Charity registration number 1088965
Company registration number 04136936 (England and Wales)
KESHET EILON FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
KESHET EILON FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
N Avidan
Charity number
1088965
Company number
04136936
Accountants
Glazers
843 Finchley Road
London
NW11 8NA
KESHET EILON FOUNDATION
CONTENTS
Page
Trustees' report
1 - 2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 8
KESHET EILON FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 January 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", published in July 2014.

Objectives and activities

The principal activities of the charity, which remain unchanged from previous years, were those of the encouragement, promotion, maintenance and advancement of public education in music, especially violin playing, and other performing arts, in particular by the presentation of publicconcerts, education and further education of musicians, especially violin players, whether by private tuition, masterclasses or otherwise.

The charity had no income or expenditure in the year.

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

Achievements and performance
The Keshet Eilon Music Centre and Violin Mastercourse is devoted to training and promoting young violinists from its faculty based in Israel. The centre consists of students from throughout the world who are intent on attaining the highest musical level, renowned violin masters from Israel and the rest of the world. The Keshet Eilon belief is that music can serve as a bridge between religions, people and nations. Over the years, Keshet Eilon has achieved international recognition in the music community and has become a sought after violin training venue by young violinists at the start of their careers as soloists who come to Keshet Eilon in order to absorb and entrench guidance by artists and masters of the first degree, who give generously of their experience in order to nurture and advance the next generation of violinist from Israel and throughout the world.
Financial review

The trustees are of the opinion that the charity's objects and activities are such that there is no need for the retention of free reserves. Free reserves at 31 January 2024 were £303 (2023 £303). The funds will be distributed in accordance with the objects at the trustees discretion.

The results for the year and financial position of the charity are shown in the annexed financial statements.

It is the opinion of the trustees that the funds available are sufficient to meet the day to day running costs of the charity.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure thereto. These systems are reviewed periodically to ensure that they still meet the needs of the charity.
The Keshet Eilon Foundation plans to continue to raise funds for the centre on an ongoing basis , to fund running costs on site as well as new construction developments to house more students and student facilities as time goes on. The primary method of fundraising is by way of an annual concert and appeal.
Structure, governance and management
The Charity is a company limited by guarantee and is controlled by its Memorandum and Articles of Association dated 8 January 2001.

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

N Avidan
KESHET EILON FOUNDATION
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

There are no specific induction and training policies for new trustees. However all trustees have a knowledge of the community they aim to serve and the overall objectives of the charity.

 

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.

Responsibility is shared equally among all of the trustees, who each take an active part in the charity's fundraising activities and targeting donors. The trustees meet periodically, usually every two months but these meetings may become more frequent as the annual concert nears. All trustees work on a voluntary basis and there are five external volunteers in addition to the charity's trustees.

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

N Avidan
Trustee
Dated: 29 July 2024
KESHET EILON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Net income and movement in funds
-
-
Reconciliation of funds:
Fund balances at 1 February 2023
303
303
Fund balances at 31 January 2024
303
303

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

KESHET EILON FOUNDATION
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
7
1,000
1,000
Creditors: amounts falling due within one year
8
(697)
(697)
Net current assets
303
303
Net assets excluding pension liability
303
303
The funds of the Charity
Unrestricted funds
303
303
303
303

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024.

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 year 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 29 July 2024
N Avidan
Trustee
Company registration number 04136936 (England and Wales)
KESHET EILON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
1
Accounting policies
Charity information

Keshet Eilon Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is .

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources 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.

1.3
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 or grantors 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.
1.4
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.
KESHET EILON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that 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.
1.6
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.

1.7
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

KESHET EILON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -
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.

1.9
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 purpose within the objects of the charity.Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
4
Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year
5
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
KESHET EILON FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
6
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,000
1,000
8
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
697
697
9
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 February 2023
At 31 January 2024
£
£
General funds
303
303
Previous year:
At 1 February 2022
At 31 January 2023
£
£
General funds
303
303
10
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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