Craven Walk Beth Hamedrash Trust
Charity number 1097849
Unaudited Financial Statements
For The Year Ended
31 October 2021
Craven Walk Beth Hamedrash Trust
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ annual report | 2 - 5 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 13 |
Page 1
Craven Walk Beth Hamedrash Trust
Legal and Administrative Information
Trustees
M Eckstein SY Hartman D Ostreicher (resigned 4 January 2022) K Rothbart (appointed 4 January 2022)
Charity’s Correspondent Address
41 Leadale Road London N16 6BZ
Details of Formation
The charity is constituted by trust deed dated 6 February 2002 and registered with the charity commission on 5 June 2003 under charity number 1097849
Bankers
Natwest
Chatham Customer Service Centre Western Avenue Waterside Chatham Maritime Kent, ME4 4RT
Independent Examiner
Justin Cowan, FCA Albeck Limited Chartered Accountants 49 Mowbray Road Edgware Middlesex HA8 8JL
Page 2
Craven Walk Beth Hamedrash Trust
Trustees’ Annual Report
The trustees present their annual report and the annual accounts of the charity for the year ended 31 October 2021. The accounts have been prepared in accordance with the accounting policies set out on pages 9 and 10 and comply with the charity’s trust deed and applicable law.
Legal and administrative information set out on page 1 forms part of this report.
Constitution and Objects of the Charity
The charity is constituted by trust deed dated 6 February 2002 and registered with the charity commission on 5 June 2003 under charity number 1097849.
The principal objectives of the Charity are to provide:
a) The advancement of the Orthodox Jewish religion
b) The advancement of Orthodox Jewish religious education
c) The relief of poverty amongst persons of the Jewish faith
d) The operation of the synagogue at 42 Craven Walk known as Craven Walk Beth Hamedrash
e) The promotion of any other exclusively charitable objects and purposes such as the trustees see fit, provided that they are regarded as charitable by the law of England and Wales.
The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 4 of the Charities Act 2011. The trustees believe that the charity achieves a public benefit through these objectives.
Trustees and Governance
The trustees in office in the year were as follows:
M Eckstein SY Hartman D Ostreicher (resigned 4 January 2022)
The power of appointing a new trustee or trustees hereof shall be vested in a majority in number of the trustees or if there is only one trustee for the time being the provisions of section 36 Trustees Act 1925 shall have affect.
Charity’s Activities and Achievements
The trustees have continued to operate the synagogue known as Craven Walk Beth Hamedrash. As well as being a synagogue, the premises also operates as a study centre. Various educational activities and events are held at the synagogue including religious outreach programs. The synagogue also has a library, a function hall and a ritual bath, all of which are used by the local community.
Page 3
Craven Walk Beth Hamedrash Trust
Trustees’ Annual Report (Continued)
Charity’s Activities and Achievements (continued)
The charity’s trustees have continued to comply with their duty to have due regard to the guidance on public benefit as published by the Charity Commission when exercising their powers or duties.
Investments Policy
The charity has a bank current account. This is the only investment to which the charity has title.
Reserves Policy
The trustees are working hard and investing a lot of time in ensuring that the charity is able to fund its short-term financial obligations. Ideally, the trustees would aim to retain funds equivalent to six months expenditure to take account of any potential short fall in donations in future.
Grant and Donation Making Policy
The trustees act in accordance with the charity’s objects as detailed in the “Constitution and Objects of the Charity” section. The trustees meet monthly to discuss the progress of the charity and future plans for the coming months.
The trustees make donations to institutions that are able to provide services to the community that they feel unable or unqualified to provide, but that fall within the objects of the charity. All grants and donations made must be approved by the majority of the trustees, however, in almost all occasions; the trustees will not make a grant or donation if there is an objection by any of the trustees.
Related Party Transactions
The charity has been advanced a loan of £241,993 by Hurdale Charities Limited (charity number 276997). D Ostreicher is a trustee of Craven Walk Beth Hamedrash Trust and Hurdale Charites Limited. The loan is interest free and is secured over the charity’s freehold property.
Risk Management
The trustees regularly undertake a review of the major risks to which the charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
Page 4
Craven Walk Beth Hamedrash Trust
Trustees’ Annual Report (Continued)
Risk Management (continued)
There are two major risks that the trustees have identifies, as follows:
(a) Fall in the level of donations
The level of donations is fundamental to the operation of the charity. Given that the charity has considerable operating costs, the consistency of donations is of major importance. The trustees have tried to mitigate against a fall in the level of donations by having as many donors as possible providing their donation by monthly standing order. The trustees are making every effort to increase the number of donors by seeking support from the local community in an attempt to reduce their current reliance on a few key donors. The trustees also make every effort to keep in regular contact with their donors so that they are able to see the difference that their contributions are making.
(b) Misappropriation of funds
The control of funds is key to any charity. As mentioned previously, the trustees meet monthly and discuss progress. At these meetings, the financial position and expenditure of the charity are reviewed and discussed. The trustees decided that since they are having an independent examination, any misappropriation of funds should also come to light at that time.
Since the banking arrangements ensure that only the trustees have access to the bank account, this also reduces risk of misappropriation.
Trustees’ Responsibilities in Relation to the Accounts
Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year, which give a true and fair view of the state of the charity’s financial activities during the year and of its financial position at the end of the year.
In preparing those accounts, the trustees are required to:
-
a. select suitable accounting policies and then apply them consistently;
-
b. make judgements and estimates that are reasonable and prudent;
-
c. follow applicable UK accounting standards and the Statement of Recommended Practice, subject to any departures disclosed and explained in the accounts;
-
d. prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
Page 5
Craven Walk Beth Hamedrash Trust
Trustees’ Annual Report (Continued)
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed by their order.
M Eckstein
Trustee
12 August 2022
Page 6
Independent Examiner’s Report
to the Trustees of
Craven Walk Beth Hamedrash Trust (charity number 1097849)
for the Year Ended 31 October 2021
I report on the accounts of the trust for the year ended 31 October 2021, which are set out on pages 9 to 13.
Respective Responsibilities of Trustees and Independent Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Justin Cowan, FCA
Albeck Limited Chartered Accountants 112 Green Lane Edgware Middlesex HA8 8EJ
12 August 2022
Page 7
Craven Walk Beth Hamedrash Trust (charity number 1097849)
Statement of Financial Activities
for the Year 31 October 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Incoming resources | |||
| Incoming resources from generated funds | |||
| Voluntary income | 146,368 | 182,788 | |
| Activities for generating funds | (2) | 18,066 | 18,166 |
| Investment income | (3) | 24,500 | 27,278 |
| Total incoming resources | (11) | 188,937 | 228,232 |
| _ | _ | ||
| Resources expended | |||
| Costs of generating funds | |||
| Fundraising trading | (4) | 15,951 | 14,010 |
| Charitable expenditure | |||
| Synagogue, outreach and education | (5) | 142730 | 137,991 |
| Governance costs | (7) | 1,200 | 1,200 |
| Total resources expended | (11) | (159,881) | (153,201) |
| ______ | ______ | ||
| Net movement in funds | 29,053 | 75,031 | |
| Total funds brought forward | 1,296,912 | 1,221,881 | |
| Total funds carried forward | (11) | £1,325,965 | £1,296,912 |
| ======== | ======= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing operations.
All of the charity’s funds are unrestricted.
The notes on pages 9 to 13 form part of these accounts.
Page 8
Craven Walk Beth Hamedrash Trust
Balance Sheet
as at 31 October 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | (8) | 1,601,438 | 1,605,275 |
| _ | _ | ||
| Current Assets | |||
| Cash at bank and in hand | 18,196 | 12,079 | |
| Creditors:Amounts falling due within one | |||
| year | (9) | (2,676) | (78,449) |
| Net current assets / (liabilities) | 15,520 | (66,370) | |
| ______ | ______ | ||
| Total assets less current liabilities | 1,616,958 | 1,538,905 | |
| Creditors:Amounts falling due after more than | |||
| one year | (10) | (290,993) | (241,993) |
| Net assets | (11) | £1,325,965 | £1,296,912 |
| ======= | ======= | ||
| Income Funds | |||
| Unrestricted Funds | (11) | £1,325,965 | £1,296,912 |
| ======= | ======= |
All of the charity’s funds are unrestricted.
These accounts were approved on 12 August 2022 and signed on behalf of the trustees.
_______ Trustee
M Eckstein
The notes on pages 9 to 13 form part of these accounts.
Page 9
Craven Walk Beth Hamedrash Trust
Notes to the Accounts - 31 October 2021
1. Accounting Policies
a. Basis of Accounting
These accounts have been prepared in compliance with FRS102, ‘The Financial Reporting Standard in the UK and the Republic of Ireland’, the Statement of Recognised Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)) and the Charities Act 2011.
b. Basis of preparation
The accounts have been prepared on the historical cost basis.
c. Going concern
There are no material uncertainties regarding the charity’s ability to continue and, as such, the accounts have been prepared on the going concern basis.
d. Judgments and key sources of uncertainty from estimation
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
e. Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on the income and expenditure account. They are available for the use at the discretion of the trustees in furtherance of the general objects of the charity.
Restricted funds are subject to specific restricted conditions as imposed by the donors. There are no restricted funds at the year end.
Designated funds are funds which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds at the year end.
f. Donations and voluntary income
Donations are accounted for when the charity becomes entitled to the donation and any conditions for receipt are met.
Page 10
Craven Walk Beth Hamedrash Trust
Notes to the Accounts - 31 October 2021 (continued)
1. Accounting Policies (continued)
g. Investment Income
Investment income is accounted for on an accruals basis.
h. Grants and Donations Payable
Grants and donations payable are charged in the year in which the payment of funds is conveyed to the recipient.
i. Depreciation
Depreciation of tangible fixed assets is calculated at rates estimated to write off the cost of the assets over their expected useful lives as follows:
Freehold property and improvements 2% on cost Fixtures and fittings 15% on written down value
k.
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
l. Support costs
Support costs are those costs which are common to all areas of the organisation. These are allocated across all areas of activity based on the number of service users for each activity.
m.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity.
n.
Cash Flow
The accounts do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement.
Page 11
Craven Walk Beth Hamedrash Trust
Notes to the Accounts - 31 October 2021 (continued)
| 2. | Activities for generating funds | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Shop income | £18,066 | £18,166 | |
| ===== | ===== | ||
| 3. | Investment Income | ||
| Hall rental income | £24,500 | £22,278 | |
| ===== | ===== | ||
| 4. | Fundraising trading | ||
| Fundraising trading represents goods purchased for sale at the synagogue shop. The | |||
| shop sells a selection of food and other religious items to the local | community. | ||
| 5. | Costs in furtherance of charitable objects | 2021 | 2020 |
| £ | £ | ||
| Synagogue, education and outreach work | |||
| Advertising | 2,165 | 1,400 | |
| Bank charges and interest | 417 | 155 | |
| Books | 5,975 | 4,960 | |
| Cleaning expenses | 4,635 | 4,481 | |
| Depreciation | 45,593 | 44,209 | |
| Educational events and lecture expenses | 18,594 | 22,600 | |
| Food and drink | 17,969 | 19,714 | |
| Insurance | 4,539 | 4,670 | |
| Postage and stationery | 2,554 | 2,620 | |
| Repairs | 4,478 | 7,646 | |
| Supplies | 6,074 | 5,894 | |
| Telephone | 1,043 | 204 | |
| Travel | 3,960 | 3,114 | |
| Utilities | 24,733 | 16,324 | |
| £142,730 | £137,991 | ||
| ====== | ====== |
There were no employees during the period.
6. Trustees’ remuneration
The Trustees neither received nor waived any emoluments during the period. During the period, the Trustees were reimbursed £Nil (2020: £Nil) for personal expenses incurred.
7. Governance costs
2021 2020 £ £ Accountancy £ 1,200 £ 1,200 ===== =====
Page 12
Craven Walk Beth Hamedrash Trust
Notes to the Accounts - 31 October 2020 (continued)
8. Fixed assets
| Freehold | Property | Fixtures and | |||
|---|---|---|---|---|---|
| Property | Improvements | fittings | Total | ||
| £ | £ | £ | |||
| Cost | |||||
| At 1 | November 2020 | 392,439 | 1,719,217 | 72,466 | 2,184,122 |
| Additions | - | 35,256 | 6,500 | 41,756 | |
| At 31 October 2021 | 392,439 | 1,754,473 | 78,966 | 2,225,878 | |
| ______ | __ | _____ | __ | ||
| Depreciation | |||||
| At 1 | November 2020 | 143,714 | 373,865 | 61,268 | 578,847 |
| Charge for the Year | 7,849 | 35,089 | 2,655 | 45,593 | |
| At 31 October 2021 | 151,563 | 408,954 | 63,923 | 624,440 | |
| ______ | ______ | _____ | ______ | ||
| Net Book Value | |||||
| At 31 October 2021 | £240,876 | £1,345,519 | £15,043 | £1,601,438 | |
| ======= | ======== | ====== | ======== | ||
| At 31 October 2020 | £248,725 | £1,345,352 | £11,198 | £1,605,275 | |
| ======= | ======== | ====== | ======== | ||
| 9. | Creditors: Amounts falling due within | ||||
| one year | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Other creditors | 1,476 | 77,249 | |||
| Accruals | 1,200 | 1,200 | |||
| £2,676 | £78,449 | ||||
| ===== | ====== | ||||
| Other creditors represent loans made by | various local individuals and | organizations | |||
| assist the charity in the original purchase | and refurbishment of the synagogue premise | ||||
| The loans are all | interest free and repayable on demand. | ||||
| 10. | Creditors:Amounts falling due after more than | ||||
| one year | |||||
| Bank loan (unsecured) | 49,000 | - | |||
| Other creditors (see note 12) | 241,993 | 241,993 | |||
| £290,993 | £241,993 | ||||
| ====== | ====== |
Other creditors represent loans made by various local individuals and organizations to assist the charity in the original purchase and refurbishment of the synagogue premises. The loans are all interest free and repayable on demand.
Page 13
Craven Walk Beth Hamedrash Trust
Notes to the Accounts - 31 October 2021 (continued)
11. Statement of funds
| Statement of funds | ||||
|---|---|---|---|---|
| 1 November 2020 | Income | Expenditure | At 31 October 2021 | |
| £ | £ | £ | £ | |
| Unrestricted Funds | ||||
| General Reserve | £1,296,912 | £188,934 | £(159,881) | £1,325,965 |
| _ | ______ | _ | __ |
12. Related party transactions
The charity has been advanced a loan of £241,993 by Hurdale Charities Limited (charity number 276997). D Ostreicher is a trustee of Craven Walk Beth Hamedrash Trust and Hurdale Charites Limited. The loan is interest free and is secured over the charity’s freehold property.
13. Declarations
a. Designated funds
The charity does not have any designated funds.
b. Discontinued, continuing and acquired operations
All the charity’s operations are continuing operations and there were no operations discontinued or acquired in the year.
c. Funds in deficit
No funds were in deficit at the balance sheet date.
d. Inalienable or historic assets
The charity had no assets at the balance sheet date classed as inalienable or historic.
e. Intangible assets
The charity has no intangible assets.
f. Uncapitalised fixed assets
The charity has no material fixed assets which have not been capitalised and included on the balance sheet.