Charity registration number 282683 (England and Wales)
ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Devorah Edreyi Michoel Rotenberg Peter Rabin
(Appointed 1 February 2024)
Charity number (England and Wales) 282683
Independent examiner
Glazers 843 Finchley Road London NW11 8NA
ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 12 |
ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their annual report and financial statements for the year ended 5 April 2022.
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 trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
Objectives and activities
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
Significant activities and achievements against objectives
Financial review
Reserves policy
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The trust is a company limited by guarantee.
The trustees who served during the year and up to the date of signature of the financial statements were:
Devorah Edreyi (Appointed 1 February 2024) Michoel Rotenberg Peter Rabin Howard Rabin (Resigned 1 February 2024) Jack Schlagman (Resigned 1 February 2024)
Recruitment and appointment of trustees Organisational structure
The trust is governed by a Board of Trustees who are responsible for ensuring the charity operates in accordance with its governing document and in pursuit of its charitable objectives.
The trustees meet quarterly to review the trust’s activities, approve plans, and make key decisions. Day-to-day administration and management of the trust's activities are carried out by the trustees, with assistance from volunteers.
The trust is a registered charitable trust with the Charity Commission and adheres to good governance practices, ensuring compliance with relevant laws and regulations. The trustees take collective responsibility for safeguarding the trust’s resources and ensuring effective oversight of its operations.
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
The trustees' report was approved by the Board of Trustees.
Devorah Edreyi Trustee
8 January 2025
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Zichron Moshe Educational and Charitable Trust (the trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 trust as required by section 130 of the Charities Act 2011.
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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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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.
Philippe Herszaft
of Glazers Chartered Accountants Independent Examiner 843 Finchley Road London NW11 8NA London NW11 8NA 8 January 2025
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Restricted Total Unrestricted Restricted funds funds funds funds 2022 2022 2022 2021 2021 Notes £ £ £ £ £ Income from: Donations and legacies 3 29,113 - 29,113 17,738 18,430 Investments 4 5 - 5 - - Total income 29,118 - 29,118 17,738 18,430 Expenditure on: Charitable activities 5 83,824 - 83,824 9,355 25,688 Total expenditure 83,824 - 83,824 9,355 25,688 Net income/(expenditure) and movement in funds (54,706) - (54,706) 8,383 (7,258) Reconciliation of funds: Fund balances at 6 April 2021 (20,611) (78,252) (98,863) (28,994) (70,994) Fund balances at 5 April 2022 (75,317) (78,252) (153,569) (20,611) (78,252) |
Total 2021 £ 36,168 - 36,168 35,043 35,043 1,125 (99,988) (98,863) |
|---|---|
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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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| 2022 2021 Notes £ £ £ Current assets Debtors 10 500 500 Cash at bank and in hand 24,510 79,216 25,010 79,716 Creditors: amounts falling due within one year 11 (178,579) (178,579) Net current liabilities (153,569) The funds of the trust Restricted income funds 12 (78,252) Unrestricted funds 13 (75,317) (153,569) |
£ (98,863) (78,252) (20,611) (98,863) |
|---|---|
The financial statements were approved by the trustees on 8 January 2025
Devorah Edreyi Trustee
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 16 Investing activities Investment income received Net cash generated from investing activities Net cash generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2022 £ £ (54,711) 5 5 - (54,706) 79,216 24,510 |
2021 £ - |
£ 66,233 - - |
|---|---|---|---|
| 66,233 12,983 |
|||
| 79,216 |
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
Zichron Moshe Educational and Charitable Trust ("the trust") is a registered charity in England and Wales (Charity Number: 282683), established to pay, apply, and appropriate the whole of the trust fund to purposes recognized as charitable by English law, both in the United Kingdom and abroad, at the discretion of the trustees.
The trust operates under a trust deed. Its registered address is 22 Hillcrest Avenue, Edgware, HA8 8PA. The trust’s principal activities include providing grants and support for various charitable initiatives, as determined by the trustees, in alignment with its objectives.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". The trust is a Public Benefit Entity as defined by FRS 102.
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 trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 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 or grantors 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 trust.
1.4 Income
Income is recognised when the trust 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 trust 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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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the trust 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.
1.5 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.
1.6 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.
1.7 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’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 trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the trust’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 Income from donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 29,113 | - | 29,113 | 17,738 | 18,430 | 36,168 |
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from listed investments | 5 | - |
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
5 Expenditure on charitable activities
| Direct costs Grants given Bank charges Analysis by fund Unrestricted funds Restricted funds 6 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
2022 £ 83,422 402 83,824 83,824 - 83,824 2022 £ - |
2021 £ 34,708 335 |
|---|---|---|
| 35,043 | ||
| 9,355 25,688 |
||
| 35,043 | ||
| 2021 £ - |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2022 | 2021 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Debtors
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| Amounts falling due within one year: | £ | £ |
| Trade debtors | 500 | 500 |
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trade creditors | 178,579 | 178,579 |
12 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 6 April | Incoming | Resources | At 5 April | |
|---|---|---|---|---|
| 2021 | resources | expended | 2022 | |
| £ | £ | £ | £ | |
| (78,252) | - | - | (78,252) | |
| Previous year: | At 6 April | Incoming | Resources | At 5 April |
| 2020 | resources | expended | 2021 | |
| £ | £ | £ | £ | |
| (70,994) | 18,430 | (25,688) | (78,252) |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 6 April | Incoming | Resources | At 5 April | |
|---|---|---|---|---|
| 2021 | resources | expended | 2022 | |
| £ | £ | £ | £ | |
| General funds | (20,611) | 29,118 | (83,824) | (75,317) |
| Previous year: | At 6 April | Incoming | Resources | At 5 April |
| 2020 | resources | expended | 2021 | |
| £ | £ | £ | £ | |
| General funds | (28,994) | 17,738 | (9,355) | (20,611) |
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ZICHRON MOSHE EDUCATIONAL AND CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
14 Analysis of net assets between funds
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | |||
| 2022 | 2022 | 2022 | ||
| £ | £ | £ | ||
| At 5 April 2022: | ||||
| Current assets/(liabilities) | (75,317) | (78,252) | (153,569) | |
| (75,317) | (78,252) | (153,569) | ||
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2021 | 2021 | 2021 | ||
| £ | £ | £ | ||
| At 5 April 2021: | ||||
| Current assets/(liabilities) | (20,611) | (78,252) | (98,863) | |
| (20,611) | (78,252) | (98,863) | ||
| 15 | Related party transactions | |||
| There were no disclosable related party transactions during the year (2021 - none). | ||||
| 16 | Cash (absorbed by)/generated from operations | 2022 | 2021 | |
| £ | £ | |||
| (Deficit)/surplus for the year | (54,706) | 1,125 | ||
| Adjustments for: | ||||
| Investment income recognised in statement of financial activities | (5) | - | ||
| Movements in working capital: | ||||
| (Increase) in debtors | - | (500) | ||
| (Decrease)/increase in creditors | - | 65,608 | ||
| Cash (absorbed by)/generated from operations | (54,711) | 66,233 |
17 Analysis of changes in net funds
The trust had no material debt during the year.
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