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 2025
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 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 14 |
SCHIFFSHUL LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2025
TRUSTEES R Spitzer 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
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SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
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 2025. 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.
Grantmaking policy
The charity pays grants to both individuals and to charitable institutions and organisations which accord with the objects of the charity.
In general, the trustees identify organisations to support based on their knowledge and understanding of the work undertaken by those organisations. Although the charity does not actively invite applications, all requests for assistance are considered carefully, with support provided according to the merits of each case and the funds available at the time.
Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The Trustees are satisfied with the results for the year. Donations increased by 15% compared with the previous year; synagogue expenditure increased by 8%; grantmaking significantly increased by 33%, the charity was left with a small surplus for the year.
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 £4,329 (2024 - £71,957).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
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 as amended by special resolution on 21st August 1998.
Recruitment and appointment of new trustees
The trustees are responsible for the day to day running of the charity. The power to appoint new trustees is vested in the continuing 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 in accordance with the Charity Commission's guidelines.
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SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT 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 30 May 2026 and signed on its behalf by:
B Stern - Trustee
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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 2025.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
30 May 2026
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SCHIFFSHUL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025
| 2025 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 631,549 Investment income 2 8,175 Other income 26,590 Total 666,314 EXPENDITURE ON Raising funds 3 12,324 Charitable activities 4 Synagogue expenditure 214,066 Education and leisure facilities 69,360 Grantmaking 430,411 Support costs 7,780 Total 733,941 NET INCOME/(EXPENDITURE) (67,627) RECONCILIATION OF FUNDS Total funds brought forward 71,957 TOTAL FUNDS CARRIED FORWARD 4,330 |
2024 Total funds £ 547,000 362 28,872 576,234 - 198,322 86,941 322,163 7,171 614,597 (38,363) 110,320 71,957 |
|---|---|
The notes form part of these financial statements
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SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
BALANCE SHEET 31 JULY 2025
| Notes FIXED ASSETS Tangible assets 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS/(LIABILITIES) FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2025 Total funds £ 859,258 194,673 76,876 271,549 (1,126,477) (854,928) 4,330 - 4,330 4,330 4,330 |
2024 Total funds £ 242,160 233,273 529,717 762,990 (925,193) (162,203) 79,957 (8,000) 71,957 71,957 71,957 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 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
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(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
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SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)
BALANCE SHEET - continued 31 JULY 2025
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 30 May 2026 and were signed on its behalf by:
B Stern - Trustee
The notes form part of these financial statements
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SCHIFFSHUL LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 76,487 | (237,700) |
| Net cash provided by/(used in) operating activities | 76,487 | (237,700) | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | (693,347) | (133,684) | |
| Interest received | 8,175 | 362 | |
| Net cash used in investing activities | (685,172) | (133,322) | |
| Cash flows from financing activities | |||
| New loans in year | - | 900,000 | |
| Rolled up interest | 163,800 | - | |
| Loan repayments in year | (8,000) | (8,000) | |
| Net cash provided by financing activities | 155,800 | 892,000 | |
| Change in cash and cash equivalents | |||
| in the reporting period | (452,885) | 520,978 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 2 | 529,717 | 8,739 |
| Cash and cash equivalents at the end | |||
| of the reporting period | 2 | 76,832 | 529,717 |
The notes form part of these financial statements
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SCHIFFSHUL LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2025
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operations 2. ANALYSIS OF CASH AND CASH EQUIVALENTS Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year Total cash and cash equivalents 3. ANALYSIS OF CHANGES IN NET DEBT At 1.8.24 £ Net cash Cash at bank 529,717 Bank overdraft - 529,717 Debt Debts falling due within 1 year (908,000) Debts falling due after 1 year (8,000) (916,000) Total (386,283) |
2025 £ (67,627) 76,248 (8,175) 38,600 37,441 76,487 2025 £ 76,876 (44) 76,832 Cash flow £ (452,841) (44) (452,885) (163,799) 8,000 (155,799) (608,684) |
2024 £ (38,363) 27,490 (362) (233,273) 6,808 (237,700) 2024 £ 529,717 - 529,717 At 31.7.25 £ 76,876 (44) 76,832 (1,071,799) - (1,071,799) (994,967) |
|---|---|---|
The notes form part of these financial statements
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SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
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
| 2025 | 2024 | |
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Deposit account interest | 3,675 | 189 |
| Interest receivable | 4,500 | 173 |
| 8,175 | 362 |
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SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2025
3. RAISING FUNDS
Raising donations and legacies
Fundraising functions
| 2025 | 2024 | |
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| 12,324 | - |
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant funding of activities Direct (see note Costs 5) £ £ Synagogue expenditure 214,066 - Education and leisure facilities 69,360 - Grantmaking - 430,411 Support costs - - 283,426 430,411 GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Relief of poverty Religious education Advancement of religion Social welfare General purpose |
Support costs (see note 6) £ - - - 7,780 7,780 2025 £ 430,411 2025 £ 2,250 13,299 18,400 8,335 1,080 43,364 18,000 13,000 12,364 43,364 2025 £ 387,047 - 387,047 |
Totals £ 214,066 69,360 430,411 7,780 |
|
| 721,617 | |||
| 2024 £ 321,654 |
|||
| 2024 £ 6,600 7,600 6,025 11,400 - 31,625 2024 £ 285,029 5,000 |
2024 £ 6,600 7,600 6,025 11,400 - |
||
| 31,625 | |||
| Rise and Shine | |||
| Friends of Yeshiva Daas Shulem Shotz | |||
| Others below £5,000 | |||
| The total grants paid to individuals during the year was as follows: Relief of poverty Medical |
|||
| 290,029 |
5. GRANTS PAYABLE
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SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2025
6. SUPPORT COSTS
| 6. | SUPPORT COSTS | |||
|---|---|---|---|---|
| Governance | ||||
| Finance | costs | Totals | ||
| £ | £ | £ | ||
| Support costs | 363 | 7,417 | 7,780 | |
| Support costs, included in the above, are as follows: | ||||
| 2025 | 2024 | |||
| Support | Total | |||
| costs | activities | |||
| £ | £ | |||
| Bank charges | 363 | 420 | ||
| Independent examiner's fee | 2,100 | 1,260 | ||
| Independent examiner's other fees | 4,680 | 2,640 | ||
| General expenses | 637 | 511 | ||
| Legal and professional fees | - | 2,340 | ||
| 7,780 | 7,171 | |||
| 7. | NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Depreciation - owned assets | 76,249 | 27,490 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.
9. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries The average monthly number of employees during the year was as follows: Synagogue staff Maintenance |
2025 £ 60,814 60,814 2025 6 1 7 |
2024 £ 49,176 |
| 49,176 | ||
| 2024 5 1 6 |
No employees received emoluments in excess of £60,000.
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SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2025
10. TANGIBLE FIXED ASSETS
| Improvements Fixtures to and property fittings £ £ COST At 1 August 2024 351,920 22,861 Additions 693,347 - At 31 July 2025 1,045,267 22,861 DEPRECIATION At 1 August 2024 111,260 21,361 Charge for year 75,749 500 At 31 July 2025 187,009 21,861 NET BOOK VALUE At 31 July 2025 858,258 1,000 At 31 July 2024 240,660 1,500 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Social security and other taxes Wages control Other creditors Accruals and deferred income |
Computer equipment £ 2,000 - 2,000 2,000 - 2,000 - - 2025 £ 194,673 2025 £ 1,071,843 - - 43,564 11,070 1,126,477 |
Totals £ 376,781 693,347 1,070,128 134,621 76,249 210,870 859,258 242,160 2024 £ 233,273 2024 £ 908,000 4,041 5,598 - 7,554 |
Totals £ 376,781 693,347 |
|---|---|---|---|
| 134,621 76,249 |
|||
| 210,870 | |||
| 859,258 | |||
| 242,160 | |||
| 2024 £ 233,273 |
|||
| 2024 £ 908,000 4,041 5,598 - 7,554 |
|||
| 925,193 |
The charity's bank loan is secured by a fixed charge over its fixed assets and a floating charge over the remaining assets of the charity.
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SCHIFFSHUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2025
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Bank loans (see note 14) | - | 8,000 | ||
| 14. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Amounts falling due within one year on demand: | ||||
| Bank overdrafts | 44 | - | ||
| Bank loans | 1,071,799 | 908,000 | ||
| 1,071,843 | 908,000 | |||
| Amounts falling due between two and five years: | ||||
| Bank loans - 2-5 years | - | 8,000 |
15. RELATED PARTY DISCLOSURES
The charity received unrestricted donations totalling £6,630 (2024 - £9,290) from a company in which a Trustee has an interest.
At the year end, the charity owed one of the Trustees £43,564 in respect of monies paid on behalf of the charity.
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