MIFAL HASHAS TRUST
Charity No. 288621
Trustee's Report and Unaudited Accounts
31 March 2022
MIFAL HASHAS TRUST CONTENTS
| Pages | |
|---|---|
| Trustee'sAnnual Report | 2 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 -10 |
| Notes tothe Accounts | 11 |
| Detailed Statement of Financial Activities | 12 |
Page 1
MIFAL HASHAS TRUST TRUSTEES ANNUAL REPORT
The Trustee presents his report with the unaudited financial statements of the charity for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 288621
Principal Office
Brentmead House Britannia Road London N12 9RU
Trustee
The following Trustee served during the year:
Y Krausz Chaim Grosskopf
Key Management Personnel
Trustee Y Krausz Trustee Chaim Grosskopf
Accountants
Leonard Finn & Co. Services Limited 316e Ilford Lane, Ilford, London. IG1 2LT
Bankers
Barclays Bank PLC 278
Hoe Street London E17 9QE
OBJECTIVES AND ACTIVITIES
Mifal Hashas is a non-profit organisation. The Objective of the charity is to encourage the study of the Torah in accordance with Orthodox Jewish tradition.
The charity aims to raise the profile of Jewish Studies by rewarding those students who attain agreed standards with money. Tests are conducted on monthly basis.
ACHIEVEMENTS AND PERFORMANCE
During the year, the charity raised £27,671 (2021 - £5,427) and distributed £22,880 (2021 - £14,210) in accordance with its objectives.
Page 2
MIFAL HASHAS TRUST TRUSTEES ANNUAL REPORT
FINANCIAL REVIEW
There is no policy to build reserves. Funds are maintained at a level sufficient to meet foreseen and unforeseen requirements.
The Trustee is satisfied with the current level of income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a deed trust and constitutes an unincorporated charity. It is not currently the intention of the trustee of the charity to appoint new trustees. Should the situation change in the future, suitable procedures for appointment will be applied.
The Trustee is responsible for keeping proper accounting records that 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed
C Grosskopf Trustee 03 January 2023
Page 3
MIFAL HASHAS TRUST TRUSTEES ANNUAL REPORT
Independent examiners report to the trustees of Mifal Hashas Trust
We report on the accounts of Mifal Hashas Trust for the year ended 31[st ] March 2022 which are set out on pages 5 to 12. The trustee considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
Examine the accounts under section 145 of the 2011 Act;
Follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and;
State whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as the trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently, no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
1) which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
-
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
Leonard Finn & Co. Services Limited Chartered Accountants Brentmead House Britannia Road London N12 9RU
Page 4
MIFAL HASHAS TRUST STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2022
| Notes Incomeand endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 6 Total Netgains on investments Netincome/ (expenditure) Net income/(expenditure) Before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Tot alfundsbrought forward Total funds carried forward |
Unrestricted funds Total funds Total funds 2022 2022 2021 £ £ £ 27,671 27,671 5,427 |
|---|---|
| 27,671 27,671 5,427 22,880 22,880 14,210 1,405 1,405 662 |
|
| 24,285 24,285 14,872 |
|
| 3,386 3,386 (9,445) |
|
| 3,386 3,386 (9,445) |
|
| 3,386 3,386 (9,445) 11,521 11,521 20,966 |
|
| 14,907 14,907 11,521 |
Page5
MIFAL HASHAS TRUST BALANCE SHEET
As at 31 March 2022
| Charity No. 288621 Currentassets Cash at bank and in hand Creditors:Amount falling due within one year 8 Net currentassets/(liabilities) Total assets lesscurrentliabilities Net assets/(liabilities)excludingpension asset or liability Total net assets/(liabilities) The fundsofthecharity Restricted funds 9 Unrestricted funds 9 General funds Reserves 9 Total funds |
2022 £ 2021 £ 15,567 13,141 |
|---|---|
| 15,567 13,141 (660) (1620) |
|
| 14,907 11,521 14,907 11,521 |
|
| 14,907 11,521 |
|
| 14,907 11,521 |
|
| 0 0 0 0 14,907 11,521 |
|
| 14,907 11,521 |
|
| 14,907 11,521 |
Approved by the trustees on 28[th] December 2022
And signed on their behalf by:
C Grosskopf
Trustee
3 January 2023
Page 6
MIFAL HASHAS TRUST NOTES TO THE ACCOUNTS
for the year ended 31 March 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
| Fundaccounting | |
|---|---|
| Unrestricted funds | Theseare available foruseatthe discretionofthe trustees in furtheranceofthegeneral |
| objectsofthe charity. | |
| Designated funds | These are unrestricted fundsearmarkedby the trustees for particular purposes. |
| Revaluation funds | Theseareunrestricted funds whichincludea revaluation reserverepresentingthe |
| restatement ofinvestmentassets attheir marketvalues. | |
| Restricted funds | Theseare availablefor usesubjectto restrictions imposed by the donororthroughterms |
| ofan appeal. | |
| Income | |
| Recognitionof | Income is included in theStatementof FinancialActivities(SoFA) when the charity |
| income | becomes entitled to, andvirtually certainto receive, theincomeand the amount of the |
| income can be measured withsufficient reliability. | |
| Incomewith related | Whereincomehas relatedexpenditure,the income andrelatedexpenditure is |
| expenditure | reportedgrossin theSoFA. |
| Donationsand | Voluntary income received byway of grants,donationsand giftsis included in the |
| legacies | SoFA whenreceivableand only whentheCharityhas unconditionalentitlementto |
| the income. | |
| Tax reclaimson |
Income from tax reclaims is included in the SoFA at the same time as the gift/donation |
| donationsand gifts |
to which it relates. |
| Donatedservices | Theseare onlyincluded in income(with an equivalent amountinexpenditure) where |
| andfacilities | the benefit to theCharityis reasonablyquantifiable,measurableandmaterial. |
| Volunteershelp | Thevalue of any volunteershelp received is notincludedin theaccounts. |
| Investment income | This is included in theaccounts whenreceivable. |
| Gains/ (losses)on | Thisincludesanygain orloss resulting from revaluing investments to marketvalue |
| revaluationoffixed | at theend oftheyear. |
| assets | |
| Gains/(losses) on |
This includes any gain or loss on the sale of investments. |
| investmentassets |
Page 7
MIFAL HASHAS TRUST NOTES TO THE ACCOUNTS
Expenditure Expenditure is recognised on an accrual basis. Expenditure includes any VAT which Recognition of cannot be fully recovered and is reported as part of the expenditure to which it relates. expenditure Expenditure on These comprise the costs associated with attracting voluntary income, fund raising, raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants Grants payable that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit / independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
MIFAL HASHAS TRUST NOTES TO THE ACCOUNTS
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other Total Net income/loss Net income before other gains/ {losses) Othergains and losses: Net movement in funds Reconciliation of funds: Total fundsbroughtforward Total funds carried forward 3 Income from donations and legacies Unrestricted £ 27,671 27,671 4 Expenditure on charitable activities Unrestricted £ Expenditure on charitable activities Grantsmade 22,880 Governance costs 22,880 |
Unrestricted funds 2021 £ 5,427 |
Unrestricted funds 2021 £ 5,427 |
Total funds 2021 £ 5,427 |
|---|---|---|---|
| 5,427 14,210 662 |
5,427 14,210 662 |
||
| 14.872 | 14.872 | ||
| (9,445) | (9,445) | ||
| (9,445) | (9,445) | ||
| (9,445) 20,966 |
(9,445) 20,966 |
||
| 11,521 | 11,521 | ||
| Total 2022 £ 27,671 |
Total 2021 £ 5,427 |
||
| 27,671 Total 2022 £ 22,880 |
5,427 | ||
| Total 2021 £ 14,210 14,210 |
|||
| 22,880 |
Page 9
MIFAL HASHAS TRUST NOTES TO THE ACCOUNTS
5 Analysis of grants
| Activity or programme Activity or programme 6 Other expenditure General administrative costs Legal and professional costs |
Grants to Individuals Total Total 2022 2021 £ £ £ 22,880 22,880 14,210 |
|---|---|
| 22,880 22,880 14,210 |
|
| Grant funding of activities Total Total 2022 2021 £ £ £ 22,880 22,880 14,210 |
|
| 22,880 22,880 14,210 |
|
| Unrestricted Total Total 2022 2021 £ £ £ 865 865 92 540 540 570 |
|
| 1,405 1,405 662 |
7 Staff costs
No employee received emoluments in excess of £60,000.
8 Creditors:
amounts falling due within one year
| Creditors: amountsfallingduewithinone year |
||
|---|---|---|
| Accruals anddeferred income | 2022 £ 660 660 |
2021 £ 1,620 |
| 1,620 |
Page 10
MIFAL HASHAS TRUST NOTES TO THE ACCOUNTS
I
- 9 Movement in funds
| 9 Movement in funds |
||
|---|---|---|
| Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 10Analysis of net assets between funds Net current assets |
Incoming resources (including other At 1 April gains/ losses 2021 £ 11,521 3,386 |
Resources At 31 March expended 2022 £ £ 14,907 14,907 Unrestricted funds Total £ £ 14,907 14,907 14,907 14,907 |
| 11,521 3,386 |
||
Page 11
MIFAL HASHAS TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
| for the year ended 31 March 2022 Income and endowments from: Donationsandlegacies Total income and endowments Expenditure on: Charitable activities Grants made Total of expenditure on charitable activities General administrative costs, includingdepreciationand amortisation Bankcharges Stationery and printing Legalandprofessionalcosts Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Netgai ns on investments Net income/ (expenditure) Net income/(expenditure) before other gains/ (losses) OtherGains Net movement in funds |
Unrestricted funds 2022 £ 27,671 |
Total funds Total funds 2022 2021 £ £ 27,671 5,427 |
|
|---|---|---|---|
| 27,671 | 27,671 5,427 |
||
| 27,671 22,880 |
27,671 5,427 22,880 14,210 |
||
| 22,880 | 22,880 14,210 |
||
| 22,880 145 720 |
22,880 14,210 145 92 720 -- |
||
| 865 | 865 92 |
||
| 540 | 540 570 |
||
| 540 | 540 570 |
||
| 1405 | 1405 662 |
||
| 24,285 | 24,285 14,872 |
||
| 24,285 | 24,285 14,872 |
||
| 3,386 | 3,386 (9,445) |
||
| 3,386 | 3,386 (9,445) |
Page 12