REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Belz Foundation Ltd |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Belz Foundation Ltd |
Belz Foundation Ltd |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Cash Flow Statement | 7 |
Notes to the Cash Flow Statement | 8 |
Notes to the Financial Statements | 9 | to | 14 |
Belz Foundation Ltd (Registered number: 05423453) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
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 2023. 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 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objectives of the Charity are to raise funds, collect donations and apply the funds and income of the charity for the benefit of charitable purposes and particularly for the purpose of the advancement of the Jewish religious faith and the relief of poverty. The charity operates a voucher system to facilitate the receipt of donations and distribution of funds. |
Public benefit |
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities. |
Grantmaking |
Belz Foundation Limited makes donations to charitable institutions in accordance with its Articles of Association. |
The trustees have personal knowledge of the recipient organisations and their trustees and are therefore able to ensure that donations made are utilised in accordance with the objectives of Belz Foundation Limited. |
ACHIEVEMENT AND PERFORMANCE |
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from the contributions received from donors. |
The Statement of Financial Activities shows a net deficit for the year of £4,266 after making combined total grants of £816,686 and the reserve stand at £4,347. |
FINANCIAL REVIEW |
Principal funding sources |
The charity is pleased and fortunate to receive donations from a number of organisations and individuals. |
Overall the charity has experienced a good year and hopes it will continue to do so next year. |
Reserves policy |
It is the charity's policy that only funds that have cleared the bank be allowed to be drawn by donor's via the voucher system. |
The charity's trustees believe that reserves have to be maintained at a level equivalent to the donors donations, in order to be available to be distributed on the basis of their wishes. |
FUTURE PLANS |
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
The trustees are appointed according to the Articles of Association. |
Belz Foundation Ltd (Registered number: 05423453) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Induction and training of new trustees |
All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression. |
New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
A Heller FCA |
Martin+Heller |
5 North End Road |
London |
NW11 7RJ |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Belz Foundation Ltd |
Independent examiner's report to the trustees of Belz Foundation Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. |
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 member of the Institute of Chartered Accountants in England and Wales, 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. |
A Heller FCA |
Martin+Heller |
5 North End Road |
London |
NW11 7RJ |
30 January 2024 |
Belz Foundation Ltd |
Statement of Financial Activities |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
EXPENDITURE ON |
Charitable activities | 3 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 8,613 |
Belz Foundation Ltd (Registered number: 05423453) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) |
FUNDS | 13 |
Unrestricted funds | 8,613 |
TOTAL FUNDS | 8,613 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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. |
Belz Foundation Ltd (Registered number: 05423453) |
Balance Sheet - continued |
31 March 2023 |
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 and authorised for issue on |
Belz Foundation Ltd |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (69,812 | ) | 58,027 |
Interest paid | (949 | ) | (996 | ) |
Net cash (used in)/provided by operating activities | (70,761 | ) | 57,031 |
Cash flows from financing activities |
Loan repayments in year | (5,738 | ) | (4,167 | ) |
Net cash used in financing activities | (5,738 | ) | (4,167 | ) |
Change in cash and cash equivalents in the reporting period |
(76,499 |
) |
52,864 |
Cash and cash equivalents at the beginning of the reporting period |
89,376 |
36,512 |
Cash and cash equivalents at the end of the reporting period |
12,877 |
89,376 |
Belz Foundation Ltd |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.3.23 | 31.3.22 |
£ | £ |
Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) |
(4,266 |
) |
4,806 |
Adjustments for: |
Interest paid | 949 | 996 |
Increase in debtors | - | (210,000 | ) |
(Decrease)/increase in creditors | (66,495 | ) | 262,225 |
Net cash (used in)/provided by operations | (69,812 | ) | 58,027 |
2. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank | 89,376 | (76,499 | ) | 12,877 |
89,376 | (76,499 | ) | 12,877 |
Debt |
Debts falling due within 1 year | (10,000 | ) | - | (10,000 | ) |
Debts falling due after 1 year | (35,833 | ) | 5,738 | (30,095 | ) |
(45,833 | ) | 5,738 | (40,095 | ) |
Total | 43,543 | (70,761 | ) | (27,218 | ) |
Belz Foundation Ltd |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
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 2019)', 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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
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. |
2. | DONATIONS AND LEGACIES |
31.3.23 | 31.3.22 |
£ | £ |
Donations |
Belz Foundation Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
(see note |
4) |
£ |
Donations | 816,686 |
4. | GRANTS PAYABLE |
31.3.23 | 31.3.22 |
£ | £ |
Donations | 816,686 | 1,177,999 |
Amud Hatzdokoh Trust | 74,068 |
Belz Synagogue | 43,604 |
Chevras Mo'oz Ladol | 26,917 |
Clapton Support & Advice | 43,231 |
Dover Sholem Community Trust | 55,890 |
Hasmonean High School | 25,008 |
Merkaz Torah Vechesed Ltd | 25,296 |
UK Friends Of Ahavas Chesed | 26,944 |
Work Avenue Foundation | 31,080 |
Yesamach Levav Trust | 26,610 |
Less than £20,000 | 438,038 |
816,686 |
5. | SUPPORT COSTS |
Governance |
costs |
£ |
Other resources expended | 5,772 |
6. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Auditors' remuneration | - | 850 |
Belz Foundation Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 3,807 | - |
TOTAL FUNDS CARRIED FORWARD | 8,613 | - | 8,613 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other debtors |
Belz Foundation Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Trade creditors |
Other creditors |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 12) |
12. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
13. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 8,613 | (4,266 | ) | 4,347 |
TOTAL FUNDS | (4,266 | ) | 4,347 |
Belz Foundation Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 818,192 | (822,458 | ) | (4,266 | ) |
TOTAL FUNDS | ( |
) | (4,266 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/21 | in funds | 31/3/22 |
£ | £ | £ |
Unrestricted funds |
General fund | 3,807 | 4,806 | 8,613 |
TOTAL FUNDS | 3,807 | 4,806 | 8,613 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,185,831 | (1,181,025 | ) | 4,806 |
TOTAL FUNDS | 1,185,831 | (1,181,025 | ) | 4,806 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/4/21 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 3,807 | 540 | 4,347 |
TOTAL FUNDS | 3,807 | 540 | 4,347 |
Belz Foundation Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,004,023 | (2,003,483 | ) | 540 |
TOTAL FUNDS | 2,004,023 | (2,003,483 | ) | 540 |
14. | RELATED PARTY DISCLOSURES |
Donations received by the charity include the following amounts which were received from charities which have trustees in common with Belz Foundation Limited: |
Cosmon (Belz) Ltd | 10,050 |
Clapton Common Boys Club | 3,000 |
Bourneheights Limited | 40,600 |
Moreshet Hatorah Limited | 11,907 |
Donations paid by the charity include the following amounts which were paid to charities which have trustees in common with Belz Foundation Limited: |
Chevras Mo'oz Ladol | 26,917 |
Children Ahead Ltd | 896 |
The Union Of Orthodox Hebrew Congregations | 1,558 |
The Talmud Torah Machzikei Hadass Trust | 2,902 |