REGISTERED CHARITY NUMBER: 278823
KAHAL CHASSIDIM BOBOV
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
KAHAL CHASSIDIM BOBOV
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 16 |
KAHAL CHASSIDIM BOBOV
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES L Stempel M Brinner (deceased 26.8.24) A D Fischman (appointed 15.12.23) PRINCIPAL ADDRESS 87 Egerton Road London N16 6UE REGISTERED CHARITY 278823 NUMBER AUDITORS Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS HSBC Bank plc 312 Seven Sisters Road Finsbury Park London N4 2AW
Page 1
KAHAL CHASSIDIM BOBOV
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees 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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the advancement of the Orthodox Jewish Religion in general and in particular the worldwide organisation of the Grand Rabbi of Bobov.
The principal activity in achieving the objects is income from the operating of a voucher system, allowing donors control of their giving in an easy manageable, tax efficient manner.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking policy
Grants on the unrestricted fund are made at the trustees discretion from their knowledge of the various institutions. On the restricted fund grants are made in accordance with the wishes of the donor, subject to checks being made that the donation is charitable and in line with objects of Kahal Chasidim Bobov.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity is reliant on voluntary donations. There was a slight increase in income over the previous year with a reduction in both grantmaking and support costs, even so there was a deficit for the year. The charity continued to help numerous charities and institutions at various levels of funding under various categories as shown in note 2 to the financial statements.
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs for the next year. Restricted funds relate to funds of donors to the voucher system. At the year end unrestricted reserves were £656,628 (2023 - £684,884) and restricted reserves £338,005 (2023 - £460,338).
FUTURE PLANS
The charity plans to continue its activities, however the continuing effect of COVID-19 has presented risks which are beyond the control of the charity and represents uncertainty to the level of income which cannot presently be quantified, as such the trustees believe the charity will continue as a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted by Declaration of Trust dated 16 August 1978.
Organisational structure and recruitment
The day to day running of the charity is done by a voluntary book keeper. The power to appoint new trustees is vested in the 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 that the charity faces and confirm that they have established systems to mitigate them.
Page 2
KAHAL CHASSIDIM BOBOV
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 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 20 January 2025 and signed on its behalf by:
A D Fischman - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF KAHAL CHASSIDIM BOBOV
Opinion
We have audited the financial statements of Kahal Chassidim Bobov (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF KAHAL CHASSIDIM BOBOV
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF KAHAL CHASSIDIM BOBOV
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
20 January 2025
Page 6
KAHAL CHASSIDIM BOBOV
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Fee income Investment income 2 Total EXPENDITURE ON Charitable activities 3 Grantmaking Support costs Total NET INCOME/(EXPENDITURE) Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 89,912 1,974 91,886 4,193 19,756 23,949 67,937 26,190 94,127 224,496 318,623 |
Restricted fund £ 1,860,719 - - 1,860,719 1,956,912 - 1,956,912 (96,193) (26,190) (122,383) 460,388 338,005 |
2024 Total funds £ 1,860,719 89,912 1,974 1,952,605 1,961,105 19,756 1,980,861 (28,256) - (28,256) 684,884 656,628 |
2023 Total funds £ 1,848,545 88,166 185 1,936,896 2,036,268 21,878 2,058,146 (121,250) - (121,250) 806,134 684,884 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
KAHAL CHASSIDIM BOBOV
BALANCE SHEET 31 MARCH 2024
| Notes CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
2024 £ 4,075 663,906 667,981 (11,353) 656,628 656,628 656,628 318,623 338,005 656,628 |
2023 £ 162,500 534,936 697,436 (12,552) 684,884 684,884 684,884 224,496 460,388 684,884 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 January 2025 and were signed on its behalf by:
A D Fischman - Trustee
The notes form part of these financial statements
Page 8
KAHAL CHASSIDIM BOBOV
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ 126,996 126,996 1,974 1,974 128,970 534,936 663,906 |
2023 £ (283,935) (283,935) 185 185 (283,750) 818,686 534,936 |
|---|---|---|
The notes form part of these financial statements
Page 9
KAHAL CHASSIDIM BOBOV
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Decrease/(increase) in debtors Decrease in creditors Net cash provided by/(used in) operations |
2024 £ (28,256) (1,974) 158,425 (1,199) 126,996 |
2023 £ (121,250) (185) (162,500) - |
| (283,935) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.23 | Cash flow | At 31.3.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 534,936 | 128,970 | 663,906 |
| 534,936 | 128,970 | 663,906 | |
| Total | 534,936 | 128,970 | 663,906 |
The notes form part of these financial statements
Page 10
KAHAL CHASSIDIM BOBOV
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 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.The following specific policies are applied to particular categories of income:
-
donations are included in full in the Statement of Financial Activities when received.
-
income tax recoverable in respect of gift aid donations received is accounted for on an accrual basis.
Expenditure
Resources expended are recognised in the year in which they are incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. 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 cost relating to the governance of the charity.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - at variable rates on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
Page 11
KAHAL CHASSIDIM BOBOV
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 2. INVESTMENT INCOME Deposit account interest 3. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 4) £ Grantmaking 1,961,105 Support costs - 1,961,105 4. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of education Advancement of religion Relief of poverty Medical General purposes Social welfare Amud Hatzdokoh Trust Friends of The Bobover Yeshivah Mifal Hachesed Vehatzedokoh The Egerton Road Trust Yad Vochesed Yesamach Levav Chevras Mo'oz Ladol Friends of Beis Chinuch Lebonos Friends of Beis Soroh Schneirer Yeshuos Shabbos Bait Limud Vchesed Chadsei Aharon Ltd Mercaz Hatorah Belz Machnovke Others under £30,000 |
2024 £ 1,974 Support costs (see note 5) £ - 19,756 19,756 2024 £ 1,961,105 2024 £ 558,375 227,978 975,003 30,098 - 165,458 1,956,912 152,889 92,134 87,816 63,758 58,211 57,758 56,741 53,554 51,068 48,606 48,427 44,484 36,839 1,104,627 1,956,912 |
2023 £ 185 Totals £ 1,961,105 19,756 |
2023 £ 185 |
|
|---|---|---|---|---|
| 1,980,861 | ||||
| 2023 £ 2,036,268 |
||||
| 2023 £ 594,035 200,096 413,896 26,124 651,401 150,716 |
||||
| 2,036,268 | ||||
Page 12
KAHAL CHASSIDIM BOBOV
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
4. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| Relief of poverty 5. SUPPORT COSTS Support costs Support costs, included in the above, are as follows: Other Cost of charitable activities Governance costs Auditors' remuneration Auditors' remuneration for non audit work |
2024 2023 £ £ 4,193 - Governance Other costs Totals £ £ £ 13,756 6,000 19,756 2024 2023 Support Total costs activities £ £ 13,756 15,878 2024 2023 Support Total costs activities £ £ 3,000 3,000 3,000 3,000 6,000 6,000 |
|---|---|
6. 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.
Page 13
KAHAL CHASSIDIM BOBOV
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Disposals At 31 March 2024 DEPRECIATION At 1 April 2023 Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Current assets 329,975 338,006 Current liabilities (11,352) (1) 318,623 338,005 |
|
|---|---|
Page 14
KAHAL CHASSIDIM BOBOV
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. MOVEMENT IN FUNDS
| Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 224,496 67,937 Restricted funds Restricted fund 460,388 (96,193) TOTAL FUNDS 684,884 (28,256) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 91,886 Restricted funds Restricted fund 1,860,719 TOTAL FUNDS 1,952,605 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 318,023 Restricted funds Restricted fund 488,111 TOTAL FUNDS 806,134 |
Transfers between funds £ 26,190 (26,190) - Resources expended £ (23,949) (1,956,912) (1,980,861) Net movement in funds £ (93,527) (27,723) (121,250) |
At 31.3.24 £ 318,623 338,005 656,628 Movement in funds £ 67,937 (96,193) (28,256) At 31.3.23 £ 224,496 460,388 684,884 |
|---|---|---|
Page 15
KAHAL CHASSIDIM BOBOV
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
Incoming resources £ 88,351 1,848,545 1,936,896 |
Resources expended £ (181,878) (1,876,268) (2,058,146) |
Movement in funds £ (93,527) (27,723) (121,250) |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
Donations totalling £30,339 were made to two charities in which two trustees have an interest. Debtors include £Nil (2023 - £162,500) due by a charity in which a trustee had an interest.
Page 16