**Charity registration number 294801**
## **FRIENDS OF YAD SARAH**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022**
## **FRIENDS OF YAD SARAH**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr S D Kibel Mr S D Pearlman Mr A M Caplin Mr Alistair Marks (Appointed 31 March 2022) **Charity number** 294801 **Principal address** Harcourt House 341 Regents Park Road London N3 1DP **Independent examiner** David Passey ACA 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
## **FRIENDS OF YAD SARAH**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Statement of cash flows|6|
|Notes to the financial statements|7 - 10|
## **FRIENDS OF YAD SARAH**
## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 30 JUNE 2022**_
The trustees present their annual report and financial statements for the year ended 30 June 2022.
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 deed dated 6 November 1985, 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 Charity was established to raise funds for Yad Sarah, a charitable organisation in Israel, which lends medical and rehabilitative equipment free of charge to needy persons, as well as providing a variety of homeware support services.
The charity has paid due regard to guidance issued by the Charity Commission in deciding what activities it should undertake.
## **Public benefit**
The Trustees have paid due regard to the public benefit guidance issued by the Charity Comission in deciding the allocation of funds.
## **Achievements and performance**
The Charity received donations totalling £531,407 (2021 - £258,211) during the period and made grants to Yad Sarah in Israel aggregating £452,598 (2021 - £165,000).
## **Financial review**
The financial results of the charity's activities for the year are fully reflected in the attached financial statements together with the notes therein.
## **Risk Management**
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.
## **Reserves Policy**
Funds are remitted to Yad Sarah on a regular basis and as soon as practicable.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to support the current level of expenditure and to continue in operational existence for the foreseeable future. The Trustees have, however, recognised that COVID 19 has had a significant impact on the activities of the charity. The Trustees are committed to supporting the charity and will continue to evaluate the situation on an ongoing basis and to develop plans for the charity to manage the financial impact going forward.
## **Plans for future periods**
The Trustees are working to enhance public knowledge of the charity and to increase fund raising. In addition to the regular general mail appeals, specific targeted appeals have been made.
## **Structure, governance and management**
The Charity is governed by a Deed dated 6th November 1985.
The Trustees administer the day-to-day affairs of the charity. None of the Trustees has any beneficial interest in the charity.
The current Trustees are continually looking to add to and strengthen the Trustee base and in this event, the Trustees will apply suitable recruitment training and induction procedures.
- 1 -
## **FRIENDS OF YAD SARAH**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_
The trustees who served during the year and up to the date of signature of the financial statements were: Mr S D Kibel
Mr S D Pearlman Mr L F Harding (Resigned 6 December 2021) Mr A M Caplin Mr Alistair Marks (Appointed 31 March 2022)
## **Statement of trustees responsibilities**
The trustees 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).
The law applicable to charities in England and Wales 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 year.
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 operation.
The trustees are responsible for keeping sufficient 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 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.
The trustees report was approved by the Board of Trustees.
Mr S D Kibel
## **Trustee**
11 January 2023
- 2 -
## **FRIENDS OF YAD SARAH**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF FRIENDS OF YAD SARAH**
I report to the trustees on my examination of the financial statements of Friends of Yad Sarah (the charity) for the year ended 30 June 2022.
## **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**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
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.
David Passey ACA
325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
Dated: 11 January 2023
- 3 -
## **FRIENDS OF YAD SARAH**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 JUNE 2022**_
|**Unrestricted Unrestricted**
**funds**
**funds**
**2022**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
531,407
258,211
**Expenditure on:**
Raising funds
**4**
78,747
79,344
Charitable activities
**5**
457,364
169,503
**Total expenditure**
536,111
248,847
**Net (expenditure)/income for the year/**
**Net movement in funds**
(4,704)
9,364
Fund balances at 1 July 2021
26,742
17,378
**Fund balances at 30 June 2022**
22,038
26,742|**Unrestricted Unrestricted**
**funds**
**funds**
**2022**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
531,407
258,211
**Expenditure on:**
Raising funds
**4**
78,747
79,344
Charitable activities
**5**
457,364
169,503
**Total expenditure**
536,111
248,847
**Net (expenditure)/income for the year/**
**Net movement in funds**
(4,704)
9,364
Fund balances at 1 July 2021
26,742
17,378
**Fund balances at 30 June 2022**
22,038
26,742|**Unrestricted Unrestricted**
**funds**
**funds**
**2022**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
531,407
258,211
**Expenditure on:**
Raising funds
**4**
78,747
79,344
Charitable activities
**5**
457,364
169,503
**Total expenditure**
536,111
248,847
**Net (expenditure)/income for the year/**
**Net movement in funds**
(4,704)
9,364
Fund balances at 1 July 2021
26,742
17,378
**Fund balances at 30 June 2022**
22,038
26,742|
|---|---|---|
|||79,344|
|||169,503|
|||248,847|
|||9,364
17,378|
|||26,742|
||||
|The statement of financial activities includes all gains and losses recognised in the year.|||
All income and expenditure derive from continuing activities.
- 4 -
## **FRIENDS OF YAD SARAH**
## **BALANCE SHEET**
## _**AS AT 30 JUNE 2022**_
|**2022**
**Notes**
**£**
**Current assets**
Debtors
**9**
289
Cash at bank and in hand
33,637
33,926
**Creditors: amounts falling due within**
**one year**
**10**
(11,888)
Net current assets
**Income funds**
Unrestricted funds|**£**
22,038
22,038
22,038|**2021**
**£**
258
31,032
31,290
(4,548)|**£**
26,742|
|---|---|---|---|
||||26,742|
||||26,742|
The financial statements were approved by the Trustees on 11 January 2023
Mr S D Kibel **Trustee**
- 5 -
## **FRIENDS OF YAD SARAH**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 JUNE 2022**_
|**2022**
**Notes**
**£**
**Cash flows from operating activities**
Cash generated from operations
**12**
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
**£**
2,605
-
-
2,605
31,032
33,637|**£**
10,892
-
-|
|---|---|---|
|||10,892
20,140|
|||31,032|
- 6 -
## **FRIENDS OF YAD SARAH**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2022**_
## **1 Accounting policies**
## **Charity information**
Friends of Yad Sarah is a registered charity in England and Wales and is unincorporated. The address of the principal office is Harcourt House, 341 Regents Park Road, London, N3 1DP.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
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 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charity's charitable objectives unless the funds have been designated for other purposes.
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.
## **1.3 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.
## **1.4 Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries.
## **1.5 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.
- 7 -
## **FRIENDS OF YAD SARAH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_
## **1 Accounting policies**
## **(Continued)**
## _**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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **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.
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Donations and gifts|531,407|258,211|
## **4 Raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Fundraising and publicity|78,747|79,344|
- 8 -
## **FRIENDS OF YAD SARAH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_
## **5 Charitable activities**
|Distributions to Yad Sarah, Israel
Share of support costs (see note 6)
Share of governance costs (see note 6)|**2022**
**£**
452,598
3,482
1,284
457,364|**2021**
**£**
165,000
3,219
1,284|
|---|---|---|
|||169,503|
**6 Support costs**
|**Support costs**
**Governance costs**
**£**
**£**
Bank charges
1,468
-
Insurance
392
-
Printing, postage and
stationery
485
-
Travel
1,075
-
Subscriptions
-
-
Sundry expenses
62
-
Independent examination
-
1,284
3,482
1,284
Analysed between
Charitable activities
3,482
1,284|**2022**
**£**
1,468
392
485
1,075
-
62
1,284
4,766
4,766|**2021**
**£**
1,498
120
512
400
689
-
1,284|
|---|---|---|
|||4,503|
|||4,503|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
The average monthly number of employees during the year was:
||**2022**|**2021**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
- 9 -
## **FRIENDS OF YAD SARAH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_
|**9**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**10**
**Creditors: amounts falling due within one year**
Accruals and deferred income
**11**
**Related party transactions**
There were no disclosable related party transactions during the year (2021 - none).
**12**
**Cash generated from operations**
(Deficit)/surpus for the year
Movements in working capital:
(Increase) in debtors
Increase in creditors
**Cash generated from operations**
**13**
**Analysis of changes in net funds**
The charity had no debt during the year.|**2022**
**£**
289
**2022**
**£**
11,888|**2021**
**£**
258
**2021**
**£**
4,548
**2021**
**£**
9,364
(258)
1,786
10,892|
|---|---|---|
||||
||**2022**
**£**
(4,704)
(31)
7,340
2,605||
||||
- 10 -