenditure | 227,338 | 192,643 | |
| Net income/(expenditure) and movement in funds | 6,410 | (29,575) | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | (20,419) | 9,156 | |
| Fund balances at 31 December 2024 | (14,009) | (20,419) |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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TORATH MOISHE VIZNITZ CLUB
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Trade and other receivables | 12 | - | 900 | ||
| Cash at bank and in hand | 599 | 661 | |||
| 599 | 1,561 | ||||
| Current liabilities | 13 | (14,608) | (21,980) | ||
| Net current liabilities | (14,009) | (20,419) | |||
| The funds of the charity | |||||
| Unrestricted funds | 14 | (14,009) | (20,419) | ||
| (14,009) | (20,419) |
The financial statements were approved by the trustees on 30 October 2025
G E Kornitzer Trustee
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TORATH MOISHE VIZNITZ CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Torath Moishe Viznitz Club is a registered charity governed by its CIO Foundation Constitution.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's CIO Foundation Constitution dated 16 December 2020, the Charities Act 2011, 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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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. 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 or grantors 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.
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TORATH MOISHE VIZNITZ CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 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.
1.7 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.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 trade and other payables 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 payables 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 payables 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.
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TORATH MOISHE VIZNITZ CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.8 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 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.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 233,748 | 163,068 |
4 Expenditure on raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising and publicity | ||
| Other fundraising costs | 3,022 | 3,756 |
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TORATH MOISHE VIZNITZ CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Expenditure on charitable activities
| Total funds | Total funds | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 42,818 | 36,588 | |
| Rent | 96,500 | 47,999 | |
| Food provision and charitable activities | 63,417 | 102,608 | |
| 202,735 | 187,195 | ||
| Grant funding of activities (see note 6) | 18,000 | - | |
| Share of support and governance costs (see note 7) | |||
| Support | 1,901 | 12 | |
| Governance | 1,680 | 1,680 | |
| 224,316 | 188,887 | ||
| Analysis by fund | |||
| Unrestricted funds | 224,316 | 188,887 | |
| 6 | Grants payable | ||
| Total funds | |||
| 2024 | |||
| £ | |||
| Grants to institutions: | |||
| British Friends of Chatzer Hakodesh Viznitz | 3,000 | ||
| Grants to individuals | 15,000 | ||
| 7 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| General administrative costs | 1,281 | - | |
| Bank fees | 620 | 12 | |
| Governance costs | 1,680 | 1,680 | |
| 3,581 | 1,692 | ||
| Analysed between: | |||
| Charitable activities | 3,581 | 1,692 |
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TORATH MOISHE VIZNITZ CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 7 Support costs allocated to activities Governance costs comprise: Independent examiner fees 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
(Continued) 2024 2023 £ £ 1,680 1,680 1,680 1,680 2024 2023 £ £ 1,680 1,680 |
(Continued) 2024 2023 £ £ 1,680 1,680 1,680 1,680 2024 2023 £ £ 1,680 1,680 |
|---|---|---|
| 1,680 | ||
| 2023 £ 1,680 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| 5 | 4 | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 42,818 | 36,588 |
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Trade and other receivables
| Trade and other receivables | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Other debtors | - | 900 |
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TORATH MOISHE VIZNITZ CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
13 Current liabilities
| Current liabilities | ||
|---|---|---|
| Trade payables Loans Accruals and deferred income |
2024 £ 1,400 2,000 11,208 14,608 |
2023 £ 1,400 17,500 3,080 |
| 21,980 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ (20,419) 233,748 (227,338) (14,009) January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 9,156 163,068 (192,643) (20,419) |
|---|---|
15 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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