REGISTERED CHARITY NUMBER: 1198349
CHAIM BECHESED (CIO)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
CHAIM BECHESED (CIO)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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 | |
| Cash Flow Statement | 7 | |
| Notes to the Cash Flow Statement | 8 | |
| Notes to the Financial Statements | 9 to | 13 |
CHAIM BECHESED (CIO)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2024
TRUSTEES S Weiss C Deutsh S Goldberger I Kahan (appointed 6.12.24) PRINCIPAL ADDRESS 171 Kyverdale Road London N16 6PS REGISTERED CHARITY 1198349 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Metro Bank PLC 1 Southampton Row London WC1B 5HA
Page 1
CHAIM BECHESED (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024
The trustees present their report with the financial statements of the charity for the year ended 31 May 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
This information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are: the advancement of the Orthodox Jewish faith in Hackney and Haringey in particular, but not exclusively by providing grants towards the cost of running and maintaining synagogues, Jewish religious schools and other places of Jewish religious learning, and funds to organisations and events involved in celebrating the Jewish faith.
The trustees confirm that they have given due regard to the Charity Commission's general guidance on public benefit.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased with the results for the period. The charity's income increased by nearly 70% during the year under review.The trustees substantially increased grants to individuals whilst also making grants to charitable institutions.
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 £8,164 (2023 - £1,443 deficit).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a CIO - Foundation and registered on 23 March 2022.
Organisational structure
The power to appoint new trustees is vested in the continuing board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.
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.
Page 2
CHAIM BECHESED (CIO)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024
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;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 28 March 2025 and signed on its behalf by:
S Weiss - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHAIM BECHESED (CIO)
Independent examiner's report to the trustees of Chaim Bechesed (CIO)
I report to the charity trustees on my examination of the accounts of Chaim Bechesed (CIO) (the Trust) for the year ended 31 May 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 First Floor 94 Stamford Hill London N16 6XS
28 March 2025
Page 4
CHAIM BECHESED (CIO)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
| YEAR ENDED 31.5.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 982,690 EXPENDITURE ON Charitable activities 2 Grantmaking 970,656 Support costs 2,427 Total 973,083 NET INCOME/(EXPENDITURE) 9,607 RECONCILIATION OF FUNDS Total funds brought forward (1,443) TOTAL FUNDS CARRIED FORWARD 8,164 |
PERIOD 23.3.22 TO 31.5.23 Total funds £ 585,438 584,961 1,920 586,881 (1,443) - (1,443) |
|---|---|
The notes form part of these financial statements
Page 5
CHAIM BECHESED (CIO)
BALANCE SHEET 31 MAY 2024
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS/(LIABILITIES) FUNDS 8 Unrestricted funds TOTAL FUNDS |
2024 Total funds £ 10,084 (1,920) 8,164 8,164 8,164 8,164 8,164 |
2023 Total funds £ 477 (1,920) (1,443) (1,443) (1,443) (1,443) (1,443) |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 March 2025 and were signed on its behalf by:
S Weiss - Trustee
The notes form part of these financial statements
Page 6
CHAIM BECHESED (CIO)
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2024
| PERIOD | |||
|---|---|---|---|
| 23.3.22 | |||
| YEAR ENDED | TO | ||
| 31.5.24 | 31.5.23 | ||
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 9,607 | 477 |
| Net cash provided by operating activities | 9,607 | 477 | |
| Change in cash and cash equivalents | |||
| in the reporting period | 9,607 | 477 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 477 | - | |
| Cash and cash equivalents at the end | |||
| of the reporting period | 10,084 | 477 |
The notes form part of these financial statements
Page 7
CHAIM BECHESED (CIO)
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | |||
|---|---|---|---|
| PERIOD | |||
| 23.3.22 | |||
| YEAR ENDED | TO | ||
| 31.5.24 | 31.5.23 | ||
| £ | £ | ||
| Net income/(expenditure) for the reporting period | (as per the | ||
| Statement of Financial Activities) | 9,607 | (1,443) | |
| Adjustments for: | |||
| Increase in creditors | - | 1,920 | |
| Net cash provided by operations | 9,607 | 477 | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.6.23 | Cash flow | At 31.5.24 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 477 | 9,607 | 10,084 |
| 477 | 9,607 | 10,084 | |
| Total | 477 | 9,607 | 10,084 |
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
Page 8
CHAIM BECHESED (CIO)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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.
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.
Donations are recognised in the Statement of Financial Activities of the charity when received.
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 are only recognised in the accounts when paid.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. CHARITABLE ACTIVITIES COSTS
| Grantmaking Support costs |
Grant funding of activities (see note 3) £ 970,656 - 970,656 |
Support costs (see note 4) £ - 2,427 2,427 |
Totals £ 970,656 2,427 |
|---|---|---|---|
| 973,083 |
Page 9
CHAIM BECHESED (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
3. GRANTS PAYABLE
| YEAR ENDED 31.5.24 £ Grantmaking 970,656 The total grants paid to institutions during the year was as follows: YEAR ENDED 31.5.24 £ Relief of poverty 16,522 Medical 200 Advancement of religion 63,200 Advancement of education 11,244 Social welfare - 91,166 Wiznitz Synagogue 50,200 Mercaz Torah Vechesed 13,000 Others below £5,000 27,966 91,166 |
PERIOD 23.3.22 TO 31.5.23 £ 584,961 |
|---|---|
| PERIOD 23.3.22 TO 31.5.23 £ 35,500 - 38,833 62,650 20,000 |
|
| 156,983 | |
| Wiznitz Synagogue | |
| Mercaz Torah Vechesed | |
| Others below £5,000 | |
| The total grants paid to individuals during the year was as follows: YEAR ENDED 31.5.24 £ Relief of poverty 852,490 Medical 27,000 879,490 |
PERIOD 23.3.22 TO 31.5.23 £ 427,978 - |
|---|---|
| 427,978 |
Page 10
CHAIM BECHESED (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
4. SUPPORT COSTS
| Support costs Support costs, included in the above, are as follows: Other Sundries Governance costs Independent examiner's fee Independent examiner's other fees |
Governance Other costs Totals £ £ £ 507 1,920 2,427 PERIOD 23.3.22 YEAR ENDED TO 31.5.24 31.5.23 Support Total costs activities £ £ 507 - PERIOD 23.3.22 YEAR ENDED TO 31.5.24 31.5.23 Support Total costs activities £ £ 720 720 1,200 1,200 1,920 1,920 |
|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the period ended 31 May 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the period ended 31 May 2023.
6. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2023 - Nil)
Page 11
CHAIM BECHESED (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
| 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 8. MOVEMENT IN FUNDS At 1.6.23 £ Unrestricted funds General fund (1,443) TOTAL FUNDS (1,443) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 982,690 TOTAL FUNDS 982,690 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 585,438 TOTAL FUNDS 585,438 |
2024 2023 £ £ 1,920 1,920 Net movement At in funds 31.5.24 £ £ 9,607 8,164 9,607 8,164 Resources Movement expended in funds £ £ (973,083) 9,607 (973,083) 9,607 Net movement At in funds 31.5.23 £ £ (1,443) (1,443) (1,443) (1,443) Resources Movement expended in funds £ £ (586,881) (1,443) (586,881) (1,443) |
|---|---|
Page 12
CHAIM BECHESED (CIO)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024
9. RELATED PARTY DISCLOSURES
The charity made a donation of £653 to Kupach Gemach Trust, a related charity.
Page 13