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2023-06-19
Sage Accounts Production Advanced 2023 - FRS102_2023_Charity
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14945486
2023-06-19
2024-03-31
14945486
2024-03-31
14945486
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14945486
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14945486
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14945486
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14945486
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14945486
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14945486
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2024-03-31
COMPANY REGISTRATION NUMBER:
14945486
CHARITY REGISTRATION NUMBER:
1206425
Company Limited by Guarantee |
|
Unaudited Financial Statements |
|
Company Limited by Guarantee |
|
Period from 19 June 2023 to 31 March 2024
Trustees' annual report (incorporating the director's report) |
1 |
|
|
Statement of financial activities (including income and expenditure account) |
4 |
|
|
Statement of financial position |
5 |
|
|
Notes to the financial statements |
6 |
|
|
Company Limited by Guarantee |
|
Trustees' Annual Report (Incorporating the Director's Report) |
|
Period from 19 June 2023 to 31 March 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 period ended
31 March 2024
.
Reference and administrative details
Registered charity name |
Asser Foundation Ltd |
|
|
Charity registration number |
1206425 |
|
|
Company registration number |
14945486 |
|
|
Principal office and registered |
2nd floor Parkgates |
office |
Bury New Road |
|
Prestwich |
|
M25 0TL |
|
Manchester |
|
|
The trustees
|
A I Stern |
(Appointed
19 September 2023) |
|
Rabbi D Orzel |
(Appointed
19 June 2023) |
|
M Sinitsky |
(Appointed
19 September 2023) |
|
C S Ehrentreu |
(Served from
28 July 2023 to 19 September 2023) |
|
|
|
Accountants |
Haffner Hoff Ltd |
|
Accountants |
|
2nd Floor - Parkgates |
|
Bury New Road |
|
Prestwich |
|
Manchester |
|
M25 0TL |
|
|
Structure, governance and management
Asser Foundation Ltd
is constituted by Memorandum and Articles of Association 19 June 2023 as amended by special resolution 07 January 2024 and is a company limited by guarantee. It was incorporated on 19 June 2023 as a company and the company number is 14945486
. It was registered as a charity on 08 January 2024 with a charity number 1206425
.
Recruitment and appointment of new trustees would be in line with the Trust Deed 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.
There is no chief executive officer. The day to day affairs are undertaken by Mr Pollak on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity's employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
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 charity, and are satisfied that systems are in place to manage our exposure to the major risks.
Risks are managed by operating within current Charity Commission guidance and conducting effective due diligence of donors and beneficiaries.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Risk management
The trustees are responsible for the management of the risks faced by the Charity. A formal review of the charity's risk management processes is undertaken on an annual basis at the December Finance Board meeting.
The key controls used by the charity include:
Comprehensive strategic planning and budgeting;
Established organisational structure and lines of reporting;
Clear authorisation and approval levels.
Staff training and development
Through the risk management processes established for the Charity, the trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
The objects of the charity are:
- The prevention or relief of poverty or financial hardship, by the provision of grants to charities or other organizations working to prevent or relieve poverty or financial hardship.
- For the public benefit to advance the education of people of all ages in accordance with the values of the orthodox Jewish faith by providing grants to charities, educational establishments or other organizations that provide education.
- To advance the orthodox Jewish religion for the benefit of the public in accordance with the principles of the code of Jewish law (Shulchan Aruch).
- To promote and protect the physical and mental health of sufferers of any medical condition through the provision of grants.
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.
Achievements and performance
During the year the charity received £5,000 in donations and spent £3,040 in support costs.
Financial review
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.
The free reserves stand at £1,960, being the free reserves of the charity, all of which are unrestricted.
Plans for future periods
The trustees plan to continue raising funds for projects in line with the trust deed and pursue those objectives and projects with all the resources available to the charity.
The trustees hope to migrate the operations from Asser Bishvil Foundation into this charity as it is best placed to manage the opportunities and risk of future growth and expansion.
The expectation is that the migration will take place once a new web based CRM system is in place.
The trustees' annual report was approved on
26 December 2024
and signed on behalf of the board of trustees by:
Company Limited by Guarantee |
|
Statement of Financial Activities |
(including income and expenditure account) |
|
Period from 19 June 2023 to 31 March 2024
|
Period from 19 Jun 23 to 31 Mar 24 |
|
Unrestricted funds |
Total funds |
Note |
£ |
£ |
|
|
|
Income and endowments
Donations and legacies |
5 |
5,000 |
5,000 |
|
------- |
------- |
Total income |
5,000 |
5,000 |
|
------- |
------- |
|
|
|
|
Expenditure
Expenditure on charitable activities |
6,7 |
3,040 |
3,040 |
|
------- |
------- |
Total expenditure |
3,040 |
3,040 |
|
------- |
------- |
|
|
|
|
|
------- |
------- |
Net income and net movement in funds |
1,960 |
1,960 |
|
------- |
------- |
|
|
|
Reconciliation of funds
Total funds brought forward |
– |
– |
|
------- |
------- |
Total funds carried forward |
1,960 |
1,960 |
|
------- |
------- |
|
|
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 March 2024
Current assets
Cash at bank and in hand |
2,560 |
|
|
Creditors: amounts falling due within one year |
11 |
600 |
|
------- |
Net current assets |
1,960 |
|
------- |
Total assets less current liabilities |
1,960 |
|
------- |
Net assets |
1,960 |
|
------- |
|
|
|
Funds of the charity
Unrestricted funds |
1,960 |
|
|
------- |
Total charity funds |
12 |
1,960 |
|
|
------- |
|
|
|
For the period ending 31 March 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 period 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
26 Dec 24
, and are signed on behalf of the board by:
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Period from 19 June 2023 to 31 March 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, M25 0TL, Manchester.
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 or assumptions that affect the amounts reported.
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
Asser Foundation Limited 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 |
|
|
£ |
£ |
|
|
|
|
Donations
|
Donations |
5,000 |
5,000 |
|
|
------- |
------- |
|
|
|
|
6.
Expenditure on charitable activities by fund type
|
|
Unrestricted Funds |
Total Funds 2024 |
|
|
£ |
£ |
|
Support costs |
3,040 |
3,040 |
|
|
------- |
------- |
|
|
|
|
7.
Expenditure on charitable activities by activity type
|
Support costs |
Total funds 2024 |
|
£ |
£ |
|
Charitable activity |
40 |
40 |
|
Governance costs |
3,000 |
3,000 |
|
|
------- |
------- |
|
|
3,040 |
3,040 |
|
|
------- |
------- |
|
|
|
|
8.
Analysis of support costs
|
Analysis of support costs |
Total 2024 |
|
£ |
£ |
|
General office |
40 |
40 |
|
Governance costs |
3,000 |
3,000 |
|
|
------- |
------- |
|
|
3,040 |
3,040 |
|
|
------- |
------- |
|
|
|
|
9.
Staff costs
The average head count of employees during the period was 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 nor were any expenses reimbursed to the trustees.
11.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
|
£ |
Accruals and deferred income |
600 |
|
---- |
|
|
12.
Analysis of charitable funds
Unrestricted funds
|
At 19 June 2023 |
Income |
Expenditure |
At 31 March 2024 |
|
£ |
£ |
£ |
£ |
General funds |
– |
5,000 |
(3,040) |
1,960 |
|
---- |
------- |
------- |
------- |
|
|
|
|
|
13.
Analysis of net assets between funds
|
Unrestricted Funds |
Total Funds 2024 |
|
£ |
£ |
|
Current assets |
2,560 |
2,560 |
|
Creditors less than 1 year |
(600) |
(600) |
|
|
------- |
------- |
|
Net assets |
1,960 |
1,960 |
|
|
------- |
------- |
|
|
|
|
14.
Related parties
The charity received a donation of £5,000 from a related party.
15.
Taxation
Asser 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.