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2024-04-30-accounts

Charity registration number 283397

AHAVAT SHALOM CHARITY FUND

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

AHAVAT SHALOM CHARITY FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A S Abraham
Mrs A Abraham
Mr A Hillel
Mr E Hillel
Mr E Shasha
Charity number 283397
Principal address 9 Brentwood Lodge
Holmdale Gardens
London
NW4 2LY
Auditor RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Bankers National Westminster Bank PLC
Hendon
London
United Kingdom
NW4 4DS

AHAVAT SHALOM CHARITY FUND

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 19

AHAVAT SHALOM CHARITY FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 APRIL 2024

The Trustees present their annual report and financial statements for the year ended 30 April 2024.

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 charity's Trust Deed, the Charities Act 2011 and "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

The charitable objects of Ahavat Shalom Charity Fund are given below and are taken from the Trust Deed, as follows:

Ahavat Shalom Charity Fund operates with the aim of raising funds in order to help fund the Yeshiva Chevrat Ahavat Shalom School and its affiliated institutions in Israel. These institutions include:

In this context the Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission in relation to the activities being for the public benefit, as well as, the Equalities Act 2010 when reviewing the Charity's aims and objectives and in planning future activities.

Ahavat Shalom Charity Fund's objectives for the year are to maintain, support and further the activities of Yeshiva Chevrat Ahavat Shalom School, Gavriel Sar Yisrael, Bnot Elisheva, Aish Hahesed Fund, Kehilot Yisrael Education and Cultural Center, and further advance education in Israel, as follows:

To meet these objectives, the Trustees aim to reach out to various donors to collect donations and to publicise Yeshiva Chevrat Ahavat Shalom School, Gavriel Sar Yisrael, Bnot Elisheva, Aish Hahesed Fund, Kehilot Yisrael Education and Cultural Center and their respective activities.

To assess whether these objectives have been achieved, the Trustees review the amount of monies received for charitable purposes and amount of monies remitted to the Yeshiva Chevrat Ahavat Shalom Institutions in the year.

AHAVAT SHALOM CHARITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

Achievements and performance

The results for the year are set out in the Statement of Financial Activities on page 10.

The Trustees collected various donations amounting to £2,811,002 (2023: £1,462,368) during the year, and have remitted £1,841,342 (2023: £1,831,203) to institutions in Israel and have been successful in achieving the objectives set. The charity's beneficiaries are, therefore, able to provide better quality facilities and teaching services by provision of buildings, equipment, teachers to school children and student grants. In the past year, beneficiary charities achieved the following:

Financial review

Ahavat Shalom Charity Fund has maintained its healthy financial position, with closing fund balances amounting to £2,789,272 (2023: £1,800,460), of which £936,801 (2023: nil) relates to restricted funds. Further, an amount of £1,476,436 (2023: £1,776,436) within the closing unrestricted fund balance is designated for specific purposes. The total "free" unrestricted reserves the charity holds amounts to £376,035 (2023: £24,024) at the end of the reporting period.

The principal funding source was the donations received from various donors.

The total unrestricted donations received by Ahavat Shalom Charity Fund reached £823,002 (2023: £650,325). An amount of £790,143 (2023: £1,019,160) was sent to the named institutions in Israel to fund charitable activities and related support costs.

The total restricted donations received by Ahavat Shalom Charity Fund amounted to £1,988,000 (2023: £812,043). The total restricted amount of £1,051,199 (2023: £812,043) was remitted to Gavriel Sar Yisrael in the year to fund the student scholarship programmes. Furthermore, the remaining balance of £936,801 is expected to be remitted in relation to the Tel Aviv Construction Project (phase 1).

The charity had a foreign exchange gain of £4,893 (2023: £26,227).

Reserves policy

The year’s surplus of donations has increased the unrestricted fund to £1,852,471 (2023: £1,800,460), of which £1,476,436 will be held in the designated fund for Bnot Elisheva and £376,035 is ‘free’ general unrestricted funds to be used at the discretion of the charity. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a minimum level equivalent to between three and six months' 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 charity’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. The intention of the charity is to make further payments to the Yeshiva Chevrat Ahavat Shalom School and its affiliated institutions in Israel as and when required in the future. This policy will provide adequate funds to meet current and anticipated future liabilities and provide financial flexibility in the event of an adverse drop in donations received.

AHAVAT SHALOM CHARITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

Investment policy

In accordance with the Trust Deed, the Trustees have the power to invest in such assets as they see fit. The charity has a policy of keeping any funds in short-term deposits which can be accessed readily should the School require funds urgently.

Plans for future periods

The Trustees intend to continue their fundraising efforts in the coming years, which have proven to be successful historically, and to continue to remit funds to Gavriel Sar Yisrael, Kehilot Yisrael and Aish Hahesed.

The charity also continues to remit funds to Bnot Elisheva, a high school and college recognised by the Israeli Ministry of Education, on a quarterly basis and anticipates that the designated fund remaining of £1,476,436 will be remitted within the following three years.

The Trustees also intend to remit funds to advance education in Israel and wheresoever the Yeshiva Chevrat Ahavat Shalom School shall carry on its activities.

Structure, governance and management

The Charity is governed by its Trust deed adopted 17 September 1981 as amended 6 January 2000 and last amended on 12 January 2017. The Charity's reference and administrative details are as set out within these financial statements. The Charity was established under a Constitution which established the objects and powers of the Charity and is governed by Constitution of Trust deed. Furthermore, the Charity has a safeguarding policy that applies to all staff and Trustees, which has been detailed in the Trustee Handbook.

History

Ahavat Shalom Charity Fund, a registered charity [charity number: 283397], was originally established in 1981 to support and further the activities of the Yeshiva Chevrat Ahavat Shalom School. In 2012, the School established Kehilot Yisrael Education and Cultural Center; thereafter, the Charity revised its objectives to further advance education in Israel, and support wider institutions in Israel such as Gavriel Sar Yisrael, Bnot Elisheva and Aish Hahesed.

The Trustees who served during the year were:

Mr A S Abraham Mrs A Abraham Mr A Hillel Mr E Hillel Mr E Shasha

Recruitment, appointment and terms of office of Trustees

Trustees are appointed in accordance with the Trust Deed and subsequent amendment.

The Charity has the power to appoint additional Trustees as it sees fit.

Operations and staffing

The Trustees collectively manage the charity with all executive decisions being made by the Trustees.

Risk management

The Trustees regularly review and assess risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that the systems and procedures in place mitigate any perceived risks. Significant risk areas include:

Financial risks - the variability of incoming donations create risk that the charity will not have sufficient funds to continue its charitable activities. The Trustees regularly review the financial performance and position of the charity to manage this risk, and have done so successfully historically by ensuring that planned charitable activities are inline with anticipated donations and level of funds available.

AHAVAT SHALOM CHARITY FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

Introduction and training of Trustees

All Trustees are now already familiar with the practical work of the charity. Induction procedures are in place for new Trustees, with mechanisms in place to keep all the Trustees abreast of developments in the sector.

Arrangements for setting the pay and remuneration for the key management personnel

The Trustees consider the Board of Trustees as comprising the Key Management Personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give their time freely and no Trustee received remuneration in the year. There were also no Trustees' expenses in the year. Details of related party transactions are disclosed in Note 16 to the financial statements.

Fundraising

The Board of Trustees supports raising funds from the public in relation to our core activities. No professional fundraisers or third party commercial participators are used.

Related parties

No Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year, aggregate donations received from related parties without conditions amounted to £33,700 (2023: £34,200):

Total remittances to related parties in the year amounted to $950,000 and £600,000 (2023: $522,482 and £928,208):

Auditor

In accordance with the charity's articles, a resolution proposing that RDP Newmans LLP be reappointed as auditor of the charity will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

Mr A S Abraham Trustee

Mrs A Abraham Trustee

7 October 2024

AHAVAT SHALOM CHARITY FUND

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 APRIL 2024

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they 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 these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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 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.

AHAVAT SHALOM CHARITY FUND

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF AHAVAT SHALOM CHARITY FUND

Opinion

We have audited the financial statements of Ahavat Shalom Charity Fund (the ‘charity’) for the year ended 30 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and

Reports) Regulations 2008 require us to report to you if, in our opinion:

AHAVAT SHALOM CHARITY FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AHAVAT SHALOM CHARITY FUND

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

AHAVAT SHALOM CHARITY FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AHAVAT SHALOM CHARITY FUND

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor’s 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.

Paresh Radia FCA (Senior Statutory Auditor) for and on behalf of RDP Newmans LLP

11 October 2024

Chartered Accountants Statutory Auditor

Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW

RDP Newmans LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a charity under section 1212 of the Companies Act 2006.

AHAVAT SHALOM CHARITY FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
823,002
1,988,000
Investments
4
29,756
-
Other income
5
4,893
-
Total income
857,651
1,988,000
Expenditure on
charitable activities
Education
6
805,640
1,051,199
Total charitable expenditure
805,640
1,051,199
Net income/(expenditure) for
the year/
Net movement in funds
52,011
936,801
Fund balances at 1 May 2023
1,800,460
-
Fund balances at 30 April
2024
1,852,471
936,801		 Total
Unrestricted Restricted
funds
funds
2024
2023
2023
£
£
£
2,811,002
650,325
812,043
29,756
10,778
-
4,893
26,227
-
2,845,651
687,330
812,043
1,856,839
1,033,482
812,043
1,856,839
1,033,482
812,043
988,812
(346,152)
-
1,800,460
2,146,612
-
2,789,272
1,800,460
-		 Total
2023
£
1,462,368
10,778
26,227
1,499,373
1,845,525
1,845,525
(346,152)
2,146,612
1,800,460

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

AHAVAT SHALOM CHARITY FUND

BALANCE SHEET

AS AT 30 APRIL 2024

Notes
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
The funds of the charity
Restricted income funds
13
Unrestricted funds		 2024
£
£
6,225
2,796,367
2,802,592
13,320
2,789,272
936,801
1,852,471
2,789,272		 2023
£
£
16,429
1,796,491
1,812,920
12,460
1,800,460
-
1,800,460
1,800,460		 2023
£
£
16,429
1,796,491
1,812,920
12,460
1,800,460
-
1,800,460
1,800,460
-
1,800,460
1,800,460

The financial statements were approved by the Trustees on 7 October 2024

Mr A S Abraham Trustee

Mrs A Abraham Trustee

AHAVAT SHALOM CHARITY FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
18
Investing activities
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Effect of foreign exchange rates
Cash and cash equivalents at end of year		 2024
£
£
965,227
29,756
29,756
-
994,983
1,796,491
4,893
2,796,367		 2023
£
£
(392,763)
10,778
10,778
-
(381,985)
2,152,249
26,227
1,796,491

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

1 Accounting policies

Charity information

Ahavat Shalom Charity Fund is an unincorporated Charity registered in England and Wales. The principal address is 9 Brentwood Lodge, Holmdale Gardens, London, NW4 2LY. The Charity is registered at Charities Commission with registration number 283397, at the registered address of Lynwood House, 373/375 Station Road, Harrow, Middlesex, HA1 2AW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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 charity 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 unless the funds have been designated for other purposes.

Designated funds comprise unrestricted funds that have been earmarked by the Trustees and set aside for particular purposes.

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.

1.4 Income

Income is recognised when the charity 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.

Donations are recognised on receipt or once the charity 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.

Investment income is recognised on a receivable basis.

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Costs of generating funds are those costs incurred in attracting and administering voluntary income.

Expenditure on charitable activities include both direct costs and those costs incurred in support of the charitable expenditure and have been allocated to the sole charitable activity.

Other expenditure includes the costs of any legal advice to the trustees on governance or constitutional matters, external accountancy and audit costs.

The charity is not registered for VAT so all expenses shown in the Statement Of Financial Activities and notes to the accounts are shown gross (i.e. inclusive of VAT).

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 charity 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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

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.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Foreign exchange

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities demoniated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activities; gains recorded as other income and all losses as a support cost of the relevant activity.

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

2 Critical accounting estimates and judgements

In the application of the charity’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.

In the view of the Trustees, there are no significant accounting estimates and judgements applied.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 823,002 1,988,000 2,811,002 650,325 812,043 1,462,368

4 Investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Interest receivable 29,756 10,778
Other income
**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Gain on foreign exchange 4,893 26,227

5 Other income

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

6 Expenditure on charitable activities

Grants to institutions:
Gavriel Sar Yisrael
Kehilot Yisrael
Bnot Elisheva
Aish Hachesed
Restricted Grants to institutions (1 grant):
Gavriel Sar Yisrael
Governance and support costs
Audit and accountancy fees
Bank charges
Total expenditure on charitable activities
7
Auditor's remuneration
Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity
For other services
All other non-audit services		 Education
Education
2024
2023
£
£
-
242,273
490,143
475,503
300,000
200,000
-
101,384
790,143
1,019,160
1,051,199
812,043
1,841,342
1,831,203
14,800
13,660
697
662
15,497
14,322
1,856,839
1,845,525
2024
2023
£
£
8,700
8,400
4,620
4,860		 Education
Education
2024
2023
£
£
-
242,273
490,143
475,503
300,000
200,000
-
101,384
790,143
1,019,160
1,051,199
812,043
1,841,342
1,831,203
14,800
13,660
697
662
15,497
14,322
1,856,839
1,845,525
2024
2023
£
£
8,700
8,400
4,620
4,860
1,019,160
812,043
1,831,203
13,660
662
14,322
1,845,525
2023
£
8,400
4,860

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year, nor were any expenses reimbursed to them.

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

9 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Debtors

11
Debtors
Amounts falling due within one year:
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2024
£
6,225
2024
£
-
13,320
13,320		 2023
£
16,429
2023
£
100
12,360
12,460

13 Restricted funds

The income funds of the charity include restricted funds comprising the following balances of donations and grants held on trust for specific purposes:

At 1 May 2023 Incoming Resources At 30 April
resources expended 2024
£ £ £ £
Gavriel Sar - 1,988,000 (1,051,199) 936,801

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

13 Restricted funds (Continued)
Previous year: At 1 May 2022 Incoming Resources At 30 April
resources expended 2023
£ £ £ £
Gavriel Sar - 812,043 (812,043) -

Gavriel Sar Yisrael was founded in 2001 to further advance high level Talmudic Scholarships, provide structured after-school educational programmes for youth, and provide advanced adult study programmes throughout Israel. The restricted donation received has been fully remitted to Gavriel Sar Yisrael in the year.

14 Unrestricted funds

The income funds of the charity include unrestricted funds, within which designated funds have been set aside by the trustees for specific purposes:

Designated -
Bnot Elisheva
General
Unrestricted
Fund		 Balance at
1 May 2022
£
1,976,436
170,176
2,146,612		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
(200,000)
687,330
(833,482)
687,330
(1,033,482)		 Balance at
1 May 2023
£
1,776,436
24,024
1,800,460		 Movement in funds
Incoming
resources
Resources
expended
Balance at
30 April 2024
£
£
£
-
(300,000)
1,476,436
857,651
(505,640)
376,035
857,651
(805,640)
1,852,471		 Movement in funds
Incoming
resources
Resources
expended
Balance at
30 April 2024
£
£
£
-
(300,000)
1,476,436
857,651
(505,640)
376,035
857,651
(805,640)
1,852,471
1,852,471

Founded in 2002, Bnot Elisheva is a High School and College that is recognised by the Ministry of Education and the Government Institute for Technology and Science Training. The college faculty work individually with students with learning disabilities, creating opportunities for them to achieve success and outstanding achievement. A surplus amounting to £1,476,436 is being carried forward to next year to be expended over the next three years.

The General Unrestricted Fund relates to 'free reserves' after allowing for all designated funds.

Total 2023 £ 1,812,920 (12,460) 1,800,460
Designated funds 2023 £ 1,776,436 1,776,436
Total Unrestricted funds 2024
2023		 £
£		 2,802,592
36,484		 (13,320)
(12,460)		 2,789,272
24,024
Restricted funds 2024 £ 936,801 936,801
Designated funds 2024 £ 1,476,436 1,476,436
Unrestricted funds 2024 £ 389,355 (13,320) 376,035
Analysis of net assets between funds Fund balances at 30 April 2024 are represented by: Current assets Current liabilities
15

AHAVAT SHALOM CHARITY FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024

16 Related party transactions

During the year, aggregate donations received from related parties without conditions amounted to £33,700 (2023: £34,200):

Total remittances to related parties in the year amounted to $950,000 and £600,000 (2023: $522,482 and £928,208):

17 Analysis of changes in net funds

The charity had no debt during the year.

18
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Movements in working capital:
Decrease/(increase) in debtors
Increase in creditors
Cash generated from/(absorbed by) operations		 2024
2023
£
£
988,812
(346,152)
(29,756)
(10,778)
(4,893)
(26,227)
10,204
(10,066)
860
460
965,227
(392,763)