Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
CHARITY REGISTRATION NUMBER: 1200326
| Pages | |
|---|---|
| Trustees' annual report | 2 to 5 |
| Statement of fnancial actvites | 6 |
| Statement of fnancial positon | 7 |
| Notes to the fnancial statements | 8 to 10 |
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2024.
Reference and administrative details
| Registered charity name | Moisdos Yedias Hatoirah Ltd |
|---|---|
| Charity registraton number | 1200326 |
| Principal ofce | 137 Bewick Road |
| Gateshead | |
| Tyne & Wear | |
| NE8 1TY | |
| The trustees | Mr Shimshon Olsberg |
| Mr Zion Shmuel | |
| Mr Eli Biton |
Structure, governance and management
Governing Document
The charity is constituted and governed by its Trust Deed dated 24[th] May 2021.
Appointment, Training and Recruitment of Trustees
The trustees administer the day-to-day affairs of the charity. They are experienced trustees and act in an honorary capacity. It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment and training procedures. All of the trustees give of their time voluntarily and no benefit or expenses were paid to them during the period. New Trustees are inducted to the workings of the charity by the existing Trustees, and are given access to Charity Commission publications.
Neither of the trustees have any beneficial interest in the charity.
Risk Management
The trustees have identified and reviewed the major risks, to which the Trust is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that systems are in place to mitigate those risks.
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
Structure, governance and management (continued)
Credit Risk
The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Related Party Transactions
All related parties are disclosed in the Financial Statements and the Notes thereon.
Objectives and activities
The Charity is established to further those purposes recognised as charitable by English Law and in furtherance of the aforementioned objects the Charity applies the income it receive mainly from private donations in the provision and distribution of grants and in the provision of religious education, services, and the facilities to provide as such.
The income of the charity is derived from donations from the trustees and associates. The trustees continued their support of those organisations deemed to promote the objectives of this charity.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aim and objectives and in planning future activities and setting the grant making policy for the period.
Achievements and performance
During the period the charity continued its philanthropic activities and its support of religious educational and other charitable institutions. Grants were paid in the sum of £16,726 (2023: £0), and £64,547 was paid for the rent and refurbishment of a new synagogue and study hall and of a comprehensive library. Services are held at the synagogue 3 times a day, 7 days a week, and the study hall is open from 7:00am until 11:30pm each day.
There are weekly lectures and daily workshops that are attended by a wide variety of individuals.
Financial review
The financial results of the Charity for the period are fully reflected in the attached Financial Statements together with the notes thereon. The Trustees consider the position of the Charity to be satisfactory.
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
Grant Making Policy
The Charity accepts applications for grants from poverty stricken individuals who give of their spare time to the wider community. The individuals do not need to volunteer with Moisdos Yedias Hatoirah, but they do need to demonstrate that they give of their time to assist this and/or other charities. These applications are reviewed by the trustees on a regular basis. The trustees consider requests received and make donations based on level of funds available.
Investment Powers and Policy
In accordance with the trust deed, the charity has the power to make any investment which the trustees see fit. The trustees regularly view the charity's position and needs in respect of the investment policy.
The trustees, having regard to liquidity requirements of the charity and the reserves policy, operate a policy of holding available funds in interest bearing deposit accounts.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level, which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
Plans for future periods
The charity plans to continue activities outlined above in the forthcoming years subject to satisfactory incoming resources.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report 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 requires the charity trustees to prepare financial statements for each 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, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 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.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr Shimshon Olsberg Trustee
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
Statement of Financial Activities
31 May 2024
| 2024 | 2024 | 2023 | |||
|---|---|---|---|---|---|
| Unrestricted | |||||
| funds | Total Funds | Total Funds | |||
| Note | £ | £ | £ | ||
| Income and endowments | |||||
| Donatons and legacies | 4 | 91,197.94 | 91,197.94 | 0 | |
| Investment income | 5 | 12.42 | 12.42 | 0 | |
| Total Income | 91,210.36 | 91,210.36 | 0 | ||
| Expenditure | |||||
| Expenditure on charitable actvites | 6 | 90,740.51 | 90,740.51 | 0 | |
| Total expenditure | 90,740.51 | 90,740.51 | 0 | ||
| Net income | 469.85 | 469.85 | 0 | ||
| Reconciliaton of funds | |||||
| Total funds brought forwards | 0 | 0 | 0 | ||
| Total funds carried forward | 469.85 | 469.85 | 0 |
All income and expenditure derive from continuing activities.
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
Statement of Financial Position
31 May 2024
| Note | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed assets | 0 | 0 | |||||
| Current assets | |||||||
| Cash at bank and in hand | 469.85 | 0 | |||||
| Creditors:amounts falling due within one year | 0 | 0 | |||||
| Net current assets | 469.85 | 0 | |||||
| Total assets less current liabilites | 469.85 | 0 | |||||
| Long term creditors | 0 | 0 | |||||
| Net assets | 469.85 | 0 | |||||
| Funds of the charity | |||||||
| Unrestricted funds | 469.85 | 0 | |||||
| Total charity funds | 469.85 | 0 |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Mr S Olsberg Trustee
The notes on pages 8 to 10 form part of these financial statements.
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales. The address of the principal office is 137 Bewick Road, Gateshead, Tyne & Wear, NE8 1TY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitments.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
Investment income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when received.
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Donations and legacies
| Unrestricted | Total funds | Unrestricted | Total funds | |
|---|---|---|---|---|
| funds | 2024 | funds | 2023 | |
| £ | £ | £ | £ | |
| Donatons | ||||
| Donatons received | 91,197.94 | 91,197.94 | 0 | 0 |
Donations and legacies received partly consist of amounts received from entities connected to the trustees of this charity.
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Moisdos Yedias Hatoirah Ltd
Trustees report and Financial Statements
Year ended 31 May 2024
5. Investment income
| Unrestricted | Total funds | Unrestricted | Total funds | |
|---|---|---|---|---|
| funds | 2024 | funds | 2023 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 12.42 | 12.42 | 0 | 0 |
6. Expenditure on charitable activities by activity type
| Rental of premises Refurbishment and library Grants paid Refreshments and provisions Security Bank charges Donatons received |
Cost of actvites Grants paid Establishment expenses £ £ £ 36,900 27,647.80 16,726.00 8,141.89 1,289.41 35.41 8,177.30 16,726.00 65,837.21 |
Total funds 2024 Total funds 2023 £ £ 36,900 27,647.80 16,726.00 8,141.89 1,289.41 35.41 90,740.51 0 |
|---|---|---|
Charitable activities relate entirely to unrestricted funds.
7. Staff costs
No salaries or wages were paid to employees, including the trustees, during the period.
8. Trustee remuneration and expenses
The charity did not meet any individual expenses incurred by the Trustees for services provided to the charity.
9. Related parties
All transactions with related parties have been disclosed in the notes to the accounts.
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