REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
BEIT HALOCHEM UK |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
BEIT HALOCHEM UK |
BEIT HALOCHEM UK |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Report of the Trustees | 1 | to | 5 |
Report of the Independent Auditors | 6 | to | 8 |
Statement of Financial Activities | 9 |
Statement of Financial Position | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 | to | 20 |
BEIT HALOCHEM UK (REGISTERED NUMBER: 07967938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 February 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives |
Beit Halochem UK is dedicated to raising funds for the four existing Beit Halochem Rehabilitation Centres in Israel. These centres provide essential lifelong facilities and support to disabled veterans and victims of terror. Beyond fundraising, the UK charity also aims to educate and engage the UK community about the vital work these centres perform in Israel, ensuring a steady and sustained stream of funding for the future. |
The charity's operations can be influenced by a myriad of factors, both internal and external, many of which lie beyond the control of the CEO and Trustees. Recently, one notable factor that had a significant impact on the charity was the hiring of an additional staff member to collaborate with the CEO - Spencer Gelding and Operations Manager - Dina Kestenbaum. This strategic move enabled the charity to expand its efforts, increasing the number of face-to-face meetings and donor events. As a result, there was a substantial boost in the funds raised, demonstrating the positive effect of bolstering the team with an additional member. |
Information regarding the Organisation in Israel |
Established in 1949, following the War of Independence, the Organisation, known in Israel as ZDVO, is the only registered charity in Israel legally responsible for the wellbeing of disabled veterans. |
The State of Israel, with its many challenges and limited resources, cannot cope alone with providing for all the needs of the wounded veterans and, as their numbers grow, the funding needs of the four Beit Halochem centres also increase. Funding from supporters around the world enables Beit Halochem to continue on-going programmes, develop new initiatives and purchase much needed equipment for the centres. |
Following the tragic events of October 7th, Beit Halochem found itself faced with increased demand for its services. The incident had a profound impact on our community, particularly among our membership which includes IDF veterans and victims of terror. Prior to October 7th, our membership stood at approximately 51,000 individuals. However, in the aftermath of the events, we have seen a significant rise, with membership now nearing 60,000, and increasing daily. |
The Beit Halochem members are given a new lease of life at our four rehabilitation centres based in Jerusalem, Tel Aviv, Haifa, and Beer Sheva. They remain members of the organisation for the rest of their lives. The Beit Halochem centres provide a blend of exceptional rehabilitative services including physiotherapy, hydrotherapy and chiropractic treatments conducted alongside social and specialised sport options, educational programmes, and a vast range of creative activities. Each centre offers a wide choice of physical and social activities, housing an auditorium, multipurpose gymnasium, classrooms, fitness rooms, occupational and physical therapy units, trauma therapy units, a cafeteria, offices, and a social wing. |
This surge in membership underscores the critical need for the services and support Beit Halochem provides.Currently, there are four Centres located in Tel Aviv, Jerusalem, Haifa, and Beer Sheva. Additionally, construction of a fifth Centre in Ashdod began in September 2018. Once completed in December 2025, it will serve over 6,500 veterans and their families. This centre has recently been designated by the ministry of Defence as the National Centre for PTSD in Israel. |
For many disabled veterans, victims of terror and their families Beit Halochem becomes a lifelong support system. Its exceptional services have garnered global recognition, symbolising a beacon of care for those who have sacrificed so much in the defence of their country.l |
BEIT HALOCHEM UK (REGISTERED NUMBER: 07967938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
OBJECTIVES AND ACTIVITIES |
Activities |
Reflecting on the past 12 years since the establishment of Beit Halochem UK, the Trustees, staff and volunteers can take immense pride in the unwavering support provided to injured veterans, victims of terror, and their families. As a unique charity, Beit Halochem restores purpose, self-esteem, and dignity to our wounded soldiers and their families, offering lifelong assistance. |
So, what have we accomplished? We have reintroduced the It's A Knockout event, attracting over 800 children from across London and the surrounding area. The event has significantly increased the number of donors in our database and helped raise additional funds for the charity. Through the continuation of the Veteran Games programme which Beit Halochem UK were instrumental in establishing, we have continued to take wounded IDF and UK veterans to primary and secondary schools, where they shared their inspiring and resilient stories. Additionally, we organised visits for schools, youth organisations and community projects from the UK to one of the four Beit Halochem centres in Israel. These visits provided a greater understanding of the charity's work and an opportunity to meet face-to-face with our members and their families. |
The charity has also fostered strong relationships with members of the non-Jewish community through interactions with churches and community groups nationwide. This engagement has helped to spread awareness of the charity to a broader audience, resulting in increased donations and promoting positive relations between the Jewish and non-Jewish communities. |
Throughout this financial year, we have contributed to various projects, including covering the annual running costs of our four rehabilitation facilities. Additionally, following our very successful fundraising dinner we have funded specialist PTSD programmes, provided financial assistance towards education and sporting scholarships, including specialist training for veterans hoping to participate in the 2024 Paris Paralympic Games. We also supported several significant capital projects across the four Beit Halochem facilities, including three buildings within the new Ashdod Centre. |
Public benefit |
The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance (section 17 of the Charities Act 2011) published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities. |
The aim of the charity has always been to assist in the raising of funds for those who have been injured whilst serving as well injured though acts of terror. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
In the fiscal year 2023/2024, the charity experienced an extraordinary success in fundraising, accumulating over £4.8 million. This amount signifies a notable increase of £1.90 million compared to the previous year. This achievement aligns with the financial objectives established by the Trustees, which aim to incrementally increase the funds raised and the funds sent to Israel each year. Of the £4.8 million raised by BHUK, £4.2 million has been included in the financial statements. However, £625,000 of the donations raised by BHUK were directly transferred to the Israeli branch of the charity and, therefore, cannot be included in the financial statements, adhering to the accounting policies set by the charity commission. |
The charity, bolstered by additional staff members, successfully organized a multitude of events, including several new initiatives that catered to the diverse interests of all donors, both young and old. These events featured the annual "It's A Knockout" event, which drew over 800 children, a Whisky Tasting evening, and a Patrons Wine Dinner, which alone raised £440,000. Additionally, the launch of the 2023 Veteran Games was a notable highlight. The annual fundraising dinner was held at the Royal Lancaster Hotel, where over 440 donors gathered for an engaging evening with guests, including members of Beit Halochem from Israel. This event was a tremendous success, raising more than £1.3 million, surpassing the amount raised in the previous year. |
As a part of the BHUK wellbeing educational programme, a selection of UK and Israeli Veterans, many of whom participated in previous Veteran Games, visited numerous schools and business to share their stories of ongoing rehabilitation and the role of resilience in supporting overall wellbeing. Since the programme's inception in June 2022, 9,200 teenagers from a diverse array of schools have had the opportunity to hear directly from our members. This educational initiative is set to continue throughout the 2024/2025 academic year. |
To maintain robust connections with donors, the charity employs various communication channels, including monthly E-newsletters, social media, and its website platform, all managed by our Operations Manager, Dina Kestenbaum. Additionally, the annual magazine was distributed to the entire database of 5,500 individuals, utilising both digital and postal delivery methods to ensure wide-reaching engagement. |
The charity runs many events during the year with the aim of raising funds in excess of the costs to assist in funding the charity with its charitable objectives. The two most noteable were that of the annual dinner which raised £1.3m and cost the charity £175,000. The charity also held a Patrons Wine Dinner in which it raised £440,000 and cost the charity £21,000. Both events had a positive net return and were both huge successes which the charity aims to repeat. The main benchmark the charity uses internally for each event is that any event covers the costs of the event as a minimum and these material events both did that with one providing 20 times the cost. |
BEIT HALOCHEM UK (REGISTERED NUMBER: 07967938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
ACHIEVEMENT AND PERFORMANCE |
Communication and Complaints: |
The charity logs all feedback, whethere positive or negative. Beit Halochem UK did not receive any complaints due to any of the activities undertaken within the timeframe of the financial reporting period. |
FINANCIAL REVIEW |
Financial position |
In 2024, our total income was £4,176,588 (2023: £2,130,497) leading to an overall increase in charitable income of £2,073,091. |
Reserves policy |
At the balance sheet date of 29 February 2024 the total reserves were £890,433 (2023: £98,485) of which £890,433 were unrestricted funds. |
The charity carefully manages its funds to guarantee a continuous availability of running expenses. These expenses, totalling £40k per month, encompass salaries, rent, and general operational costs. To maintain financial stability, the Trustees and CEO work together to ensure that a minimum of three months' worth of expenses is consistently held in the bank account, securing the charity's ongoing operations. |
FUTURE DEVELOPMENTS |
The UK charity remains dedicated to raising funds and increasing awareness for Beit Halochem, hosting a full calendar of events. Additionally, the charity will continue its collaboration with both Jewish and non-Jewish schools, youth movements, and local communities to broaden awareness of its mission. For 2024/2025, the charity has already scheduled a diverse range of events to cater to its donors' preferences. Furthermore, seven donors have informed the charity of their plans to leave considerable amounts in their wills to support its efforts. |
PLANS FOR FUTURE PERIODS |
Our goal is to expand our influence among young people and young professionals through events, sports challenges, and social media initiatives. Additionally, we aim to strengthen our connections with both Jewish and non-Jewish schools and extend our outreach to Jewish communities in London and other regions. In addition to our regular annual events, we plan to launch various fundraising programmes this year to appeal to a broader range of donors. The CEO will continue to focus on securing donations from trusts, foundations, and high-net-worth individuals to boost our fundraising efforts. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The Charity is controlled by its governing document, a deed of trust and constitutes a limited company limited by guarantee as defined by companys Act 2006. |
Recruitment and appointment of new trustees |
Trustees are appointed according to the Articles of Association. |
Organisational structure |
The charity is managed by a board of trustees. In February 2012, Spencer Gelding became Chief Executive, responsible for overseeing the day-to-day operations of the charity. Dina Kestenbaum was appointed Operations Manager in October 2022, with responsibilities including managing PR and Marketing for Beit Halochem UK. In October 2023, David Thrilling joined the charity as Project Manager, tasked with establishing and maintaining links between UK and Israeli veteran organisations and collaborating closely with the CEO on community projects and fundraising initiatives. |
Regarding pay arrangements, the trustees are responsible for overseeing the charity's pay structures and approving pay increases. These decisions are typically based on the charity's financial position and comparable remuneration packages in similarly sized charities. |
Induction and training of new trustees |
New trustees undergo a briefing on their legal obligations under company and charity law. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems are in place to manage those risks. |
BEIT HALOCHEM UK (REGISTERED NUMBER: 07967938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
The Trustee's Board has conducted a review of the major risks to which the charity is exposed, where appropriate |
establishing or strengthening systems to mitigate the risks identified. |
The risk register covers the following area: |
- Governance, regulatory and compliance risks |
- Financial risks |
- Operational risks |
- Information governance, IT security and business continuity |
The actions taken to address the main risks during the period have been: |
1. Governance, regulatory and compliance risks - these risks are regularly addressed at our quarterly board meeting. Each of our trustees undertakes a particular role within the board, with one responsible for working directly alongside the CEO managing the governance of the charity. |
2. Financial risks - as stated, the charity carefully manages the funds of the charity to guarantee a continuous availability of running expenses. These expenses, totalling £40k per month, encompass salaries, rent, and general operational costs. To maintain financial stability, the Trustees and CEO work together to ensure that a minimum of three months' worth of expenses is consistently held in the bank account, securing the charity's ongoing operations. |
3. Operational risks - Systems and notes are in place to ensure that anyone of the Trustees could run the short for a prolong period should anything happen to the CEO. Activity reports are regularly sent by the CEO to the trustees to ensure that are regularly updated on the activities of the charity. |
4. Information governance, IT security and business continuity - The charity employs the services of an external IT company to ensure that all sensitive information is protected with advanced security measures including the database, online donation platform and emails and sensitive documents produced by the CEO and Operations Manager of the charity. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Auditors |
Statutory Auditors |
4th Floor |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
BEIT HALOCHEM UK (REGISTERED NUMBER: 07967938) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Bankers |
Lloyds Bank |
Nottinghill Gate |
PO BOX 1000 |
BX1 1LT |
Website: |
https://bhuk.org/ |
COMMENCEMENT OF ACTIVITIES |
The charity was incorporated on 28 February 2012 and it was granted charitable status on 19th April 2012 under registration number 1146950. The charity is governed by its Memorandum and Articles of Association and is a Private Company Limited by Guarantee. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Beit Halochem UK for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Numera Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEIT HALOCHEM UK |
Opinion |
We have audited the financial statements of Beit Halochem UK (the 'charitable company') for the year ended 29 February 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 29 February 2024 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where 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; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEIT HALOCHEM UK |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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. |
Our 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 a Report of the Independent Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. |
During the planning of the audit, discussions were held with key entity staff to ensure; |
- an understanding of the legal and regulatory framework, |
- the entity's policies and procedures on compliance with laws and regulations, |
- the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud. |
Audit procedures to detect material misstatements in respect of irregularities are outlined below: |
- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; |
- reading minutes of meetings of those charged with governance; |
- Concluding on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up the the date of our auditors report. However, future events or conditions may cause the company to cease to continue as a going concern. |
Audit procedures to address the risk of fraud through management bias and override controls, we; |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to indemnify unusual relationships; |
- investigated the rationale behind significant or unusual transactions |
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 correspondent, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve collusion, forgery, deliberate concealment and omissions, misrepresentations, or the override of internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEIT HALOCHEM UK |
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 auditors' 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. |
for and on behalf of |
Statutory Auditors |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
Note: |
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
BEIT HALOCHEM UK |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies - Unrestricted funds | 3 |
Donations and legacies - Restricted funds - General | 4 |
Donations and legacies - Restricted funds - Veteran games |
5 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 98,485 |
BEIT HALOCHEM UK (REGISTERED NUMBER: 07967938) |
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 98,485 |
TOTAL FUNDS | 98,485 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
BEIT HALOCHEM UK |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 786,821 | 12,716 |
Net cash provided by operating activities | 786,821 | 12,716 |
Cash flows from investing activities |
Interest received | 47 | 146 |
Net cash provided by investing activities | 47 | 146 |
Change in cash and cash equivalents in the reporting period |
786,868 |
12,862 |
Cash and cash equivalents at the beginning of the reporting period |
104,173 |
91,311 |
Cash and cash equivalents at the end of the reporting period |
891,041 |
104,173 |
BEIT HALOCHEM UK |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
29.2.24 | 28.2.23 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
791,948 |
(167,379 |
) |
Adjustments for: |
Interest received | (47 | ) | (146 | ) |
(Increase)/decrease in debtors | (6,688 | ) | 211,934 |
Increase/(decrease) in creditors | 1,608 | (31,693 | ) |
Net cash provided by operations | 786,821 | 12,716 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank | 104,173 | 786,868 | 891,041 |
104,173 | 786,868 | 891,041 |
Total | 104,173 | 786,868 | 891,041 |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
The presentation currency of the financial statements is the Pound Sterling (£) & is rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include: |
- determining the valuation of gifts in kind |
- the allocation of support costs to charitable activities |
- determining the valuation of debtors and if any indication exists at the assessment date where a debtor may be unable to meet their obligation |
In addition to the above, there are currently global issues where the impact is not currently possible to evaluate all the potential implications for the charities activates, beneficiary, funders, suppliers and the wider economy. |
Incoming resources |
All resources are recognised in the Statement of Financial Activities when the charity is legally entitled to the funds and the amounts can be quantified with reasonable accuracy. |
Income comprises donations, legacies and bank interest. |
Donations, including gift aid are recognised when the charity has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount will be accrued for only where the receipt is considered probably. |
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment. |
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them. |
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above. |
Any other proposed transfer between funds would be considered on the particular circumstances. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Resources expended |
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the 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. |
Cost of generating funds |
Cost of generating funds comprises all costs associated with raising additional funds for the Charity through |
advertising and other sales. |
Charitable activities |
Charitable activities comprise all costs directly incurred in undertaking activities to fulfil the Charity's objects, |
together with any support costs allocated in accordance with the support cost accounting policy as described below. |
Governance costs |
Governance costs comprise all costs incurred in running the Charity itself as an organisation and its compliance with regulation and good practice. |
Support costs |
Administration and head office costs not directly attributable to particular charitable activities are apportioned |
over the relevant activities pro rata to the value of the income derived from each charitable activity. |
Debtors |
Debtors are recognised on their settlement amount, less any provision for non-recoverability. |
Cash at bank in hand |
Cash at bank in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. |
Creditors and provisions |
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. |
Fund structure |
Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objective and is at the discretion of the trustees. |
Restricted funds comprise of monies raised for, or their use is restricted to a specific purpose or contributions are subject to donor imposed conditions. |
Financial Instruments |
The charity holds only basic financial instruments as defined by FRS102. The financial assets and the financial liabilities of the charity and their measurement basis are as follows: |
Financial assets - trade debtors and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayment are not financial instruments. |
Cash at bank - clarified as basic financial instruments and measured at face value. |
Financial liabilites - accruals and other creditors are financial instruments and are measued at amortised cost. |
Going Concern |
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. |
After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity, therefore continues to adopt the going concern policy in preparing its financial statements. |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | DONATIONS AND LEGACIES - UNRESTRICTED FUNDS |
29.2.24 | 28.2.23 |
£ | £ |
General donations- inc local events |
Gift aid tax recovery |
Annual fundraising campaign | ( |
) |
Legacy donations | 1,301,014 | 134,000 |
The Trustees have decided in the year to reallocate all donations under general donations as they believe this to provide a more representative view of donations received compared to historical allocations of donations received. |
4. | DONATIONS AND LEGACIES - RESTRICTED FUNDS - GENERAL |
29.2.24 | 28.2.23 |
£ | £ |
General donations- inc local events |
5. | DONATIONS AND LEGACIES - RESTRICTED FUNDS - VETERAN GAMES |
29.2.24 | 28.2.23 |
£ | £ |
General donations- inc local events |
Deposit account interest |
6. | RAISING FUNDS |
Raising donations and legacies |
29.2.24 | 28.2.23 |
£ | £ |
Advertising and PR |
Cost of fundraising activities |
Local projects | 94,097 | 74,274 |
Support costs |
435,971 | 471,174 |
7. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
(see note | costs (see |
8) | note 9) | Totals |
£ | £ | £ |
Grants to Israel - General | 2,625,003 | - | 2,625,003 |
Grants to Israel - Veteran games | 112,638 | - | 112,638 |
Staff costs | - | 196,707 | 196,707 |
Governance | - | 14,320 | 14,320 |
2,737,641 | 211,027 | 2,948,668 |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
8. | GRANTS PAYABLE |
29.2.24 | 28.2.23 |
£ | £ |
Grants to Israel - General | 2,625,003 | 1,096,579 |
Grants to Israel - Veteran games | 112,638 | 518,010 |
2,737,641 | 1,614,589 |
9. | SUPPORT COSTS |
Information |
Management | Finance | technology |
£ | £ | £ |
Raising donations and legacies | - | 69,501 | 3,197 |
Staff costs | 196,707 | - | - |
Governance | - | - | - |
196,707 | 69,501 | 3,197 |
Governance |
Other | costs | Totals |
£ | £ | £ |
Raising donations and legacies | 40,823 | - | 113,521 |
Staff costs | - | - | 196,707 |
Governance | - | 14,320 | 14,320 |
40,823 | 14,320 | 324,548 |
10. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
29.2.24 | 28.2.23 |
£ | £ |
Auditors' remuneration | 6,000 | 4,500 |
Other operating leases | 19,200 | 15,950 |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
12. | STAFF COSTS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries |
196,707 | 201,070 |
The average monthly number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Engaged on management and fundraising |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
29.2.24 | 28.2.23 |
£160,001 - £170,000 | 1 | 1 |
The key management personnel of the charity comprise of the trustees and the Chief Executive Officer. The total employee benefits, including social security costs, employer pension contributions of the key management personnel of the charity were £170,000 (year to 28 February 2023 £162,000) |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - YEAR ENDED 2023 |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies - Unrestricted funds |
Donations and legacies - Restricted funds - Veteran games |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 265,864 | - |
TOTAL FUNDS CARRIED FORWARD | 98,485 | - | 98,485 |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
14. | OPERATING LEASES |
As at 28 February 2024, the charity was committed to total future minimum lease payments under non-cancellable operating leases as follows: |
Office premises | £ | £ |
Within one year | 6,400 | 6,400 |
Within two to five years | Nil | Nil |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Other debtors |
Prepayments |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade creditors | ( |
) |
Social security and other taxes |
Accrued expenses |
17. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.3.23 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 98,485 | 791,948 | 890,433 |
TOTAL FUNDS | 791,948 | 890,433 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 4,176,587 | (3,384,639 | ) | 791,948 |
TOTAL FUNDS | ( |
) | 791,948 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.3.22 | in funds | 28.2.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 265,864 | (167,379 | ) | 98,485 |
TOTAL FUNDS | 265,864 | (167,379 | ) | 98,485 |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
17. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,612,487 | (1,779,866 | ) | (167,379 | ) |
Restricted funds |
Grants to Isreal - Veteran games | 518,010 | (518,010 | ) | - |
TOTAL FUNDS | 2,130,497 | (2,297,876 | ) | (167,379 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.3.22 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 265,864 | 624,569 | 890,433 |
TOTAL FUNDS | 265,864 | 624,569 | 890,433 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 5,789,074 | (5,164,505 | ) | 624,569 |
Restricted funds |
Grants to Isreal - Veteran games | 518,010 | (518,010 | ) | - |
TOTAL FUNDS | 6,307,084 | (5,682,515 | ) | 624,569 |
18. | RELATED PARTY DISCLOSURES |
The charity received cash donations during the year. |
Related Party | 2024£ | 2023£ |
Trustees | 180,000 | 173,500 |
Total |
BEIT HALOCHEM UK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
19. | ULTIMATE CONTROLLING PARTY |
As a company limited by guarantee, the company is not under the control of any one individual. All decisions are taken by the Board of Directors who are the trustees of the company. |