REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR |
ENDED 28 FEBRUARY 2018 |
FOR |
CHASDEI AHARON LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR |
ENDED 28 FEBRUARY 2018 |
FOR |
CHASDEI AHARON LIMITED |
CHASDEI AHARON LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 28 February 2018 |
Page |
Report of the Trustees | 1 to 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 |
Cash Flow Statement | 6 |
Notes to the Cash Flow Statement | 7 |
Notes to the Financial Statements | 8 to 12 |
CHASDEI AHARON LIMITED |
REPORT OF THE TRUSTEES |
for the year ended 28 February 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 28 February 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 |
Objectives and aims |
The objects of the charity are: |
(i) the prevention of relief of poverty in the UK and Israel by providing grants, items and services to individuals in need |
and/or charities, or other organisations working to prevent or relieve poverty, and |
(ii) the advancement of the Jewish religion mainly, but not exclusively, through operating a synagogue, running regular |
lectures alongside other community services. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The period proved very successful in terms of both donations received and grants paid. |
The charity operates a synagogue which was used by 30/40 people for daily prayers and increased to about 50/60 people |
over the Sabbath. In addition lectures on a variety of Jewish subjects were held in the Synagogue which were attended |
by an average of 20 people daily. |
FINANCIAL REVIEW |
Investment policy and objectives |
Under its Memorandum of Association the charity has the power to invest in any way the trustees wish. |
Reserves policy |
The trustees have not established the level of reserves (that is those funds that are freely available) that the charity ought |
to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through |
voluntary donations and grants. The trustees consider that the ideal level of reserves as at 28 February 2018 would be |
three months of resources expended which equates to £202,682. |
The actual reserves at 28 February 2018 were £87,803 which is significantly less than the target figure. In calculating |
reserves, the trustees have excluded from total funds the restricted income fund and fixed assets. The trustees are |
considering ways in which further unrestricted funds may be raised. |
Financial results |
The financial results for the year to 28 February 2018 are shown in the attached financial statements. |
Total income rose from £734,634 to £895,516 and total expenditure rose from £752,268 to £810,727 in comparison |
with the previous period . |
There was a net increase in funds of £84,789 (2017 - net decrease of £17,634) with total unrestricted funds carried |
forward of £87,803 (2017 - £3,014). |
FUTURE PLANS |
The charity is planning to generate more income for the much needed grants that the charity makes.The charity also |
plans to continue to operate the Synagogue and hopes to see a further expansion in the number of users. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is a company limited by guarantee without share capital and incorporated on 1 February 2011 and registered |
as a charity on 23 February 2011. |
The company was established under a Memorandum of Association which established the objects and powers of the |
charitable company and is governed under its Articles of Association. |
In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
CHASDEI AHARON LIMITED |
REPORT OF THE TRUSTEES |
for the year ended 28 February 2018 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
New Trustees are appointed due to their interest in the work of the charity and their recognised experience in specific |
fields which will further support the work of Chasdei Aharon. |
Organisational structure |
The board of trustees administers the charity and meets at least four times in a year. |
Induction and training of new trustees |
New trustees are given a full induction by the other trustees of the charity.Trustees can retire when they wish as they do |
not serve under a fixed term of tenure. |
Risk management |
The trustees have undertaken a full risk assessment of the organisation covering financial, operational, regulatory, |
governance and management. Various systems and checks have now been put into operation, which are reviewed |
annually. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Trustee |
Trustee |
Trustee |
Independent examiner |
Raffingers LLP |
Chartered Certified Accountants |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
PUBLIC BENEFIT REPORT |
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit and |
'The Advancement of Religion for the Public Benefit' on particular, when reviewing the aim and objectives and in |
planning the charity's future activities. In particular, the trustees consider how planned activities will contribute to the |
aims and objectives set. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
CHASDEI AHARON LIMITED |
Independent examiner's report to the trustees of Chasdei Aharon Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2018. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ACCA which is one of the listed bodies |
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 Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 accounts 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 |
Mr Thurairatnam Sudarshan, FCCA |
ACCA |
Raffingers LLP |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
17 October 2018 |
CHASDEI AHARON LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
for the year ended 28 February 2018 |
2018 | 2017 |
Unrestricted fund |
Total funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Total |
EXPENDITURE ON |
Charitable activities | 3 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 3,014 |
CHASDEI AHARON LIMITED |
BALANCE SHEET |
At 28 February 2018 |
2018 | 2017 |
Unrestricted fund |
Total funds |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 87,803 | 3,014 |
TOTAL FUNDS | 3,014 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 28 February 2018. |
The members have not required the company to obtain an audit of its financial statements for the year ended |
28 February 2018 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
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 |
CHASDEI AHARON LIMITED |
CASH FLOW STATEMENT |
for the year ended 28 February 2018 |
2018 | 2017 |
Notes | £ | £ |
Cash flows from operating activities: |
Cash generated from operations | 1 | - | 14,705 |
Net cash provided by (used in) operating activities |
- |
14,705 |
Change in cash and cash equivalents in the reporting period |
- |
14,705 |
Cash and cash equivalents at the beginning of the reporting period |
15,940 |
1,235 |
Cash and cash equivalents at the end of the reporting period |
15,940 |
15,940 |
CHASDEI AHARON LIMITED |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 28 February 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) |
84,789 |
(17,634 |
) |
Adjustments for: |
Increase in debtors | (57,468 | ) | (53,397 | ) |
(Decrease)/increase in creditors | (27,321 | ) | 85,736 |
Net cash provided by (used in) operating activities | - | 14,705 |
CHASDEI AHARON LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 28 February 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. |
Grants payable are included in the statement of financial activities when approved and when the intended |
recipient has either received the funds or been informed of the decision to make the donation and has satisfied all |
related conditions. Grants approved but not paid at the end of the financial year are accrued for. |
Charitable activities |
The cost of charitable activities comprises those incurred by the charity in the delivery of its activities and |
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs |
of an indirect nature necessary to support them. |
Governance costs |
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of |
the charity and the audit fees and costs linked to the strategic management of the charity. |
Taxation |
The charity is exempt from corporation 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. |
CHASDEI AHARON LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 28 February 2018 |
1. | ACCOUNTING POLICIES - continued |
Debtors |
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are |
valued at the amount prepaid. |
Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of |
three months or less from the date of acquisition or opening of the deposit or similar account. |
Creditors and provisions |
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is |
probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be |
estimated reliably. |
Financial instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at transaction value and subsequently measured at their |
settlement value except for bank loans which are subsequently measured at the carrying value plus accrued |
interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective |
interest method. |
2. | DONATIONS AND LEGACIES |
2018 | 2017 |
£ | £ |
Donations |
3. | CHARITABLE ACTIVITIES COSTS |
Direct costs |
Grant funding of activities |
Support costs |
Totals |
(See note 4) | (See note 5) |
£ | £ | £ | £ |
37,200 | - | 5,426 | 42,626 |
Awards and grants made to institutions | - | 730,579 | - | 730,579 |
Awards and grants made to individuals | - | 37,522 | - | 37,522 |
37,200 | 768,101 | 5,426 | 810,727 |
4. | GRANTS PAYABLE |
2018 | 2017 |
£ | £ |
730,579 | 656,543 |
37,522 | 67,565 |
768,101 | 724,108 |
CHASDEI AHARON LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 28 February 2018 |
4. | GRANTS PAYABLE - continued |
The total grants paid to institutions during the year was as follows: |
2018 | 2017 |
£ | £ |
Agudath Maasei Chesed | 7,000 | - |
American Friends of Emek Beracha | 12,000 | - |
Avnei Miliyim | 30,000 | 30,000 |
Beis Chinuch Ateres Bonois | 15,000 | 10,400 |
Beis Ruchel Satmar | 10,000 | 8,840 |
Beis Yakov Hayshun | 15,000 | 14,800 |
Beis Yisrael Instituitions | 15,000 | - |
Camp Kiryas Yoel | 10,000 | 5,400 |
CCSR Ltd | 30,269 | - |
Chasdei Sholom Trust | 1,000 | 28,000 |
Chedvas Hashabbos | 12,500 | 15,000 |
Chesed L'Abraham | 25,000 | 15,000 |
College For Higher Rabinical Studies | - | 10,000 |
Cong Neta Sorak Pri | 7,200 | - |
Cong. Talmud Torah Breslow | 10,000 | 10,400 |
Friends of Dorg | 10,000 | 17,175 |
Girls school Beis Yehidi | 11,000 | - |
Help for the needy in Hungary | 15,000 | - |
Keren Gemilas Chosidim | 10,000 | - |
Keren Yesomim Fund | 15,000 | 16,000 |
Khal Chasidei Yeushalayim | 15,000 | 10,000 |
Kneset Yona | 10,000 | - |
Kolel Breslow | 12,000 | - |
Kolel Chelkas Yakov | 10,000 | 10,000 |
Kolel Ohel Feiga | 9,000 | - |
Kolel Ponevits | 30,000 | - |
Kollel Mesifta | 7,000 | 7,000 |
Mifal Zedoko Vchesed Vayoel Moshe | 58,000 | 28,000 |
Mishkanos Haroyim | 17,000 | 7,200 |
Mosdos Nesivos Chaim | 61,000 | 25,000 |
Mosdos Tolne | 10,000 | 10,760 |
Mosdos Tuv Yerushalayim | 15,000 | - |
Mosdos Yetev Lev Jerusalem | 20,000 | - |
Oor Pene Moshe | 20,000 | 18,000 |
Oseh Chesed | 11,000 | 92,500 |
Szlaf | 5,000 | - |
Talmud Torah Kedishas Levy | 9,000 | - |
Talmud Torah Ooor Hamayir | 28,060 | 30,000 |
Talmud Torah Tashbar | 32,900 | 31,300 |
Talmud Torah Tuv Yerushalaim | 23,250 | 15,800 |
Tchabe Kollel Limited | - | 179,568 |
Yad Tomech | 11,400 | - |
Yeshiva Heichal Abraham | 15,000 | - |
Yeshivat Birkat Mordechai | 5,000 | - |
Yeshivat Chochmat Shlomo | 15,000 | - |
Yismach Moshe Institute | 20,000 | 10,400 |
CHASDEI AHARON LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 28 February 2018 |
4. | GRANTS PAYABLE - continued |
The total grants paid to individuals during the year was as follows: |
2018 | 2017 |
£ | £ |
Grants to individuals |
37,522 |
67,565 |
5. | SUPPORT COSTS |
Other |
Governance costs |
Totals |
£ | £ | £ |
3,146 | 2,280 | 5,426 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 28 February 2018 nor for the year |
ended 28 February 2017. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 28 February 2018 nor for the year ended |
28 February 2017. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
At 1.3.17 |
Net movement in funds |
At 28.2.18 |
£ | £ | £ |
Unrestricted funds |
General fund | 3,014 | 84,789 | 87,803 |
TOTAL FUNDS | 84,789 | 87,803 |
CHASDEI AHARON LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 28 February 2018 |
9. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming resources |
Resources expended |
Movement in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 895,516 | (810,727 | ) | 84,789 |
TOTAL FUNDS | ( |
) | 84,789 |
Comparatives for movement in funds |
At 1.3.16 |
Net movement in funds |
At 28.2.17 |
£ | £ | £ |
Unrestricted Funds |
General fund | 20,648 | (17,634 | ) | 3,014 |
TOTAL FUNDS | 20,648 | (17,634 | ) | 3,014 |
Comparative net movement in funds, included in the above are as follows: |
Incoming resources |
Resources expended |
Movement in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 734,634 | (752,268 | ) | (17,634 | ) |
TOTAL FUNDS | 734,634 | (752,268 | ) | (17,634 | ) |
10. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the years ended 28 February 2018 or 2017. |