REGISTERED COMPANY NUMBER: 03508665 (England and Wales) REGISTERED CHARITY NUMBER: 1071348
SCHIFFSHUL LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
SCHIFFSHUL LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
SCHIFFSHUL LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2022
TRUSTEES R Spitzer L Rubner B Stern REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 03508665 (England and Wales) NUMBER REGISTERED CHARITY 1071348 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc High Road Tottenham London N17 OEY
Page 1
SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. The trustees have adopted the provisions of 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).
REFERENCE AND ADMINISTRATIVE DETAILS
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
-
maintaining a synagogue for religious observance;
-
the provision of facilities for recreation and education of young persons and adults;
-
the relief of poor and needy individuals and families The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees are pleased with the results for the year. Donations significantly increased by circa 32% compared with the previous year; expenditure increased by just over 19%.
FINANCIAL REVIEW
Reserves policy
The charity does not have a specific reserve policy. Sufficient funds are retained to cover recurring and ongoing expenses. Reserves at the year end stood at £104,906 (2021 - £61,391).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 12 February 1998.
Organisational structure
The power to appoint new trustees vests with the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks that the charity is exposed and confirm that they have established systems to mitigate them.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 31 May 2023 and signed on its behalf by:
B Stern - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SCHIFFSHUL LIMITED
Independent examiner's report to the trustees of Schiffshul Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
31 May 2023
Page 3
SCHIFFSHUL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 326,123 Investment income 2 52 Other income 33,932 Total 360,107 EXPENDITURE ON Charitable activities 3 Synagogue expenditure 53,302 Education and leisure facilities 41,885 Charitable activities 221,405 Total 316,592 NET INCOME 43,515 RECONCILIATION OF FUNDS Total funds brought forward 61,391 TOTAL FUNDS CARRIED FORWARD 104,906 |
2021 Total funds £ 248,758 59 23,531 |
|---|---|
| 272,348 | |
| 32,002 38,849 193,873 |
|
| 264,724 | |
| 7,624 53,767 |
|
| 61,391 |
The notes form part of these financial statements
Page 4
SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
BALANCE SHEET 31 JULY 2022
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 125,062 23,594 (19,682) 3,912 128,974 (24,068) 104,906 104,906 104,906 |
2021 Total funds £ 98,618 13,022 (18,249) (5,227) 93,391 (32,000) 61,391 61,391 61,391 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
BALANCE SHEET - continued 31 JULY 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 May 2023 and were signed on its behalf by:
B Stern - Trustee
The notes form part of these financial statements
Page 6
SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Improvements to property | - 10% on reducing balance |
|---|---|
| Fixtures and fittings | - 33% on reducing balance |
| Computer equipment | - 33% on reducing balance |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. INVESTMENT INCOME
| 2022 | 2021 | |
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Deposit account interest | 52 | 59 |
Page 7
SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
3. CHARITABLE ACTIVITIES COSTS
| 3. CHARITABLE ACTIVITIES COSTS |
||
|---|---|---|
| Grant funding of activities Support Direct (see note costs (see Costs 4) note 5) £ £ £ Synagogue expenditure 53,302 - - Education and leisure facilities 41,885 - - Charitable activities 50,017 166,777 4,611 145,204 166,777 4,611 4. GRANTS PAYABLE 2022 £ Charitable activities 166,777 The total grants paid to institutions during the year was as follows: 2022 £ Relief of poverty 190 Religious education 2,215 Advancement of religion 780 Social welfare - 3,185 The total grants paid to individuals during the year was as follows: 2022 £ Relief of poverty 131,957 Religious education 28,835 Advancement of religion 2,800 163,592 5. SUPPORT COSTS Governance Finance costs £ £ Charitable activities 349 4,262 |
Totals £ 53,302 41,885 221,405 |
|
| 316,592 | ||
| 2021 £ 129,256 |
||
| 2021 £ - 6,200 2,000 2,400 |
||
| 10,600 | ||
| 2021 £ 87,146 31,510 - |
||
| 118,656 | ||
| Totals £ 4,611 |
Page 8
SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
5. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| Support costs, included in the above, are as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Bank charges | 349 | 350 |
| Independent examiner's fee | 960 | 960 |
| Independent examiner's other fees | 2,040 | 2,040 |
| General expenses | 1,262 | 962 |
| 4,611 | 4,312 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 2022 | 2021 | |
| £ | £ | |
| Depreciation - owned assets | 15,211 | 10,971 |
6. NET INCOME/(EXPENDITURE)
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.
8. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Synagogue staff Maintenance |
2022 £ 49,040 49,040 2022 5 1 6 |
2021 £ 49,119 |
|---|---|---|
| 49,119 | ||
| 2021 5 1 6 |
No employees received emoluments in excess of £60,000.
Page 9
SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
9. TANGIBLE FIXED ASSETS
| Improvements Fixtures to and property fittings £ £ COST At 1 August 2021 154,725 17,847 Additions 36,641 5,014 At 31 July 2022 191,366 22,861 DEPRECIATION At 1 August 2021 56,141 17,814 Charge for year 13,522 1,688 At 31 July 2022 69,663 19,502 NET BOOK VALUE At 31 July 2022 121,703 3,359 At 31 July 2021 98,584 33 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Social security and other taxes Wages control Accruals and deferred income 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 12) 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years |
Computer equipment £ 2,000 - 2,000 1,999 1 2,000 - 1 2022 £ 8,000 655 4,673 6,354 19,682 2022 £ 24,068 2022 £ 8,000 24,068 |
Totals £ 174,572 41,655 |
Totals £ 174,572 41,655 |
|---|---|---|---|
| 216,227 | |||
| 75,954 15,211 |
|||
| 91,165 | |||
| 125,062 | |||
| 98,618 | |||
| 2021 £ 8,000 2,234 5,015 3,000 |
|||
| 18,249 | |||
| 2021 £ 32,000 |
|||
| 2021 £ 8,000 |
|||
| 32,000 |
Page 10
SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022
13. RELATED PARTY DISCLOSURES
The charity received unrestricted donations totalling £7,440 from the Trustees during the year.
Page 11