2025-03-31-accounts - London Sephardi Hebrew Congregation

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London Sephardi Hebrew Congregation

Charity No. 1062880

Trustees' Report and Unaudited Accounts

31 March 2025

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 2025.

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

Solicitors

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 £114,621,386 (2024:£138,386) and after resources expended there was a net deficit of £12,468. At 31 March 2025 the accumulated funds showed a net surplus of £862,228. The reserves will be used to further advance the objectives of the charity.

In 2025, the charity revalued its property at 3 Bell Lane, London, NW4 to £5,000,000 as it gained planning to build two flats within the building.

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

11 December 2025

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 2025.

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

11 December 2025

Page 4

London Sephardi Hebrew Congregation Statement of Financial Activities

for the year ended 31 March 2025

Unrestricted funds	Total funds	Total funds
2025	2025	2024
£	£	£

24,621	24,621	48,386
90,000	90,000	90,000
114,621	114,621	138,386

5,114	5,114	4,381
121,975	121,975	144,220
127,089	127,089	148,601
-	-	-
(12,468)	(12,468)	(10,215)
-	-	-
(12,468)	(12,468)	(10,215)

(12,468)	(12,468)	(10,215)

3,669,252	3,669,252	2,279,821
3,656,784	3,656,784	2,269,606

Page 5

London Sephardi Hebrew Congregation Balance Sheet

at 31 March 2025

Charity No. 1062880 Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors:Amount falling due within one year 11 Net current liabilities Total assets less current liabilities Creditors:Amounts falling due after more than one year 12 Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 13 Unrestricted funds 13 General funds Reserves 13 Revaluation reserve Total funds	2025 £ 5,003,614 5,003,614 388 45,093 45,481 (112,076) (66,595) 4,937,019 (1,280,235) 3,656,784 3,656,784 862,228 862,228 2,794,556 2,794,556 3,656,784	2024 £ 3,604,818
		3,604,818 14,870 57,566
		72,436 (112,078)
		(39,642) 3,565,176 (1,295,570)
		2,269,606
		2,269,606
		875,050
		875,050 1,394,556
		1,394,556
		2,269,606

Approved by the trustees on 11 December 2025

And signed on their behalf by:

B. Benarroch Trustee 11 December 2025

Page 6

London Sephardi Hebrew Congregation Notes to the Accounts

for the year ended 31 March 2025

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

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.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

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.

Page 8

London Sephardi Hebrew Congregation Notes to the Accounts

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.

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Donations and legacies Investments Total Expenditure on: Charitable activities 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 £ 24,621 24,621 Unrestricted £ 90,000 90,000	Unrestricted funds 2024 £ 48,386 90,000 138,386 4,381 144,218 148,599 (10,213) (10,213) (10,213) 2,279,821 2,269,608 Total 2025 £ 24,621 24,621 Total 2025 £ 90,000 90,000	Total funds 2024 £ 48,386 90,000
			138,386 4,381 144,218
			148,599
			(10,213)
			(10,213)
			(10,213) 2,279,821
			2,269,608
			Total 2024 £ 48,386
			48,386
			Total 2024 £ 90,000
			90,000

Page 9

London Sephardi Hebrew Congregation Notes to the Accounts

5 Expenditure on charitable activities

Expenditure on charitable activities Governance costs 6 Other expenditure Bank loan and overdraft interest payable Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 7 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets 8 Staff costs Salaries and wages	Unrestricted £ 5,114 5,114 Unrestricted £ 103,287 7,750 3,954 1,204 636 5,144 121,975 2025 £ 1,204 2025 7,750 7,750	Total 2025 £ 5,114 5,114 Total 2025 £ 103,287 7,750 3,954 1,204 636 5,144 121,975	Total 2024 £ 4,381
			4,381
			Total 2024 £ 107,296 4,009 9,957 1,606 553 20,799
			144,220
			2024 £ 1,606 2024 4,009
			4,009

No employee received emoluments in excess of £60,000.

Page 10

London Sephardi Hebrew Congregation Notes to the Accounts

9 Tangible fixed assets

9 Tangible fixed assets
Land and buildings £ Cost or revaluation At 1 April 2024 3,600,000 Revaluation 1,400,000 At 31 March 2025 5,000,000 Depreciation and impairment At 1 April 2024 - Depreciation charge for the year - At 31 March 2025 - Net book values At 31 March 2025 5,000,000 At 31 March 2024 3,600,000 10 Debtors Trade debtors Other debtors 11 Creditors: amounts falling due within one year Other creditors Accruals 12 Creditors: amounts falling due after more than one year Bank loans and overdrafts Other creditors	Land and buildings £ 3,600,000 1,400,000 5,000,000 - - - 5,000,000 3,600,000	Plant and machinery	£ 72,160 - 72,160 67,342 1,204 68,546 3,614 4,818	Total £ 3,672,160 1,400,000
		£ - - - - - - - - 2025 £ - 388 388 2025 £ 110,036
				5,072,160
				67,342 1,204
				68,546
				5,003,614
				3,604,818
				2024 £ 14,482 388
				14,870
				2024 £ 110,036
		2,040		2,042
		112,076 2025 £ 1,268,835 11,400 1,280,235		112,078
				2024 £ 1,284,170 11,400
				1,295,570

Page 11

London Sephardi Hebrew Congregation Notes to the Accounts

13 Movement in funds

Movement in funds
Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Revaluation fund Total revaluation reserves Total funds	At 1 April 2024 874,696	Incoming resources (including other gains/losses ) £ 114,621	Resources expended £ (127,089)	At 31 March 2025 £ 862,228

	2,794,556 2,794,556 3,669,252	- - 114,621	(127,089)	2,794,556
				2,794,556

				3,656,784

Purposes and restrictions in relation to the funds:

Revaluation reserves Represent the amount by which investments exceed their historical cost.

14 Analysis of net assets between funds

At 1 April 2024 £	Unrestricted funds £ 5,003,614 (66,595) (1,280,235) 3,656,784 Cash flows £	Total £ 5,003,614 (66,595) (1,280,235)
		3,656,784
		At 31 March 2025 £
57,566	(12,473)	45,093
57,566 (1,284,170)	(12,473)	45,093 (1,268,835)
	15,335
(1,284,170) (1,226,604)	15,335 2,862	(1,268,835)
		(1,223,742)

Page 12