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COMPANY REGISTRATION NUMBER: 12969476
CHARITY REGISTRATION NUMBER: 1204660
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Unaudited Financial Statements
31 October 2023
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 October 2023
Page
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
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 October 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 October 2023 .
Reference and administrative details
Registered charity name
Bhatzlocho Trust Ltd
Charity registration number
1204660
Company registration number
12969476
Principal office and registered
2nd Floor
office
Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
The trustees
M Eichler
(Appointed 11 September 2023)
Y Brief
(Appointed 11 September 2023)
P Rosenfeld
(Appointed 11 September 2023)
Independent examiner
Mr Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Bhatzlocho Trust Ltd is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 22 October 2020 as a company and the company number is 12969476 . It was registered as a charity on 11 September 2023 with a charity number 1204660 .
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 P Rosenfeld 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 of not receiving rental income and the inability to repay the associated loans. Additionally, the risk of ineffective grant making. These risks are managed by the trustees ensuring a solid tenant with a strong covenant as well as researching potential beneficiaries before granting donations.
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 the relief of poverty amongst the elderly or persons in conditions of need, hardship or distress in the Jewish Community; the advancement of the Orthodox Jewish Religion; and the advancement of education according to the tenets of the Orthodox Jewish Faith.
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 and rental income. The charity gives out grants in line with the above objects.
There were no grants made during the year.
The application of the funds by way of grants to either institutions or individuals and is almost always to institutions.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity did not receive any donations during the year.
The charity paid out £152,459 for support costs.
The charity had rental income receivable amounting to £145,000 during the year.
The charity has low governance costs. Other costs were kept low and were borne by a local charity.
The governance costs incurred relate to professional fees incurred during the year.
The trustees would like to record their appreciation for all the financial support received from the local charity who has sponsored the office costs during the course of the year.
The charity purchased a property in a previous year, the details of which can be found within the notes to the accounts.
There were no fundraising costs during the year.
Related party transactions are disclosed as applicable in the notes to the accounts.
There was net expenditure for the year amounting to £7,459.
Financial review
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 trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.
The free reserves, being the net current assets of the charity, stand at £5,201 all of which are unrestricted.
The trustees' annual report and the strategic report were approved on 29 July 2024 and signed on behalf of the board of trustees by:
M Eichler
Trustee
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Bhatzlocho Trust Ltd
Year ended 31 October 2023
I report to the trustees on my examination of the financial statements of Bhatzlocho Trust Ltd ('the charity') for the year ended 31 October 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.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
29 July 2024
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 October 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Other trading activities
5
145,000
145,000
135,518
---------
---------
---------
Total income
145,000
145,000
135,518
---------
---------
---------
Expenditure
Expenditure on charitable activities
6,7
152,459
152,459
128,052
---------
---------
---------
Total expenditure
152,459
152,459
128,052
---------
---------
---------
---------
---------
---------
Net (expenditure)/income and net movement in funds
( 7,459)
( 7,459)
7,466
---------
---------
---------
Reconciliation of funds
Total funds brought forward
76,822
76,822
69,356
---------
---------
---------
Total funds carried forward
69,363
69,363
76,822
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
12
1,950,000
1,950,000
Current assets
Cash at bank and in hand
8,021
50
Creditors: amounts falling due within one year
13
2,820
1,740
-------
-------
Net current assets
5,201
( 1,690)
------------
------------
Total assets less current liabilities
1,955,201
1,948,310
Creditors: amounts falling due after more than one year
14
1,885,838
1,871,488
------------
------------
Net assets
69,363
76,822
------------
------------
Funds of the charity
Unrestricted funds:
Revaluation reserve
80,016
80,016
Other unrestricted income funds
(10,653)
(3,194)
--------
--------
Total unrestricted funds
69,363
76,822
--------
--------
Total charity funds
15
69,363
76,822
--------
--------
For the year ending 31 October 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 29 July 2024 , and are signed on behalf of the board by:
M Eichler
Trustee
Bhatzlocho Trust Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 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
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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
Bhatzlocho Trust LTD 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. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Other income from other trading activities
145,000
145,000
135,518
135,518
---------
---------
---------
---------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable activities
94
94
36
36
Support costs
152,365
152,365
128,016
128,016
---------
---------
---------
---------
152,459
152,459
128,052
128,052
---------
---------
---------
---------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable activities
94
151,285
151,379
126,971
Governance costs
1,080
1,080
1,081
----
---------
---------
---------
94
152,365
152,459
128,052
----
---------
---------
---------
8. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
General office
151,285
151,285
126,935
Governance costs
1,080
1,080
1,080
---------
---------
---------
152,365
152,365
128,015
---------
---------
---------
9. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,080
1,080
-------
-------
10. 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).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees
12. Tangible fixed assets
Freehold property
£
Cost
At 1 November 2022 and 31 October 2023
1,950,000
------------
Depreciation
At 1 November 2022 and 31 October 2023
------------
Carrying amount
At 31 October 2023
1,950,000
------------
At 31 October 2022
1,950,000
------------
Freehold property represents a 100% share in a building that the trustees purchased for educational purposes. The income generated is from the current commercial tenants.
13. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,820
1,740
-------
-------
14. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,885,838
1,871,488
------------
------------
15. Analysis of charitable funds
Unrestricted funds
At 1 November 2022
Income
Expenditure
At 31 October 2023
£
£
£
£
General funds
(3,194)
145,000
(152,459)
(10,653)
Revaluation reserve
80,016
80,016
--------
---------
---------
--------
76,822
145,000
(152,459)
69,363
--------
---------
---------
--------
At 1 November 2021
Income
Expenditure
At 31 October 2022
£
£
£
£
General funds
(10,660)
135,518
(128,052)
(3,194)
Revaluation reserve
80,016
80,016
--------
---------
---------
--------
69,356
135,518
(128,052)
76,822
--------
---------
---------
--------
16. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Intangible assets
Tangible fixed assets
1,950,000
1,950,000
Current assets
8,021
8,021
Creditors less than 1 year
(1,888,658)
(1,888,658)
------------
------------
Net assets
69,363
69,363
------------
------------
Unrestricted Funds
Total Funds 2022
£
£
Intangible assets
50
50
Tangible fixed assets
1,950,000
1,950,000
Current assets
Creditors less than 1 year
(1,873,228)
(1,873,228)
------------
------------
Net assets
76,822
76,822
------------
------------
17. Taxation
Bhatzlocho Trust Ltd is a registered charity and therefore is not liable to income tax or corporationtax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.