REGISTERED COMPANY NUMBER: 04978521 (England and Wales) REGISTERED CHARITY NUMBER: 1102303 Report of the Trustees and Unaudited Financial Ststements for the Year Ended 30 June 2023 for SASSOV BEIS HAMEDRASH (A COMPANY L]mED BY GUARANTEE) Melinek Fine LLP Charted Accountants First Floor, Winston House 349 Regents Park Road London N3 IDH
SASSOV BEIS HAMEDRASH Contents of the Financial Statements FOR THE YEAR ENDED 30 JUNE 2023 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report SL*ement of Financial Activities Balan Sheet Notss to the Flnanclal Ststements 8 to 11 Detailed SLitement of Financial Activities 12
SASSOV BEIS HAMEDRASH Reference and Administrative Details FOR THE YEAR ENDED 30 JUNE 2023 TRusfEES Rabbi S l FrhWater Mr B S E Freshwater Mr G S Morri5 Mr O Silber Mr M Broner Mr L Rokach COMPANY SECREfARY Burlington Registrars Limited REGERED OFFICE New Burlington House 1075 Finchley Road Temple Fortune London NWII OPU REGISTERED COMPANY NUMBER 04978521 (England and Wales) REGISTERED CHARrrY NUMBER 1102303 INDEPENDENT EXAMINER Mdinek Fine LLP Charttred Accountsnts First Fl(M)r, Winston House 349 Regents Park Road London N3 IDH Page I
SASSOV BEIS HAMEDRASH (REGISTERED NUMBER: 04978521) Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2023 The trustees who are also directors of the charity for the purposes of the Cornpanies Act 2006, present their report with the financial statements of the tharity for the year ended 30 June 2023. The trust5 have adopted the provisions of Accounting and Reporting by Charitie5'. Ststement of Recomrnended Practice appliCae to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). The Trustees present their RerKJrt, together with the Accounts, for the year ended 30 June 2020 which complies with the Charities SORP (FRS 102) and Charities Act 2011. OBJEcfIvES AND AcrIvrrIES Charitsble objects The objects of the charity are.. to foster, assist and promote charitable activities of any institution professing and teaching the principles of traditional Judaism,. to advance religion in accordance with the Jewish faith,. to undertake. accept, execute and administer, without any remuneration, any tharitable trust and to give philanthropic aid to the Jewish ne&Jy. Public benefit The Trustees confirm they have referred to the guidelines contained in the Charty Commission's general guidance on public LEnefit when reviewing the charity's aims and obJ"ectives and in planning fLJture artivities and setting the grant maknng rKJlicies for the year. FINANCIAL REVIEW Investment policy and objective5 Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided any moneys are not immediately required for use In connection with any of its objects. The trustees, having regard to the liquidity requirements of the charity and to the reserves tM)lic¥, have operated a policy of keeping funds available on call. Reserves policy It is the wlicy of the charity to maintrain unrestritted funds, which are the free reserves of the charity, at a level which the trustees think apwopriate after considering the future comrnitments of the charity and the likely administrative costs of the charity for the next year. FUTURE PLANS The charity plans continuing the activities oudined above in the forthcorning years subject to satisfactory incoming resources. srRUCTURE, GOVERNANCE AND MANAGEMEKr Governing document Sassov Bels Harnedrash is a company lirnited by guarantee governed by its Memorandum and Articles of Association dated 27 November 2003. The current members are the subscribers to the Mernorandum of Association. Membership is open to any individual who applies to the charity in the form required by the directors and is approved by the directors,. there is no limit to the number of members. The Board of Governors shall not be less than 3 and is not subject to any maximum. Page 2
SASSOV BEIS HAMEDRASH (REGISTERED NUMBER: 04978521) Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2023 srRucfuRE, GOVERNANCE AND MANAGEMETrir Organisation The charity is run by the Board of Governors (Trustees) who shall appoint its rnembers the Chaimian and Vice-chairman. It is not the intention of the trustees of the charty to appoint any new trustees. Should the situation change in the future, the trustees will apply suitsble recruitment training and induction produre$. The charity was formed to take over the running of the syn3gogLJe known as The Sassov Bels Hamedrash. The Synagogue is maintsined by membership subscriptions and volLJntary donations. The day-to-day running of the Synagogue has been delegated by the Trustees to the duly-elected Synagogue Wardens (Gabboiml. The Charity also supFx)rts charitable activities in the Jewish community- specifical, it wishes to continue the philanthmpic work of its ft>under, the late Sassover Rebbe o.h. Risk management The trLJSt&s have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Company* and are satisfied that systems are in place to mitigate those risks. Financial risk management and policies The charity may hold or issue financial instruments in order to finance its operations. Credlt Rlsk The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perfomi their obligations under the financial instruments. It is recognised that systems can only prowde reasonable but not absolute assuran that rnajor risks have been adequately managed. Flnan¢lJl Revlew The charity is reliant on voluntary income from benefattors and members voluntary subscriptions. During the period under review, the charity received sufficient income to cover the expenses of the charity. Land and Buildings The cornpany's investrnent properties are induded in the Financial Statements at Trustees, waluation. Approved by order of the board of trustees on 4 April 2024 and signed on ts Fhalf by- SIGNED Mr M Broner- Trustee Page 3
Independent Examiner's Report to the Trustees of Sassov Bels Hamedrash (Registered number: 04978521) Independent examiner'5 report to the trustees of Sa550v Bels Hamedra5h ('the Company.) I report to the charity trustees on my examinab.on of the accoLJnts of the Company for the year ended 30 June 2023. Responsibilities and basis of report s the charity's trustees of the Company (and also its directo for the purposes of company lawl you are reswjnsible for the preparation of the accounts in accordance with the requirements of the Cornpanies Act 2006 Ilhe 2006 ACV). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2(H)6 Att and are eligible for independent examination, I report in restktt of my examination of your charity's accounts as carried out under Sertion 145 of the Charities Act 2011 1.the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under Sc(tion 145(51 Ib) of the 2011 Act. Independent examiner's statement Since your charity's gross income exCded £250,000 your examiner must be a member of a listed ix)dy. I can confim that l am qualified to undertake the examinab.on because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed ldies. I have completed my examination. I confirm that no matters have come to my attention in connertion with the examination giving me cause to believe.. accounting CordS were not kept in respect of the coMnY as qUired 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 Sertion 396 of the 2006 Art 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 Recomrnended Practice for accounting and reFQrting by charities (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no COnm$ and have come across no other matters in connettic>n with the examinab.on to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. SIGNED Danny Fine, FCA Melinek Fine LLP Chartered Accountant5 First Floor, Winston House 349 Regents Park Road London N3 IDH 4 April 2024 Date: Page 4
SASSOV BEIS HAMEDRASH statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 30 JUNE 2023 2023 Unrestricted fund 2022 Total nds Notes INCOME AND ENDOWMENTS FROM Donab"ons and legacies 325,483 154,741 Investment income Totsl 405 036 228 545 EXPENDMIRE ON Raising funds 17,985 24,600 Charitable artivities Charitsble Grants Synagogue functions and amenities Maintenance of Synagogue building Other charitable activities 87,492 89,476 39,508 63,300 90,214 29,564 Totsl 236 258 210 309 NETINCOME 168,778 18,236 RECONCILIATION OF FUNDS Totsl funds brought forward 2,198,671 2,180,435 TOTAL FUNDS CARRIED FORWARD 2 367 449 2 198 671 The notes fomi part of these financial statements Page 5
SASSOV BEIS HAMEDRASH (REGISTERED NUMBER: 04978521) Balan Sheet 30 JUNE 2023 2023 Unrestricted fund 2022 Total funds Notes FIXED ASSETS Tangible assets Investment property 544,757 1800 000 371,401 1800 000 2,344,757 2,171,401 CURRENT ASSETS Debtors Cash at ink and in hand io 22,736 15,219 51,258 57,019 CREDThORS Amounts falling due within one year li (28,5661 (29,7491 NET CURRENT ASSErs TOTAL ASSETS LESS CURRENT LIABILrriES 2,367,449 2,198,671 NET ASSETS 2 367 449 2 198 671 FUNDS Unrestricted funds 2 367 449 2 198 671 TOTAL FUNDS 2 367 449 2 198 671 The charitable company is entitled to exemption from audit under Section 477 of the Companies Art 2006 for the year ended 30 June 2023. The Membe have not required the cornpany to obtain an audit of its financial ststements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their resp)nsibilities for la) ensuring that the charitsble company keeps accounting records that comply with Settions 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affai of the charitable company as at the end of each financial year and of its surplus or defic 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 ststements, so far as applicable to the charitsble company. Ibl The notes fomi part of these financial statements Page 6 continued...
SASSOV BEIS HAMEDRASH (REGISTERED NUMBER: 04978521) Balan Sheet- continued 30 JUNE 2023 These financial statements have been prered in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial staternents were approved by the Board of Trustees and authorised for issue on 4.ApFiI.2t124..................... and were signed on its beha by.. SIGNED Mr B S E Freshwater- Trustee SIGNED Mr M Broner- Trustee The notes fomi part of these financial statements Page 7
SASSOV BEIS HAMEDRASH Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2023 ACCOUNTENG POLICEES Basis of preparing the financial ststements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the charleS SORP IFRS 1021 'Accounting and Reporting by Charities- Staternent of Recommended Pracbce applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2019),, Financial Reroffjng Stsndard 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. Financial reporting standard 102 - reduced disclosure exemptions The charitsble company has taken advantsge of the following disclosure exemptions in prerIng these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Incoming resources All donations are recognised in the Statement of Financial Activities of the charity when reived. All other income is recnISed on a re1vable basi5. Uablllty rKognltlon Liabilibes are recognised 35 expenditure as soon as there is a legal or constructive obligation committing the Charity to out resources. Grants offered subject to condrcions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ChJrltsble a¢tlvltles Charitable activities ?re only recogni*d in the accounts when paid. Tangible fixed assets Depreciation is provided at the following annual rates in order to wrf(e off each asset over its estimated useful Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit ari%ng from changes in fair value is recognised in the Statement of Financi31 Activities. Taxation The charity is exempt from corporation tsx on its Charable activities. Fund accountlng All funds are unrestrirted. DONATIONS AND LEGACIES 2023 2022 Donations Page 8 continued...
SASSOV BEIS HAMEDRASH Note5 to the Financial Statements- continued FOR THE YEAR ENDED 30 JUNE 2023 INVESTMENT INCOME 2023 2022 Rents received Dep051t account interest 79,445 108 73,802 RAISING FUNDS Investment management costs 2023 2022 Property costs CHARITABLE ACTIvrriES cosrs Grant funding of activities Direct Costs Support costs Totals Charitable Grants Synagogue funrtions and amenities Maintenance of Synagogue building Other charitable activities 87,492 87,492 89,476 39,508 89,476 39,508 128 984 218 273 TRusfEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. Trustees. expenses There were no trust, expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. srAFF COSTS The average monthly nurnber of employees during the year was as follows: 2023 2022 Employees No employees received emoluments in excess of £60,000. Page 9 continued...
SASSOV BEIS HAMEDRASH Note5 to the Financial Statements- continued FOR THE YEAR ENDED 30 JUNE 2023 TANGIBLE FIXED ASSETS Freehold property COST At l July 2022 Additions 371,401 173 356 At 30 June 2023 BOOK VALiIE At 30 June 2023 At 30 June 2022 371401 INVESTMENT PROPERTY FAIR VALUE At I JLJIY 2022 and 30 June 2023 1,800,000 NEf BOOK VALUE At 30 June 2023 1,800,000 At 30 June 2022 1800 000 10. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Other debtors Prepayments and accrued income 18,781 9,856 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Accruals and deferred income 27,066 28,249 12. RELATED PARTY Some of the Trustees of this charity are alsts Trustees of other organisations which may, from time to time, benefit from grants made by this charty during the period. Page 10 continued...
SASSOV BEIS HAMEDRASH Note5 to the Financial Statements- continued FOR THE YEAR ENDED 30 JUNE 2023 13. COMPANY LIMrrED BY GUARANTEE The charity company is limited by guarantee and doe5 not have share capitsl. The articles of asKJciab'on Df the company preclude the distribution of assets to the members of the company and accordingly a reconciliation of shareholders. funds 15 inappropriate. The liability of each rnember in the event of a winding up is limed to £1. Page 11