Charity registration number 1204559
Company registration number 14462057 (England and Wales)
KOSOV CONGREGATION LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
KOSOV CONGREGATION LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A Y Tambur
(Appointed 4 November 2022)
Mr J Stern
(Appointed 4 November 2022)
Mr P Schwimmer
(Appointed 4 November 2022)
Charity number
1204559
Company number
14462057
Registered office
White Lilacs
Leige Avenue
Canvey Island
London
United Kingdom
SS8 9PL
KOSOV CONGREGATION LTD
CONTENTS
Page
Trustees' report
1 - 2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 8
KOSOV CONGREGATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the period ended 30 November 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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

The objectives of the charity are the advancement of the Orthodox Jewish religion by providing financial support for Jewish religious adult educational institutions in the UK and Israel, the prevention or relief of poverty throughout the UK and Israel by providing: grants, items and services to individuals in need and charities, or other organisations working to prevent or relieve poverty and the relief of those in need in the UK and Israel by reason of their age, ill-health, disability, financial hardship or other disadvantage.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity has not undertaken any charity activities during the current period and endeavours to commence its charitable activities in the coming year.

Achievements and performance

The financial results of the charity for the period ended 30 November 2023 are fully reflected in the attached Financial Statements together with the Notes thereon.

Financial review

The financial position of the charity is satisfactory. The charity's statement of financial activities shows total funds of £2,630 which are free reserves.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

Structure, governance and management

The charity is a company limited by guarantee incorporated on 4 November 2022 and is governed by its Memorandum and Articles of Association adopted by special resolution on the 21 August 2023.

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

Mr A Y Tambur
(Appointed 4 November 2022)
Mr J Stern
(Appointed 4 November 2022)
Mr P Schwimmer
(Appointed 4 November 2022)

It is not currently the intention of the trustees to appoint any new trustees. When necessary, the board will seek to appoint new trustees. New trustees are selected based on the suitability of their skills, knowledge and experience to the operations of the charity. They are appointed in accordance with the articles and association, and further training is provided where appropriate.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

 

 

KOSOV CONGREGATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -

The trustees' report was approved by the Board of Trustees.

..............................
..............................
Mr A Y Tambur
Mr J Stern
Trustee
Trustee
Date: .............................................
2024-08-04
KOSOV CONGREGATION LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
Unrestricted
funds
2023
Notes
£
Income from:
Donations and legacies
3
5,000
Expenditure on:
Charitable activities
4
2,370
Net income for the period/
Net movement in funds
2,630
Fund balances at 4 November 2022
-
Fund balances at 30 November 2023
2,630

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
KOSOV CONGREGATION LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 4 -
2023
Notes
£
£
Current assets
Cash at bank and in hand
3,350
Creditors: amounts falling due within one year
9
(720)
Net current assets
2,630
Income funds
Unrestricted funds
2,630
2,630

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 30 November 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................
2024-08-04
..............................
..............................
Mr A Y Tambur
Mr J Stern
Trustee
Trustee
Company registration number 14462057
KOSOV CONGREGATION LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 5 -
1
Accounting policies
Charity information

Kosov Congregation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is White Lilacs, Leige Avenue, Canvey Island, London, SS8 9PL, United Kingdom.

1.1
Reporting period

The annual financial statements are presented for a period longer than one year, as the charity was incorporated in this period.

1.2
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources due to the support from the local community to continue in operational existence for the foreseeable future . Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.5
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
KOSOV CONGREGATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.6
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KOSOV CONGREGATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Unrestricted
funds
2023
£
Donations and gifts
5,000
4
Charitable activities

Charitable Expenditure

2023
£
Share of governance costs (see note 5)
2,370
5
Support costs
Support costs
Governance costs
2023
£
£
£
Accountancy
-
720
720
Legal and professional
-
1,650
1,650
-
2,370
2,370
Analysed between
Charitable activities
-
2,370
2,370

 

KOSOV CONGREGATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
7
Employees

The average monthly number of employees during the period was:

2023
Number
Total
-
0
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9
Creditors: amounts falling due within one year
2023
£
Accruals and deferred income
720
10
Related party transactions

There were no disclosable related party transactions during the period.

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