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2023-12-31-accounts

Charity registration number 1061423

Company registration number 03238175 (England and Wales)

OHEL DAVID (L.I)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2023

OHEL DAVID (L.I)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Emil Baruch
Meyer David Lanyado
Ghassan Cohen
Moshe Moses
Charity number 1061423
Company number 03238175
Principal address 30 Shirehall Park
Hendon
London
NW4 2QL
Independent examiner Pasha & Co.
220 The Vale
London
NW11 8SR
Bankers Lloyds TSB Bank Plc
8 Golders Green Road
London
NW11 8LJ
Allied Irish Bank
100 Grays Inn Road
London
WC1X 8AL

OHEL DAVID (L.I)

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 9

OHEL DAVID (L.I)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 DECEMBER 2023

The Trustees present their annual report and financial statements for the year ended 30 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the rticles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The objects of the charity are to advance the Jewish Religion by providing support and accommodation to a synagogue with the held of a freehold property in Northwest London. The property includes premises occupied by the Synagogue as well as other premises subject to commercial leases.

In setting the objectives and planning the activity of the charity, the Trustees have given careful considration to the Charity Commission's general guidance on public benefit.

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

Achievements and performance

The Trust has obtained its funding through donations and investment. These are all unrestricted funds. The Trust will only grant funds that it has received in donations. A proportion of all donations are diverted into investments annually and the balance of the general fund, which include rent from investments, is distributed annually.

Financial review

In the period under review, the Trust made a surplus £35,488 (2022: surplus £29,016).

There is no fixed policy on reserves and investments has been documented but it has been the practise to review the funds available from time to time and to invest funds not required for grant aid.

The majority of the charity's funds are derived from donations by private individuals.

The Trustees 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 registered charity and is constituted as a company limited by guarantee and having no share capital. Its objects and powers and other constitutional matters are set out in its Memorandum and Articles of Association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Emil Baruch

Meyer David Lanyado Ghassan Cohen Moshe Moses

New Trustees are appointed by current Trustees and this would involve a careful vetting process to ensure the new trustee is aware of his/her responsibilities towards the charity.

OHEL DAVID (L.I)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 DECEMBER 2023

The trustees' report was approved by the Board of Trustees.

Moshe Moses Director

16 September 2024

OHEL DAVID (L.I)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OHEL DAVID (L.I)

I report to the Trustees on my examination of the financial statements of OHEL DAVID (L.I) (the charity) for the year ended 30 December 2023.

Responsibilities and basis of report

As the Trustees 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:

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.

Pasha & Co.

220 The Vale London NW11 8SR

Dated: 16 September 2024

OHEL DAVID (L.I)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 DECEMBER 2023

**Unrestricted ** Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 2 - 4,100
Investments 3 37,288 31,550
Total income 37,288 35,650
Expenditure on:
Charitable activities 4 1,800 6,634
Net income for the year/
Net movement in funds 35,488 29,016
Fund balances at 31 December 2022 571,159 542,143
Fund balances at 30 December 2023 606,647 571,159

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.

OHEL DAVID (L.I)

BALANCE SHEET

AS AT 30 DECEMBER 2023

Notes
Fixed assets
Tangible assets
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within
one year
9
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
184,872
30,558
215,430
(3,600)		 £
394,817
211,830
606,647
606,647
606,647		 2022
£
121,592
56,550
178,142
(1,800)		 £
394,817
176,342
571,159
571,159
571,159

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 Trustees on 16 September 2024

Ghassan Cohen Trustee

Moshe Moses Trustee

Company registration number 03238175

OHEL DAVID (L.I)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2023

1 Accounting policies

Charity information

OHEL DAVID (L.I) is a company limited by guarantee no. 03238175 registered in England and Wales.

1.1 Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). 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 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.

1.3 Going concern

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

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.5 Income

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.

OHEL DAVID (L.I)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 DECEMBER 2023

1 Accounting policies

(Continued)

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Management and administrative expenditure consist of costs associated with the running of the charity and are accounted for on an accruals basis.

Direct charitable expenditure consists of

a) Grants and Donations made in furtherance of the charity's objects, which are accounted for when paid.

b) Property expenses associated with the provisin of accomodation to a synagogue, which are accounted for on an accruals basis.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings NIL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 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.

OHEL DAVID (L.I)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 DECEMBER 2023

2 Donations and legacies

Total Unrestricted
funds
2023 2022
£ £
Donations and gifts - 4,100
3 Investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 37,288 31,550
4 Charitable activities
Charitable
Charitable
Expenditure
Expenditure
Heading 1 Heading 1
2023 2022
£ £
Insurance - 4,834
Accountancy fees 1,800 1,800
1,800 6,634
1,800 6,634

5 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

6 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

OHEL DAVID (L.I)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 DECEMBER 2023

6
Employees
There were no employees whose annual remuneration was more than £60,000.
7
Tangible fixed assets
Cost
At 31 December 2022
At 30 December 2023
Carrying amount
At 30 December 2023
At 30 December 2022
It is a Charity's policy not to revalue the property.
8
Debtors
Amounts falling due within one year:
Other debtors
9
Creditors: amounts falling due within one year
Accruals and deferred income		 (Continued)
Land and buildings
£
394,817
394,817
394,817
394,817		 (Continued)
Land and buildings
£
394,817
394,817
394,817
394,817
394,817
394,817
394,817
2023
£
184,872
2023
£
3,600		 2022
£
121,592
2022
£
1,800

10 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).