REGISTERED CHARITY NUMBER: 295818
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2023
for
Chevras Mo'oz Ladol
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Chevras Mo'oz Ladol
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 18 |
| Detailed Statement of Financial Activities | 19 |
Chevras Mo'oz Ladol
Reference and Administrative Details for the Year Ended 31 March 2023
| TRUSTEES | A Barchorin |
|---|---|
| J Baumgarten | |
| Y.M Sternlicht | |
| PRINCIPAL ADDRESS | 34 Heathland Road |
| London | |
| N16 5LZ | |
| REGISTERED CHARITY | 295818 |
| NUMBER | |
| AUDITORS | Martin+Heller |
| Statutory Auditor | |
| 5 North End Road | |
| London | |
| NW11 7RJ | |
| BANKERS | Barclays Bank Plc |
| 1 Churchill Place, | |
| London, | |
| E14 5HP |
Page 1
Chevras Mo'oz Ladol
Report of the Trustees for the Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was formed for the advancement of the orthodox Jewish faith, orthodox Jewish religious education, and the relief of poverty in the orthodox Jewish community.The charity's objects are to support charitable institutions or charitable purposes in any part of the world, and in particular to further religious education of Jewish youth and children and assist, in the relief of poverty, with their physical, mental,spiritual and moral welfare and development.
The charity achieves its objectives by providing donations to charitable institutions and individuals in the orthodox Jewish community.
Public benefit
The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
Grantmaking activity
Grants are made to charitable institutions and organisations which accord with the objects of the charity.The trustees are approached for donations by a wide variety of charitable institutions operating all over the world.
Applications by individuals must be accompanied by supporting documents and recommendation by the applicant's minister or other known religious leader.
After conducting due diligence, the trustees consider all requests and make donations based on circumstances and available finance.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the trustees were successful in receiving donations of over £12m through its generous donors, and have applied the funds in excess of £11m in grants in furtherance of the charity's objectives.
Included in the grants made during the year, £10.6m have been utlisied to fund over 50 charitable organisations based in operating regions of the charity. The recipient charitable organisations are regularly monitored by the trustees who carrying out grant compliance audits of the recipient charities.
FINANCIAL REVIEW
Financial position
During the year, the charity's incoming resources exceeded the outgoing resources by over £400K. The trustees are satisfied with the results for the year.
Principal funding sources
The charity received income from wide range of charitable trusts, individuals and corporations.
Reserves policy
The trustees do not seek to maintain large reserves, other than to ensure that they can continue the activities of the charity.
Reserves at the year end, stood at over £0.5m which are sufficient in the trustees opinion to support day to day activities for the foreseeable future of the charity.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future. The charity continues to receive funding from its generous donors and continues to operate to achieve its stated objectives.
Page 2
Chevras Mo'oz Ladol
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was constituted and is governed by Trust Deed dated 23rd September 1986 as varied on 8th July 1991.
Recruitment and appointment of new trustees
There have been averages of 3 trustees throughout the period. Any new appointments are at the recommendation of the board.
Organisational structure
The charity operates under the direction of its trustees who are supported by up to three part time salaried employees in carrying out day to day activities of the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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).
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;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 ............................................. and signed on its behalf by:
........................................................................
J Baumgarten - Trustee
Page 3
Report of the Independent Auditors to the Trustees of Chevras Mo'oz Ladol
Opinion
We have audited the financial statements of Chevras Mo'oz Ladol (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
Report of the Independent Auditors to the Trustees of Chevras Mo'oz Ladol
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We assess compliance with applicable laws and regulations that could reasonably be expected to have a
material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.
- We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.
-Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher
than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.
-There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.
Page 5
Report of the Independent Auditors to the Trustees of Chevras Mo'oz Ladol
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Date: .............................................
Page 6
Chevras Mo'oz Ladol
Statement of Financial Activities for the Year Ended 31 March 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Total EXPENDITURE ON Charitable activities 5 Donations Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 12,101,979 1 12,101,980 11,622,861 19,844 11,642,705 459,275 89,299 548,574 |
Restricted fund £ - - - - - - - - - |
31.3.23 Total funds £ 12,101,979 1 12,101,980 11,622,861 19,844 11,642,705 459,275 89,299 548,574 |
31.3.22 Total funds £ 7,550,272 4 7,550,276 7,573,420 29,957 7,603,377 (53,101) 142,400 89,299 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
Chevras Mo'oz Ladol
Balance Sheet 31 March 2023
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Investments 12 82,007 - CURRENT ASSETS Debtors 13 165,970 - Cash at bank 456,314 - 622,284 - CREDITORS Amounts falling due within one year 14 (155,717) - NET CURRENT ASSETS 466,567 - TOTAL ASSETS LESS CURRENT LIABILITIES 548,574 - NET ASSETS/(LIABILITIES) 548,574 - FUNDS 15 Unrestricted funds TOTAL FUNDS |
31.3.23 Total funds £ 82,007 165,970 456,314 622,284 (155,717) 466,567 548,574 548,574 548,574 548,574 |
31.3.22 Total funds £ 82,007 92,256 243,032 335,288 (327,996) 7,292 89,299 89,299 89,299 89,299 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Baumgarten - Trustee
The notes form part of these financial statements
Page 8
Chevras Mo'oz Ladol
Cash Flow Statement for the Year Ended 31 March 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) 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 |
31.3.23 £ 213,281 213,281 1 1 213,282 243,032 456,314 |
31.3.22 £ (3,260) (3,260) 4 4 (3,256) 246,288 243,032 |
|---|---|---|
The notes form part of these financial statements
Page 9
Chevras Mo'oz Ladol
Notes to the Cash Flow Statement for the Year Ended 31 March 2023
| 1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.23 £ Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) 459,275 Adjustments for: Interest received (1) Increase in debtors (73,714) (Decrease)/increase in creditors (172,279) Net cash provided by/(used in) operations 213,281 |
31.3.22 £ (53,101) (4) (80,755) 130,600 (3,260) |
|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/4/22 | Cash flow | At 31/3/23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 243,032 | 213,282 | 456,314 |
| 243,032 | 213,282 | 456,314 | |
| Total | 243,032 | 213,282 | 456,314 |
The notes form part of these financial statements
Page 10
Chevras Mo'oz Ladol
Notes to the Financial Statements for the Year Ended 31 March 2023
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 34 Heathland Road, London, N16 5LZ.
2. 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.
The financial statements are prepared in Sterling (£) which is also the functional currency of the charity.
Accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.
continued...
Page 11
Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. ACCOUNTING POLICIES - continued
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
3. DONATIONS AND LEGACIES
| Donations 4. INVESTMENT INCOME Deposit account interest 5. CHARITABLE ACTIVITIES COSTS Donations 6. GRANTS PAYABLE Donations The total grants paid to institutions during the year was as follows: Unrestricted |
31.3.23 £ 12,101,979 31.3.23 £ 1 31.3.23 £ 11,622,861 31.3.23 £ 10,683,598 |
31.3.22 £ 7,550,272 |
|---|---|---|
| 31.3.22 £ 4 Grant funding of activities (see note 6) £ 11,622,861 |
||
| 31.3.22 £ 7,573,420 |
||
| 31.3.22 £ 6,835,811 |
continued...
Page 12
Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. GRANTS PAYABLE - continued
| AREIVIM UK LTD | 28,839 |
|---|---|
| BAIT LIMUD VCHESED | 35,244 |
| BEIS HATAVSHIL - BNEI BRAK | 20,000 |
| BEIT MIDRASH GAVOHA LETORAH ATERET | 24,500 |
| BETH CHODOSH SHAAREI YITZCHOK | 27,400 |
| BETH LECHINUCH | 47,338 |
| CHAIM VECHESED | 3,933,068 |
| CHASDI YAAKOV BEIS SHEMESH | 744,574 |
| CHASSDEI TEHARA HAIFA | 114,270 |
| CHOCHMAT YAAKOV BET SHEMESH | 20,282 |
| CLAPTON SUPPORT AND ADVICE | 41,500 |
| DIBROT MORDECHAI | 82,631 |
| DOVER SHOLEM COMMUNITY TRUST | 32,750 |
| EZER LEYOLDOS LTD | 63,517 |
| FOSI | 22,517 |
| FUNDACJA CHASYDOW LEZAJSK - POLSKA | 75,000 |
| HCA INTERNATIONAL LTD | 27,622 |
| HEICHEL HANEFESH BITAR | 26,405 |
| JCOCI EDUCATIONAL FOUNDATION LTD | 37,852 |
| KEHAL CHASIDEI YERUSHOLAYIM | 38,435 |
| KEREN EZRA MIMTZIKA | 73,988 |
| KEREN HUAOR LECHEVRA | 316,174 |
| KOLEL BYS SHLOME ARYE TRUST | 21,000 |
| KOLLEL BEIN HAZMANIM CHAFZIVA | 54,566 |
| KOLLEL EYUN | 72,878 |
| LEZION BRINU LCHINUCH IRVUCHA | 29,117 |
| MACHON TORANI IBRA DEDASHA | 63,225 |
| MASKIL LUDAVID | 39,200 |
| MERCAZ BNOS JERUSALEM | 36,260 |
| MERCAZ NOAM ELIMEILECH | 99,000 |
| MERKAZ HATZDAKA | 33,108 |
| MESAMCHE LEV | 79,298 |
| MIFAL HACHESED SHAAREI REVUCHU | 99,028 |
| MORESHET HATORAH LTD | 35,950 |
| MOSDOS OHAVEI TOROSECHU | 165,480 |
| NICHSEFA | 20,408 |
| OHEL SARA UBEER MIRIAM | 2,339,425 |
| OHOLIM SHEL TORAH | 20,641 |
| PEDUT VEHATZALA | 115,000 |
| PINSK KARLIN | 29,422 |
| RINAT AHARON | 32,970 |
| RNH SYN & COLLEL | 40,000 |
| ROSH YOSEFF AMSHINOV | 31,110 |
| SHAARE ZOAR HOCHMA | 20,874 |
| TZIDKAS HRIM DALEKSANDER | 39,597 |
| YAD ELIEZER | 377,012 |
| YESHIVA DSATMAR VZW | 243,656 |
| YESHIVAT REB AMRAM CHASIDA | 51,260 |
| ZIDKAS CHAYIM | 35,008 |
| Other Donations < £20,000 | 625,199 |
| 10,683,598 | |
continued...
Page 13
Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
7. SUPPORT COSTS
| 7. | SUPPORT COSTS | ||
|---|---|---|---|
| Governance | |||
| costs | |||
| £ | |||
| Other resources expended | 19,844 | ||
| 8. | AUDITORS' REMUNERATION | ||
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Fees payable to the charity's auditors for the audit of the charity's financial | |||
| statements | 2,400 | 1,200 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
10. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Administration |
31.3.23 £ 19,800 19,800 31.3.23 3 |
31.3.22 £ 18,540 |
|---|---|---|
| 18,540 | ||
| 31.3.22 2 |
No employees received emoluments in excess of £60,000.
The average number of employees during the year, calculated on the basis of full-time equivalents, was less than one.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,550,272 Investment income 4 Total 7,550,276 EXPENDITURE ON Charitable activities Donations 7,573,420 |
Restricted fund £ - - - - |
Total funds £ 7,550,272 4 |
|---|---|---|
| 7,550,276 | ||
| 7,573,420 |
continued...
Page 14
Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Unrestricted fund £ Other 29,957 Total 7,603,377 NET INCOME/(EXPENDITURE) (53,101) RECONCILIATION OF FUNDS Total funds brought forward 142,400 TOTAL FUNDS CARRIED FORWARD 89,299 12. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
continued Restricted Total fund funds £ £ - 29,957 - 7,603,377 - (53,101) - 142,400 - 89,299 Unlisted investments £ 82,007 82,007 82,007 |
|---|---|
.
The trustees have considered the valuation of the investment at the date of the balance sheet. By the nature of the life policy, the value is actuarially determined, as was done at the time of the purchase of the investment in 2008.
The trustees have taken advice as to whether the valuation has changed in the year under review. The health of the life assured has not deteriorated in the year, and therefore it is considered unlikely that there has been any material uplift in valuation from the original cost. Although there is very little current resale activity in such policies due to general market conditions, the trustees are advised that as the maturity is simply a question of time, and the trustees have no intention of realising the investment before maturity, there are no grounds for any material revaluation to reduce the value of the investment at the present time.
Page 15
continued...
Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 15. MOVEMENT IN FUNDS At 1/4/22 £ Unrestricted funds General fund 89,299 TOTAL FUNDS 89,299 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 12,101,980 TOTAL FUNDS 12,101,980 Comparatives for movement in funds At 1/4/21 £ Unrestricted funds General fund 142,400 TOTAL FUNDS 142,400 |
31.3.23 £ 165,642 328 165,970 31.3.23 £ 1,421 154,296 155,717 Net movement in funds £ 459,275 459,275 Resources expended £ (11,642,705 ) (11,642,705 ) Net movement in funds £ (53,101) (53,101) |
31.3.22 £ 91,928 328 92,256 31.3.22 £ 600 327,396 327,996 At 31/3/23 £ 548,574 548,574 Movement in funds £ 459,275 |
31.3.22 £ 91,928 328 |
|---|---|---|---|
| 92,256 | |||
| 31.3.22 £ 600 327,396 |
|||
| 327,996 | |||
| 459,275 | |||
| At 31/3/22 £ 89,299 89,299 |
|||
| 89,299 |
Page 16
continued...
Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 7,550,276 7,550,276 |
Resources expended £ (7,603,377 ) (7,603,377 ) |
Movement in funds £ (53,101) (53,101) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 1/4/21 | in funds | At 31/3/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 142,400 | 406,174 | 548,574 |
| TOTAL FUNDS | 142,400 | 406,174 | 548,574 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 19,652,256 19,652,256 |
Resources expended £ (19,246,082 ) (19,246,082 ) |
Movement in funds £ 406,174 |
|---|---|---|---|
| 406,174 |
16. RELATED PARTY DISCLOSURES
Donations made by the charity include the following amounts which were donated to charities which have trustees in common with Chevras Mo'oz Ladol:
Moreshet Hatorah Ltd 35,950
Included in donations to individuals are several amounts totalling £15,600 paid to close relatives of a trustee. In this matter, the trustee concerned did not take part in the application process or the trustees' discussions in the approval and continuation of the grants.
Donations received by the charity include the following amounts which were received from charities which have trustees in common with Chevras Mo'oz Ladol:
| Belz Foundation Ltd | 26,917 |
|---|---|
| Cosmon (Belz) Ltd | 500 |
continued...
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Chevras Mo'oz Ladol
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
16. RELATED PARTY DISCLOSURES - continued
Other debtors include the following loans due from charities which have trustees in common with Chevras Mo'oz Ladol:
Moreshet Hatorah Ltd 45,000
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Chevras Mo'oz Ladol
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Grants to institutions Grants to individuals Support costs Governance costs Wages Auditors' remuneration Rent General administration Bank charges Exchange gain/loss Total resources expended Net income/(expenditure) |
31.3.23 £ 12,101,979 1 12,101,980 10,683,598 939,263 11,622,861 19,800 2,400 2,600 7,415 2,549 (14,920) 19,844 11,642,705 459,275 |
31.3.22 £ 7,550,272 4 7,550,276 6,835,811 737,609 7,573,420 18,540 1,200 2,600 1,585 2,220 3,812 29,957 7,603,377 (53,101) |
|---|---|---|
This page does not form part of the statutory financial statements
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