London Sephardi Hebrew Congregation
Charity No. 1062880
Trustees' Report and Unaudited Accounts
31 March 2023
London Sephardi Hebrew Congregation Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
Page 1
London Sephardi Hebrew Congregation Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1062880
Principal Office
3 Bell Lane London NW4 2BP
Trustees
The following trustees served during the year:
B. Benarroch M. Dadoun M. Haziza D. Ipale A. Obadia
Accountants
Pollock Accounting Ltd 3 - 4 Sentinel Square London NW4 2EL
Bankers
Barclays Bank 126 Station Road Edgware Middlesex HA8 7RY
The Charity Bank Fosse House 182 High Street Tonbridge Kent TN9 1BE
OBJECTIVES AND ACTIVITIES
The principal objectives of the charity are to advance the Jewish faith and advance the religious education of the public by the provision and maintenance of a place of worship and by the provision of classes.
Page 2
London Sephardi Hebrew Congregation Trustees Annual Report
ACHIEVEMENTS AND PERFORMANCE
During the year, the charity continued to carry out its objectives. Total income received during the year totalled £123,388 and after resources expended there was a net deficit of £8,084. At 31 March 2023 the accumulated funds showed a net surplus of £885,266. The reserves will be used to further advance the objectives of the charity.
The charity incurred one-costs in year £55,589 as they main changed funding to The Charity Bank.
The charity revalued its property at 3 Bell Lane, London, NW4 to £3,600,000.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was established under a Deed of Trust dated 2 December 1996 which was subsequently amended on 30 April 1997. The charity was entered on the Central Register of Charities on 17 June 1997 and its registration number is 1062880.
The charity also uses the name Porat Yosef.
Trustees
Trustees are appointed by simple majority at a special meeting of the Board of Trustees. Trustees are appointed for a term of 4 years. The Deed of Trust requires that there is a minimum of three trustees at any time.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
B. Benarroch Trustee 18 January 2024
Page 3
London Sephardi Hebrew Congregation Independent Examiners Report
Independent Examiner's Report to the trustees of London Sephardi Hebrew Congregation
I report to the trustees on my examination of the financial statements of London Sephardi Hebrew Congregation for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements 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 can 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:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
David Pollock FCMA
Chartered Institute of Management Accountants Pollock Accounting Ltd
3 - 4 Sentinel Square London NW4 2EL
18 January 2024
Page 4
London Sephardi Hebrew Congregation Statement of Financial Activities
for the year ended 31 March 2023
| Notes Income and endowments from: Donations and legacies 3 Investments 4 Total Expenditure on: Other 5 Total Net gains on investments Net (expenditure)/income 6 Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Total funds | Total funds | |
|---|---|---|---|---|
| 2023 | 2023 | 2022 | ||
| £ | £ | £ | ||
| 33,388 | 33,388 | 13,108 | ||
| 90,000 | 90,000 | 100,000 | ||
| 123,388 | 123,388 | 113,108 | ||
| 131,472 | 131,472 | 70,075 | ||
| 131,472 | 131,472 | 70,075 | ||
| - | - | - | ||
| (8,084) | (8,084) | 43,033 | ||
| - | - | - | ||
| (8,084) | (8,084) | 43,033 | ||
| - | - | - | ||
| (8,084) | (8,084) | 43,033 | ||
| 893,350 | 893,350 | 850,316 | ||
| 885,266 | 885,266 | 893,349 | ||
Page 5
London Sephardi Hebrew Congregation Balance Sheet
at 31 March 2023
| Charity No. 1062880 Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors:Amount falling due within one year 10 Net current liabilities Total assets less current liabilities Creditors:Amounts falling due after more than one year 11 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 12 Unrestricted funds 12 General funds Reserves 12 Revaluation reserve Total funds |
2023 £ 3,606,424 3,606,424 49,419 48,619 98,038 (124,640) (26,602) 3,579,822 (1,300,000) 2,279,822 2,279,822 885,266 885,266 1,394,556 1,394,556 2,279,822 |
2022 £ 2,214,008 |
|---|---|---|
| 2,214,008 100 6,137 |
||
| 6,237 (1,326,896) |
||
| (1,320,659) 893,349 - |
||
| 893,349 | ||
| 893,349 | ||
| 893,349 | ||
| 893,349 - |
||
| - | ||
| 893,349 |
Approved by the trustees on 18 January 2024
And signed on their behalf by:
B. Benarroch Trustee 18 January 2024
Page 6
London Sephardi Hebrew Congregation Notes to the Accounts
for the year ended 31 March 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
London Sephardi Hebrew Congregation Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other 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.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 8
London Sephardi Hebrew Congregation Notes to the Accounts
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Investments Total Expenditure on: Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Donations 4 Income from investments Hire of Premises |
Unrestricted £ 33,388 33,388 Unrestricted £ 90,000 90,000 |
Unrestricted funds 2022 £ 13,108 100,000 113,108 70,075 70,075 43,033 43,033 43,033 850,316 893,349 Total 2023 £ 33,388 33,388 Total 2023 £ 90,000 90,000 |
Total funds 2022 £ 13,108 100,000 |
|---|---|---|---|
| 113,108 70,075 |
|||
| 70,075 | |||
| 43,033 | |||
| 43,033 | |||
| 43,033 850,316 |
|||
| 893,349 | |||
| Total 2022 £ 13,108 |
|||
| 13,108 | |||
| Total 2022 £ 100,000 |
|||
| 100,000 |
Page 9
London Sephardi Hebrew Congregation Notes to the Accounts
5 Other expenditure
| Bank loan and overdraft interest payable Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 6 Net (expenditure)/income before transfers This is stated after charging: Depreciation of owned fixed assets 7 Staff costs No employee received emoluments in excess of £60,000. 8 Tangible fixed assets Cost or revaluation At 1 April 2022 Revaluation At 31 March 2023 Depreciation and impairment At 1 April 2022 Depreciation charge for the year At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 9 Debtors Trade debtors Other debtors |
Unrestricted £ 70,024 1,619 2,140 24,191 33,498 131,472 2023 £ 2,140 Land and buildings £ 2,205,444 1,394,556 3,600,000 - - - 3,600,000 2,205,444 2023 £ 5,216 44,203 49,419 |
Total 2023 £ 70,024 1,619 2,140 24,191 33,498 131,472 Plant and machinery £ 72,160 - 72,160 63,596 2,140 65,736 6,424 8,564 |
Total 2022 £ 56,698 4,640 2,854 1,340 4,543 |
|---|---|---|---|
| 70,075 | |||
| 2022 £ 2,854 Total £ 2,277,604 1,394,556 |
|||
| 3,672,160 | |||
| 63,596 2,140 |
|||
| 65,736 | |||
| 3,606,424 | |||
| 2,214,008 | |||
| 2022 £ - 100 |
|||
| 100 |
Page 10
London Sephardi Hebrew Congregation Notes to the Accounts
10 Creditors:
| amounts falling due within one year Bank loans and overdrafts Other creditors Accruals 11 Creditors: amounts falling due after more than one year Bank loans and overdrafts 12 Movement in funds At 1 April 2022 Restricted funds: Unrestricted funds: General funds 893,350 Revaluation Reserves: Revaluation fund Total revaluation reserves - Total funds 893,350 |
amounts falling due within one year Bank loans and overdrafts Other creditors Accruals 11 Creditors: amounts falling due after more than one year Bank loans and overdrafts 12 Movement in funds At 1 April 2022 Restricted funds: Unrestricted funds: General funds 893,350 Revaluation Reserves: Revaluation fund Total revaluation reserves - Total funds 893,350 |
2023 £ - 121,400 |
2022 £ 1,202,255 121,400 |
|
|---|---|---|---|---|
| 3,240 | 3,241 | |||
| 124,640 2023 £ 1,300,000 1,300,000 Incoming resources (including other gains/losses ) £ 123,388 |
Resources expended £ (131,472) |
1,326,896 | ||
| 2022 £ - |
||||
| - | ||||
| At 31 March 2023 £ 885,266 |
||||
| - 893,350 |
1,394,556 1,394,556 1,517,944 |
(131,472) | 1,394,556 | |
| 1,394,556 | ||||
| 2,279,822 |
Purposes and restrictions in relation to the funds: Revaluation reserves Represent the amount by which investments exceed their historical cost.
13 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Fixed assets Net current assets Creditors due in more than one year and provisions |
Unrestricted funds £ 3,606,424 (26,602) (1,300,000) 2,279,822 |
Total £ 3,606,424 (26,602) (1,300,000) |
| 2,279,822 |
Page 11
London Sephardi Hebrew Congregation Notes to the Accounts
14 Reconciliation of net debt
| 14 Reconciliation of net debt | |||
|---|---|---|---|
| Cash and cash equivalents Bank overdrafts Bank loans Net debt |
At 1 April 2022 £ |
Cash flows £ |
At 31 March 2023 £ |
| 6,137 | 42,482 | 48,619 | |
| (1,202,255) | 1,202,255 | - | |
| (1,196,118) - |
1,244,737 | 48,619 (1,300,000) |
|
| (1,300,000) | |||
| - (1,196,118) |
(1,300,000) (55,263) |
(1,300,000) | |
| (1,251,381) | |||
Page 12
London Sephardi Hebrew Congregation Detailed Statement of Financial Activities
for the year ended 31 March 2023
| Income and endowments from: Donations and legacies Donations Investments Hire of Premises Total income and endowments Expenditure on: Other expenditure Bank loan and overdraft interest payable Premises costs Rates Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Plant and machinery Bank charges Finance charges Software, IT support and related costs Sundry expenses Legal and professional costs Accountancy and bookkeeping Religious service costs Legal expenses Professional costs Total of expenditure of other costs Total expenditure |
Unrestricted funds 2023 £ 33,388 33,388 90,000 90,000 123,388 70,024 70,024 - - 883 - 736 1,619 2,140 210 23,591 - 390 26,331 1,500 - 15,448 16,550 33,498 131,472 131,472 |
Total funds 2023 £ 33,388 33,388 90,000 90,000 123,388 70,024 70,024 - - 883 - 736 1,619 2,140 210 23,591 - 390 26,331 1,500 - 15,448 16,550 33,498 131,472 131,472 |
Total funds 2022 £ 13,108 |
|---|---|---|---|
| 13,108 | |||
| 100,000 | |||
| 100,000 | |||
| 113,108 56,698 |
|||
| 56,698 | |||
| 314 174 - 4,152 - |
|||
| 4,640 | |||
| 2,854 887 - 362 91 |
|||
| 4,194 | |||
| 1,800 1,993 - 750 |
|||
| 4,543 | |||
| 70,075 | |||
| 70,075 |
Page 13
London Sephardi Hebrew Congregation Detailed Statement of Financial Activities
| London Sephardi Hebrew Congregation Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| Net gains on investments Net (expenditure)/income Net (expenditure)/income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
- (8,084) (8,084) - (8,084) 893,350 885,266 |
- (8,084) (8,084) - (8,084) 893,350 885,266 |
- |
| 43,033 | |||
| 43,033 - |
|||
| 43,033 | |||
| 850,316 | |||
| 893,349 |
Page 14