REGISTERED COMPANY NUMBER: 12531445 (England and Wales) REGISTERED CHARITY NUMBER: 1197880
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
KUPAS TORAS CHESED LTD
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
KUPAS TORAS CHESED LTD
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
KUPAS TORAS CHESED LTD (REGISTERED NUMBER: 12531445)
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are, for the public benefit -
(a) to promote the education of, particularly but not exclusively, orthodox Jewish people in the United Kingdom and abroad, in such ways as the charity trustees think fit, including the awarding to such persons, scholarships, maintenance allowances or grants.
(b) the prevention or relief of poverty or financial hardship in the United Kingdom and abroad by providing grants or loans to individuals in need and/or charities or other organisations working to prevent or relieve poverty of financial hardship.
(c) to advance the Jewish religion for the benefit of the public in accordance with the principals of the code of Jewish law as the trustees from time to time think fit.
(d) Such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.
Public benefit
The board referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities. In particular, the trustees consider how the planned activities will contribute to the aims and objectives set.
Grantmaking
Grants are made to charitable institutions and organisations which accord with objects of the Charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continued its activities during the year under review. The trustees consider that the performance of the charity has been satisfactory and look forward to increased activity in the future.
FINANCIAL REVIEW
Financial position
The financial results for the year to 31 March 2024 are shown in the attached financial statements.
Total income was £117,866 (2023: £113,797) and total expenditure was £113,154 (2023: £122,498).
The resulting net surplus is £4,712 (2023 Deficit : £8,701).
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
Unrestricted reserves at 31 March 2024 were £3,616 (2023 - negative £1,096) which exceeds the target figure.
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KUPAS TORAS CHESED LTD (REGISTERED NUMBER: 12531445)
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Kupas Toras Chesed Limited is a company limited by guarantee without share capital, incorporated on 24 March 2020 and registered as a charity on 11 February 2022.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and appointment of new trustees
The trustees have no beneficial interest in the company as it is a company limited by guarantee and are chosen by agreement of trustees at an annual meeting. The choice is based on applicants' business and community knowledge.
New trustees are subject to trustee induction training which includes as understanding of the content of the Memorandum and Articles of Association, their legal obligations under Charity Act and Company Law, the organisational structure of charity and the recent financial performance of the charity.
Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
12531445 (England and Wales)
Registered Charity number
1197880
Registered office
19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Trustees
Mr J Kornbluh Mr C Babad Ms C Babad
Independent Examiner
Mr Yedidya Zaiden, FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
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KUPAS TORAS CHESED LTD (REGISTERED NUMBER: 12531445)
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 9 November 2024 and signed on its behalf by:
Mr J Kornbluh - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KUPAS TORAS CHESED LTD
Independent examiner's report to the trustees of Kupas Toras Chesed Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Mr Yedidya Zaiden, FCCA
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
9 November 2024
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KUPAS TORAS CHESED LTD
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 117,866 EXPENDITURE ON Charitable activities 2 Support costs 3,981 Relief of Poverty, Advancement of Education and Furtherance of Religion 109,173 Total 113,154 NET INCOME/(EXPENDITURE) 4,712 RECONCILIATION OF FUNDS Total funds brought forward (1,096) TOTAL FUNDS CARRIED FORWARD 3,616 CONTINUING OPERATIONS |
2023 Total funds £ 113,797 1,878 120,620 122,498 (8,701) 7,605 (1,096) |
|---|---|
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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KUPAS TORAS CHESED LTD (REGISTERED NUMBER: 12531445)
BALANCE SHEET
31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 6,766 | 734 | |
| CREDITORS | |||
| Amounts falling due within one year | 7 | (3,150) | (1,830) |
| NET CURRENT ASSETS/(LIABILITIES) | 3,616 | (1,096) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 3,616 | (1,096) | |
| NET ASSETS/(LIABILITIES) | 3,616 | (1,096) | |
| FUNDS | 8 | ||
| Unrestricted funds | 3,616 | (1,096) | |
| TOTAL FUNDS | 3,616 | (1,096) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 9 November 2024 and were signed on its behalf by:
Mr J Kornbluh - Trustee
The notes form part of these financial statements
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KUPAS TORAS CHESED LTD
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 charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as going concern. Notwithstanding the net current liabilities position, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due and note that the major loan creditor has offered its continued support.
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.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
continued...
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KUPAS TORAS CHESED LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be estimated reliably.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
2. CHARITABLE ACTIVITIES COSTS
3.
| Support costs Relief of Poverty, Advancement of Education and Furtherance of Religion GRANTS PAYABLE |
Grant funding of activities (see note 3) £ - 109,173 109,173 |
Support costs £ 3,981 - 3,981 |
Totals £ 3,981 109,173 113,154 |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Relief of Poverty, Advancement of Education and Furtherance of Religion | 109,173 | 120,620 | |
| ------ | ----------- ----- |
------------ | |
| 109,173 | 120,620 | ||
| == | ======= == |
======= | |
| The total grants paid to institutions during the year was as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Chasdei Sholom | - | 5,000 | |
| Inspirations | 1,800 |
5,000 | |
| Kehilas Kol Yaakov Limited | - | 5,400 | |
| The Union Of Orthodox Hebrew Congregations | 4,000 | - | |
| Zichron Yakov Limited | 3,000 | - | |
| Smaller grants | 4,368 | 3,570 | |
| -- | ---------- |
------------ | |
| 13,168 | 18,970 | ||
| == | ====== = |
======= |
continued...
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KUPAS TORAS CHESED LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
3. GRANTS PAYABLE - continued
During the year, grants paid to individuals totalled £96,005 (2023: £101,984).
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. STAFF COSTS
There were no staff costs during the current or previous year.
6. INDEPENDENT EXAMINERS FEES
7.
8.
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Independent Examiner's and accountancy fees | 3,981 | 1,544 | |||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund (1,096) TOTAL FUNDS (1,096) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 117,866 TOTAL FUNDS 117,866 |
2024 2023 £ £ 3,150 1,830 Net movement At in funds 31.3.24 £ £ 4,712 3,616 4,712 3,616 Resources Movement expended in funds £ £ (113,154) 4,712 (113,154) 4,712 |
continued...
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KUPAS TORAS CHESED LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.22 £ Unrestricted funds General fund 7,605 TOTAL FUNDS 7,605 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 113,797 TOTAL FUNDS 113,797 |
Net movement At in funds 31.3.23 £ £ (8,701) (1,096) (8,701) (1,096) Resources Movement expended in funds £ £ (122,498) (8,701) (122,498) (8,701) |
|---|---|
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024 or 31 March 2023.
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