Chaty reglstratlon number 11967B4 FRIENDS OF CHOSEN YESHIAS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FRIENDS OF CHOSEN YESHIAS LEGAL AND ADMINISTRATIVE INFORMATION Trustoès MIA Schreiber r M Warhaftig Mr S Y Rosenfeld Charity number 1196784 Independ?nt examiner r J Sifver FCCA Precision Lld 32 C8sUewood Road London N166DW
FRIENDS OF CHOSEN YESHIAS CONTENTS Page Tnjstees. feport Independent examiners report Statement of financjal activities Balance sheet Notes lo the fin8n¢ial stslemenls
FRIENDS OF CHOSEN YESHIAS TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEAIBER 2023 The trustees present their annual report and finanaal statements for the year ended 31 December 2023. The financial statements have been prepared in accordanc£ with the accountsng poliaes set out in note 1 to the financial statements and compty with the charity's governing document. the Charitr'es Act 2011 and 'Accounting and Reporting by Charities.. Staternent of Recornrnended PraGtice applicable to charities preparing their accounts in accordance with the Finan81 Reporting Standard appltsble in the UK and Republic of Iieland IFRS 1021" leffective 1 January 20191. Oblectlves and actlvltles The charity's objects ar8 the advancement of thé Orthtmlox Jewsh faith, the pre¥8nlion 8nd relief of poverty and the the relief of those in need, by reason tsf age, 11heah, disability, finanual hardship Of Other disadvantage of people living in the UK and Israel. In order to achieve these objectives the charity provides grants to religh)us institutions, charities, individuals in need and other organisabons working lo prevent or relieve poverty. The trustees confirrn that they have referred to the guidance rKntsined in the Charity Commission's general guidance on public benefit when reviewing the charty's aims 8nd objectwes and in planning future activities and Setting grant making policy for the year. Aehl•vom•nts and rtOan¢& The charity ceiVed £325.691 in donabons during the year and £325.816 was p8id oui by way of grants and support costs. Grants over £5.000 made during Ihe year to ins¢rtutions are 85 detailed in the accounts. These grants w&r& mad& in lin& wlh the Siaied obj¢ts of Ihe ¢hanty and wsr¢ for r10$ and i¢lief ol poverty purpos&$. Flnanelal r•vS•w The financial position of the charity is satisfactory. The charity's st8lemenl of ffinanrAal activities Shows total free r¥$erv&$ of £2,050. It 1$ th8 policy ol th¥ charlty that unrèstricted funds whth have not been designated for g $p8¢1fi¢ u$e should be maintained at a level which will not impinge on its abilty to support Charitable insbtLrtions. Structure, governance and management Thè charity is a Charitable Incorporated Or9anisation and 1$ controll•d by its 9oveming document. It was re9lStered as a charity on 26 November 2021. The trustees who served during the year and up to the date of signabjre of the finanrAal statements were.. MrA Schreibèr Mr M Warhaftig Mr S Y Rosenfeld The power to appoint new trustees is vested in the current board. It is not the intents'on of the trustees of the charity to appoint any trustees. Should the situalion change in Ihe fiJtU. the trustees will apply suitable induction and training ProdUres. The tru51ees administer Ihe day lo day running of Ihe charty. None of the trustees ha5 any beneficial interest in the charity. The tr stee wasa roved by the Board of Twstees. MrA Schreiber Trustee Date..
FRIENDS OF CHOSEN YESHIAS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF CHOSEN YESHIAS I report to the trustees on my examination of Ihe finanaal statements of Friends of Chosen Yeshias (the charity) for the year ended 31 December 2023. Responsibilities and basis of report As the trustees of the chanty you are responsible for the preparats)n of the finanual ststements in accordan the requirements of the Charities Act 2011 Ithe 2011 Acti. 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 gNen by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnels statement Since the charty's gross income exceeded £250,OCKJ your exarniner rnust be a member of a body listed in section 145 of the 2011 A. I confirm thal l am qualthed to undertake the examination btr¢ause l am a mernber of, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared finanaal slalements in accordance with Accounting and Reporting by Charities preparing their accounls in accordance wilh the Finanaal Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 in preference to the Ac£ounbng and Reporting by Charrties.. Statement of Recommended Practice issued on 1 April 2005 which is relerred to in the extant regulations but has now been Ihdr3wn. l und•rst8nd that this has bèen done in order lor finanoal $lat•ments to provide a true and fair viw In 8¢cordance wrth GeneraltyAccepted Accounthng Prath' effeclwe for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confim that no matters have come to my attentMJn in connects'on with the examination giving me cause to believe thal in any malerial respect.. accounting records were nol kept in respect of the chaity as required by section 130 of th• 2011 A¢t', or the financial ststements do not accord wilh Ihose records.. or the finanaal statements do not compty with the applicable requ1mentS conceming the fomi and content of accounts set oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and lair view which is nol a matter COndered as part of an independent examination. I h8ve no and have come across no other matters in nneCtIon wilh the examination to which allenlion should be drawn in this report in order to enable a proper understanding of the finan¢i81 statemtrnts to be iea¢hed. Mr J Sllver FCCA Pr•cision Ltd 32 Castl•wood Road London N16 6DW Dated.. Noy..S..2024
FRIENDS OF CHOSEN YESHIAS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2023 Unrestrlcted Unrestrlcted funds funds 2023 2022 Notès Donations and legacies 325,691 59,736 Ex enditure on.. Raising funds 1,460 Charitsble activities 324,356 57,561 Total •xp•ndlluro 325,816 57,561 N•t1oxpendltureVln¢om• lor the ytr•rl Not movom•nt In lund8 11251 2,17S Fund balances al 1 January 2023 2,175 Fund balance8 at 31 ¢ember 2023 2,050 2,175 The statemenl of financial activities indudes all gains and losses CogniSed in the year. l income and expenditure derive frorn Contuln9 acb'viti'es.
FRIENDS OF CHOSEN YESHIAS BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Current assets Cash at bank and in hand 2.830 3,155 Credltor8'. amounts falling due within one year 11 {780} 19801 Net current assets 2.050 2.175 Income fund8 Unrestricted funds 2,050 2,175 2,050 2,17S Nov 5, 2024 Th? financial Slalemenls weie apwoved by the Trustees on ......................... MrA Schreiber Tiu¥l
FRIENDS OF CHOSEN YESHIAS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Aecountlng pollel•s Charfty Snforniatlon Friends of Chosen Yeshias is a Chartsble Incorpornted Organisakn"on. 1.1 R•portlng perlod The cornparative amounts presented in the finanual statement5 are not enb.rety comparablè as thè pritsr period's accounts were the <*arty's first reporting period and We for a period longer 12 months. 1.2 Aecountlng conventlon The financial staternenls have been prepared in accordance vith the charity's govemin9 document. the Charities Act 2011, FRS 102 'The Finanaal Reports"n9 Standard appli¢Able in the UK and Republic of Ireland I'FRS 102.1 and the Chanties SORP "Accounting and Reporting by Charrties. Statement ol Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Iieland IFRS 1021. leffective 1 January 20191. The charity is a Public Benefit Entity a5 defined by FRS 102. The Charity has taken advantage ol thtr provisions in the SORP for ¢harilitrs not lo prepare 8 Stslemtrnl of Co$h Fl¢)W$. The financial statements have departed from the Charrties (Accounts and Reports) Regulations 2008 only to the extent qUired to prowde a true and fair wew. This departure has involved followng the Statement of Recommended Practice for charibes apptying FRS 102 rather Ihan the version of the Ststement of Recommended Practice which 18 refeThed to in the RegUlaInS but which has since been withdrawn. Th& finan¢i81 siaiemenis ar& ppared in slerting, whi¢h is the fun¢bonal cutt¢ncy of th¥ ¢harity. Montrtsry amount$ in Ihtrsg financial $tal&m¢nls ar& roundod lo th$ n&ar¢sl £. The financial statements have been prePad under the historical cost convention. The principal accounting policies adopted are set out below. 1.3 Golng concern At the time of approving the financial statements, Ihe trustees have a rnasonabl& expectatlon that the charfty has adequate resources to continue in operational exislence for the foreseeable future. due to the ongoing support from the local community. Thus Ihe trustees continue to adopt the going concem basis of accounting in preparing the financial statement$. 1.4 Charttable funds Unrestricted funds arè available use at the discrètion of thè Iwsteès in furthèr8nc8 of th8ir charitable objectives. Reslricled funds are subject lo specth condition5 by donors as lo how they m8y be used. The purpose8 8nd uses of the restricted funds are set out in the notes to the finanual statements. Endowment funds 8re subject lo specific conditions by donors that the c8Pit81 must be maintained by the h3rity. 1.S Income Income is recognised when the chanty is legalty entrtled to it after any perfomance condrtions have been met, the amounts can be measured reliabty, and it is probable thal income will be received. Cash donations a recognised on receipt. Other donats.ons are recognised once the charty has been notsfied of the donation, unless perforniance condrfj.ons require deferral ol the amount. Income tax recoverable in relation to donations receNed under or deeds of covenant is recognised at the tirne of the donation.
FRIENDS OF CHOSEN YESHIAS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting policies (Continuedl Legacies are recogniseil on receipt or othemse rf the tharity 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. 1.6 Expendlturè Expenditure is recognised once there is a legal or o)nstwctive obligation to Iransfer economic benefit to a third paty. it is probable that a transfer of eo)nomic beneffts will be required in Settlement. and the arnounl of the obligation can be measured reliabty. Expenditure is dassrfied by actNty. The costs of each activty a made up of the total of d1ct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directy to that activity. Shared cosls which contribute to more than one activity and support costs which are not attributsble to a single aclivity are 8pportioned befv4een those 8ctivitie5 on a basis ¢onsislent with the use of resources. Cenlral staff costs are 8110¢8ted On the basis of limtr spent, and deprèciation Charges are 8llo¢al&iJ on the portion of the a$sel'$ y$&. 1.7 Cash and cash equlvalents Cash and cash equivalents Include cash in hand, deposiis hebj at call with banks. other short-term liquid investments wlh original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowings in curTent liabilrties. B•$lc fin•ncl•l 0ssets Basic financial assets. which indude debtors and cash and bank balances, are initialty measured at transaction price induding transaction costs and are subsequentty carried al amorts'sed cost using the effective interest method unless the arrangemenl con5tilutes a financing transaction. where the transaction is measured al the presenl value ol Ihe lulure receipls discounied at a market r81e of in¢ertrsl. Financial 8s$e18 ¢18ssified a$ rlYbI¥ within on¢ yg41 ale not 8mortbsed. B•slc flnanclal Ilabllltles B8sic finanal liabilities. inc4udin9 ¢reditor$ and bank 108n$ are initially gnised 8t tr8n$8dion pri¢e unles8 the arrangemenl conslilules a fin8ncin9 Iransadion. where the debt inslwment is rne85ured at the piesent Value of the luture p8yment$ di$nted al a market rottr of inler$$t. Finonu81 liobilititrs ¢1o$9ifi¥d as poy8bl& wrthin one year are not amortised. Debt instruments are subsequentty carried at amortised cosl. using the effective interest rate method. Trade creditors are obligations lo pay for goods or ser¥i¢e5 thal have been acquired in the ordinary course of operations from suppliers. Amounts payable ale dassified as curtent liabiltties if payment is due wthin one year or less. If not, they are presente¢J as non-current liabl1.es. Trade tdrttrrS are CogniSed Inrtjally at transaction price and subsequentty measured at anK)rtised cost using the effectwe interest method. Dfrrncognldon of financlal Ilabillties Financial liabilrties arè deiecognised vthèn the charity's contractual obligations expire or arè dischargèd or cancelled. 1.8 Employee benefits The cost of any unused holiday èntthment is rècoynised in the petiod in which thè èmployèe's ser¥S arè received. Termination beneffts are recognised immediatety as an expense when the charity is demonstrably committed to teminate the employment of an employee or to prov*Ye lewrninats'on beneffts.
FRIENDS OF CHOSEN YESHIAS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 ctIcal accounng •stlmat•s and ludg•mènts In the application of the charity's accouniing policies. the trustees are required to make judgements, estimates and assumpts'ons aboul the carying amount of asseis and liabilrties that are not readily apparent from other source5. The estirnates and as50¢iateil assumptions are based on historical experience and other factor5 that are considered to b8 relevant. Actual reSUS rnay drffei from Ihe5e estimates. The estimates and un¢Jertying assumptions afe reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimale 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. Donatlon8 and 10gael•8 Unr••trlet•d Unr•strlct•d fundj fund$ 2023 2022 Donations and gffts 325,691 59,736 RalBlng lund• Unmtrlcted funds Total 2023 2022 Olhef fvndraising $ts 1,460 1,460 Choritsble •¢tivitl*s Charitsblè Charitsblè Expendlture Expendlture 2023 2022 Grant funding of activities (see note 61 Share of governanc8 costslsee note 71 323.142 1,214 55,500 2,061 324,356 57,561
FRIENDS OF CHOSEN YESHIAS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Grants payablè Charitable Charftable Expenditure Expenditure 2023 2022 Grants to instrtutions". Chosen Yeshias Ashdod Yeshivat Chidushei Hanm Ramal Gur Other 166.100 135,600 20.442 1,000 55.500 323,142 55,500 Support C08ts Support G¢v•mane• CO8ts eo•ts 2023 2022 A¢countancy Legal and professional Bank Charges 600 520 600 520 780 1,244 37 1,214 1,214 2,061 Analysed between Charitable ac¢ivits'e3 1.214 1.214 2.061 Trustee Nonè of the trustèes lor any petsons conneded wrth them) received any remuneration or benefits from th6 charity during Ihe year. Employees The average monthty number of employees during the yearwas: 2023 Number 2022 Number Total There were no ernployees whose annual rernunetalK)n wa$ more than £60.000.
FRIENDS OF CHOSEN YESHIAS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 10 Taxatlon The charty is exempl from tax on income and gains falling within section 505 of Ihe Taxes Act 1988 or section 252 01 the Taxab'on of Chargeable GainsAct 1992 to Ihe extent that these are applied to its charitable objects. 11 Credltors.. arnounts falllng due wbthln one year 2023 2022 Other creditors Accru8ls and deferred income 200 780 780 760 980 12 Related party tran8¥cllon• Thèrè wère no dlsdosable rolated paty transacaions during the year.