TIFERETH_BENEVOLENT_FUND_ - Accounts

The governors present their report and financial statements for the year ended 31 March 2019.

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.

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's own bank funds generated £25 and also received income of £21,755 from its subsidiary. It also received other donations of £120. Accordingly, the total of incoming resources was £21,900 which left a surplus of £19,557 after expenses of £2,343.

The charity distributed £41,075 to various charities for the relief of poverty and the advancement of religion in accordance with the Orthodox Jewish faith, resulting in a £21,518 decrease in reserves.

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

At the balance sheet date the charity had negative reserves of £34,954 due to past loans from its subsidiary having been donated by the charity.

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 charityy 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.

This report is made to the charity's governors, as a body, in accordance with the terms of our engagement letter dated 12 May 2014. Our work has been undertaken solely to prepare for your approval the accounts of Tifereth Benevolent Fund Limited and state those matters that we have agreed to state to the charity's governors, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tifereth Benevolent Fund Limited and the charity's governors as a body, for our work or for this report.

It is your duty to ensure that Tifereth Benevolent Fund Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Tifereth Benevolent Fund Limited. You consider that Tifereth Benevolent Fund Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Tifereth Benevolent Fund Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charitable activities

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

All income and expenditure derive from continuing activities.

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 2019.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

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 £21,755 (2018: £24,114) from the company's subsidiary.

Charitable activities

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

Beenstock House £10,000

Beis Minchas Yitzchok £2,100

Bnos Zion D'Bobov £1,400

Chasdei Osher £2,000

Chasdei Yoel Charitable Trust £2,580

Chomeil Dalin £1,500

Keren £5,000

Kesser Torah School £2,160

New Light Trust £1,350

Well of Torah £2,500

Other small donations below £1,000 £10,541

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£41,075

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Accountancy fees

Sundry expenses

Bank charges and interest

There were no disclosable related party transactions during the year (2018- none).