Charity registration number 1143272
Company registration number 07469168 (England and Wales)
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Michael Sorkin
Mr Anthony Rosenfelder
Mr Alain Stechler
Mr Martin Paisner
Mr Michael Sandler
Mr Nigel Sloam
Mr Jonathan Paull
Charity number
1143272
Company number
07469168
Registered office
4 Theobald Court
Theobald Street
Borehamwood
Hertfordshire
United Kingdom
WD6 4RN
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Bankers
HSBC Bank Plc
8 Canada Square
London
E14 5HQ
National Westminster Plc
135 Bishopgate
London
EC2M 3UR
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees' report
1 - 9
Statement of Trustees' responsibilities
10
Independent auditor's report
11 - 14
Statement of financial activities
15
Balance sheet
16
Statement of cash flows
17
Notes to the financial statements
18 - 32
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

 

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 Memorandum & Articles of Association, the Companies Act 2006 and 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) (effective 1 January 2019).

 

In this context the Trustees have complied with the duty in section 17 (5) of the 2011 Charities Act in giving due consideration to the Charity Commission's guidance on Public Benefit. The report is prepared in accordance with the small companies' regime (Section 419(2) of the Companies Act 2006).

 

Principal aims and objectives

“To save a life is to save the world. Nowhere is this clearer than at Shaare Zedek. A hospital not just with a heart but with a soul that makes the world a better place."

Quote from a relative of a Shaare Zedek patient

Our mission is to support, by all such means as may be charitable in law and for exclusively charitable purposes, Shaare Zedek Medical Centre (Shaare Zedek) in providing world class care for all patients irrespective of their ability to pay, nationality, age, race or religion. We provide financial support to fund services, capital projects, research and the purchase of equipment for the hospital.

History

Founded in 1902, Shaare Zedek has been known as the "Hospital with a Heart" for more than a century. This reputation as a patient's first choice of hospitals stem from its unwavering commitment to all its patients, regardless of race, religion, political view or country of origin. All patients who are admitted receive the most advanced medical treatment available in a compassionate, supportive and nurturing environment. The hospital’s ethos, "delivery of care and pioneering approaches to research", provides hope for us, hope for Israel and hope for the world.

Since it was founded, the Hospital has chartered the course of Jerusalem’s modern development and has been instrumental in the city’s growth. Over half of Jerusalem’s children live below the poverty line. Shaare Zedek was one of the first hospitals in Israel to recognise the need for specialist paediatric medical facilities and is home to Jerusalem’s only dedicated Women and Children’s Hospital.

Shaare Zedek 2023

Today Shaare Zedek is a 1,500-bed facility with close to 100 departments, treating 800,000 patients annually. As the fastest growing hospital in the region, the hospital continues to respond to and plan for the needs of Jerusalem’s uniquely diverse population. In 2023, the hospital opened its expanded Weinstock Department of Emergency Medicine. As home to a Level One Trauma Centre, the department stands as Jerusalem’s foremost urgent response facility, annually admitting over 100,000 patients and experiencing a ten percent increase in admissions each year. The newly expanded department was meticulously designed with the patient at heart, aiming to make it much easier for them to move through each section, allowing for faster and more effective patient admission, triage and treatment.

Following the attacks on October 7th, Shaare Zedek also faced many other challenges, including staff shortages, as many professionals were called up for reserve army service. The team at the hospital responded immediately to the needs of the community by opening a mental health emergency centre very quickly, as they recognised there would be an immediate increase in the requirement of such a services. This was in addition to focusing on emergency preparedness and fundraising focused on building and equipping a 70 bed ICU ward in the basement of the Helmsley Cancer Centre, should there be a full scale attack which would require patients to be treated in safety underground.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Message from Shaare Zedek Medical Centre’s Director General

Dear Friends,

On the morning of Simchat Torah, as masses of Jews were about to rejoice and pray, the most bestial massacre in Israel's history was raging in the south. On that day, I was leading an Israeli rescue team in Armenia. As soon as I heard what was happening in Israel, I knew it was extremely serious and I got straight on a plane to Cyprus that flew over Iran and Iraq. I was tense the whole flight and by that evening I was already in the hospital.

In all my time of working at Shaare Zedek and in my time as the Director of Trauma during 2007-2019 I have never experienced such a large number of wounded patients admitted to our Trauma department in such a short space of time. To date we have treated over 600 patients since October 7th and this number increases daily. While the ground initiative in Gaza is still going on, our medical teams are ready for every eventuality.

The times we live in are deeply challenging and tragic, but we see it as a great source of personal and professional pride to know that Shaare Zedek is serving in so many ways to offer professional, advanced and compassionate care for the people of Jerusalem and Israel and we thank you, our friends in the UK for digging deep and supporting us at this incredibly challenging time.

We continue to pray for the safe and secure return of all the hostages and our soldiers.

 

Professor Ofer Merin

Director General

Shaare Zedek Medical Centre

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Objectives and activities

In order to achieve our key objectives, Shaare Zedek UK (SZUK) employs a small office team led by a Chief Executive working in partnership with trustees and other lay leaders, supported by a small number of energetic volunteers.

SZUK promotes awareness of the activities of Shaare Zedek. We also seek to promote support of the charitable activities of the hospital, and in particular its charitable activities for the public benefit in health welfare, medical and scientific advancement and best practice in patient treatment. We raise funds through donations, legacies, solicited mailings, events, direct approaches and special appeals.

Achievements and Performance

The impact of our fundraising

Shaare Zedek relies on its donors to provide the funds to enable the standard of care and innovation for which the hospital is known. Every day at Shaare Zedek brings new challenges and achievements. Shaare Zedek prides itself on its ability to adapt to any situation and provide excellent care when it is most needed.

Hope for Israel

On October 7th we woke to the devastating news that Israel was under attack. Whilst communities were preparing to celebrate one of the most joyful dates in the Jewish calendar news emerged of the atrocities perpetrated by Hamas.

When news began to trickle through, in the early morning hours, Shaare Zedek was already preparing. Setting up an emergency centre, a family call centre, nurse and doctor planning was underway and all departments in the hospital were prepped with the sole aim of providing solutions to whatever challenges patients were about to face.

For the first time in decades a nearby sports field became the hospitals helipad and patients were transferred both by MDA (Magen David Adom) medivac and military helicopters straight to Shaare Zedek. The hospital started to receive many victims from the south of Israel who were evacuated to safety. Among them civilians and soldiers and many pain-filled stories of loss.

In one particularly heart-wrenching case, the hospital treated two young children found abandoned on the border fence after their mother was taken into captivity. Their father had survived and brought them directly to Shaare Zedek.

Within hours of the declaration of War the hospital opened a mental health care unit within the emergency room for individuals suffering from shock and other emotional issues.

The solidarity of our staff, from all races and populations of the Jerusalem population, has been extraordinary and is indicative of the remarkable spirit of unity that has always defined Shaare Zedek.

Tragically, some of our staff have experienced personal losses. Yet, amidst the grief, a sense of unity prevails. Over 200 dedicated individuals from Shaare Zedek, including doctors, nurses, and staff from various departments, seamlessly transitioned from their medical roles to don IDF uniforms, as they were called up for their reservist army duty. While retired staff, motivated by a sense of community, re-joined the hospital's ranks to support their Shaare Zedek family.

The hospital stands as a beacon of strength and resilience, providing crucial medical care and unwavering support to the community, even in the face of adversity.

 

 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Hope for the World

Israeli Medical Team provides care in Armenia

On the 4th October 2023, Israel received a call from the Armenian government for help after hundreds of citizens were wounded after a fuel tank explosion.

Israel was the first country to land in Armenia with a medical delegation led by Professor Ofer Merin, Director General of Shaare Zedek. The delegation from Israel, made up of 14 medical professionals, were sent to provide intensive care treatment to hundreds of injured citizens including many burn victims.

Professor Merin shared "This is an unusual event on a global scale, with such a large number of burn victims. It is an honour and privilege to lead this worthy task, on behalf of the State of Israel, which is the first country to provide assistance.”

“I would like to thank the Ministry of Health for their commitment and the teams of Shaare Zedek and Soroka who immediately mobilized to embark on this important mission. Our preparedness at Shaare Zedek Medical Center is for the benefit of everyone, everywhere."

Tanzanian partnership

The work of Shaare Zedek and our medical professionals extends far beyond the walls of the hospital in Jerusalem and something we are so proud of is how our doctors give hope to the world through their research and teaching.

Professor Gabriel Izbicki, Director of the Pulmonary Institute at Shaare Zedek visited Zanzibar, Tanzania with colleagues from Shaare Zedek to learn about the lack of basic medical equipment and knowledge about lung diseases in Zanzibar hospitals.

Professor Izbicki shared, “Our project began about a year-and-a-half ago. We visited two hospitals and gave lectures on lung diseases, mostly COVID-19, asthma, and chronic obstructive pulmonary disease (COPD).”

At the Al-Rahma Hospital in the capital city of Zanzibar, the Shaare Zedek team were impressed by the level of the staff’s knowledge.

“They understood quite well the diseases, types of treatments, and the various inhalations, but when I asked them if they do tests to diagnose asthma and COPD, they said no. I was surprised and asked them if they referred patients to another hospital, and they again said no. I asked why, and they said that neither of them had the necessary medical equipment.”

Professor Izbicki discovered that doctors did not even have a spirometer, a basic lung function device that measures the amount of air you can exhale in one second and the total volume of air you can exhale in one forced breath. ‘It is impossible to distinguish between asthma and COPD without this device’ and misdiagnoses due to inadequate equipment can lead to further problems.

Professor Izbicki was saddened by what he saw in Zanzibar, and upon his return to Israel, set about trying to help the people he met on his trip. After almost a year of planning, he arranged for a medical delegation to visit Israel for a week of essential learning. Not only that, he was also able to arrange donations of essential medical equipment to be taken back to the region.

Dr Bukoro Nestori who was among the group that came to Israel had never been on a plane before,but had dreamt of visiting Israel.

Professor Izbicki and his team were able to enrich Dr Bukoro’s medical know how with valuable hands-on experience as well as impart important medical knowledge that Dr Bukoro was able to take back to Zanzibar.

A very special trip that will help change the future of Pulmonary care in Tanzania.

 

 

 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Global first at Shaare Zedek

In August 2023, Shaare Zedek Medical Center became the first hospital in the world to perform a complex spinal surgery using augmented reality combined with robotic technology.

Dr Cezar J Mizrahi performed the incredible procedure on a 25-year-old patient who had been admitted to the hospital’s Emergency Department after being seriously injured in a work-place fall. The trauma team at Shaare Zedek swiftly diagnosed an unstable spine fracture that put the man at immediate risk for paralysis and other severe neurological damage. He was quickly transferred into the care of Dr Mizrahi, a Spinal Neurosurgeon from the Spine Surgery Unit, and the Department of Neurosurgery.

The combination of AR (Augmented Reality) and robotics allowed Dr Mizrahi to perform a precise and minimally invasive procedure. “It made my life amazingly easy. I would even say a child could do a surgery with all this technology. The AR and robotics helped with positioning, trajectory, and planning,” he said.

The combination of AR, which is an interactive experience that combines the real world and computer-generated content, with robotic technology, did not speed up the surgery, but rather made it more ‘effective.’

The successful operation has given Dr Mizrahi hope that the technology may become an integral part of spinal surgeries going forward, but he knows that these things take time to get fully implemented.

“It is a slow process. If I had to speculate, I would say that in about 10 years it will be standard to use AR and robotics for complex cases,” he said.

And although this technology is currently only used to perform spinal surgeries, Dr Mizrahi said he can see it being used for injuries on the entire body in the future.

UK funding

Donors choose to support any of the hospital’s 100+ departments with which they have a personal affinity as well as responding to our appeals to support the needs of specific departments as dictated by the Board of the hospital. This year donors supported a variety of departments by funding equipment, rooms, facilities and scholarships.

There is a strong British footprint in every one of the hospital's 14 internationally recognised Centres of Excellence. Fundraising in the UK has always been conducted in close partnership with the leadership of the hospital in Jerusalem. Collaboration between professional colleagues and board members grows each year. This year our new Chief Executive made her first visit to the hospital. We have enjoyed a close working relationship with both the President and Director General of the hospital and their teams. This year the UK team once again joined a call bringing the international offices fundraising for Shaare Zedek together to discuss further collaboration. We look forward to a continued partnership with Professors Halevy and Merin and are indebted to them for their visionary leadership and continued service. We are grateful to the entire fundraising team at Shaare Zedek Medical Centre who support our fundraising efforts on the ground in Israel.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Financial review

The current economic climate continues to impact on our ability to raise new funds. Given the tough climate we were delighted to have raised £2,228,474 (2022: £1,641,822). We have maintained a healthy financial position with closing fund balances totalling £1,106,290 (2022: £984,187) of which £71,219 (2022: £70,319) relates to restricted funds and £42,465 (2022: £42,465) to general endowment fund. Furthermore, £16,320 (2022: £84,353) within the closing unrestricted fund balance is designated for specific purposes. Hence, the general unrestricted funds the charity holds amounts to £976,286 (2022: £787,050) at the end of the reporting period after making allowance for restricted and designated funds. We are delighted to have raised significant funds enabling us to send £1,708,473 (2022: £1,280,758) to Shaare Zedek in Jerusalem in relation to our charitable activities and support costs. This year we were in a position to send over 75% of our total income directly to the hospital, the balance being held in reserves in the UK.

Legacy gifts continue to be a vital source of income, with 30% of all donations this year being from legacy gifts in donors’ wills. Legacies are unpredictable, at times materialising without our prior knowledge and we continue to maintain and develop this income whilst recognising the need for a diversification of income from other sources to maintain the level of support we currently provide to the hospital.

General donations, including major gifts, totalled £1,557,335 (2022: £1,041,396). Although we continue to enjoy the support of our loyal donors, the economic situation continues to be challenging. In common with other charities, we continue to find ways to engage new donors in a challenging climate. Some existing donors are lowering their donations due to reduced income to their Trusts or changes in personal circumstances, or because of the attacks on October 7th have chosen to support other Israeli charities.

 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

Reserves policy and going concern

It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level that takes account of the likely administration costs of the Charity over the next 24-month period. The Board has the power to invest in such assets in secure money market instruments. The intention of the Charity is to make further payments to the Hospital in Israel as and when required in the future. This policy will provide adequate funds to meet current and anticipated future liabilities and provide financial flexibility in the event of an adverse drop in donations received.

Risk management

 

The Board has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity and is satisfied that systems are in place to mitigate its exposure to those risks. Significant risk areas include:

 

Plans for the future

In May 2023 our Executive Director decided to leave the charity after dedicating herself to the role for 10 years. She finished working with us in July 2023. An experienced fundraiser was appointed as a successor in the post of CEO and started work in June. The trustees worked closely with our outgoing and incoming CEO’s to ensure a smooth transition, which focused on the continuity of donor relationships.

In October 2023, we appointed a new Fundraising Manager, who will be working closely with the CEO and trustees, to develop a programme of fundraising events, as well as helping to raise the profile of SZUK across the community.

As an organisation, it was agreed that we would invest in our CRM and work to future proof our technologies, by further developing our website so that we can truly personalise our supporter journey. This will be implemented in 2024-2025.

Recruitment, appointment and terms of office of Trustees

Trustees are appointed in accordance with the Charity's Memorandum & Articles of Association. In 2023, three new Trustees were appointed.

Trustee induction and training

New trustees are made aware of the organisation structure of the charity and are shown financial statements of the charity for the three preceding years.

All trustees are now already familiar with the practical work of the charity. Induction procedures are in place for new trustees.

Safeguarding

Shaare Zedek UK has a Safeguarding Policy. The charity makes regular enquiries of the hospital with regard to its own robust safeguarding policies and notification of any relevant safeguarding issues of which we should be aware.

Structure, governance and management

The charity is a company limited by guarantee, incorporated on 14 December 2010 and registered as a charity on 8 August 2011. The charity's reference and administrative details are as set out within these accounts. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -

The Board of Trustees

 

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

 

Mr Michael Sorkin
Mr Anthony Rosenfelder
Mr Alain Stechler
Mr Martin Paisner
Mr Michael Sandler
Mr Nigel Sloam
Mr Jonathan Paull

Key personnel

 

The following individuals whilst not statutory members of the charity were involved in an advisory capacity:

 

Dan Adler

David Bernstein

David Cohen

Geoffrey Goldkorn

Eva Greenspan

John Jay

Margot Lew

Angela Margolis-Raz

Marcus Margulies

Hilary Natoff

Jonathan Paull

Marcus Pearl

Margaret G Rothem

Simon Sackman

Nolan Wengrowe

Michael Ziff

Emma Pearl

 

Recruitment, appointment and terms of office of Trustees

 

Trustees are appointed in accordance with the Charity's Memorandum & Articles of Association.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -

Trustee Induction and Training

 

New trustees are made aware of the organisational structure of the charity and are shown financial statements of the charity for the three preceding years.

 

All trustees are now already familiar with the practical work of the charity. Induction procedures are in place for new trustees.

 

Operations and staffing

 

Up until the end of July 2023, the trustees delegated day to day management of the charity to the Executive Director, Simona Bennett to deliver the aims and objectives of the charity. Oshrit Cowan, who started with the charity in June 2023, has now been appointed as Simona's successor.

 

Safeguarding

 

Shaare Zedek UK has a Safeguarding Policy. In 2019 the Executive Director completed safeguarding training with the NSPCC. The charity makes regular enquiries of the hospital with regard to its own robust safe-guarding policies and notification of any relevant safeguarding issues we should be aware of. All SZUK staff will now be required to undergo safeguarding training and DBS checks as we expand our outreach work into the community.

Related parties

 

Aggregate donations received from related parties without conditions amounted to £520,740 (2022: £421,374) for the year.

 

Aggregate remuneration of key management personnel in 2023 amounted to £100,523 (2022: £91,167).

 

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

Auditor

In accordance with the company's articles, a resolution proposing that RDP Newmans LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report, including the strategic report, was approved by the Board of Trustees.

Mr Jonathan Paull
Trustee
Dated: 25 September 2024
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -

The Trustees, who are also the directors of Shaare Zedek UK for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHAARE ZEDEK UK
- 11 -

Opinion

We have audited the financial statements of Shaare Zedek UK (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHAARE ZEDEK UK
- 12 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and

-

the strategic report and the directors' report included within the Trustees' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHAARE ZEDEK UK
- 13 -
The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHAARE ZEDEK UK
- 14 -

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paresh Radia FCA (Senior Statutory Auditor)
for and on behalf of RDP Newmans LLP
25 September 2024
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
2023
2023
2023
2023
2022
Notes
£
£
£
£
£
Income from:
Donations and legacies
3
971,356
1,257,118
-
2,228,474
1,641,822

Investments

4
23,347
-
-
23,347
1,433
Total income
994,703
1,257,118
-
2,251,821
1,643,255
Expenditure on:

Costs of raising funds

5
302,936
-
-
302,936
243,705
Charitable activities

Payments to hospital

6
550,142
1,256,218
-
1,806,360
1,366,780
Total charitable expenditure
550,142
1,256,218
-
1,806,360
1,366,780
Other
11
20,422
-
-
20,422
15,387
Total resources expended
873,500
1,256,218
-
2,129,718
1,625,872
Net gains/(losses) on investments
12
-
-
-
-
(99)
Net movement in funds
121,203
900
-
122,103
17,284
Fund balances at 1 January 2023
871,403
70,319
42,465
984,187
966,903
Fund balances at 31 December 2023
992,606
71,219
42,465
1,106,290
984,187

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

The statement of financial activities includes all gains and losses recognised in the year. 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.
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 16 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
4,526
4,725
Investments
15
211
211
4,737
4,936
Current assets
Debtors
16
32,589
7,215
Cash at bank and in hand
1,106,358
997,716
1,138,947
1,004,931
Creditors: amounts falling due within one year
18
37,394
25,680
Net current assets
1,101,553
979,251
Total assets less current liabilities
1,106,290
984,187
The funds of the charity
Endowment funds
20
42,465
42,465
Restricted income funds
19
71,219
70,319
Unrestricted funds
21
992,606
871,403
1,106,290
984,187
The financial statements were approved by the Trustees on 25 September 2024
Mr Alain Stechler
Mr  Jonathan Paull
Trustee
Trustee
Company registration number 07469168 (England and Wales)
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
86,820
26,366
Investing activities
Purchase of tangible fixed assets
(1,525)
(525)
Investment income received
23,347
1,433
Net cash generated from investing activities
21,822
908
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
108,642
27,274
Cash and cash equivalents at beginning of year
997,708
970,434
Cash and cash equivalents at end of year
1,106,350
997,708
Relating to:
Cash at bank and in hand
1,106,358
997,716
Bank overdrafts included in creditors payable within one year
(8)
(8)
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Charity information

Shaare Zedek UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Theobald Court, Theobald Street, Borehamwood, Hertfordshire, WD6 4RN, United Kingdom.

1.1
Accounting convention

The accounts have been prepared in accordance with the charity's memorandum and articles of association, 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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.

1.2
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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

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.
1.4
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.

Income tax recoverable in relation to investment income or gift aid donations is recognised at the time the relevant income is receivable.

 

Legacy income is included in the SOFA when the Charity's entitlement has been established with a sufficient level of certainty, normally on receipt of the legacy or a letter confirming that it will be sent.

Grants received are accounted for as receivable as and when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from charitable activities includes income received under contract.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

Trading income is recognised as and when monies are received and stated after trade discounts .

 

Trading income related to events is recognised in the year the events took place.

 

The charity is not registered for VAT.

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 recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable.

 

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

 

Charitable activities include both the direct and support costs relating to these activities.

 

Governance costs include the cost of any legal advice to trustees on governance or constitutional matters, external accountancy and audit costs.

 

Support costs include central functions and have been allocated to the different categories of activities based on the time spent on each activity.

 

The charity is not registered for VAT so all expenses shown in the SOFA and notes to the accounts are shown gross (i.e. inclusive of VAT).

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Fixtures, fittings & equipment
10% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
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.

1.10
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.

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.

 

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets .

 

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.13
Foreign exchange
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of financial activities.
1.14

Volunteers

A substantial contribution to the activities of Shaare Zedek UK is supplied in the form of voluntary services for raising funds. The financial benefit of these non-cash donations have not been recognised in these accounts as by their nature it would be impractical to quantify in monetary terms.

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.

 

Specifically, the Trustees have made judgements on the apportionment of support and governance costs across the various charitable activities (see note 8 for further details) - the basis of this apportionment has remained consistent to prior years.

 

In the view of the Trustees, with the exception to the above, there are no significant accounting estimates and judgements applied.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
497,577
1,059,758
1,557,335
195,291
846,105
1,041,396
Legacies receivable
473,779
197,360
671,139
440,976
159,450
600,426
971,356
1,257,118
2,228,474
636,267
1,005,555
1,641,822
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
23,347
1,433
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Costs on raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Costs of generating donations and legacies

Advertising
40,385
35,679
Other fundraising costs
14,797
4,159
Staff costs
199,255
164,361
Depreciation and impairment
723
603
Support costs
47,776
38,903
302,936
243,705
6
Expenditure on charitable activities
Payments to hospital
Payments to hospital
2023
2022
£
£
Direct costs
Staff costs
24,694
23,258
Depreciation and impairment
723
603

Payments to hospital

1,708,473
1,280,758
1,733,890
1,304,619
Share of support and governance costs (see note 7)
Support
53,871
45,229
Governance
18,599
16,932
1,806,360
1,366,780
Analysis by fund
Unrestricted funds
550,142
374,214
Restricted funds
1,256,218
992,566
1,806,360
1,366,780
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
7
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£
Staff costs
43,293
18,599
61,892
40,189
16,932
57,122
Premises costs
29,380
-
29,380
23,450
-
23,450

Other costs

28,974
-
28,974
20,493
-
20,493
101,646
18,599
120,246
84,132
16,932
101,065
Analysed between
Fundraising
47,775
-
47,776
38,903
-
38,903
Charitable activities
53,871
18,599
72,470
45,229
16,932
62,161
101,646
18,599
120,246
84,132
16,932
101,065

Support costs excluding staff costs which cannot be directly attributed have been apportioned equally between costs of raising funds and the charitable activity of payments to the hospital. Within support costs, other costs include telephone costs, postage costs, travel costs, computer running costs and staff training costs.

 

Staff costs have been apportioned on an estimated basis of the allocation of time spent on each specific activity.

8
Auditor's remuneration

The analysis of auditor's remuneration is as follows:

2023
2022
£
£
Audit of the annual accounts
16,905
14,400
Non-audit services
All other non-audit services
121
121
9
Trustees

None of the Trustees (or any persons connected with them) received any remuneration, nor reimbursement of travelling expenses during the year or prior year.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration
2
1
Fundraising
2
3
Finance
1
1
Total
5
5
Employment costs
2023
2022
£
£
Wages and salaries
259,847
219,075
Social security costs
21,501
20,225
Other pension costs
4,495
5,441
285,843
244,741

 

The number of employees whose annual remuneration was more than £60,000 is as follows:
2023
2022
Number
Number
Between £70,000 - £79,999
-
1
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate remuneration
100,523
91,167

 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Other
Unrestricted
Unrestricted
funds
funds
2023
2022
Net loss on disposal of tangible fixed assets
276
378

Audit fees

16,905
14,400

Legal and professional fees

3,241
609
20,422
15,387
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2023
2022
Gains/(losses) arising on:
£
£
Revaluation of investments
-
(99)
13
Taxation

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

14
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
6,471
6,819
13,290
Additions
930
594
1,524
Disposals
-
(468)
(468)
At 31 December 2023
7,401
6,945
14,346
Depreciation and impairment
At 1 January 2023
5,712
2,853
8,565
Depreciation charged in the year
991
456
1,447
Eliminated in respect of disposals
-
(192)
(192)
At 31 December 2023
6,703
3,117
9,820
Carrying amount
At 31 December 2023
698
3,828
4,526
At 31 December 2022
759
3,966
4,725
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2023 & 31 December 2023
211
Carrying amount
At 31 December 2023
211
At 31 December 2022
211
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
31,946
6,572
Prepayments and accrued income
643
643
32,589
7,215
17
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
8
8
Payable within one year
8
8
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank overdrafts
17
8
8
Other taxation and social security
8,808
6,023
Trade creditors
12,397
5,216
Other creditors
1,180
1,232
Accruals
15,001
13,201
37,394
25,680
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
19
Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Movement in funds
Balance at
1 January 2022
Incoming resources
Resources expended
Balance at
1 January 2023
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at
31 December 2023
£
£
£
£
£
£
£
£
£
Bikur Cholim Campus
3,515
12,045
(12,000)
3,560
156,822
(156,722)
-
-
3,660
Children's Hospital
3,323
161,836
(165,159)
-
-
-
-
-
-
Emergency Department
2,552
26,392
(28,892)
52
19,000
(18,500)
-
-
552
Neurosurgery and Neurology Department
638
1,134
(500)
1,272
-
-
-
-
1,272
Others
31,802
244,195
(217,639)
58,359
386,606
(386,606)
-
-
58,359
Paediatrics department
-
-
-
-
300
-
-
-
300
Neonatal Intensive Care Unit
7,433
53,516
(54,092)
6,857
10,000
(10,000)
-
-
6,857
Nursing Scholarships
-
89,626
(89,626)
-
-
-
-
-
-
Intensive Care Department
201
-
-
201
-
-
-
-
201
Coronavirus Department
7,866
18
(7,866)
18
-
-
-
-
18
Outpatient Clinic
-
416,793
(416,793)
-
393,991
(393,991)
-
-
-
Imaging, Biobanking and Sequencing Diagnosis Methods
-
-
-
-
290,400
(290,400)
-
57,330
1,005,555
(992,567)
70,319
1,257,118
(1,256,218)
-
-
71,219
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Restricted funds
(Continued)
- 28 -

Bikur Cholim Campus is a separate campus hospital that merged with Shaare Zedek Medical Centre in Jerusalem. The fund is dedicated to fund the general running of the hospital. The surplus of £3,660 will be used next year to fulfil the objectives of the project.

 

The Emergency Department was set up to develop and extend the existing size of the old department. The fund is dedicated to cover running costs for the department. A surplus of £552 is being carried forward to next year.

 

The Neurosurgery and Neurology Department at the Shaare Zedek Medical Center treats a wide range of diseases involving the nervous system, with the aim of preserving and restoring brain and spine function and has a designated operating theatre which includes a new navigating system, intra-operation ultra-sound and an innovative robot enabling procedures such as tumor tissue biopsy with great precision. The fund is dedicated to provide equipment and cover general running costs for the department. The surplus of £1,272 is being forward to the following year.

 

Included within Others are various smaller funds which relate to various activities including CT Scanner, various pieces of equipment, Haematology Department, Urology Department, pending allocation, Geriatrics Department, Cardiology Department and LDA Educational Institute. A surplus of £58,359 is being carried forward to meet the project objectives of these departments.

 

Our state of the art new ICU was upgraded in 2017 the first major upgrade and renovation of this Unit since the hospital moved to its current location in 1979.  The Unit is now equipped with the latest technology and care methods in the most advanced setting possible. The risk of infection is a top priority for intensive care patients. The redesigned ICU gives each patient their own largely self-sufficient room to minimise the spread of infection. Almost all of the equipment is wall or ceiling mounted, meaning the room can be kept to a higher standard of cleanliness. There are 14 patient rooms in total, almost all of which are in constant use.

 

The Cardiology Department provides a comprehensive response to the gamut of cardiac and cellular diseases. Our team performs catheterization, installs stents in the coronary arteries and implants pacemakers, defibrillators and valves without open heart surgery. There is also a state-of-the-art Cardiac Imaging Institute which uses 3-D Echo, CT and MRI. We can also administer advanced treatment for congenital and structural disorders. The department stresses preventative care and accompanies patients throughout the post-heart attack rehabilitation process.

 

Robotic surgery is a field which has developed in recent years, increasingly becoming a standard and indispensable approach to care in a variety of surgical disciplines. It allows extremely fine and complex movements in a tight space, without the need to open large cavities that can involve more complications and a longer, more painful recovery period.  Appreciating that this represents the future of modern surgery, we are proud that Shaare Zedek Medical Centre, which currently sees around 35,000 surgical procedures performed each year, has been a local pioneer in introducing advanced robotic approaches to the Israeli medical community.

 

In terms of the outpatient clinic, out of the 800,000 patients who are treated at Shaare Zedek Medical Center each year, the vast majority are treated on an ambulatory basis in our more than 70 outpatient units and clinics. In general, the trend in modern medicine is to reduce the need for inpatient hospitalization wherever possible, as this increases costs, emotional and practical challenges for the patient and is also less desirable from a medical perspective.  For all these reasons, outpatient care is the growing trend in modern hospital care and Shaare Zedek has firmly embraced this trend with increased investment in these services. The central area for the large majority of our ambulatory services is in the Margulies Outpatient Clinics which are divided between the Fourth and Fifth Floors of The Next Generation Building. 

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Restricted funds
(Continued)
- 29 -

The Paediatrics department has a surplus of £300 at the year end to be expended in the following year.

 

The Neonatal Intensive Care Unit (NICU) at the Shaare Zedek Medical Center treats infants born from week 24 of pregnancy. The complex includes 70 beds (with another 20 at the Bikur Cholim Campus), and state-of-the-art respiratory and monitoring equipment which provides precise data 24/7 on each of the babies in the unit. The fund is dedicated to provide equipment and cover general running costs for the department. A surplus of £6,857 is being carried forward to the following year.

 

Our Intensive Care Unit treats the most severe urgent care cases in the hospital. 70% of cases are post-surgery while others are complex cases referred from the Internal Medicine Departments. A surplus of £201 is being carried forward to the following year.

 

The Coronavirus department still has a surplus of £18 which is being carried forward to the following year.

 

The trustees are satisfied that sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions.

20
Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds
Movement in funds
Balance at
1 January 2022
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at
1 January 2023
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at
31 December 2023
£
£
£
£
£
£
£
£
£
£
£
Permanent endowments
Rayne Endowment Fund
42,465
-
-
-
42,465
-
-
-
-
42,465
42,465
-
-
-
-
42,465
-
-
-
-
42,465
The Rayne Endowment Fund was donated by Lord Rayne to fund an international urology conference held at Shaare Zedek Medical Centre.
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
21
Unrestricted funds

The income funds of the charity include unrestricted funds, within which designated funds have been set aside by the trustees for specific purposes:

 

Movement in funds
Movement in funds
Balance at
1 January 2022
Incoming resources
Resources expended
Balance at
1 January 2023
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at
31 December 2023
Designated - Neo-Natal Department
-
466
-
466
-
-
-
466
Designated - Paediatric Oncology
-
104
-
104
384
-
-
-
488
Designated - Emergency Department
-
2,552
(2,552)
-
-
-
-
-
Designated - Pending Allocation
37,606
69,748
(92,757)
14,597
-
-
-
14,597
Designated - Helmsley Cancer Centre
-
259,326
(190,772)
68,554
-
(68,554)
-
-
Designated - Nursing Scholarships
-
2,000
(1,400)
600
-
-
-
600
Designated - Coronavirus Department
-
32
32
138
-
-
170
General Unrestricted Fund
829,502
303,472
(345,924)
787,050
994,182
(804,946)
-
976,286
867,108
637,700
(633,405)
871,403
994,703
(873,500)
-
-
992,606

 

The Neo-natal and Paediatric Oncology funds were set up to support running costs for the department.

 

The Pending Allocation Fund relates to a single donation which is yet to be remitted to the Shaare Zedek Medical Centre for a specific department.

 

Hemsley Cancer Centre fund was set up to support running costs for the department.

 

The Nursing Scholarships fund was set up to provide support and training for student nurses.

 

The Coronavirus Fund was set up in the wake of the global Covid-19 pandemic to treat Covid-19 positive patients safely in isolation.

 

The General Unrestricted Fund relates to "free reserves" after allowing for all designated funds.

SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
22
Analysis of net assets between funds
Unrestricted funds
Designated funds
Restricted funds
Endowment funds
Total
Unrestricted funds
Designated funds
Restricted funds
Endowment funds
Total
2023
2023
2023
2023
2023
2022
2022
2022
2022
2022
£
£
£
£
£
£
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
4,526
-
-
-
4,526
4,725
-
-
-
4,725
Investments
211
-
-
-
211
211
-
-
-
211
Current assets/(liabilities)
971,549
16,320
71,219
42,465
1,101,553
782,113
84,354
70,319
42,465
979,251
976,286
16,320
71,219
42,465
1,106,290
787,049
84,354
70,319
42,465
984,187
SHAARE ZEDEK UK
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
23
Operating lease commitments
Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
15,000
15,000
Between two and five years
27,500
42,500
42,500
57,500
24
Related party transactions
Transactions with related parties

Aggregate donations received from related parties without conditions amounted to £520,740 (2022: £421,374) for the year.

25
Analysis of changes in net funds

The charity had no material debt during the year.

26
Cash generated from operations
2023
2022
£
£
Surplus for the year
122,103
17,284
Adjustments for:
Investment income recognised in statement of financial activities
(23,347)
(1,433)
Loss on disposal of tangible fixed assets
276
378
Fair value gains and losses on investments
-
99
Depreciation and impairment of tangible fixed assets and investments
1,447
1,206
Movements in working capital:
(Increase)/decrease in debtors
(25,374)
3,891
Increase in creditors
11,715
4,942
Cash generated from operations
86,820
26,367
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