**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
Page 1
## **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).
Page 2
## **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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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
Page 3
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
Page 4
## **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
Page 5
## **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
Page 6
## **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
Page 7
## **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
Page 8
**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.
Page 9
## **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||
Page 10
## **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|
|---|---|
Page 11
## **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|
Page 12
## **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**
Page 13
## **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.
Page 14