Charity registration number 251737
Company registration number 00836699 (England and Wales)
TIFERETH BENEVOLENT FUND LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TIFERETH BENEVOLENT FUND LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Mr Henry Neumann
Mr Philip Weiss
Mr Hyman Weiss
Mr Pinchas Neumann
Mr Maurice Neumann
Charity number
251737
Company number
00836699
Principal address
Heaton House
148 Bury Old Road
Manchester
M7 4SE
Registered office
Heaton House
148 Bury Old Road
Manchester
M7 4SE
Independent examiner
Lopian Gross Barnett & Co
1st Floor Cloister House
New Bailey Street
Salford
M35FS
TIFERETH BENEVOLENT FUND LIMITED
CONTENTS
Page
Governors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 10
TIFERETH BENEVOLENT FUND LIMITED
GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The governors present their annual report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objectives are to aid the advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty and other charitable purposes for the public benefit. The policies adopted in furtherance of these objects are to identify Orthodox Jewish Charities which carry out activities such as providing Orthodox Jewish education and other activities which advance religion in accordance with the Orthodox Jewish faith or which relieve poverty and there has been no change in these during the year.

 

Each year, the governors confirm that they have referred to guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity's income is generated from its subsidiary and charitable donations which are then distributed to meet the above objectives.

The governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the year the charity made donations to a variety of charities within the Jewish community. The governors are pleased with the investment performance by the charity's subsidiary and with the level of donations given to worthy causes.

Financial review

The governors' investment powers are governed by the Charity's Memorandum of Association which permits the company to invest as may be determined by the governors.

 

The charity's subsidiary continues to generate its income from investing in property and to pay its taxable profit to the charity.

 

The charity received income of £39,429 (2023: £19,387) and £34 (2023: £6) of bank interest. Accordingly, the total of incoming resources was £39,463 (£2023: £19,393), resulting in a surplus of £34,860 after expenses of £4,603.

 

The charity distributed £27,570 (2023: £23,500) to various charities for the relief of poverty and the advancement of religion in accordance with the Orthodox Jewish faith, resulting in a £7,290 increase in reserves.

There is no formal policy to maintain a set level of reserves.

The governors' investment powers are governed by the charity's memorandum of association that permits the charity to invest as may be determined by the governors.

 

The governors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management

The charity is a company limited by guarantee. It was incorporated on 04 February 1965 and registered as a charity on the same day. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of association.

TIFERETH BENEVOLENT FUND LIMITED
GOVERNORS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

 

Mr Henry Neumann
Mr Philip Weiss
Mr Hyman Weiss
Mr Pinchas Neumann
Mr Maurice Neumann

Governors are recommended and appointed by the board of governors, training would be offered to new governors by the existing governors.

 

None of the governors has any beneficial interest in the charity. All of the governors are members of the charity and guarantee to contribute an amount not exceeding £1 in the event of a winding up.

All decisions made on behalf of the charity are made by the governors who are responsible for the provision of means to distribute charitable donations to worthy causes.

The governors' report was approved by the Board of Governors.

Mr Hyman Weiss
Governor
Dated: 30 January 2025
TIFERETH BENEVOLENT FUND LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE GOVERNORS OF TIFERETH BENEVOLENT FUND LIMITED
- 3 -

I report to the governors on my examination of the accounts of Tifereth Benevolent Fund Limited (the charity) for the year ended 31 March 2024, which are set out on pages 4 to 10.

Respective responsibilities of governors and examiner

As the governors of the charity (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 financial statements of the charity 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 financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 that in any material respect:

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 financial statements to be reached.

Jason Selig
Lopian Gross Barnett & Co
Chartered Accountants
1st Floor Cloister House
New Bailey Street
Salford
M35FS
Dated: 30 January 2025
TIFERETH BENEVOLENT FUND LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
39,429
19,387

Investments

3
34
6
Total income
39,463
19,393
Expenditure on:

Charitable activities

4
27,570
23,500
Other
8
4,603
3,689
Total resources expended
32,173
27,189
Net income/(expenditure) for the year/
Net movement in funds
7,290
(7,796)
Fund balances at 1 April 2023
16,100
23,896
Fund balances at 31 March 2024
23,390
16,100

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

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
TIFERETH BENEVOLENT FUND LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
100
100
Current assets
Debtors
11
1,279
1,279
Cash at bank and in hand
32,746
29,264
34,025
30,543
Creditors: amounts falling due within one year
12
(10,735)
(14,543)
Net current assets
23,290
16,000
Total assets less current liabilities
23,390
16,100
Income funds
Unrestricted funds
23,390
16,100
23,390
16,100

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Governors on 30 January 2025
Mr Hyman Weiss
Governor
Company Registration No. 00836699
TIFERETH BENEVOLENT FUND LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Charity information

Tifereth Benevolent Fund Limited is a private company limited by guarantee incorporated in England and Wales and a registered charity in England and Wales. The registered office is Heaton House, 148 Bury Old Road, Manchester, M7 4SE.

1.1
Accounting convention

The accounts have been prepared in accordance with the charity's Deed of Trust, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the governors in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Funds held by the charity are all unrestricted. These being funds which can used in accordance with the charitable objects at the discretion of the governors.

1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Resources expended

Charitalbe distibutions represent donations paid to religious, educational and similar charities.

1.6
Fixed asset investments

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

TIFERETH BENEVOLENT FUND LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.9

Group accounts

The financial statements present information about the charity as an individual undertaking and not about its group. The charity and its subsidiary undertaking comprise a small-sized group. The charity has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
39,429
19,387

Donations include £18,929 (2023 : £19,387) from the Charity's subsidiary.

3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
34
6
TIFERETH BENEVOLENT FUND LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Expenditure on charitable activities
2024
2023
£
£
Direct costs
Grant funding of activities (see note 5)
27,570
23,500
Analysis by fund
Unrestricted funds
27,570
23,500
5
Grants payable
2024
2023
£
£
Orthodox Jewish Education and religious studies
11,225
500
Advancement of religion and the Orthodox Jewish faith
11,025
20,000
Relief of hardship and poverty in the Jewish community
5,320
88,050
27,570
23,500

Material grants were made to the following bodies in the following amounts:

 

£

 

Live and Learn                10,000

Chernobel Schul                10,000

The Friends of Maasse Tsedokoh         5,000

Yeshivas Gedolah London     1,000

            

     -------------

     26,000

         ========

 

 

 

6
Governors
None of the governors (or any persons connected with them) received any remuneration during the year.
7
Employees
There were 0 employees during the year (2023: 0).
TIFERETH BENEVOLENT FUND LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Other
2024
2023
£
£

Accountancy fees

2,440
3,040

Sundry expenses

2,118
603

Bank charges and interest

45
46
9
Taxation
The activities of Tifereth Benevolent Fund Limited are exempt from direct taxation under Part 11 of Corporation Tax Act 2010.
10
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
100
Carrying amount
At 31 March 2024
100
At 31 March 2023
100
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,279
1,279
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,760
2,640
Amounts owed to subsidiary undertakings
4,214
263
Other creditors
1,000
9,000
Accruals and deferred income
2,761
2,640
10,735
14,543
TIFERETH BENEVOLENT FUND LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
13
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
16,100
39,463
(32,173)
23,390
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
23,896
19,393
(27,189)
16,100
14
Related party transactions

There were no disclosable related party transactions during the year (2023- none).

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