Ichud Mosdos Gur Limited - Charities report - 19.2

REGISTERED COMPANY NUMBER: 04332855 (England and Wales)

REGISTERED CHARITY NUMBER: 1096711

ICHUD MOSDOS GUR LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2018

ICHUD MOSDOS GUR LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Reference and Administrative Details

1

Report of the Trustees

2 to 3

Report of the Independent Auditors

4 to 5

Statement of Financial Activities

6

Statement of Financial Position

7

Statement of Cash Flows

8

Notes to the Statement of Cash Flows

9

Notes to the Financial Statements

10 to 13

ICHUD MOSDOS GUR LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2018

TRUSTEES

J Goldman

A Kahn

J Schreiber

COMPANY SECRETARY

J Schreiber

I Y Chersky

REGISTERED OFFICE

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED COMPANY NUMBER

04332855 (England and Wales)

REGISTERED CHARITY NUMBER

1096711

AUDITORS

Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

BANKERS

Barclays Bank plc

240 Whitechapel Road

London E1 1BS

ICHUD MOSDOS GUR LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2018

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their

report with the financial statements of the charity for the year ended 31 December 2018. 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 2015).

OBJECTIVES AND ACTIVITIES

Objects for public benefit

The objects of the charity are:

- the advancement of religion in accordance of the Orthodox Jewish Faith;

- the relief of poverty;

- such purposes as are recognised by English law as charitable.

The trustees have considered the Charity Commission's general guidance on public benefit.

Grantmaking policy

In the main grants are made to Ichud Mosdos Gur, Israel (known as The United Institutions of Gur in Israel).

However whilst not actively inviting applications the trustees are always prepared to accept any application

which will be carefully considered and help given according to circumstances and funds then available.

ACHIEVEMENT AND PERFORMANCE

Activities

During the year the charity has continued its philanthropic activities and has maintained its support of

organisations engaging in education, advancement of religion, and relief of poverty. Various functions were

held during the year both for fundraising and to raise awareness of the charity and its beneficiaries.

FINANCIAL REVIEW

Financial position

The charity is reliant on income from donations. The trustees are pleased to report that income rose by

almost 50% and grantmaking was increased by about 42%. Free reserves held at the year end were £44,976.

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the

charity.

FUTURE PLANS

The charity plans to continue its activities subject to satisfactory income.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a limited company and is governed by its Memorandum and Articles of

Association dated 3 December 2001.

Organisational structure

The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is

vested in the continuing board. New trustees are appointed based on personal competence, specialist skills

and experience They are inducted into the working of the charity by the current board and are given, in the

view of the board, sufficient training to understand the nature of the charity and its working. They are also

encouraged to read the Charity Commission's various publications on trustees.

Risk review

The trustees have confirmed that there are no major risks to which the charity is exposed.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Ichud Mosdos Gur Limited for the purposes of company law) 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).

Company law 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 charitable company and of the incoming resources and application of

resources, including the income and expenditure, of the charitable company 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;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and to enable them to ensure that the financial

statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of

the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and

other irregularities.

In so far as the trustees are aware:

-

there is no relevant audit information of which the charitable company's auditors are unaware; and

-

the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming

Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

Approved by order of the board of trustees on 30 October 2019 and signed on its behalf by:

A Kahn - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ICHUD MOSDOS GUR LIMITED

Opinion

We have audited the financial statements of Ichud Mosdos Gur Limited (the 'charitable company') for the year ended 31 December 2018 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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 charitable company's affairs as at 31 December 2018 and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006.

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 charitable company

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-

the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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 there is a

material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the

course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

-

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors

of the charitable company for the purposes of company law) are responsible for the preparation of the

financial statements and for being satisfied that they 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 charitable company'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 charitable company or

to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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.

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 charitable company's members, as a body, in accordance with Chapter 3 of

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the

charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for

this report, or for the opinions we have formed.

Emanuel Meyer FCA BSc (Senior Statutory Auditor)

for and on behalf of Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

30 October 2019

ICHUD MOSDOS GUR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2018

2018

2017

Unrestricted fund

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

2,678,319

1,818,915

Investment income

3

344

157

Total

2,678,663

1,819,072

EXPENDITURE ON

Raising funds

4

80,637

70,448

Charitable activities

5

Charitable activities

2,560,009

1,770,745

Total

2,640,646

1,841,193

NET INCOME/(EXPENDITURE)

38,017

(22,121

)

RECONCILIATION OF FUNDS

Total funds brought forward

6,959

29,080

TOTAL FUNDS CARRIED FORWARD

44,976

6,959

ICHUD MOSDOS GUR LIMITED (REGISTERED NUMBER: 04332855)

STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2018

2018

2017

Unrestricted fund

Total funds

Notes

£

£

CURRENT ASSETS

Debtors

10

750

675

Cash at bank

53,785

10,544

54,535

11,219

CREDITORS

Amounts falling due within one year

11

(9,559

)

(4,260

)

NET CURRENT ASSETS

44,976

6,959

TOTAL ASSETS LESS CURRENT LIABILITIES

44,976

6,959

NET ASSETS

44,976

6,959

FUNDS

Unrestricted funds:

General fund

44,976

6,959

TOTAL FUNDS

44,976

6,959

These financial statements have been prepared in accordance with the provisions applicable to charitable

companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 30 October 2019 and were signed on its behalf by:

A Kahn -Trustee

ICHUD MOSDOS GUR LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2018

2018

2017

Notes

£

£

Cash flows from operating activities:

Cash generated from operations

1

42,897

(23,973

)

Net cash provided by (used in) operating activities

42,897

(23,973

)

Cash flows from investing activities:

Interest received

344

157

Net cash provided by (used in) investing activities

344

157

Change in cash and cash equivalents in the reporting period

43,241

(23,816

)

Cash and cash equivalents at the beginning of the reporting period

10,544

34,360

Cash and cash equivalents at the end of the reporting period

53,785

10,544

ICHUD MOSDOS GUR LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2018

2017

£

£

Net income/(expenditure) for the reporting period (as per the statement of financial activities)

38,017

(22,121

)

Adjustments for:

Interest received

(344

)

(157

)

Increase in debtors

(75

)

(675

)

Increase/(decrease) in creditors

5,299

(1,020

)

Net cash provided by (used in) operating activities

42,897

(23,973

)

ICHUD MOSDOS GUR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard

applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements

have been prepared under the historical cost convention.

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.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs are those incurred in connection with administration of the charity and compliance

with constitutional and statutory requirements.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

There are no material uncertainties about the charity's ability to continue.

2.	DONATIONS AND LEGACIES

2018

2017

Unrestricted

Total

funds

funds

£

£

Donations

2,678,319

1,818,915

3.	INVESTMENT INCOME

2018

2017

Unrestricted

Total

funds

funds

£

£

Deposit account interest

344

157

4.	RAISING FUNDS

Raising donations and legacies

2018

2017

Unrestricted

Total

funds

funds

£

£

Rent, rates and office expenses

32,822

14,795

Postage and stationery

3,304

2,904

Hotel and travel

1,186

10,608

Function

43,325

42,141

80,637

70,448

5.	CHARITABLE ACTIVITIES COSTS

Grant funding of activities

Support costs

Totals

(See note 6)

(See note 7)

£

£

£

Charitable activities

2,550,870

9,139

2,560,009

6.	GRANTS PAYABLE

2018

2017

£

£

Charitable activities

2,550,870

1,761,303

The total grants paid to institutions during the year was as follows:

2018

2017

£

£

Religious education

2,101,992

1,690,376

Advancement of religion

142,650

63,160

Relief of poverty

162,998

6,367

General purpose

104,515

1,400

Social Welfare

38,715

-

2,550,870

1,761,303

Ichud Mosdos Gur Israel

1,594,351

Talmud Torah Gur

234,500

Ezer Viznitz Foundation

128,290

Friends of Yeshiva Daas Shalom Shotz

115,000

Keren Hatzolos Doros Alei Siach

69,300

Inspirations

67,500

Belz Foundation

63,000

Others (below £50,000)

278,889

Total

2,550,870

7.	SUPPORT COSTS

Finance

Governance costs

Totals

£

£

£

Charitable activities

4,254

4,885

9,139

Support costs, included in the above, are as follows:

Finance

2018

2017

Charitable activities

Total activities

£

£

Bank charges

4,254

3,968

Governance costs

2018

2017

Charitable activities

Total activities

£

£

Auditors' remuneration

2,400

2,040

Auditors' remuneration for non audit work

2,160

1,920

Professional fees

-

900

General expenses

325

614

4,885

5,474

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2018

2017

£

£

Auditors' remuneration

2,400

2,040

Auditors' remuneration for non audit work

2,160

1,920

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2018 nor for

the year ended 31 December 2017.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2018 nor for the year ended

31 December 2017.

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Prepayments and accrued income

750

675

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Accruals and deferred income

9,559

4,260

12.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2018.