Charity Registration No. 1002406
SAFARDI MINYAN
TRUSTEES’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2022
GOLDWINS
Chartered Accountants & Registered Auditors 75 Maygrove Road West Hampstead London NW6 2EG
SAFARDI MINYAN
TRUSTEES’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
| PAGE | |
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| Trustees’ annual report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the accounts | 5 -9 |
SAFARDI MINYAN TRUSTEES’ REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The trustees present their report and annual accounts for the year ended 30 June 2022.
The financial statements have been prepared in accordance with 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 (FRS102- effective 1 January 2015- Charities SORP (FRS 102) and the Charities Act 2011.
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The object of Safardi Minyan is to promote the Jewish religion.
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For this purpose, a constitution has been written which describes the specific objects, the Committee, the Officers and General Meetings.
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The Association has been registered at the Charities Commission as Safardi Minyan on 4th April 1991 (Registration No. 1002406).
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The trustees of the charity are: H Kohali – Treasurer F Kelaty D Kohali - Chairman
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The Legal Advisor is Alexander Marks - Solicitors. The accountants are Goldwins, 75 Maygrove Road, West Hampstead, London NW6 2EG. The Bank is Lloyds Bank, Hendon Branch.
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The activities of The Synagogue ensured another successful year, expanding membership and its range of services offered to its members.
Public Benefit
The principal activities of the charity during the year continued to be to promote the Jewish religion. The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed throughout this report and accounts.
Reserves policy
The charity currently operates with an adequate level of reserves representing approximately 3 to 6 months expenditure. The trustees review this policy on a regular basis.
Trustees’ responsibilities
Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that year. In preparing those accounts, the trustees are required to:-
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the Accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Treasurer - H KOHALI 9 February 2023
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SAFARDI MINYAN INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
I report to the trustees on my examination of the accounts of the Safardi Minyan for the year ended 30 June 2022.
Responsibilities and basis of report
As the trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
9 February 2023
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SAFARDI MINYAN
STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 30 JUNE 2022
| Unrestricted funds Endowment funds Restricted funds £ £ £ Income from: Donations 123,109 - - Total income 123,109 - - Expenditure on: Charitable activities Light and heat 6,399 - - Water rates 557 - - Insurance 1,727 - - Rabbi’s services 77,890 - - Depreciation 16,189 - - Catering and functions 7,898 - - Donations paid 1,080 - 200 Security 4,822 - - Sundry 237 - - Legal and professional fees 1,000 - - Bank interest and charges - - - Other expenses 5,420 - - Total expenditure 123,219 - 200 Movement in funds (110) - (200) Transfers 1,810 - (1,810) Net movement in funds 1,700 - (2,010) Funds brought forward 364,422 135,284 2,204 Funds carried forward 366,122 135,284 **194 ** |
Total 2022 £ 123,109 123,109 6,399 557 1,727 77,890 16,189 7,898 1,280 4,822 237 1,000 - 5,420 123,419 (310) - (310) 501,910 **501,600 ** |
Total 2021 £ 123,736 123,736 5,218 607 1,730 55,294 12,971 600 4,175 4,152 252 1,000 138 1,956 88,093 35,643 - 35,643 466,267 501,910 |
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities. The attached notes form part of these financial statements.
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SAFARDI MINYAN
BALANCE SHEET AS AT 30 JUNE 2022
| Notes Fixed assets Tangible assets 4 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Creditors: amounts falling due after more than one year 6 NET ASSETS Income funds Restricted funds Endowment funds Other charitable funds Total funds 7 |
2022 £ 11,574 |
£ 721,026 10,574 (230,000) 501,600 194 135,284 366,122 501,600 |
2021 £ 25,650 |
£ 577,260 24,650 (100,000) 501,910 2,204 135,284 364,422 501,910 |
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11,574 (1,000) |
25,650 (1,000) |
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These financial statements were approved by the members of the committee on 9 February 2023 and are signed on their behalf by:
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H Kohali (Treasurer)
The attached notes form part of these financial statements.
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SAFARDI MINYAN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022
1. ACCOUNTING POLICIES
a) Basis of accounting
The financial statements have been prepared in accordance with 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 - effective 1 January 2015) - Charities SORP (FRS 102) and Charities Act 2011.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Reconciliation with previously Generally Accepted Accounting Practice (GAAP)
In preparing the accounts, the trustees have considered how to apply the accounting policies required by FRS 102 and the Charities SORP (FRS 102).
c) Going concern
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
d) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received
Income relating to classes, lettings and activities represent the invoiced value of services provided.
e) Expenditure
Expenditure is recognised in the period in which it is incurred.
All expenses are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration on each activity, comprising salary and overhead costs of the central function, is apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.
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SAFARDI MINYAN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022
ACCOUNTING POLICIES (continued)
f) Tangible fixed assets and deprecation
Tangible fixed assets are stated at cost less deprecation. Depreciation is provided on all tangible fixed assets at rates calculated to written off the cost less estimated value of each asset its expected useful life, as follows:
Land and building 2% on reducing balance Fixtures, fittings and equipment 5% on reducing balance
g) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
h) Fund accounting
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Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
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Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.
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Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
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SAFARDI MINYAN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022
2. Detailed comparatives of the statement of financial activities
| Unrestricted funds Endowment funds Restricted funds £ £ £ INCOME FROM: Donations 122,158 - 1,578 TOTAL INCOME 122,158 - 1,578 EXPENDITURE ON: Charitable activities Cantor services - - - Light and heat 5,218 - - Water rates 607 - - Insurance 1,730 - - Rabbi’s services 55,294 - - Depreciation 12,971 - - Catering and functions 600 - - Donations paid 980 - 3,195 Security 4,152 - - Legal and professional fees 252 - - Bank interest and charges 1,000 - - Other expenses 138 - - TOTAL EXPENDITURE 1,956 - - MOVEMENT IN FUNDS 37,260 - (1,617) TRANSFERS (1,617) 1,617 NET MOVEMENT IN FUNDS 35,643 - - FUNDS BROUGHT FORWARD 328,779 135,284 2,204 FUNDS CARRIED FORWARD 364,422 135,284 2,204 |
Total 2021 £ 123,736 123,736 - 5,218 607 1,730 55,294 12,971 600 4,175 4,152 252 1,000 138 1,956 35,643 - 35,643 466,267 501,910 |
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SAFARDI MINYAN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022
| 3. NET INCOME / (EXPENDITURE) FOR THE YEAR This is stated after charging / (crediting): 2022 £ Depreciation 16,189 Independent examiner’s fees 1,000 4 TANGIBLE FIXED ASSETS Land and buildings Fixtures & Fittings £ £ Cost At the start of the year 683,869 111,400 Additions 148,770 11,185 Disposals - - At the end of the year 832,639 122,585 Depreciation At the start of the year 143,556 74,453 Charge for the year 13,782 2,407 On disposals - - At the end of the year 157,338 76,860 Net book value At the end of the year 675,301 45,725 At the start of the year 540,313 36,947 |
2021 £ 12,971 1,000 Total £ 795,269 159,955 - |
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| 955,224 | ||
| 218,009 16,189 - |
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| 234,198 | ||
| 721,026 | ||
| 577,260 |
All of the above assets are used for charitable purposes.
5. CREDITORS: amounts falling due within one year Accruals |
2022 2021 £ £ 1,000 1,000 |
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SAFARDI MINYAN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022
6. CREDITORS: amounts falling due after more than one year
Other Loans |
2022 230,000 230,000 |
2021 100,000 |
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| 100,000 |
7. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Endowment funds £ Funds Balances at 30 June 2022 are represented by Fixed assets 135,284 Net current assets - Non-current liabilities - Total Net Assets 135,284 |
Unrestricted funds £ 585,742 10,380 (230,000) 366,122 |
Restricted funds £ - 194 - 194 |
Total funds 2021 £ 721,026 10,574 (230,000) 501,600 |
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8. RESTRICTED FUNDS
These are the funds held in Gemach bank account.
9. TAXATION
The charity is provisionally exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
10. RELATED PARTIES
No expenses were reimbursed to the trustees.
No member of the management committee has received or are due to receive any remuneration for the year directly or indirectly from the charity’s funds.
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