CHARITY REGISTRATION NUMBER: 1050963
The New Rachmistrivka Synagogue Trust
Financial Statements 30 September 2022
COHEN ARNOLD Chartered accountants& statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU
The New Rachmistrivka Synagogue Trust
Financial Statements
Year ended 30 September 2022
| Pages | |
|---|---|
| Trustees' annual report | 1 to2 |
| Independent auditor's reporttothemembers | 3 to 6 |
| Statement offinancial activities | 7 |
| Statementoffinancialposition | 8 |
| Statementofcashflows | Ss |
| Notestothefinancialstatements | 10to14 |
The New Rachmistrivka Synagogue Trust Trustees' Annual Report
Year ended 30 September 2022
The trustees present their report and the financial statements of the charity for the year ended 30 September 2022.
Reference and administrative details
| Registered charityname | TheNewRachmistrivka SynagogueTrust |
|---|---|
| Charity registration number | 1050963 |
| Principal office | 12 PortlandAvenue |
| LONDON | |
| N16 6ET | |
| The trustees | MrM Stern |
| MrD Margulies | |
| MrsRMargulies | |
| Auditor | CohenArnold Chartered accountants& statutory auditor |
| NewBurlington House | |
| 1075 FinchleyRoad | |
| LONDON | |
| NW110PU |
Structure, governance and management
The New Rachmistrivka Synagogue Trust is constituted and governed by its Trust Deed dated 28 June 1995 and is an unincorporated charity registered with the Charity Commission (Registration No. 1050963).
The day to day affairs of the Charity are administered by the Board of Trustees, the Chair of which is Mr M Stern.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment and training procedures.
None of the Trustees have any beneficial interest in the charity.
Objectives and activities
The Charity's objectives are to promote the Jewish religion and to advance Jewish religious education.
The main activity of the charity is to make grants to Rachmistrivka Institutions.
The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
Achievements and performance
The Trustees consider that the performance of the Charity this year has been most satisfactory.
The aggregate donations made during the year was £1,617,850. No change of activities is envisaged in the immediate future.
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The New Rachmistrivka Synagogue Trust Trustees' Annual Report (continued) Year ended 30 September 2022
Financial review
Reserves Policy
The trustees aim to maintain reserves in order that they can continue to fulfill the objects of the Charity.
As at 30 September 2022 the Charity had £194,632 in Unrestricted Funds.
Risk policy
The trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the activities and finance of the Charity, and are satisfied that systems are in place to manage those risks. ;
Plans for future periods
The Charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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e select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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e make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. 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.
The trustees! annual report was approved on 21 July 2023 and signed on behalf of the board of trustees by:
Mr M Stern Trustee
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The New Rachmistrivka Synagogue Trust
Independent Auditor's Report to the Members of The New Rachmistrivka Synagogue
Trust
Year ended 30 September 2022
Opinion
We have audited the financial statements of The New Rachmistrivka Synagogue Trust (the 'charity’) for the year ended 30 September 2022 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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e give a true and fair view of the state of the charity's affairs as at 30 September 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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¢ have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
sen
The New Rachmistrivka Synagogue Trust
Independent Auditor's Report to the Members of The New Rachmistrivka Synagogue
Trust (continued)
Year ended 30 September 2022
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatemenls in the trustees! report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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e the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
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e adequate accounting records have not been kept; or
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« the financial statements are not in agreement with the accounting records and returns; or e — we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The New Rachmistrivka Synagogue Trust
Trust (continued)
Independent Auditor's Report to the Members of The New Rachmistrivka Synagogue
Year ended 30 September 2022
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements.
We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations.
We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation phases stages of our audit. The susceptibility to such material misstatement was determined to be low.
Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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e Identify and assess the risks of materia! misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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¢ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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The New Rachmistrivka Synagogue Trust
Independent Auditor's Report to the Members of The New Rachmistrivka Synagogue
Trust (continued)
Year ended 30 September 2022
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e Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charily's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Cohen Arnold
Chartered accountants & statutory auditor
New Burlington House 1075 Finchley Road LONDON NW11 OPU
21 July 2023
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The New Rachmistrivka Synagogue Trust
Statement of Financial Activities
Year ended 30 September 2022
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2022|2021|
|Unrestricted|
|funds|Totalfunds|Total|funds|
|Note|£|£|£|
|Income|and|endowments|
|Donations|and|legacies|4|1,676,529|1,676,529|2,280,971|
|Total income|1,676,529|1,676,529|2,280,971|
|Expenditure|
|Expenditure|on|raising|funds:|
|Costs|of|raising donations and|legacies|5|154,596|154,596|16,072|
|Expenditure on charitable|activities|6,7|1,628,560|1,628,560|1,982,377|
|Total expenditure|1,783,156|1,783,156|1,998,449|
|Net (expenditure)/income|and|net movement|in funds|(106,627)|(106,627)|282,522|
|Reconciliation|of funds|
|Total funds brought forward|301,259|301,259|18,737|
|Total funds|carried|forward|194,632|194,632|301,259|
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 14 form part of these financia] statements. -7-
The New Rachmistrivka Synagogue Trust
Statement of Financial Position
30 September 2022
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|Note|£|£|£|
|Current|assets|
|Debtors|11|5,000|=|
|Cash|at bank|and|in hand|260,560|322,644|
|265,560|322,644|
|Creditors:|amounts|falling|due|within|one year|12|70,928|21,385|
|Net|current|assets|194,632|301,259|
|Total|assets|less|current|liabilities|194,632|301,259|
|Net|assets|194,632|301,259|
|Funds|of the|charity|
|Unrestricted|funds|194,632|301,259|
|Total|charity funds|13|194,632|301,259|
----- End of picture text -----
These financial statements were approved by the board of trustees and authorised for issue on 21 July 2023, and are signed on behalf of the board by:
Mr M Stern Trustee
The notes on pages 10 to 14 form part of these financial statements.
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The New Rachmistrivka Synagogue Trust
Statement of Cash Flows
Year ended 30 September 2022
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||||||||
|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Cash|flows|from|operating|activities|
|Net (expenditure)/income|(106,627)|282,522|
|Adjustments|for:|
|Accrued expenses/(income)|85|(960)|
|Changes|in:|
|Trade and other debtors|(5,000)|-|
|Trade|and|other|creditors|49,458|5,845|
|Cash|generated from|operations|(62,084)|287,407|
|Net cash (used|in)/from|operating|activities|(62,084)|287,407|
|Net|(decrease)/increase|in|cash and cash equivalents|(62,084)|287,407|
|Cash and cash|equivalents|at|beginning|of year|322,644|35,237|
|Cash and cash|equivalents|at end|of|year|260,560|322,644|
----- End of picture text -----
The notes on pages 10 to 14 form part of these financial statements. oe
The New Rachmistrivka Synagogue Trust
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 12 Portland Avenue, London, N16 6ET.
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 Charities Act 2011.
- 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 as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the charity's accounting policies. There are no areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements.
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.
Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.
Incoming resources
All income is 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.
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The New Rachmistrivka Synagogue Trust Notes to the Financial Statements (continued) Year ended 30 September 2022
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. The following specific policies are applied to particular categories of expenditure:
- charitable donations are recognised in the statement of financial activities when paid.
Expenditure is classified under headings of the statement of financial activities to which it relates.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
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.
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. Donations and legacies
| Donations | and legacies | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| & | £ | £ | £ | ||
| Donations | |||||
| Donations | Received | 1,676,529 | 1,676,529 | 2,280,971 | 2,280,971 |
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The New Rachmistrivka Synagogue Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
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|||||||||
|---|---|---|---|---|---|---|---|
|5.|Costs|of raising|donations|and|legacies|
|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2022|Funds|2021|
|£|£|-|£|
|Costs|of raising|donations|and|legacies|
|-|Donations|154,596|154,596|16,072|16,072|
|6.|Expenditure|on|charitable|activities|by|fund|type|
|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2022|Funds|2021|
|£|£|£|£|
|Grants|in|furtherance|of charity's|
|objectives|1,617,850|1,617,850|1,963,180|1,963,180|
|Support|costs|10,710|10,710|19,197|19,197|
|1,628,560|1,628,560|1,982,377|1,982,377|
|7,|Expenditure|on|charitable|activities|by|activity type|
|Grant funding|Total|funds|Total|fund|
|of activities|Support|costs|2022|2021|
|£|£|£|£|
|Grants|in|furtherance|of charity's|
|objectives|1,617,850|1,250|1,619,100|1,964,932|
|Governance|costs|=|9,460|9,460|17,445|
|1,617,850|10,710|1,628,560|1,982,377|
----- End of picture text -----
Of the total grants paid, £1,516,147 (2021: £1,918,536) went to support the Rachmistrivka Institutions and institutions connected to Rachmistrivka. All grants were paid to institutions.
- Net (expenditure)/income Net (expenditure)/income is stated after charging/(crediting):
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|£|2|
|Fees|payable|for the|audit|of the|financial|statements|5,400|5,040|
----- End of picture text -----
- Staff costs No salaries or wages were paid to employees, including the members of the committee, during the year.
10. Trustee remuneration and expenses
The charity did not meet any individual expenses incurred by the trustees for services provided to the charity.
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The New Rachmistrivka Synagogue Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
11. Debtors
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||||||
|---|---|---|---|---|
|2022|2021|
|£|£|
|Other debtors|5,000|a|
|12.|Creditors:|amounts|falling due within|one year|
|2022|2021|
|£|£|
|Trade|creditors|=|5,845|
|Accruals and|deferred|income|5,125|5,040|
|Loan|Creditors|65,803|10,500|
|70,928|21,385|
----- End of picture text -----
13, Analysis of charitable funds Unrestricted funds
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|At|
|At|1|Oct 2021|Income|Expenditure|30 Sep 2022|
|£:|Zz|= 3|£|
|General|funds|301,259|1,676,529|(1,783,156)|194,632|
|At|
|At|1|Oct 2020|Income|Expenditure|30|Sep|2021|
|£|£|£|£|
|General|funds|18,737|2,280,971|(1,998,449)|301,259|
|14.|Analysis|of net|assets|between|funds|
|Unrestricted|Total Funds|
|Funds|2022|
|£|£|
|Current|assets|265,560|265,560|
|Creditors|less than|1|year|(70,928)|(70,928)|
|Net|assets|194,632|194,632|
|Unrestricted|Total|Funds|
|Funds|2021|
|£|£|
|Current|assets|322,644|322,644|
|Creditors|less than|1|year|(21,385)|(21,385)|
|Net assets|301,259|301,259|
----- End of picture text -----
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The New Rachmistrivka Synagogue Trust
Notes to the Financial Statements (continued)
Year ended 30 September 2022
- Analysis of changes in net debt
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|||||||||
|---|---|---|---|---|---|---|---|
|At|
|At|1|Oct 2021|Cash|flows|30|Sep|2022|
|£|£|£|
|Cash|at bank and|in hand|322,644|(62,084)|260,560|
----- End of picture text -----
16. Related parties
Loan creditors in Note 11 relates to £60,303 due to M Stern (2021: £5,000) and £5,500 to a company of which M Stern is a director (2021: £5,500). There are no interest charges and the amounts are repayable on demand.
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