0 false false true false false false false true false false false false false true true No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021_Charity xbrli:pure xbrli:shares iso4217:GBP 5351581 2023-03-01 2024-02-29 5351581 2024-02-29 5351581 2023-02-28 5351581 2022-03-01 2023-02-28 5351581 2023-02-28 5351581 2022-02-28 5351581 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 5351581 char:Trustee1 2023-03-01 2024-02-29 5351581 char:Trustee2 2023-03-01 2024-02-29 5351581 char:Trustee3 2023-03-01 2024-02-29 5351581 bus:CompanySecretary1 2023-03-01 2024-02-29 5351581 char:TotalUnrestrictedFunds 2023-02-28 5351581 char:TotalUnrestrictedFunds 2024-02-29 5351581 char:TotalUnrestrictedFunds 2023-02-28 5351581 char:TotalUnrestrictedFunds 2023-03-01 2024-02-29 5351581 char:TotalUnrestrictedFunds 2022-03-01 2023-02-28 5351581 core:WithinOneYear 2024-02-29 5351581 core:WithinOneYear 2023-02-28 5351581 core:AfterOneYear 2024-02-29 5351581 core:AfterOneYear 2023-02-28 5351581 bus:FRS102 2023-03-01 2024-02-29 5351581 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 5351581 bus:FullAccounts 2023-03-01 2024-02-29 5351581 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 5351581 core:AfterOneYear 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 5351581
CHARITY REGISTRATION NUMBER: 1112605
YA & JA Foundation
Company Limited by Guarantee
Unaudited Financial Statements
29 February 2024
YA & JA Foundation
Company Limited by Guarantee
Financial Statements
Year ended 29 February 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
8
YA & JA Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 29 February 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 29 February 2024 .
Reference and administrative details
Registered charity name
YA & JA Foundation
Charity registration number
1112605
Company registration number
5351581
Principal office and registered
2nd Floor - Parkgates
office
Bury New Road
Prestwich
Manchester
M25 0TL
The trustees
Y A Horowitz
Mrs J A Horowitz
B Stern
Company secretary
Mrs J A Horowitz
Independent examiner
Mr Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
YA & JA Foundation is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 03 February 2005 as a company and the company number is 5351581. It was registered as a charity on 30 December 2005 with a charity number 1112605.
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
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 our exposure to the major risks.
Objectives and activities
The objects of the charity are the relief of poverty amongst the elderly or persons in need, hardship or distress in the Jewish Community; the advancement of the Orthodox Jewish Religion; and the advancement of education according to the tenets of the Orthodox Jewish Faith.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations and investment income from the trustees and investments. The charity gives out grants in line with the above objects.
There were no grants paid out during the year.
Grants made during the year to institutions are as detailed in the accounts.
The application of the funds is by way of grants to either institutions or individuals and is almost always to institutions.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity received £321,240 by way of donations and (£24,961) by way of investment income during the year.
All office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.
Grants over £1,000 made during the year to institutions are detailed in the accounts and amounted to £85,170. These grants were paid out in line with the objects of the charity.
Support costs including governance of £1,009 were also incurred during the year.
There were no material fundraising costs during the year.
There was a net income and net movement in funds for the year amounting to £210,100.
Financial review
The investments of the charity have generated a negative return on their investment. The trustees consider this to be a temporary matter and have resolved not to revalue the investment downwards as they do not consider this to be a permanent impairment. The trustees will monitor the progress of this investment and report on it again next year.
The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. Additionally, this does not include potential capital gains on the investment.
There is no exposure of loan to value covenants that would put these investments at risk.
Reserves policy
The unrestricted fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.
The trustees have considered the fair value of the investment property taking into account the loan to value of the properties as well as the nature and exposure of the syndicate properties. The trustees consider the holding value to be the fair value.
The free reserves, represented by the net current assets of the charity stand at £136,473, all of which are unrestricted.
The trustees' annual report and the strategic report were approved on 21 November 2024 and signed on behalf of the board of trustees by:
Y A Horowitz
Trustee
YA & JA Foundation
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of YA & JA Foundation
Year ended 29 February 2024
I report to the trustees on my examination of the financial statements of YA & JA Foundation ('the charity') for the year ended 29 February 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
21 November 2024
YA & JA Foundation
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 29 February 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
321,240
321,240
206,943
Investment income
6
( 24,961)
( 24,961)
11,432
---------
---------
---------
Total income
296,279
296,279
218,375
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
86,179
86,179
51,174
---------
---------
---------
Total expenditure
86,179
86,179
51,174
---------
---------
---------
---------
---------
---------
Net income and net movement in funds
210,100
210,100
167,201
---------
---------
---------
Reconciliation of funds
Total funds brought forward
98,737
98,737
( 68,464)
---------
---------
---------
Total funds carried forward
308,837
308,837
98,737
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
YA & JA Foundation
Company Limited by Guarantee
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
14
198,938
197,299
Current assets
Debtors
15
21,515
Cash at bank and in hand
115,858
123,912
---------
---------
137,373
123,912
Creditors: amounts falling due within one year
16
900
900
---------
---------
Net current assets
136,473
123,012
---------
---------
Total assets less current liabilities
335,411
320,311
Creditors: amounts falling due after more than one year
17
26,574
221,574
---------
---------
Net assets
308,837
98,737
---------
---------
Funds of the charity
Unrestricted funds
308,837
98,737
---------
--------
Total charity funds
18
308,837
98,737
---------
--------
For the year ending 29 February 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 21 November 2024 , and are signed on behalf of the board by:
Y A Horowitz
Trustee
YA & JA Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 29 February 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 2nd Floor - Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
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 did not require management to make judgements, estimates and assumptions that affect the amounts reported besides the valuation of fixed asset investments at the year end.
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.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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
YA & JA Foundation is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
321,240
321,240
206,943
206,943
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Income from investment properties
( 24,961)
( 24,961)
11,432
11,432
--------
--------
--------
--------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable grants
85,170
85,170
50,000
50,000
Support costs
1,009
1,009
1,174
1,174
--------
--------
--------
--------
86,179
86,179
51,174
51,174
--------
--------
--------
--------
8. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable grants
85,170
109
85,279
50,273
Governance costs
900
900
901
--------
-------
--------
--------
85,170
1,009
86,179
51,174
--------
-------
--------
--------
9. Analysis of support costs
Analysis of support costs activity 1
Total 2024
Total 2023
£
£
£
General office
109
109
273
Governance costs
900
900
901
-------
-------
-------
1,009
1,009
1,174
-------
-------
-------
10. Analysis of grants
2024
2023
£
£
Grants to institutions
Ateres Yoel
1,000
Bederech Kovod
15,000
10,000
Beis Soroh Schenirer
7,500
Bemosh Ltd
15,000
Chasidei Belz Manchester
4,000
Choimel Dalim
10,000
Grants under £1,000
490
HTH Youth Foundation
2,000
Ohr Torah
40,180
T T C N
15,000
Yesoidei Hatorah School
15,000
--------
--------
85,170
50,000
--------
--------
Total grants
85,170
50,000
--------
--------
11. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
900
900
----
----
12. Staff costs
The average head count of employees during the year was Nil (2018: Nil)
No employee received employee benefits of more than £60,000 during the year (2018: Nil)
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Investments
Other investments
£
Cost or valuation
At 1 March 2023
197,299
Additions
26,600
Disposals
(24,961)
---------
At 29 February 2024
198,938
---------
Impairment
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
198,938
---------
At 28 February 2023
197,299
---------
All investments shown above are held at valuation.
Other investments represents a 4% holding in a property syndicate held by the charity.
15. Debtors
2024
2023
£
£
Other debtors
21,515
--------
----
This represents an account held in another charity on behalf of this charity.
16. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
900
900
----
----
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
26,574
221,574
--------
---------
This represents a loan owed to one of the trustees. See related parties note.
18. Analysis of charitable funds
Unrestricted funds
At 1 March 2023
Income
Expenditure
At 29 February 2024
£
£
£
£
General funds
98,737
296,279
(86,179)
308,837
--------
---------
--------
---------
At 1 March 2022
Income
Expenditure
At 28 February 2023
£
£
£
£
General funds
(68,464)
218,375
(51,174)
98,737
--------
---------
--------
--------
19. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Investments
198,938
198,938
Current assets
137,373
137,373
Creditors less than 1 year
(900)
(900)
Creditors greater than 1 year
(26,574)
(26,574)
---------
---------
Net assets
308,837
308,837
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Investments
197,299
197,299
Current assets
123,912
123,912
Creditors less than 1 year
(900)
(900)
Creditors greater than 1 year
(221,574)
(221,574)
---------
---------
Net assets
98,737
98,737
---------
---------
20. Related parties
Mr Y A Horowitz , a trustee of YA & JA Foundation , lent sums to the charity in a previous period and was repaid various sums during the year. The balance owing to Mr Y A Horowitz, on an interest free basis, at the year end amounted to £26,574. During the year Mr Y A Horowitz made a donation of £43,030. Additionally Mrs J A Horowitz , also a trustee of YA & JA Foundation , made a donation of £43,030.
21. Taxation
YA & JA Foundation is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.