Emuno Educational Centre Limited - Charities report - 18.1

REGISTERED COMPANY NUMBER: 00846151 (England and Wales)

REGISTERED CHARITY NUMBER: 242649

EMUNO EDUCATIONAL CENTRE LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2018

EMUNO EDUCATIONAL CENTRE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 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

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10 to 13

EMUNO EDUCATIONAL CENTRE LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2018

TRUSTEES

I Y Chersky

A Kahn

D M Stobiecki

COMPANY SECRETARY

I Y Chersky

REGISTERED OFFICE

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED COMPANY NUMBER

00846151 (England and Wales)

REGISTERED CHARITY NUMBER

242649

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

EMUNO EDUCATIONAL CENTRE LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 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 March 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).

Reference and administrative information

Reference and administrative information is shown on page 1 of the financial statements and forms part of

this report.

OBJECTIVES AND ACTIVITIES

Objects for public benefit

The object of the charity is to advance and promote Hasidic Judaism in the UK and in Israel in accordance

with the denomination known as the 'Gerrer Hasidim'. This includes providing facilities to worship and study in

accordance with their philosophy, supporting Gerrer educational institutions, especially higher Talmudical

colleges, and providing general welfare assistance. Grants are also made to other institutions and charities.

The charity owns a property which is used and run by the Gur Synagogue.

The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.

Grantmaking policy

Grants are made at the discretion of the trustees from their knowledge of the various institutions within the

Gerrer Organisation. The trustees are also approached by other institutions and charities both in England and

abroad. All requests are considered and grants are made based on the level of funds available and the

trustees personal knowledge of the institution and its representatives.

FINANCIAL REVIEW

Financial position

The charity's income comes from donations. Income was some 29% lower than the previous year and the

trustees reduced grantmaking.There was deficit for the year of ££191,312 being funded by a loan. Reserves

at the year end were £135,399.

Reserves policy

It is the policy of the trustees to distribute funds as available and therefore no provision is made for future

funding.

FUTURE PLANS

The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to

satisfactory income and there are no plans for any major changes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

dated 20th April 1965.

Organisational structure

The day to day affairs or the charity is administered by the trustees. The power to appoint new trustees is

vested in the trustees. 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 management

The trustees have reviewed the major risks to which the charity is exposed and confirm that they have

established systems to mitigate them.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Emuno Educational Centre 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), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK

and Republic of Ireland".

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 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 27 December 2018 and signed on its behalf by:

A Kahn - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

EMUNO EDUCATIONAL CENTRE LIMITED

Opinion

We have audited the financial statements of Emuno Educational Centre Limited (the 'charitable company') for the year ended 31 March 2018 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; 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.

Opinion 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 (Senior Statutory Auditor)

for and on behalf of Sugarwhite Meyer Accountants Ltd

Chartered Accountants & Statutory Auditor

First Floor

94 Stamford Hill

London

N16 6XS

27 December 2018

EMUNO EDUCATIONAL CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2018

2018

2017

Unrestricted funds

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

2,915,301

4,159,517

Investment income

3

-

207

Total

2,915,301

4,159,724

EXPENDITURE ON

Raising funds

33,396

19,703

Charitable activities

4

Charitable activities

3,073,217

4,465,784

Total

3,106,613

4,485,487

NET INCOME/(EXPENDITURE)

(191,312

)

(325,763

)

RECONCILIATION OF FUNDS

Total funds brought forward

326,711

652,474

TOTAL FUNDS CARRIED FORWARD

135,399

326,711

EMUNO EDUCATIONAL CENTRE LIMITED (REGISTERED NUMBER: 00846151)

BALANCE SHEET

AT 31 MARCH 2018

2018

2017

Unrestricted funds

Total funds

Notes

£

£

FIXED ASSETS

Tangible assets

9

265,051

265,489

CURRENT ASSETS

Debtors

10

-

18,000

Cash at bank

104,523

53,318

104,523

71,318

CREDITORS

Amounts falling due within one year

11

(234,175

)

(10,096

)

NET CURRENT ASSETS/(LIABILITIES)

(129,652

)

61,222

TOTAL ASSETS LESS CURRENT LIABILITIES

135,399

326,711

NET ASSETS

135,399

326,711

FUNDS

12

Unrestricted funds:

General fund

134,029

325,341

Subscribers funds

1,370

1,370

135,399

326,711

TOTAL FUNDS

135,399

326,711

These financial statements have been prepared in accordance with the special provisions of Part 15 of the

Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 27 December 2018 and were signed on its behalf by:

A Kahn -Trustee

EMUNO EDUCATIONAL CENTRE LIMITED

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2018

2018

2017

Notes

£

£

Cash flows from operating activities:

Cash generated from operations

1

51,205

(319,584

)

Net cash provided by (used in) operating activities

51,205

(319,584

)

Cash flows from investing activities:

Interest received

-

207

Net cash provided by (used in) investing activities

-

207

Change in cash and cash equivalents in the reporting period

51,205

(319,377

)

Cash and cash equivalents at the beginning of the reporting period

53,318

372,695

Cash and cash equivalents at the end of the reporting period

104,523

53,318

EMUNO EDUCATIONAL CENTRE LIMITED

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 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)

(191,312

)

(325,763

)

Adjustments for:

Depreciation charges

438

490

Interest received

-

(207

)

Decrease in debtors

18,000

-

Increase in creditors

224,079

5,896

Net cash provided by (used in) operating activities

51,205

(319,584

)

EMUNO EDUCATIONAL CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 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.

Donations are included in full in the Statement of Financial Activities when received.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is

reported as part of the expenditure to which it relates.

Costs of raising funds are those incurred in seeking voluntary contributions and include activities with a

fundraising purpose.

Grants are only recognised in the accounts when paid.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated

useful life.

Fixtures and fittings

- 10% on reducing balance

Office equipment

- 25% on reducing balance

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.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic 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.

2.	DONATIONS AND LEGACIES

2018

2017

Unrestricted

Total

funds

funds

£

£

Donations

2,915,301

4,159,517

3.	INVESTMENT INCOME

2018

2017

Unrestricted

Total

funds

funds

£

£

Deposit account interest

-

207

4.	CHARITABLE ACTIVITIES COSTS

Grant funding of activities

Support costs

Totals

(See note 5)

(See note 6)

£

£

£

Charitable activities

3,059,052

14,165

3,073,217

5.	GRANTS PAYABLE

2018

2017

£

£

Charitable activities

3,059,052

4,451,173

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

2018

2017

£

£

Advancement of religion

52,252

354,574

Religious education

2,972,185

4,024,358

Relief of poverty

23,500

72,241

Medical aid

11,115

-

3,059,052

4,451,173

Ichud Mosdos Gur, Israel

2,934,656

Friends of Gur Foundation Israel

45,752

Yeshivat Chidushai Harim

35,000

Others (under £12,000)

43,644

----------------

3,059,052

=========

6.	SUPPORT COSTS

Other

Governance costs

Totals

£

£

£

Charitable activities

3,973

10,192

14,165

7.	NET INCOME/(EXPENDITURE)

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

2018

2017

£

£

Auditors' remuneration

2,040

1,800

Auditors' remuneration for non audit work

3,000

2,880

Depreciation - owned assets

438

490

8.	TRUSTEES' REMUNERATION AND BENEFITS

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

year ended 31 March 2017.

Trustees' expenses

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

31 March 2017.

9.	TANGIBLE FIXED ASSETS

Freehold property

Fixtures and fittings

Office equipment

Totals

£

£

£

£

COST

At 1 April 2017 and 31 March 2018

261,180

52,771

1,939

315,890

DEPRECIATION

At 1 April 2017

-

48,507

1,894

50,401

Charge for year

-

426

12

438

At 31 March 2018

-

48,933

1,906

50,839

NET BOOK VALUE

At 31 March 2018

261,180

3,838

33

265,051

At 31 March 2017

261,180

4,264

45

265,489

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

18,000

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Loan

229,000

-

Accrued expenses

5,175

10,096

234,175

10,096

12.	MOVEMENT IN FUNDS

At 1.4.17

Net movement in funds

At 31.3.18

£

£

£

Unrestricted funds

General fund

325,341

(191,312

)

134,029

Subscribers funds

1,370

-

1,370

326,711

(191,312

)

135,399

TOTAL FUNDS

326,711

(191,312

)

135,399

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

2,915,301

(3,106,613

)

(191,312

)

TOTAL FUNDS

2,915,301

(3,106,613

)

(191,312

)

Comparatives for movement in funds

At 1.4.16

Net movement in funds

At 31.3.17

£

£

£

Unrestricted Funds

General fund

651,104

(325,763

)

325,341

Subscribers funds

1,370

-

1,370

652,474

(325,763

)

326,711

TOTAL FUNDS

652,474

(325,763

)

326,711

Comparative net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

4,159,724

(4,485,487

)

(325,763

)

TOTAL FUNDS

4,159,724

(4,485,487

)

(325,763

)

13.	RELATED PARTY DISCLOSURES

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