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COMPANY REGISTRATION NUMBER: 08370905
CHARITY REGISTRATION NUMBER: 1152147
Kinyan Hatorah Mifal Hashas
Company Limited by Guarantee
Unaudited Financial Statements
31 January 2024
Kinyan Hatorah Mifal Hashas
Company Limited by Guarantee
Financial Statements
Year ended 31 January 2024
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
3
Statement of financial position
4
Notes to the financial statements
5
Kinyan Hatorah Mifal Hashas
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 January 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 January 2024 .
Reference and administrative details
Registered charity name
Kinyan Hatorah Mifal Hashas
Charity registration number
1152147
Company registration number
08370905
Principal office
4 Portugal Road
Prestwich
Manchester
M25 9WP
Registered office
c/o The Chartwell Partnership Ltd
47 Bury New Road
Prestwich
Manchester
M25 9JY
The trustees
Mr S Bleier
Mr M Breuer
Mr S Schwartz
Accountants
Chartwell Accountants & Business Consultants LLP
Chartered Certified Accountants
47 Bury New Road
Prestwich
Manchester
M25 9JY
Structure, governance and management
Kinyan Hatorah Mifal Hashas was incorporated on the 22nd of January 2013 as a company Limited by Guarantee with company number 08370905. It was registered as a charity with the Charities Commission on the 22nd May 2013 governed by its Articles of Association. The charity registration number is 1152147.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage exposure to the major risks
Objectives and activities
The objectives of the company are the prevention and relief of poverty or financial hardship by providing grants or loans to individuals in need and/or charities or other organisations working to prevent or relieve poverty or financial hardship.
In addition, the charity may promote any charitable object that the Trustees from time to time deem appropriate.
The charity was successful in meeting these aims during the period.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Achievements and performance
The Charity has continued to raise funds and issue grants to individuals for the purpose of relieving poverty in accordance with the objects of the charity.
Financial review
The charity received donations of £8,617 during the period. Grants of £10,450 were paid out during the period.
Principal funding sources
The Charity is dependent on charitable donations from other charities and philanthropists.
Reserves policy
The Trustees have reviewed the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. Despite the deficit in the accounts for the past 2 accounting periods, the trustees are confident that sufficient reserves will be generated to continue to achieve the objectives of the charity.
Plans for future periods
There are no plans to change the current operating structure in the foreseeable future.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 27 October 2024 and signed on behalf of the board of trustees by:
Mr S Schwartz
Trustee
Kinyan Hatorah Mifal Hashas
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 January 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
8,617
8,617
10,019
-------
-------
--------
Total income
8,617
8,617
10,019
-------
-------
--------
Expenditure
Expenditure on charitable activities
6,7
11,514
11,514
17,976
--------
--------
--------
Total expenditure
11,514
11,514
17,976
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 2,897)
( 2,897)
( 7,957)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
( 14,176)
( 14,176)
( 6,219)
--------
--------
--------
Total funds carried forward
( 17,073)
( 17,073)
( 14,176)
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Kinyan Hatorah Mifal Hashas
Company Limited by Guarantee
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Current assets
Cash at bank and in hand
375
8,748
Creditors: amounts falling due within one year
11
1,119
747
-------
-------
Net current liabilities
( 744)
8,001
----
-------
Total assets less current liabilities
( 744)
8,001
Creditors: amounts falling due after more than one year
12
16,329
22,177
--------
--------
Net liabilities
( 17,073)
( 14,176)
--------
--------
Funds of the charity
Unrestricted funds
( 17,073)
( 14,176)
--------
--------
Total charity funds
13
( 17,073)
( 14,176)
--------
--------
For the year ending 31 January 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 27 October 2024 , and are signed on behalf of the board by:
Mr S Schwartz
Trustee
Kinyan Hatorah Mifal Hashas
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is c/o The Chartwell Partnership Ltd, 47 Bury New Road, Prestwich, Manchester, M25 9JY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The Company is limited by guarantee and does not have share capital. In the event of winding up, the members are liable to an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations received
8,617
8,617
10,019
10,019
-------
-------
--------
--------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Grant funding activities
10,450
10,450
16,800
16,800
Support costs
1,064
1,064
1,176
1,176
--------
--------
--------
--------
11,514
11,514
17,976
17,976
--------
--------
--------
--------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Grant funding activities
10,450
10,450
16,800
Governance costs
1,064
1,064
1,176
--------
-------
--------
--------
10,450
1,064
11,514
17,976
--------
-------
--------
--------
8. Analysis of support costs
Analysis of support costs
Total 2024
Total 2023
£
£
£
Finance costs
692
692
803
Governance costs
373
373
373
-------
-------
-------
1,065
1,065
1,176
-------
-------
-------
9. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,119
747
-------
----
12. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,329
22,177
--------
--------
13. Analysis of charitable funds
Unrestricted funds
At 1 February 2023
Income
Expenditure
At 31 January 2024
£
£
£
£
General funds
(14,176)
8,617
(11,514)
(17,073)
--------
-------
--------
--------
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
General funds
(6,219)
10,019
(17,976)
(14,176)
-------
--------
--------
--------
14. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Current assets
375
375
Creditors less than 1 year
(1,119)
(1,119)
Creditors greater than 1 year
(16,329)
(16,329)
--------
--------
Net liabilities
(17,073)
(17,073)
--------
--------
Unrestricted Funds
Total Funds 2023
£
£
Current assets
8,747
8,747
Creditors less than 1 year
(746)
(746)
Creditors greater than 1 year
(22,177)
(22,177)
--------
--------
Net liabilities
(14,176)
(14,176)
--------
--------