Charity registration number: 290371
## The British Friends of Migdal Ohr
Annual Report and Financial Statements for the Year Ended 31 December 2023
## **The British Friends of Migdal Ohr**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2|
|Statement of Trustees' Responsibilities|3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 11|
## **The British Friends of Migdal Ohr**
## **Reference and Administrative Details**
**Trustees** J Esfandi A Album O Peleg R Haruni M Benisty **Principal Office** 11 Squirrels Close London N12 8AY **Charity Registration Number** 290371
Page 1
## **The British Friends of Migdal Ohr**
## **Trustees' Report**
The Trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
## **Objectives and Activities**
## _**Public benefit**_
The charity provides grants to Migdal Ohr in Israel to educate and make provision for underprivileged, orphaned and at-risk children.
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Grant making policies**_
The Team continued to use the various social networking and media platforms extensively to raise awareness of and fundraise for the charity. Additionally, the internal accounting system was upgraded to Xero and the CRM switched to Beacon, as these integrate with each other and also with the bank accounts, thereby making the recording and reporting processes more efficient.
The Gala Dinner with Rabbi Grossman to celebrate Migdal Ohr’s golden jubilee that had been postponed from 2022 due to the passing of Her Majesty Queen Elizabeth II was held in January, and the online gift-matched fundraising campaign was repeated in again June, raising about half of the entire year’s income in 36 hours.
The terror attacks of 7 October 2023 resulted in intense fundraising, particularly for those children who had been orphaned and traumatised, some of whom came into the care of Migdal Ohr in Israel.
The Trustees are happy to report that donations directly to the UK charity in the year amounted to £798,091 (2022: £418,779). In addition, £430,254 (2022: £326,084) was sent directly to the Charity’s Israel based entity as the explicit result of our UK donors and fundraising efforts.
Costs in the year amounted to £229,175, which included the extra staff and resources spent on raising funds, as well as a pay increase for regular staff.
During the year, Migdal Ohr in Israel received £780,254 (2022: £526,084) as the result of our fundraising efforts.
The annual report was approved by the trustees of the charity on 10 October 2024 and signed on its behalf by:
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.........................................
O Peleg
Trustee
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Page 2
## **The British Friends of Migdal Ohr**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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 the trustees of the charity on 10 October 2024 and signed on its behalf by:
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.........................................
O Peleg
Trustee
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Page 3
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF MIGDAL OHR**
## **Independent examiner's report to the trustees of The British Friends of Migdal Ohr**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
in respect of my examination of your charity's accounts as carried out under Section 145 of the Act. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5)(b) of the 2011 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 Association of Chartered Certified Accountants, which is one of the listed bodies.
with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act or
2. the accounts so not accord with those records; or
3. the accounts do not comply with the accounting requirements 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.
Bryony Balmforth Inspiro Advisory Limited Manor Farm Ship Lane HP23 4NA
Date 28.10.24
Page 4
## **The British Friends of Migdal Ohr**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|**Note**
**Income and Endowments from:**
Donations and legacies
Investment income
3
Total Income
**Expenditure on:**
Raising funds
Charitable activities
Other expenditure
Total Expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**funds**
**£**
798,091
1,563
799,653
(75,107)
(350,000)
(154,067)
(579,175)
220,479
155,692
376,171|**Total**
**2023**
**£**
798,091
1,563
799,653
(75,107)
(350,000)
(154,067)
(579,175)
220,479
155,692
376,171|**Total**
**2022**
**Restated**
**£**
418,779
1,628
420,407
(71,550)
(200,000)
(106,552)
(378,102)
42,305
113,387
155,692|**Total**
**2022**
**£**
744,863
1,628|
|---|---|---|---|---|
|||||746,491|
|||||(71,550)
(526,084)
(106,552)|
|||||(704,186)|
|||||42,305
113,387
155,692|
All of the charity's activities derive from continuing operations during the above two periods.
Page 5
## **The British Friends of Migdal Ohr**
## **(Registration number: 290371) Balance Sheet as at 31 December 2023**
|**Note**
**Current assets**
Cash at bank and in hand
Other debtors
**Creditors: Amounts falling due within one year**
7
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**|**2023**
**£**
377.664
7
(1,500)
376,171
376,171
376,171|**2022**
**£**
157,192
-
(1,500)
155,692
155,692
155,692|
|---|---|---|
The financial statements on pages 5 to 11 were approved by the trustees, and authorised for issue on 10 October 2024 and signed on their behalf by:
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.........................................
O Peleg
Trustee
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Page 6
**The British Friends of Migdal Ohr**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The British Friends of Migdal Ohr meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Page 7
**The British Friends of Migdal Ohr**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 8
## **The British Friends of Migdal Ohr**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
- **2 Income from donations and legacies**
|Donations and legacies;
Donations from individuals||**Unrestricted**
**funds**
**General**
**£**
798,091
798,091||**Total**
**2023**
**£**
798,091
798,091||**Total**
**2022**
**Restated**
**£**
418,779
418,779|
|---|---|---|---|---|---|---|
## **3 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits|**Unrestricted**
**funds**
**General**
**£**
1,563|**Total**
**2023**
**£**
1,563|**Total**
**2022**
**£**
1,628|
|---|---|---|---|
Page 9
## **The British Friends of Migdal Ohr**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
**4 Expenditure on raising funds**
## **a) Costs of generating donations and legacies**
|**Note**
Donations
Allocated support costs
**5 Expenditure on charitable activities**
Grant funding of activities|**Unrestricted**
**funds**
**General**
**£**
52,067
805
52,872
**Unrestricted**
**funds**
**General**
**£**
350,000|**Total**
**2023**
**£**
52,067
805
52,872
**Total**
**2023**
**£**
350,000|**Total**
**2022**
**£**
41,449
1,554
43,003
**Total**
**2022**
**Restated**
**£**
200,000|
|---|---|---|---|
Page 10
## **The British Friends of Migdal Ohr**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **6 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **7 Creditors: amounts falling due within one year**
|Accruals
**8 Analysis of net funds**
Cash at bank and in hand
Cash at bank and in hand
Net debt|**At 1 January**
**2023**
**£**
157,192
157,192
**At 1 January**
**2022**
**£**
114,887
114,887|**2023**
**£**
1,500
**2022**
**£**
1,500
**At 31 December**
**Cash flow**
**£**
**2023**
**£**
220,472
377,664
220,472
377,664
**At 31 December**
**Cash flow**
**£**
**2022**
**£**
42,305
157,192
42,305
157,192|**2023**
**£**
1,500
**2022**
**£**
1,500
**At 31 December**
**Cash flow**
**£**
**2023**
**£**
220,472
377,664
220,472
377,664
**At 31 December**
**Cash flow**
**£**
**2022**
**£**
42,305
157,192
42,305
157,192|**2022**
**£**
1,500|
|---|---|---|---|---|
||||157,192||
## **9 Prior Period Adjustment**
A prior period adjustment was made to correct £326,084 which was incorrectly recorded as income in 2022 and the same figure was equally recorded as expenditure. There is no impact on either profit or reserves.
Page 11
## **The British Friends of Migdal Ohr**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023**
|**Income and Endowments from:**
Donations and legacies (analysed below)
Investment income (analysed below)
Total income
**Expenditure on:**
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Total**
**2023**
**£**
798,091
1,563
799,653
(75,107)
(350,000)
(154,067)
(579,175)
220,479
220,479
155,692
376,171|**Total**
**2022**
**Restated**
**£**
418,779
1,628
420,407
(71,550)
(200,000)
(106,552)
(378,102)
42,305
42,305
113,387
155,692|**Total**
**2022**
**£**
744,863
1,628|
|---|---|---|---|
||||746,491|
||||(71,550)
(526,084)
(106,552)|
||||(704,186)|
||||42,305|
||||42,305
113,387
155,692|
Page 12
## **The British Friends of Migdal Ohr**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023**
|**_Donations and legacies_**
Appeals and donations
**_Investment income_**
Interest on cash deposits
**_Raising funds_**
Publicity costs
Other fundraising costs
Insurance
Printing, postage and stationery
Sundry expenses
Travel and subsistence
IT services
Independent examiner's fee
**_Charitable activities_**
Grants payable - institutions
**_Other expenditure_**
Director fees
Consultancy fees
Bank charges|**Total**
**2023**
**£**
798,091
798,091
1,563
1,563
(4,531)
(52,067)
(164)
(4,087)
(641)
(9,092)
(3,025)
(1,500)
(75,107)
(350,000)
(350,000)
(90,000)
(60,837)
(3,231)
(154,067)|**Total**
**2022**
**Restated**
**£**
418,779
418,779
1,628
1,628
(13,698)
(41,449)
(164)
(1,440)
(1,390)
(7,803)
(4,106)
(1,500)
(71,550)
(200,000)
(200,000)
(75,000)
(29,161)
(2,391)
(106,552)|**Total**
**2022**
**£**
744,863|
|---|---|---|---|
||||744,863|
||||1,628|
||||1,628|
||||(13,698)
(41,449)
(164)
(1,440)
(1,390)
(7,803)
(4,106)
(1,500)|
||||(71,550)|
||||(526,084)|
||||(526,084)|
||||(75,000)
(29,161)
(2,391)
(106,552)|
Page 13