Registered number: 1929738 Charity number: 292476
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 - 7 |
| Notes to the financial statements | 8 - 12 |
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Mazkereth Gittel Limited for the 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
Policies and objectives
The charity was set up as a to promote and advance religion in accordance with Orthodox Jewish Faith and to relieve poverty, suffering and distress among members of the Orthodox Jewish Faith.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
Main achievements of the Company
As can be seen from the accounts, charitable grants of £21,113 (2020: £26,811) were made during the year. The grants have eased the plight of the beneficiaries. Three years ago, a grant was paid to cover a family's legal costs in regard to an appeal against the refusal of the granting of an Education, Health and Care Plan for a child with special educational needs which was successful. The Trustees are working to recover the monies from this appeal.
Financial review
Reserves policy
The directors/trustees have in mind to ensure that adequate funds should be available to pay for the costs of relieving the suffering and distress of a family with three special needs children. At present, due to the family receiving some funding from the local council, the funds are sufficient, but projections indicate a future insufficiency of funds. The directors/trustees have reassessed their requirements in light of the present economic climate and feel that the reserves should be in the region of £200,000, the current reserves being £184,664 (2020: £176,519). The directors/trustees are aware of the risk of inadequate funds to meet the family's requirements and as stated above are building reserves. There are no other major risks to which the charity is exposed.
Page 1
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
Constitution
Mazkereth Gittel Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
Reference and administrative details of the Company, its trustees and advisers
| Trustees | AL Lee, Director/Trustee |
|---|---|
| EM Lee, Director/Trustee | |
| EZ Rabinowitz, Director/Trustee | |
| Company registered number 1929738 Charity registered number 292476 Registered office 11c Grosvenor Way London E5 9ND Accountants Wolffe Accountancy Services Ltd 34 Braydon Road London N16 6QB Bankers National Westminster Bank 7 North Street Bishop's Stortford Hertfordshire CM23 2LE |
Page 2
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 3 November 2021 and signed on their behalf by:
................................................
AL Lee Trustee/Director
Page 3
MAZKERETH GITTEL LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent examiner's report to the Trustees of Mazkereth Gittel Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the Company's Trustees in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees for my work or for this report.
Signed: Dated: 3 November 2021 D Wolffe FCCA 34 Braydon Road London N16 6QB
Page 4
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations Received Loan Interest Total income Expenditure on: Charitable activities Other expenditure 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 27,829 2,163 29,992 21,113 734 21,847 8,145 176,519 8,145 184,664 |
Total funds 2021 £ 27,829 2,163 29,992 21,113 734 21,847 8,145 176,519 8,145 184,664 |
Total funds 2020 £ 34,065 2,080 |
|---|---|---|---|
| 36,145 | |||
| 26,811 927 |
|||
| 27,738 | |||
| 8,407 | |||
| 168,112 8,407 |
|||
| 176,519 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 12 form part of these financial statements.
Page 5
MAZKERETH GITTEL LIMITED (A company limited by guarantee) REGISTERED NUMBER: 1929738
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Current assets Debtors 5 Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
108,300 77,065 185,365 (700) |
2021 £ - 184,665 184,665 184,665 184,665 - 184,665 184,665 |
115,637 61,902 177,539 (1,020) |
2020 £ |
|---|---|---|---|---|
| - 176,519 |
||||
| 176,519 | ||||
| 176,519 | ||||
| 176,519 | ||||
| - 176,519 |
||||
| 176,519 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 03 November 2021 and signed on their behalf by:
Page 6
MAZKERETH GITTEL LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 1929738
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021
................................................
AL Lee
Trustee/Director
The notes on pages 8 to 12 form part of these financial statements.
Page 7
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
The Charity was set up for the provision of religious educational support and the relief of poverty, suffering and distress.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Mazkereth Gittel Limited 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.4 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 8
(A company limited by guarantee)
MAZKERETH GITTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.7 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
3. Analysis of grants
| Relief of Poverty Religious Education Social Welfare Relief of Poverty - Individuals Other Religious Purposes Total 2021 |
Grants to Institutions 2021 £ 3,585 2,000 1,000 180 500 7,265 |
Grants to Individuals 2021 £ 13,848 - - - - 13,848 |
Total funds 2021 £ 17,433 2,000 1,000 180 500 |
|---|---|---|---|
| 21,113 |
Page 9
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Analysis of grants (continued)
| Relief of Poverty Religious Education Social Welfare Total 2020 |
Grants to Institutions 2020 £ 1,272 8,520 101 9,893 |
Grants to Individuals 2020 £ 16,918 - - 16,918 |
Total funds 2020 £ 18,190 8,520 101 |
|---|---|---|---|
| 26,811 |
4. Other expenditure
| Unrestricted funds 2021 £ Bank Charges and Interest 34 Accountancy Fees 400 Independant Examination 300 Total 2021 734 Unrestricted funds 2020 £ General Expenses 266 Bank Charges and Interest 61 Accountancy Fees 400 Independant Examination 200 Total 2020 927 |
Total funds 2021 £ 34 400 300 |
|---|---|
| 734 | |
| Total funds 2020 £ 266 61 400 200 |
|
| 927 |
Page 10
MAZKERETH GITTEL LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. Debtors
| 2021 £ Trade debtors 108,300 108,300 Trade debtors include a long term secured loan of £54,080 at 4% per annum. |
2020 £ 115,637 |
|---|---|
| 115,637 | |
6. Creditors: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 700 | 1,020 |
7. Summary of funds
Summary of funds - current year
| General funds Summary of funds - prior year General funds |
Balance at 1 April 2020 £ 176,519 Balance at 1 April 2019 £ 168,112 |
Income £ 29,992 Income £ 36,145 |
Expenditure £ (21,846) Expenditure £ (27,738) |
Balance at 31 March 2021 £ 184,665 |
|---|---|---|---|---|
| Balance at 31 March 2020 £ 176,519 |
Page 11
(A company limited by guarantee)
MAZKERETH GITTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Current assets 185,365 Creditors due within one year (700) Total 184,665 Analysis of net assets between funds - prior year Unrestricted funds 2020 £ Current assets 177,539 Creditors due within one year (1,020) Total 176,519 |
Total funds 2021 £ 185,365 (700) 184,665 Total funds 2020 £ 177,539 (1,020) 176,519 |
|---|---|
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