Charity registration number 1197878
BEIS YOSEF ZVI
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
BEIS YOSEF ZVI
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Y D Davidoviz Mr Y Abeles Charity number 1197878 Independent examiner Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
BEIS YOSEF ZVI
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 10 |
BEIS YOSEF ZVI
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
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 governing document, 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 charity's objects are to promote the education of children and young people on the subject of the Orthodox Jewish culture, history, religion and tradition, for the public benefit, in particular but not exclusively by providing supplementary Jewish education for young children.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
In the year under review the charity generated income of £68,480 (2022: £0) and paid out by way of charitable expenditure and support costs £78,236 (2022: £1,680) resulting in net outgoing resources of £9,756.
The trustees are satisfied with the results for the year, however they have increased their fundraising efforts post year end to cover the current deficit.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that the charity can fund the day to day running costs of the charity.
As mentioned above the trustees have increased their fundraising efforts to meet the charity's reserves policy.
Structure, governance and management
The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on 10 February 2022.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Y D Davidoviz Mr Y Abeles Mr M Grinwald (Resigned 17 May 2023)
The power to appoint new trustees is vested in the current board. The trustees will apply suitable induction and training procedures, when appointing new trustees. The trustees administer the day to day running of the charity.
None of the trustees has any beneficial interest in the charity.
The trustees' report was approved by the Board of Trustees.
.............................. Mr Y D Davidoviz Trustee
.............................. Mr Y Abeles Trustee
Date: .............................................
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BEIS YOSEF ZVI
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BEIS YOSEF ZVI
I report to the trustees on my examination of the financial statements of Beis Yosef Zvi (the charity) for the year ended 31 December 2023.
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.
J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
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BEIS YOSEF ZVI
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 58,580 | - |
| Charitable activities | 4 | 9,900 | - |
| Total income | 68,480 | - | |
| Expenditure on: | |||
| Raising funds | 5 | 15,450 | - |
| Charitable activities | 6 | 62,786 | 1,680 |
| Total expenditure | 78,236 | 1,680 | |
| Net expenditure for the year/ | |||
| Net movement in funds | (9,756) | (1,680) | |
| Fund balances at 1 January 2023 | (1,680) | - | |
| Fund balances at 31 December 2023 | (11,436) | (1,680) |
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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BEIS YOSEF ZVI
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 2023 Notes £ £ Current assets Cash at bank and in hand 3,885 Creditors: amounts falling due within one year 12 (15,321) Net current liabilities (11,436) Income funds Unrestricted funds (11,436) (11,436) The financial statements were approved by the Trustees on ......................... .............................. .............................. Mr Y D Davidoviz Mr Y Abeles Trustee Trustee |
2022 £ - (1,680) |
£ (1,680) (1,680) (1,680) |
|---|---|---|
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BEIS YOSEF ZVI
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Beis Yosef Zvi is a Charitable Incorporated Organisation.
1.1 Reporting period
As the entity was incorporated in February 2022 and started its charitable activities in the current year the comparative amounts presented in the financial statements are not entirely comparable.
1.2 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], 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. The principal accounting policies adopted are set out below.
1.3 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, not withstanding its current deficit due to the local community's continued support. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 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 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.
1.5 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.
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BEIS YOSEF ZVI
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
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.
1.6 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.
1.7 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.
Basic financial assets
Basic financial assets, which include debtors 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 creditors 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 creditors 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 creditors 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.
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.
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BEIS YOSEF ZVI
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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 Donations and legacies
| 4 5 |
Unrestricted funds 2023 £ Donations and gifts 58,580 Charitable activities Charitable Income 2023 £ Charitable rental income 9,900 Raising funds Unrestricted funds 2023 £ Fundraising and publicity Other fundraising costs 15,450 15,450 |
Total 2022 £ - |
|---|---|---|
| 2022 £ - |
||
| Total 2022 £ - |
||
| - |
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BEIS YOSEF ZVI
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Staff costs | 14,680 | - |
| Charitable expenditure - Educational Clubs | 37,745 | - |
| 52,425 | - | |
| Grant funding of activities (see note 7) | 8,615 | - |
| Share of support costs (see note 8) | 286 | - |
| Share of governance costs (see note 8) | 1,460 | 1,680 |
| 62,786 | 1,680 | |
| Grants payable | ||
| Charitable | 2022 | |
| Expenditure | ||
| 2023 | ||
| £ | £ | |
| Grants to institutions: | ||
| Amud Hatzdokoh Trust | 6,875 | - |
| The Rehabilitation Trust | 1,500 | - |
| Other | 240 | - |
| 8,615 | - |
7 Grants payable
-
8 -
BEIS YOSEF ZVI
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
8 Support costs
| Support costs Governance costs £ £ Office Costs 286 - Accountancy - 1,320 Legal and professional - 140 286 1,460 Analysed between Charitable activities 286 1,460 |
2023 £ 286 1,320 140 1,746 1,746 |
2022 £ - 600 1,080 |
|---|---|---|
| 1,680 | ||
| 1,680 |
Governance costs includes payments to the Independant Examiner of £1,320 (2022- £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:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| 2 | - | |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 14,680 | - |
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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BEIS YOSEF ZVI
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2023 £ 47 10,400 3,434 1,440 15,321 |
2022 £ - - 1,080 600 |
| 1,680 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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