REGISTERED CHARITY NUMBER: 1196464
TZDUKES YAKOV (CIO)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
TZDUKES YAKOV (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES Y Oestreicher A M Ostreicher N Weinstock PRINCIPAL ADDRESS Flat 1A Enville Court Cazenove Road London N16 6AS REGISTERED CHARITY 1196464 NUMBER INDEPENDENT EXAMINER 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 YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased with results of the year. The charity's investment properties have given an income from which meaningful donations were made in accordance with the charity's 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 £1,670,461 (2023 - £1,669,979) being net assets.
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
-
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.
Page 2
TZDUKES YAKOV (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 30 January 2025 and signed on its behalf by:
Y Oestreicher - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TZDUKES YAKOV (CIO)
Independent examiner's report to the trustees of Tzdukes Yakov (CIO)
I report to the charity trustees on my examination of the accounts of Tzdukes Yakov (CIO) (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
30 January 2025
Page 4
TZDUKES YAKOV (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 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 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
YEAR ENDED 31.3.24 Unrestricted fund £ - 107,871 107,871 5,133 100,576 1,680 107,389 482 1,669,979 1,670,461 |
PERIOD 8.11.21 TO 31.3.23 Total funds £ 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 5
TZDUKES YAKOV (CIO)
BALANCE SHEET 31 MARCH 2024
| 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 |
2024 Total funds £ 1,682,121 60 597 657 (12,317) (11,660) 1,670,461 1,670,461 1,670,461 1,670,461 |
2023 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 30 January 2025 and were signed on its behalf by:
Y Oestreicher - Trustee
The notes form part of these financial statements
Page 6
TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
|||
|---|---|---|---|
| Donations 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Portfolio management 5. CHARITABLE ACTIVITIES COSTS Grantmaking Support 6. GRANTS PAYABLE Grantmaking |
YEAR ENDED 31.3.24 £ - YEAR ENDED 31.3.24 £ 107,871 YEAR ENDED 31.3.24 £ 5,133 Grant funding of activities Support (see note costs (see 6) note 7) £ £ 100,576 - - 1,680 100,576 1,680 YEAR ENDED 31.3.24 £ 100,576 |
PERIOD 8.11.21 TO 31.3.23 £ 1,700,000 |
|
| PERIOD 8.11.21 TO 31.3.23 £ 32,693 |
|||
| PERIOD 8.11.21 TO 31.3.23 £ 5,461 Totals £ 100,576 1,680 |
|||
| 102,256 | |||
| PERIOD 8.11.21 TO 31.3.23 £ 52,140 |
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| 6. | GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: |
||
|---|---|---|---|
| PERIOD | |||
| 8.11.21 | |||
| YEAR ENDED | TO | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Relief of poverty | 4,752 | 44,740 | |
| Advancement of education | 1,360 | 2,360 | |
| Advancment of religion | 9,032 | 4,680 | |
| Social welfare | 84,932 | 360 | |
| 100,076 | 52,140 | ||
| Yeshuos Shabbos | 84,860 | ||
| Be'er Mordechai | 8,000 | ||
| Others under £5,000 | 17,216 | ||
| 100,076 | |||
| The total grants paid to individuals during the year was as follows: | |||
| PERIOD | |||
| 8.11.21 | |||
| YEAR ENDED | TO | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Relief of poverty | 500 | - | |
| 7. | SUPPORT COSTS | ||
| Governance | |||
| costs | |||
| £ | |||
| Support | 1,680 | ||
| Support costs, included in the above, are as follows: | |||
| Governance costs | |||
| PERIOD | |||
| 8.11.21 | |||
| YEAR ENDED | TO | ||
| 31.3.24 | 31.3.23 | ||
| Total | |||
| Support | activities | ||
| £ | £ | ||
| Auditors' remuneration | - | 720 | |
| Auditors' remuneration for non audit | |||
| work | - | 3,120 | |
| Independent examiner's fee | 840 | - | |
| Independent examiner's other fees | 840 | - | |
| General expenses | - | 1,273 | |
| 1,680 | 5,113 |
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the period ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the period ended 31 March 2023.
9. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 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
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors | 60 | 60 | |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Other creditors | 12,317 | 12,868 |
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 1,669,979 1,669,979 |
Net movement in funds £ 482 482 |
At 31.3.24 £ 1,670,461 |
| 1,670,461 |
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TZDUKES YAKOV (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 107,871 (107,389) TOTAL FUNDS 107,871 (107,389) Comparatives for movement in funds Net movement in funds £ Unrestricted funds General fund 1,669,979 TOTAL FUNDS 1,669,979 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,732,693 (62,714) TOTAL FUNDS 1,732,693 (62,714) |
Movement in funds £ 482 482 At 31.3.23 £ 1,669,979 1,669,979 Movement in funds £ 1,669,979 1,669,979 |
|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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