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2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021_Charity
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13505187
2022-08-01
2023-07-31
13505187
2023-07-31
13505187
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2022-08-01
2023-07-31
13505187
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13505187
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2023-07-31
13505187
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2023-07-31
13505187
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2023-07-31
13505187
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2022-08-01
2023-07-31
13505187
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2023-07-31
13505187
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2023-07-31
13505187
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2022-08-01
2023-07-31
COMPANY REGISTRATION NUMBER:
13505187
CHARITY REGISTRATION NUMBER:
1202424
Company Limited by Guarantee |
|
Unaudited Financial Statements |
|
Company Limited by Guarantee |
|
Year ended 31 July 2023
Trustees' annual report (incorporating the director's report) |
1 |
|
|
Statement of financial activities (including income and expenditure account) |
4 |
|
|
Statement of financial position |
5 |
|
|
Notes to the financial statements |
6 |
|
|
Company Limited by Guarantee |
|
Trustees' Annual Report (Incorporating the Director's Report) |
|
Year ended 31 July 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 July 2023
.
Reference and administrative details
Registered charity name |
CDM Foundation |
|
|
Charity registration number |
1202424 |
|
|
Company registration number |
13505187 |
|
|
Principal office and registered |
2nd Floor - Parkgates |
office |
Bury New Road |
|
Prestwich |
|
Manchester |
|
United Kingdom |
|
M25 0TL |
|
|
The trustees
|
Mr C D M Nissenbaum |
|
|
Mr J Neumann |
|
|
Mr J Lock |
|
|
|
|
Accountants |
Haffner Hoff Ltd |
|
Accountants |
|
2nd Floor - Parkgates |
|
Bury New Road |
|
Prestwich |
|
Manchester |
|
M25 0TL |
|
|
Structure, governance and management
CDM Foundation
is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 12 July 2021 as a company and the company number is 13505187
. It was registered as a charity on 21 March 2023 with a charity number being 1202424
.
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association 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 C D M Nissenbaum
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 are the sole domain of the trustees.
There are no policies for the induction or training of new 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 ineffective grant making and implementation of the charity's objectives. These risks are managed by the trustees researching potential beneficiaries before granting donations and ensuring the right policies are implemented.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Objectives and activities
The objects of the charity are: (i) For the public benefit promote the education of people of all ages around the world in such ways as the charity 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 of 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).
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations. The charity gives out grants in line with the above objects.
Grants made during the year are as detailed in the accounts.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity received £1,000 in donations and grants receivable during the year of which £420 was paid out by way of support costs.
The charity has low governance costs comprising professional fees.
There were no related party transactions during the year.
There was a net income and net movement in funds for the year amounting to £580.
Financial review
The trustees are delighted to have made many valuable contributions to the student community as a result of this income and hope to be able to do so for many years to come.
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
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.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.
The free reserves, represented by the net current assets of the charity stand at £580, all of which are unrestricted.
The trustees' annual report and the strategic report were approved on
16 April 2024
and signed on behalf of the board of trustees by:
Mr C D M Nissenbaum |
Trustee |
|
Company Limited by Guarantee |
|
Statement of Financial Activities |
(including income and expenditure account) |
|
Year ended 31 July 2023
|
2023 |
|
Unrestricted funds |
Total funds |
Note |
£ |
£ |
|
|
|
Income and endowments
Donations and legacies |
5 |
1,000 |
1,000 |
|
------- |
------- |
Total income |
1,000 |
1,000 |
|
------- |
------- |
|
|
|
|
Expenditure
Expenditure on charitable activities |
6,7 |
420 |
420 |
|
------- |
------- |
Total expenditure |
420 |
420 |
|
------- |
------- |
|
|
|
|
|
------- |
------- |
Net income and net movement in funds |
580 |
580 |
|
------- |
------- |
|
|
|
Reconciliation of funds
Total funds brought forward |
– |
– |
|
------- |
------- |
Total funds carried forward |
580 |
580 |
|
------- |
------- |
|
|
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 July 2023
Current assets
Cash at bank and in hand |
1,000 |
|
|
Creditors: amounts falling due within one year |
11 |
420 |
|
------- |
Net current assets |
580 |
|
---- |
Total assets less current liabilities |
580 |
|
---- |
Net assets |
580 |
|
---- |
|
|
|
Funds of the charity
Unrestricted funds |
580 |
|
|
---- |
Total charity funds |
12 |
580 |
|
|
---- |
|
|
|
For the year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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
;
-
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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the
board of trustees
and authorised for issue on
16 April 2024
, and are signed on behalf of the board by:
Mr C D M Nissenbaum |
Trustee |
|
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Year ended 31 July 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, United Kingdom, M25 0TL.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. 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 cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Limited by guarantee
CDM Foundation
is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5.
Donations and legacies
|
|
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
|
|
|
|
Donations
|
Donations |
1,000 |
1,000 |
|
|
------- |
------- |
|
|
|
|
6.
Expenditure on charitable activities by fund type
|
|
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
|
Support costs |
420 |
420 |
|
|
---- |
---- |
|
|
|
|
7.
Expenditure on charitable activities by activity type
|
Support costs |
Total funds 2023 |
|
£ |
£ |
|
Governance costs |
420 |
420 |
|
|
---- |
---- |
|
|
|
|
8.
Analysis of support costs
|
Analysis of support costs activity 1 |
Total 2023 |
|
£ |
£ |
|
Governance costs |
420 |
420 |
|
|
---- |
---- |
|
|
|
|
9.
Staff costs
The average head count of employees during the year was Nil.
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
10.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received or expenses reimbursed by the trustees.
11.
Creditors:
amounts falling due within one year
|
2023 |
|
£ |
Accruals and deferred income |
420 |
|
---- |
|
|
12.
Analysis of charitable funds
Unrestricted funds
|
At 1 August 2022 |
Income |
Expenditure |
At 31 July 2023 |
|
£ |
£ |
£ |
£ |
General funds |
– |
1,000 |
(420) |
580 |
|
---- |
------- |
---- |
---- |
|
|
|
|
|
13.
Analysis of net assets between funds
|
Unrestricted Funds |
Total Funds 2023 |
|
£ |
£ |
|
Current assets |
1,000 |
1,000 |
|
Creditors less than 1 year |
(420) |
(420) |
|
|
------- |
------- |
|
Net assets |
580 |
580 |
|
|
------- |
------- |
|
|
|
|
14.
Taxation
CDM Foundation
is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.