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).
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.
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.
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 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.
The governors, who are also the directors for the purpose of company law, and who served during the year were:
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.
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.
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.
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:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
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
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.
Investments
Charitable activities
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.
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.
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.
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.
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.
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.
Charitalbe distibutions represent donations paid to religious, educational and similar charities.
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.
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.
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, 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, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
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.
Donations include £18,929 (2023 : £19,387) from the Charity's subsidiary.
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
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26,000
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Accountancy fees
Sundry expenses
Bank charges and interest
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.
There were no disclosable related party transactions during the year (2023- none).