REGISTERED CHARITY NUMBER: 289761
KEREN HATZOLO
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
KEREN HATZOLO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
KEREN HATZOLO
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES Mr J S Weiser Mr L Weiss Mr I Friedman PRINCIPAL ADDRESS 94 Stamford Hill London N16 6XS REGISTERED CHARITY 289761 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc 1 Churchill Place London E14 5HP
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KEREN HATZOLO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives for public benefit
The objects of the charity are general charitable purposes and in particular the relief of poverty and the advancement of religion and religious education.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Review of activities and achievements
The trustees are satisfied with the results for the year. Both donations and invest income were both slightly lower than the previous year. There was and increase in property expenditure and the trustees increased grantmaking. Funding came from loans.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £2,595,614 (2022- £2,719,535).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
The trust was established by Deed of Trust dated 15 September 1981.
Organisational structure
The charity is managed and controlled by the trustees.The power to appoint new trustees is vested in the board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks that the charity is exposed and confirm that they have established systems to mitigate them.
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).
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KEREN HATZOLO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping 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 29 October 2024 and signed on its behalf by:
Mr I Friedman - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEREN HATZOLO
Independent examiner's report to the trustees of Keren Hatzolo
I report to the charity trustees on my examination of the accounts of Keren Hatzolo (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material 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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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 accounts to be reached.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
29 October 2024
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KEREN HATZOLO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grantmaking Support Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 187,486 230,711 418,197 109,002 428,500 4,616 542,118 (123,921) 2,719,535 2,595,614 |
Restricted fund £ - - - - - - - - - - |
2023 Total funds £ 187,486 230,711 418,197 109,002 428,500 4,616 542,118 (123,921) 2,719,535 2,595,614 |
2022 Total funds £ 180,978 223,261 |
|---|---|---|---|---|
| 404,239 | ||||
| 78,183 280,000 6,057 |
||||
| 364,240 | ||||
| 39,999 2,679,536 |
||||
| 2,719,535 |
The notes form part of these financial statements
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KEREN HATZOLO
BALANCE SHEET 31 DECEMBER 2023
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
2023 £ 302 2,650,358 2,650,660 237,788 72,828 310,616 (365,662) (55,046) 2,595,614 2,595,614 2,595,614 2,595,614 |
2022 £ 302 2,650,358 2,650,660 268,796 9,053 277,849 (208,974) 68,875 2,719,535 2,719,535 2,719,535 2,719,535 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2024 and were signed on its behalf by:
Mr I Friedman - Trustee
The notes form part of these financial statements
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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, with the exception of investments which are included at market value.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
Income received by way of donations is accounted for when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Investment management costs include costs relating to the investment properties.
Grants are only recognised in the in the financial statements when paid.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 2. DONATIONS AND LEGACIES Donations Gift aid 3. INVESTMENT INCOME Rents and services Loan interest 4. RAISING FUNDS Raising donations and legacies Telephone Credit card charges Fundraising Investment management costs Portfolio management Aggregate amounts 5. CHARITABLE ACTIVITIES COSTS Grantmaking Support |
Grant funding of activities (see note 6) £ 428,500 - 428,500 |
2023 £ 163,826 23,660 187,486 2023 £ 218,947 11,764 230,711 2023 £ 381 614 - 995 2023 £ 108,007 109,002 Support costs (see note 7) £ - 4,616 4,616 |
2022 £ 145,378 35,600 |
2022 £ 145,378 35,600 |
|---|---|---|---|---|
| 180,978 | ||||
| 2022 £ 211,562 11,699 |
||||
| 223,261 | ||||
| 2022 £ 352 723 1,086 2,161 2022 £ 76,022 |
2022 £ 352 723 1,086 |
|||
| 2,161 | ||||
| 78,183 | ||||
| Totals £ 428,500 4,616 |
||||
| 433,116 |
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. GRANTS PAYABLE
| GRANTS PAYABLE | ||
|---|---|---|
| Grantmaking The total grants paid to institutions during the year was as follows: Religious education All donations were made to Keren Hatzolo in Israel and USA. |
2023 £ 428,500 2023 £ 428,500 |
2022 £ 280,000 |
| 2022 £ 280,000 |
||
7. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support | 56 | 4,560 | 4,616 |
| Support costs, included in the above, are as follows: | |||
| Governance costs | |||
| 2023 | 2022 | ||
| Total | |||
| Support | activities | ||
| £ | £ | ||
| Independent examiner's fee | 1,200 | 1,200 | |
| Independent examiner's other fees | 2,760 | 3,072 | |
| General expenses | 600 | 967 | |
| 4,560 | 5,239 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2023 and | |
| 31 December 2023 | 302 |
| NET BOOK VALUE | |
| At 31 December 2023 | 302 |
| At 31 December 2022 | 302 |
There were no investment assets outside the UK.
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
10. INVESTMENT PROPERTY
£
| FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Investments 2,650,660 - Current assets 310,616 - Current liabilities (365,662) - 2,595,614 - 14. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 2,719,535 TOTAL FUNDS 2,719,535 |
2023 £ 237,788 2023 £ 4,400 361,262 365,662 2023 Total funds £ 2,650,660 310,616 (365,662) 2,595,614 Net movement in funds £ (123,921) (123,921) |
2,650,358 2,650,358 2,650,358 2022 £ 268,796 2022 £ 4,400 204,574 208,974 2022 Total funds £ 2,650,660 277,849 (208,974) 2,719,535 At 31.12.23 £ 2,595,614 2,595,614 |
|---|---|---|
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
At 1.1.22 £ 2,273,786 405,750 2,679,536 |
Incoming resources £ 418,197 418,197 Net movement in funds £ 39,999 - 39,999 |
Resources expended £ (542,118) (542,118) Transfers between funds £ 405,750 (405,750) - |
Movement in funds £ (123,921) (123,921) At 31.12.22 £ 2,719,535 - 2,719,535 |
||
|---|---|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 404,239 404,239 |
Resources Movement expended in funds £ £ (364,240) 39,999 (364,240) 39,999 |
|---|---|---|
15. RELATED PARTY DISCLOSURES
The charity has an interest in two UK registered companies the shares of which are held by nominees. One is dormant. Loans to the other company amounted to £217,8040 (2022 - £235,280) as at the balance sheet date, during the year under review the charity received interest of £11,764 (2022 - £11,699) and gift aid of £23,66000 (2022 - £35,6000) . Creditors include £357,000 from companies in which a trustees has an interest.
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