REGISTERED CHARITY NUMBER: 1196464
TZDUKES YAKOV (CIO)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
TZDUKES YAKOV (CIO)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 14 |
TZDUKES YAKOV (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
TRUSTEES
Mr Y Oestreicher Mr A M Ostreicher N Weinstock
PRINCIPAL ADDRESS
Flat 1A Enville Court Cazenove Road London N16 6AS
REGISTERED CHARITY 1196464 NUMBER
AUDITORS
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
Page 1
TZDUKES YAKOV (CIO)
REPORT OF THE TRUSTEES FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
The trustees present their report with the financial statements of the charity for the period 8 November 2021 to 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The advancement of the Orthodox Jewish Faith in such ways as the charity trustees shall from time to time think fit.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are satisfied with the results of the first period. The charity received various donations from which it purchased investment properties to give a regular flow of income, it also made donations in accordance with its objects.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £1,496,192 of which £811,337 were free reserves.
FUTURE PLANS
It is anticipated that the charity will be able support charitable purposes and institutions in accordance with its objects subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity was constituted as a CIO - Foundation and registered on 8 November 2021.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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TZDUKES YAKOV (CIO)
REPORT OF THE TRUSTEES FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on 25 January 2024 and signed on its behalf by:
Mr Y Oestreicher - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TZDUKES YAKOV (CIO)
Opinion
We have audited the financial statements of Tzdukes Yakov (CIO) (the 'charity') for the period ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TZDUKES YAKOV (CIO)
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors 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 a Report of the Independent Auditors 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.
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TZDUKES YAKOV (CIO)
Use of our report
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 auditors' 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.
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
25 January 2024
Page 6
TZDUKES YAKOV (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grantmaking Support Total NET INCOME TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,700,000 32,693 1,732,693 5,461 52,140 5,113 62,714 1,669,979 1,669,979 |
|---|---|
The notes form part of these financial statements
Page 7
TZDUKES YAKOV (CIO)
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
Total funds £ 1,682,121 60 666 726 (12,868) (12,142) 1,669,979 1,669,979 1,669,979 1,669,979 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2024 and were signed on its behalf by:
Mr Y Oestreicher - Trustee
The notes form part of these financial statements
Page 8
TZDUKES YAKOV (CIO)
CASH FLOW STATEMENT FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of investment property Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
£ 1,682,787 1,682,787 (1,682,121) (1,682,121) 666 - 666 |
|---|---|
The notes form part of these financial statements
Page 9
TZDUKES YAKOV (CIO)
NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
£
| £ | |
|---|---|
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in debtors Increase in creditors Net cash provided by operations |
1,669,979 (60) 12,868 |
| 1,682,787 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 8.11.21 | Cash flow | At 31.3.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | - | 666 | 666 |
| - | 666 | 666 | |
| Total | - | 666 | 666 |
The notes form part of these financial statements
Page 10
TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These 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 valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
The following specific policies are applied to particular categories of income:
Donations are included in full in the Statement of Financial Activities when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Raising funds comprise investment management costs relating to the investment properties.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. 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 amount expected to be received or paid and not discounted.
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
Going concern
There are no material uncertainties about the charity's ability to continue.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Property repairs 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grantmaking 52,140 - Support - 5,113 52,140 5,113 6. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the period was as follows: Relief of poverty Advancement of education Advancment of religion Social welfare Yeshuos Shabbos Beis Limud Vchesed Others under £2,000 |
Donations 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Property repairs 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grantmaking 52,140 - Support - 5,113 52,140 5,113 6. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the period was as follows: Relief of poverty Advancement of education Advancment of religion Social welfare Yeshuos Shabbos Beis Limud Vchesed Others under £2,000 |
Donations 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Property repairs 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grantmaking 52,140 - Support - 5,113 52,140 5,113 6. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the period was as follows: Relief of poverty Advancement of education Advancment of religion Social welfare Yeshuos Shabbos Beis Limud Vchesed Others under £2,000 |
£ 1,700,000 £ 32,693 £ 5,461 Totals £ 52,140 5,113 57,253 £ 52,140 £ 44,740 2,360 4,680 360 52,140 |
£ 1,700,000 £ 32,693 £ 5,461 Totals £ 52,140 5,113 57,253 £ 52,140 £ 44,740 2,360 4,680 360 52,140 |
|---|---|---|---|---|
| 30,300 | ||||
| 3,600 | ||||
| 18,240 | ||||
| 52,140 | ||||
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Support | 5,113 |
| Support costs, included in the above, are as follows: | |
| Governance costs | |
| Support | |
| £ | |
| Auditors' remuneration | 720 |
| Auditors' remuneration for non audit | |
| work | 3,120 |
| General expenses | 1,273 |
| 5,113 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 March 2023.
9. INVESTMENT PROPERTY
| FAIR VALUE Additions At 31 March 2023 NET BOOK VALUE At 31 March 2023 |
£ 1,682,121 |
|---|---|
| 1,682,121 | |
| 1,682,121 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
£ 60
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 8 NOVEMBER 2021 TO 31 MARCH 2023
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,732,693 TOTAL FUNDS 1,732,693 |
Net movement in funds £ 1,669,979 1,669,979 Resources expended £ (62,714) (62,714) |
£ 12,868 At 31.3.23 £ 1,669,979 1,669,979 Movement in funds £ 1,669,979 1,669,979 |
|---|---|---|
12. MOVEMENT IN FUNDS
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the period ended 31 March 2023.
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