**Charity Registration No. 293580**
## **THE ORTHODOX JEWISH AID SOCIETY**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021**
## **THE ORTHODOX JEWISH AID SOCIETY**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr Joseph Pearlman Paul Gottlieb Rabbi David Halpern Andrew Levison Alexander Strom Esq
**Charity number** 293580 **Independent examiner** Michael Weissbraun, FCA Michael Pasha & Co. Golders Green London NW11 8SR
## **THE ORTHODOX JEWISH AID SOCIETY**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 10|
## **THE ORTHODOX JEWISH AID SOCIETY**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 JANUARY 2021**_
The trustees present their report and financial statements for the year ended 31 January 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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)".
## **Objectives and activities**
The objectives of the Project, as established, continued unchanged, are:
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
1. The advancement of education according to the tenets of the Orthodox Jewish faith.
2. The alleviation of poverty
3. The relief and care of orphans, the elderly and the infirm.
4. The preservation and protection of mental and physical health.
The charity's distribution policy is to avail the intended beneficiaries of funds according to the objects of the charity as soon as they are in hand.
## **Achievements and performance Financial review**
In the period under review, the project made a surplus of £23,156. (2020: £12,440).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
There is a policy to invest as and when it is appropriate in order to derive sufficient income to be able to
support beneficiaries.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity accepts requests from impoverished individuals and families and on that basis applies to individuals for donations in order to alleviate poverty. Payments are made by the Trustees as and when they see fit.
## **Structure, governance and management**
The Orthodox Jewish Aid Society is a legally registered charity no. 293580 and consituted by Deed of Trust.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Joseph Pearlman Paul Gottlieb
Rabbi David Halpern Andrew Levison Alexander Strom Esq
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2021**_
The Charity's elected trustees are appointed at an Annual General Meeting of the Charity on the basis of the Board's specifications concerning eligibility, personal competence, specialist skills, business and community knowledge and local availability.
Trustees are legally responsible for the overall management control of the Charity. The day to day management of the charity is delegated by the Trustees to Mr. Joseph Pearlman and supported by all other trustees.
The trustees' report was approved by the Board of Trustees.
## **Mr Joseph Pearlman**
Trustee Dated: 24 November 2021
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE ORTHODOX JEWISH AID SOCIETY**
I report to the trustees on my examination of the financial statements of The Orthodox Jewish Aid Society (the charity) for the year ended 31 January 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
Michael Weissbraun, FCA Michael Pasha & Co. 220 The Vale Golders Green London NW11 8SR
Dated: 24 November 2021
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 JANUARY 2021**_
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2021**|2020|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|65|90|
|Investments|**4**|28,341|13,411|
|**Total income**||28,406|13,501|
|**Expenditure on:**||||
|Charitable activities|**5**|5,250|11,345|
|Net gains/(losses) on investments|**9**|-|10,284|
|**Net income for the year/**||||
|**Net movement in funds**||23,156|12,440|
|Fund balances at 1 February 2020||633,595|621,155|
|**Fund balances at 31 January 2021**||656,751|633,595|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **BALANCE SHEET**
## _**AS AT 31 JANUARY 2021**_
|**Notes**
**Fixed assets**
Investment properties
**10**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2021**
**£**
236,471
(29,720)|**£**
450,000
206,751
656,751
656,751
656,751|**2020**
**£**
213,315
(29,720)|**£**
450,000
183,595|
|---|---|---|---|---|
|||||633,595|
|||||633,595|
|||||633,595|
The financial statements were approved by the Trustees on 24 November 2021
Mr Joseph Pearlman **Trustee**
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JANUARY 2021**_
## **1 Accounting policies**
## **Charity information**
The Orthodox Jewish Aid Society is a legally registered charity no. 293580 and consituted by Deed of Trust.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
## **1.6 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2021**_
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Donations and legacies|65|90|
|**Investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Rental income|28,066|13,206|
|Interest receivable|275|205|
||28,341|13,411|
## **4 Investments**
## **5 Charitable activities**
|Charitable donations
Share of governance costs (see note 6)|**2021**
**£**
4,530
720
5,250|**2020**
**£**
10,625
720|
|---|---|---|
|||11,345|
## **6 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy
-
720
-
720
Analysed between
Charitable activities
-
720|**2021**
Support
costs
Governance
costs
**£**
£
£
720
-
720
720
-
720
720
-
720|2020
£
720|
|---|---|---|
|||720|
|||720|
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2021**_
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration and benefit during the year, and no expense occurred to perform their duties.
There were no trustees' expenses paid for the year ended 31 January 2020.
## **8 Employees**
The average monthly number of employees during the year was:
|Total
**9**
**Net gains/(losses) on investments**
Revaluation of investment properties
**10**
**Investment property**
**Fair value**
At 1 February 2020 and 31 January 2021|**2021**
**2020**
**Number**
**Number**
-
-
**Total** Unrestricted
funds
**2021**
2020
**£**
£
-
10,284
**2021**
**£**
450,000|**2020**
**Number**
-|
|---|---|---|
||||
|||**2021**
**£**
450,000|
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2021 by the trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
## **11 Creditors: amounts falling due within one year**
|Other creditors
Accruals and deferred income|**2021**
**£**
29,000
720
29,720|**2020**
**£**
29,000
720|
|---|---|---|
|||29,720|
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## **THE ORTHODOX JEWISH AID SOCIETY**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2021**_
## **12 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none).
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