Tzidkas Yermiyuhi Ltd Charity Accounts
Tzidkas Yermiyuhi Ltd Charity Accounts
COMPANY REGISTRATION NUMBER:
13572916
CHARITY REGISTRATION NUMBER:
1197739
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Company Limited by Guarantee |
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Company Limited by Guarantee |
Financial Statements |
Year ended 31 March 2023
Page |
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Trustees' annual report (incorporating the director's report) |
1 |
Independent examiner's report to the trustees |
4 |
Statement of financial activities (including income and expenditure account) |
5 |
Statement of financial position |
6 |
Notes to the financial statements |
7 |
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Company Limited by Guarantee |
Trustees' Annual Report (Incorporating the Director's Report) |
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended
31 March 2023
.
Reference and administrative details
Registered charity name |
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Charity registration number |
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Company registration number |
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Principal office and registered |
2nd Floor Parkgates |
office |
Bury New Road |
Prestwich |
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Manchester |
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M25 0TL |
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The trustees
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(Appointed
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(Resigned
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Independent examiner |
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2nd Floor - Parkgates |
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Bury New Road |
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Prestwich |
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Manchester |
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M25 0TL |
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Structure, governance and management
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Mr
A Hoff
on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity's employees is the sole domain of the trustees.
A policy and procedure for the induction and training of new trustees has been developed in line with requirements of trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from direct charitable activity.
These risks are managed by the trustees researching potential beneficiaries before paying out funds for direct charitable activity.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all payments.
Objectives and activities
The charity's objects and it's principal activities are:-
(i) For the public benefit to promote the education of people of all ages around the world in such ways as the charity's trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations worldwide that provide education;
(ii) The prevention or relief of poverty or financial hardship anywhere in the world by providing grants or loans to individuals in need and/or charities, or other organisations working to prevent or relieve poverty or financial hardship;
(iii) To advance the Orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the code of Jewish law (Shulchan Aruch);
(iv) To promote and protect the physical and mental health of sufferers of any medical condition around the world through the provision of financial assistance, support and medical advice.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The directors and trustees consider that the performance of the charity has been most satisfactory.
The charity received £62,286 in donations and £85,513 in investment income and paid out £59,485 on charitable grants and other direct costs and support costs.
The charity also purchased various syndicate investments during the year. These have provided a return of almost 10%.
The trustees consider that the above expenditure is in line with the objects of the charity.
The charity has governance costs that comprise professional fees and sundry office costs.
There was an overall net income and net movement in funds for the year amounting to £88,314,(2022: £92,093) all of which relates to the unrestricted funds.
Financial review
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results. The trustees wish to keep reserves as low as possible in order to maximise its charitable grants.
The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
The charity has net current liabilities.
The trustees acknowledge the above and are confident that the charity will be able to continue for the foreseeable future as they have obtained assurances from the loan creditor who has acknowledged that he will not call in his loan to the detriment of the cash flow of the charity.
It is appropriate therefore for the financial statements to be prepared on a going concern basis.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve practical for donations which are seasonal.
The free reserves, represented by the net current liabilities of the charity stand at £724,476, (2022: £247,853), all of which are unrestricted.
The trustees' annual report and the strategic report were approved on
31 January 2024
and signed on behalf of the board of trustees by:
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Trustee |
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Company Limited by Guarantee |
Independent Examiner's Report to the Trustees of
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Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of
Tzidkas Yermiyuhi Ltd
('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1.
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2.
the financial statements do not accord with those records; or
3.
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4.
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
31 Jan 24
|
Company Limited by Guarantee |
Statement of Financial Activities |
(including income and expenditure account) |
Year ended 31 March 2023
Year to 31 Mar 23 |
Period from 18 Aug 21 to 31 Mar 22 |
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Unrestricted funds |
Total funds |
Total funds |
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Note |
£ |
£ |
£ |
Income and endowments
Donations and legacies |
5 |
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Investment income |
6 |
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--------- |
--------- |
-------- |
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Total income |
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--------- |
--------- |
-------- |
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Expenditure
Expenditure on charitable activities |
7,8 |
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--------- |
--------- |
-------- |
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Total expenditure |
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--------- |
--------- |
-------- |
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--------- |
--------- |
-------- |
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Net income and net movement in funds |
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--------- |
--------- |
-------- |
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Reconciliation of funds
Total funds brought forward |
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– |
--------- |
--------- |
-------- |
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Total funds carried forward |
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--------- |
--------- |
-------- |
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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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Company Limited by Guarantee |
Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Fixed assets
Investments |
14 |
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Current assets
Debtors |
15 |
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Cash at bank and in hand |
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-------- |
-------- |
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Creditors: amounts falling due within one year |
16 |
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--------- |
--------- |
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Net current liabilities |
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--------- |
--------- |
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Total assets less current liabilities |
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--------- |
-------- |
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Net assets |
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--------- |
-------- |
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Funds of the charity
Unrestricted funds |
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--------- |
-------- |
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Total charity funds |
17 |
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--------- |
-------- |
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Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of trustees
and authorised for issue on
31 Jan 24
, and are signed on behalf of the board by:
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Trustee |
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Company Limited by Guarantee |
Notes to the Financial Statements |
Year ended 31 March 2023
1.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2nd Floor Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
Fund accounting
Incoming resources
Resources expended
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investments in associates
Investments in joint ventures
Impairment of fixed assets
Financial instruments
4.
Limited by guarantee
5.
Donations and legacies
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Donations
Donations |
62,286 |
62,286 |
64,170 |
64,170 |
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-------- |
-------- |
-------- |
-------- |
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6.
Investment income
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Income from investment properties |
85,360 |
85,360 |
31,592 |
31,592 |
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Bank interest receivable |
153 |
153 |
1,825 |
1,825 |
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-------- |
-------- |
-------- |
-------- |
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-------- |
-------- |
-------- |
-------- |
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7.
Expenditure on charitable activities by fund type
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Charitable Grants |
57,582 |
57,582 |
1,881 |
1,881 |
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Support costs |
1,903 |
1,903 |
3,613 |
3,613 |
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-------- |
-------- |
------- |
------- |
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-------- |
-------- |
------- |
------- |
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8.
Expenditure on charitable activities by activity type
Grant funding of activities |
Support costs |
Total funds 2023 |
Total fund 2022 |
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£ |
£ |
£ |
£ |
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Charitable Grants |
57,582 |
103 |
57,685 |
3,695 |
|
Governance costs |
– |
1,800 |
1,800 |
1,799 |
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-------- |
------- |
-------- |
------- |
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-------- |
------- |
-------- |
------- |
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9.
Analysis of support costs
Analysis of support costs activity 1 |
Total 2023 |
Total 2022 |
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£ |
£ |
£ |
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General office |
103 |
103 |
1,814 |
|
Governance costs |
1,800 |
1,800 |
1,799 |
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------- |
------- |
------- |
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1,903 |
1,903 |
3,613 |
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------- |
------- |
------- |
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10.
Analysis of grants
Period from |
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Year to |
18 Aug 21 to |
|
31 Mar 23 |
31 Mar 22 |
|
£ |
£ |
|
Grants to institutions
Agodot Devri Haim Bney Brak |
3,278 |
– |
Birkat Horai |
12,194 |
– |
Ezer Lakahal Sanz |
5,797 |
– |
Grants Under £2000 |
13,963 |
1,881 |
Hizku Charitable Org Bney Brak |
2,427 |
– |
Kollel Yora Daeh |
2,424 |
– |
Mosdos Toldos Aharon |
6,335 |
– |
Mosdot Chanz Beit Shemesh |
3,925 |
– |
Tov Vachesed |
7,239 |
– |
-------- |
------- |
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-------- |
------- |
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Total grants |
57,582 |
1,881 |
-------- |
------- |
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11.
Independent examination fees
Period from |
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Year to |
18 Aug 21 to |
|
31 Mar 23 |
31 Mar 22 |
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£ |
£ |
|
Fees payable to the independent examiner for:
Independent examination of the financial statements |
1,800 |
1,800 |
------- |
------- |
|
12.
Staff costs
The average head count of employees during the year was Nil
(2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14.
Investments
Investment properties |
|
£ |
|
Cost or valuation |
|
At 1 April 2022 |
339,946 |
Additions |
642,201 |
Disposals |
(77,264) |
--------- |
|
At 31 March 2023 |
904,883 |
--------- |
|
Impairment |
|
At 1 April 2022 and 31 March 2023 |
|
Carrying amount |
|
At 31 March 2023 |
904,883 |
--------- |
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At 31 March 2022 |
339,946 |
--------- |
|
All investments shown above are held at valuation.
Investment properties
Investment properties represents capital introduced by the charity into the syndicate plus accrued surpluses less deficiencies but without revaluing the syndicate properties. The syndicate in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its syndicate investments under the equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.
Valuation of the syndicate property is at fair value of the syndicate property in the opinion of the trustees. The percentage holding varies amongst the syndicates. The charity owns four syndicates. The trustees consider that they do not have significant influence over the operating and financial policy of the undertaking.
15.
Debtors
2023 |
2022 |
|
£ |
£ |
|
Other debtors |
|
|
------- |
------- |
|
16.
Creditors:
amounts falling due within one year
2023 |
2022 |
|
£ |
£ |
|
Accruals and deferred income |
|
|
Other creditors |
|
|
--------- |
--------- |
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|
|
|
--------- |
--------- |
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17.
Analysis of charitable funds
Unrestricted funds
At 1 April 2022 |
Income |
Expenditure |
At 31 March 2023 |
|
£ |
£ |
£ |
£ |
|
General funds |
92,093 |
147,799 |
(59,485) |
180,407 |
-------- |
--------- |
-------- |
--------- |
|
At 18 August 2021 |
Income |
Expenditure |
At 31 March 2022 |
|
£ |
£ |
£ |
£ |
|
General funds |
– |
97,587 |
(5,494) |
92,093 |
---- |
-------- |
------- |
-------- |
|
18.
Analysis of net assets between funds
Unrestricted Funds |
Total Funds 2023 |
||
£ |
£ |
||
Investments |
904,883 |
904,883 |
|
Current assets |
13,621 |
13,621 |
|
Creditors less than 1 year |
(738,097) |
(738,097) |
|
--------- |
--------- |
||
Net assets |
180,407 |
180,407 |
|
--------- |
--------- |
||
Unrestricted Funds |
Total Funds 2022 |
||
£ |
£ |
||
Investments |
339,946 |
339,946 |
|
Current assets |
49,123 |
49,123 |
|
Creditors less than 1 year |
(296,976) |
(296,976) |
|
--------- |
--------- |
||
Net assets |
92,093 |
92,093 |
|
--------- |
--------- |
||
19.
Related parties
Mr
J Schwartz
, who was a trustee of the charity during the period, loaned £338,513.47 on an interest free basis. In the previous year Mr J Schwartz
loaned £279,138 to the charity, on an interest free basis. During the year £5,000 was paid back to Mr J Schwartz
, leaving an outstanding balance of, £612,650.99, still owing to Mr J Schwartz
. M A Hoff
, a trustee of the charity during the period, loaned £16,000, on an interest free basis.
20.
Taxation