REGISTERED CHARITY NUMBER: 289761
KEREN HATZOLO
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
| 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 | |
| Cash Flow Statement | 7 | |
| Notes to the Cash Flow Statement | 8 | |
| Notes to the Financial Statements | 9 to | 14 |
KEREN HATZOLO
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES Mr J S Weiser (deceased 12.4.25) 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Reference and administrative information
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
Donations received were lower than previous although both investment income and its allied expenditure increased. The trustees reduced grantmaking leaving a surplus for the year.
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 £2,636,286 (2023- £2,595,614).
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 2024
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 28 October 2025 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 2024.
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
28 October 2025
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KEREN HATZOLO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| 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 £ 168,668 418,070 586,738 157,833 382,985 5,248 546,066 40,672 2,595,614 2,636,286 |
Restricted fund £ - - - - - - - - - - |
2024 Total funds £ 168,668 418,070 586,738 157,833 382,985 5,248 546,066 40,672 2,595,614 2,636,286 |
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 |
|---|---|---|---|---|
The notes form part of these financial statements
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KEREN HATZOLO
BALANCE SHEET 31 DECEMBER 2024
| 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 |
2024 £ 302 2,650,358 2,650,660 267,300 8,686 275,986 (290,360) (14,374) 2,636,286 2,636,286 2,636,286 2,636,286 |
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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2025 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
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (75,032) (75,032) 10,890 10,890 (64,142) 72,828 8,686 |
2023 £ 52,011 |
|---|---|---|
| 52,011 | ||
| 11,764 | ||
| 11,764 | ||
| 63,775 9,053 |
||
| 72,828 |
The notes form part of these financial statements
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KEREN HATZOLO
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
2024 £ 40,672 (10,890) (29,512) (75,302) (75,032) |
2023 £ (123,921) (11,764) 31,008 156,688 52,011 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.24 Cash flow At £ £ Net cash Cash at bank 72,828 (64,142) 72,828 (64,142) Total 72,828 (64,142) |
31.12.24 £ 8,686 8,686 8,686 |
|---|---|
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 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Going concern
There are no material uncertainties about the charity's ability to continue.
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 Investment management costs Portfolio management Aggregate amounts |
2024 £ 132,223 36,445 168,668 2024 £ 407,180 10,890 418,070 2024 £ 96 657 753 2024 £ 157,080 157,833 |
2023 £ 163,826 23,660 |
2023 £ 163,826 23,660 |
|---|---|---|---|
| 187,486 | |||
| 2023 £ 218,947 11,764 |
|||
| 230,711 | |||
| 2023 £ 381 614 995 2023 £ 108,007 |
2023 £ 381 614 |
||
| 995 | |||
| 109,002 |
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
5. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grantmaking 382,985 - Support - 5,248 382,985 5,248 6. GRANTS PAYABLE 2024 £ Grantmaking 382,985 The total grants paid to institutions during the year was as follows: 2024 £ Religious education 382,985 All donations were made to Mosad Keren Hatzole. 7. SUPPORT COSTS Governance Finance costs £ £ Support 206 5,042 Support costs, included in the above, are as follows: Governance costs 2024 Support £ Independent examiner's fee 1,320 Independent examiner's other fees 2,640 General expenses 1,082 5,042 |
Totals £ 382,985 5,248 388,233 2023 £ 428,500 2023 £ 428,500 Totals £ 5,248 2023 Total activities £ 1,200 2,760 600 4,560 |
|---|---|
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. INVESTMENT PROPERTY FAIR VALUE At 1 January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Unlisted investments £ 302 302 302 £ 2,650,358 2,650,358 2,650,358 |
|---|---|
10. INVESTMENT PROPERTY
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other debtors | 267,300 | 237,788 |
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Taxation and social security Other creditors |
2024 £ 4,400 285,960 290,360 |
2023 £ 4,400 361,262 |
| 365,662 |
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| fund | fund | funds | funds | |
| £ | £ | £ | £ | |
| Investments | 2,650,660 | - | 2,650,660 | 2,650,660 |
| Current assets | 275,986 | - | 275,986 | 310,616 |
| Current liabilities | (290,360) | - | (290,360) | (365,662) |
| 2,636,286 | - | 2,636,286 | 2,595,614 | |
| MOVEMENT IN FUNDS | ||||
| Net | ||||
| movement | At | |||
| At 1.1.24 | in funds | 31.12.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 2,595,614 | 40,672 | 2,636,286 | |
| TOTAL FUNDS | 2,595,614 | 40,672 | 2,636,286 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 586,738 | (546,066) | 40,672 | |
| TOTAL FUNDS | 586,738 | (546,066) | 40,672 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.1.23 | in funds | 31.12.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 2,719,535 | (123,921) | 2,595,614 | |
| TOTAL FUNDS | 2,719,535 | (123,921) | 2,595,614 |
14. MOVEMENT IN FUNDS
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KEREN HATZOLO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 418,197 418,197 |
Resources Movement expended in funds £ £ (542,118) (123,921) (542,118) (123,921) |
|---|---|---|
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 £230,139 (2023 - £217,804) as at the balance sheet date, during the year under review the charity received interest of £10,890 (2023 - £11,764) and gift aid of £36,445 (2023 - £23,660) . Creditors include £282,000 from companies in which a trustees has an interest.
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