REGIsfERED COMPANY NUMBER: 04978521 (England and Wales) REGIStERED CHARtrY NUMBER: 1102303 Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2024 SASSOV BEIS HAMEDRASH (A COMPANY LIMrrED BY GUARAMfEE) Melinek Fine LLP Chartered 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 2024 Page Reference and Administrative Details Report of the TNstees 2 to 3 Independent Examiner's Report Statement of Financial Artivities Balance Sheet 6 to 7 Notes to the Financial Statements 8 to 11 Detailed Statement of Financial Activities 12 SASSOV BEIS HAMEDRASH Reference and Administrative Details FOR THE YEAR ENDED 30 JUNE 2024 TRusfEES Rabbi S l Freshwater Mr B S E Freshwater MrGSMorris Mr O SiltEr Mr M Broner Mr L Rokach COMPANY SECREfARY Burlington Registrars ￿Mited REGIsfERED OFFICE New Burfington House 1075 Finchley Road Temple Fortune Lon(lon NWII OPU REGISTERED COMPANY NUMBER 04978521 (England and Wales) REGISTERED CHARrrY NUMBER 1102303 INDEPENDENT EXAMINER Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Pa￿ Road Lon(lon N3 IDH Page I SASSOV BEIS HAMEDRASH (REGisfERED NUMBER: 04978521) Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2024 The trustees who are also directors of the charity for the purp)ses of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. 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 Reporbng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). The Trustee5 present their Report. together with the Accounts, for the year ended 30 June 2020 which complies with the Charities SORP (FRS 102) and Charities Act 2011. OBJECrnIES AND AcrIvrrIES Charitable objects The objects of the charity are: to foster, assist and promote charitable activities of any insbtution 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 ￿mUneratiOn, any chartiable trust and to give philanthropic aid to the Jewish needy. Public benefit The Trustees confimi they have referred to the guidelines contsined in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objecbves and in planning fvture activities and setting the grant making policies for the year. FINANCIAL REVIEW Investment policy and objectives Under the Memorandum and Articles of AsscKiation. the charty has the wwer 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 policy, have operated a policy of keeping funds available on c311. Reserves policy It is the policy of the charity to maintain unrestricied fvnds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. FUTURE PLANS The charity plans continuing the activities outlined atr￿ve in the forthcoming years subject to satisfattory incoming resources. STRucfuRE, GOVERNANCE AND MANAGEMEKr Governing document Sassov Bels Hamedrash is a company limited by guarantee governed by its Memorandum and Articles of Association dated 27 NOVem￿r 2003. The current members are the subscribers to the Memorandum of Ass￿lation. Membership is open to any individual who applies to the charity in the forni 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 less than 3 and is not subjett to any maximum. Oryanisation The charity is run by the Board of Govemors (frustees) who shall appoint its members the Chaimian and Vice-chairman. The trustees will apply 5uitsble recruitment and induttion procedures when new bijstees are aptx)inted. The charity was formed to take over the running of the synagogue known as The Sassov Bels Hamedrash. The Synagogue is maintained by membership subscriptions and voluntary donations. The day-to-day running of the Synagogue has been delegated by the Trustees to the duly-elected Synagogue Wardens (Gabboim). The Charity also SUPFX)rts charttsble activitses in the Jewish community; specifically, it wishes to continue the philanthropic work of its founder, the late Sassover Rebbe o.h. Page 2 SASSOV BEIS HAMEDRASH (REGisfERED NUMBER: 04978521) Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2024 STRucfuRE, GOVERNANCE AND MANAGEMErir Risk management The trustees have identified and reviewed the major risks to which the Charity is exwsed, 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. Credit Risk 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 ￿rfOrM their obligations under the financial instruments. It is recognised that systems can only provide reasonable but not absolute assuran￿ that major risks have been adequately managed. Financial Review The charity is reliant on voluntary income from benefartors 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 company's investment properties are included in the Financial Ststements at Trustees, valuation. Approved by order of the board of trustees on . . and signed on its behalf by: Mr M Broner- Trustee Page 3 Independent Examiner's Report to the Trustees of Sassov Bels Hamedrash (Registered number: 04978521) Independent examiner's report to the trustees of Sassov Bels Hamedrash ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purTX)ses 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 examinab"on, I retK>rt in respect of my examination of your charity's accounts as carried out under Settion 145 of the Charities Att 2011 {'the 2011 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under ￿lon 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 Insts'tute of Chartered Accountsnts in England and Wales, which is one of the listed tx)dies. 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 accounb'ng requirements of Secknon 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 teen prepared in accordance with the methods and principles of the Statement of Recommended Pracknce for accounting and reporting by chartiies (applicable to charities preparing their accounts in accordance with the Financial Re￿o￿ng Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other matters in cOnn￿tIon with the examination to which attention should be drawn in this report in order to enable a proFer understsnding of the accounts to be reached. Danny Fine, FCA Melinek Fine LLP Charte￿d Accountsnts First Floor, Winston House 349 Regents Park Road London N3 IDH Date: Page 4 SASSOV BEIS HAMEDRASH Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 30 JUNE 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 176,959 325,483 Investment income Total 257 969 405 036 EXPENDITURE ON Raising funds 16,797 17,985 Charitable activities Charitable Grants Synagogue functions and amenities Maintenance of Synagogue building Other charitable acbvities 72,269 119,481 42.778 87,492 89,476 39,508 Total 253 145 236 258 NET INCOME 4,824 168,778 RECONCIUATION OF FUNDS Total funds brought forward 2,367,449 2,198,671 TOTAL FUNDS CARRIED FORWARD 2 372 273 2 367 449 The notes fomi part of these financial statements Page 5 SASSOV BEIS HAMEDRASH (REGisfERED NUMBER: 04978521) Balance Sheet 30 JUNE 2024 2024 Unrestricted fund 2023 Total ftjnds Notes FIXED ASSErs Tangible assets Investment property 576.149 1800 000 544,757 1800 000 2,376,149 2,344,757 CURRENT ASSETS Debtors Cash at bank and in hand io 16,382 14.943 22,736 31,325 51,258 CREDITORS Amounts falling due within one year li (35,201) {28,566) NET CURRENT ASSErs TOTAL ASSEfs LESS CURRENT LIABILrriES 2,372,273 2,367,449 NET ASSErs 2 372 273 2 367 449 FUNDS Unrestricted funds 2 372 273 2 367 449 TOTAL FUNDS 2 372 273 236749 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their reswnsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and p￿parIng financial statements which give a true and fair wew of the state of affairs of the charitable company as at the end of each financial year and of its surplus or defiat for each financial year in accordance with the requirements of Sections 394 and 395 and which othe￿ise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes fomi part of these financial statements Page 6 continued... SASSOV BEIS HAMEDRASH (REGisfERED NUMBER: 04978521) Balance Sheet - continued 30 JUNE 2024 These financial Statements have been prepared in accordance with the provision5 applicable to charitsble companies subject to the small companies regime. The financial statements were appmed by the Board of Trustees and authorised for issue on . and were signed on its behalf by: Mr B S E Freshwater - Trustee Mr M Broner- Trustee The notes fomi part of these financial statements Page 7 SASSOV BEIS HAMEDRASH Notes to the Financial Ststements FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public ￿nefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Re￿rtIng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019),, Financial Reporting Standard 102 The Financial Reporbng Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial ststements have LEen prepared under the historical cost convention. Financial reporting stsndard 102 - reduced disclosure exemptions The charitable company has taken advantsge of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 The Financial Re￿rtIng Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Ststement of Cash Flows. Incoming resources All donations are recognised in the Ststement of Financial Activtties of the charity when received. All other income is recognised on a receivable basis. Liability recognition Liabilities are recognised as expenditure as SCM)n as there is a legal or constructive obligation committing the Charity to pay out resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Charitable activities Charitsble activities are only recognised in the accounts when paid. Tangible fixed assets Dep￿ciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Investment property Investment property is shown at most recent valuation. Any aggregate sU￿lUS or deficit arising from changes in fair value is recognised in the Statement of Financial Attivities. Taxation The charity is exempt from corporation tax on its charitsble actiwties. Fund accounting All funds are unrestricted. DONATIONS AND LEGACIES 2024 2023 Donations 176 959 325 483 Page 8 continued... SASSOV BEIS HAMEDRASH Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2024 INVEsfMENT INCOME 2024 2023 Rents received Deposit account interest 80,744 266 79,445 108 RAISING FUNDS Investment management costs 2024 2023 Pro￿rtY costs CHARrrABLE AcrIvrrIES cosrs Grant funding of activities Direct Costs Support costs Totsls Charitsble Grants Synagogue functions and amenities Maintenance of Synagogue building Other charitable activities 72,269 72,269 119,481 42,778 119.481 42,778 162.259 72.269 TRusfEES' REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. Trustees. expenses There were no trustee5' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. srAFF COSTS The average monthly num1￿r of employees during the year was as follows: 2024 2023 Employees No employees received emoluments in excess of £60,IX)O. Page 9 continued... SASSOV BEIS HAMEDRASH Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2024 TANGIBLE FIXED ASSETS Freehold property COST At l July 2023 Additions 5+1,757 At 30 June 2024 576 149 NEf BOOK VALUE At 30 June 2024 576 149 At 30 June 2023 INVESTMENT PROPERTY FAIR VALUE At l July 2023 and 30 June 2024 1800 000 NEf BOOK VALUE At 30 June 2024 1800 000 At 30 June 2023 1800 000 io. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Other debtors Prepayments and accrued income 12,311 18,781 11. CREDrroRS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade creditors Accruals and deferred income 33,701 27,066 12. RELATED PARTY Some of the Trustee5 of thi5 charity are also Trustee5 of other organisations which mayi from time to time, t￿nefit from grants made by this charity during the peri(hJ. Page 10 continued... SASSOV BEIS HAMEDRASH Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2024 13. COMPANY LIMrrED BY GUARANTEE The charity company is limited by guarantee and d(￿S not have share caprtal. The articles of association of the company preclude the distribution of assets to the members of the company and accordingly a reconciliation of shareholders, funds is inappropriate. The liability of each rnemt￿r in the event of a winding up is limited to £1. Page 11