Charity registration no: 1103481
New Shul Charitable Trust (N.S.C.T.)
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Trading As Kehilas Toras Chaim
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Annual Report and Unaudited Financial Statements For the Year Ended 31 August 2023
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CHARITY COMMISSION FIRST CONTACT UT JUL 2024-0» | ACCOUNTS ~~ RECEIVED
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New Shul Charitable Trust (N.S.C-¥.) (‘the Charity’)
Table of Contents
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| Legal and Administrative Information | 3 |
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| Trustees’ report | 4 |
| Independentexaminer's report | 5 |
| Statement offinancial activities | 6 |
| Statement offinancial position | 7 |
| Notestothefinancialstatements | 8-12 |
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New Shul Charitable Trust (N.S.C.T.) (‘the Charity’)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees J Rees D Minsky A Morris Charity number: 1103481 Principal address: - The New Hendon Beis Hamedrash Capital House Prestige Way - London NW4 2EZ independent examiner: Shaya Grosskopf FCA ; 1g Accountants Churchill House 137-139 Brent Street NW4 4D) . Rabbinical Team: Rabbi Y Birnbaum Rebbetzin E Birnbaum .
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New Shul Charitable Trust (N.S.C.T.) (‘the Charity’)
TRUSTEES’ REPORT FOR THE YEAR ENDING 31 AUGUST 2023
The trustees present their report and financial statements for the year ended 31 August 2023.
Objectives and activities
The Charity’s objectives are to advance Jewish education, Jewish religion, and other lawful charitable purposes. It does this by the provision and maintenance of a community centre and synagogue for the purpose of worship, conducting services and meetings, and the provision of educational facilities to provide for spiritual and religious needs. Activities are carried out in accordance with the principles of traditional Orthodox Jewish laws and practices and with applicable charitable taw.
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The trustees have had due regard to Charity Commission guidance on public benefit and lawful charitable purposes in deciding what activities the Charity should undertake. ,
Achievements and performance
During the year the synagogue operated daily to provide an Orthodox place of prayer. A religious educational programme consisting of a weekly roster of events and lectures was delivered, with extra events to mark significant moments. The charity also supported other bodies with similar objects. During the year charitable grants of £23,843 (2022: £18,317) were disbursed.
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The trustees are indebted to the Charity’s Rabbinical Team and committee of volunteers who together manage day to day activities including organising prayer services and educational events for adults and children. .
Financial review
The Statement of Financia! Activities shows a surplus of £5,358 for the year. (2022: deficit of £14,720). £810 (2022: £1,076) of the expenditure in the year relates to depreciation, which is a non-cash expense. Unrestricted funds at 31 August 2023 were £35,005 (2022: £29,647).
It is the aim of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level between three and six months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. Reserves have fallen below the trustees’ target level, and the trustees are taking steps to restore the position.
The trustees haves assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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Structure, governance and management
The trust was established by a charitable trust deed on 29 January 2004.
’ The trustees who served during the year and up to the date of signature of the financial statements were:
J Rees
D Minsky . A Morris
Where the board of trustees perceive a need, new trustees are inducted by the board, and are provided with an induction briefing. , The trustees’ report was approved by the Board of Trustees. :
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D Minsky Duriel Miasleg
Trustee
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Dated 30 June 2024
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New Shul Charitable Trust (N.S.C.T.} (‘the Charity’)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NEW SHUL CHARITABLE TRUST (N.S.C.T)
| report to the trustees on my examination of the financial statements of New Shul Charitable Trust (N.S.C-T.} (‘the Trust’) for the year ended 31 August 2023. .
Responsibilities and basic of report
As the trustees of the Trust you are responsible for the preparation of the financial statements in accordance with requirements of the Charities Act 2011 (‘the 2011 Act’).
| report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed afl the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those record; or. .
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out In the Charities (Accounts and Reports) Regulations
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. 2008 other than any requirement that the accounts give a true and fair view which is nota matter considered as part of an independent examination.
| have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Shaya Grosskopf FCA
1g Accountants
Chartered Accountants Churchill House 137-139 Brent Street NW4 4D) , .
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30 June 2024
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New Shul Charitable Trust (N.S.C.T.) (‘the Charity’)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 AUGUST 2023
||||Restricted|Restricted|Unrestricted||Totalfunds||Total||||
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||||funds2023|2023|funds 2023||||Funds|||
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||Income from:|Notes|||||||£|||
||Donations and|2||3,701|283,195||286,896||283,076|||
||legacies|||||||,||||
||Investment income|3||-|132||132|||9||
||Total Income|||3,701|283,327||287,028||283,085|||
||Expenditure on:|||||||||||
||Charitable activities|4||3,701|277,969||281,670||297,805|||
||TotalExpense||3,701.||~=—=—sé‘<‘é«‘iT,96—s—~<“C«té‘é‘«‘BS||||N~C~C«S,BOS|||
||Net (deficit)/|||||||||||
|;|incomefortheyear
and net movement|||||||||||
||in funds|||-|5,358|||5,358||(14,720)|||
||Fund balances at 1|||-|29,647||29,647|||44,367|.|
||September 2022|||||||||||
||Fund balances at 31||;|-|35,005|,|35,005|||29,647||
||August2023|||||||||||
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New Shul Charitable Trust (N.S.C-T.) (‘the Charity’)
STATEMENT OF FINANCIAL POOSITION AS AT 31 AUGUST 2023
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|2023|2022|
|Notes|£|£|
|Fixed|assets|.|
|Tangible|assets|7|2,426|3,236|
|Current|assets|
|Debtors|8|35,902|24,421|
|Cash|at|bank and|in|hand|42,571|16,186|
|.|78,106|40,607|
|Creditors: amounts falling due within|9|(45,894)|(14,196)|
|one|year|
|Net|current|assets|.|32,579|26,411|
|Total assets|less|current|liabilities|,|35,005|29,647|
|Funds|of the|charity|
|Unrestricted|and|total funds|35,005|29,647|
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The financial statements were approved by the Trustees on 30 June 2024.
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Daniel Miasley
D Minsky Trustee
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New Shul Charitable Trust (N.S.C.T.} (‘the Charity’)
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. Accounting policies
Charity information
New Shul Charitable Trust (N.S.C.T.) (‘the Charity’) is an unincorporated charitable trust established by a trust deed on 29 January 2004.
1.1 Accounting convention
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity has availed itself of the exemption for smaller entities from preparing a cashflow statement.
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1.2 Going concern
At the time of approving the financial statements, the trustees identified no material uncertainties to their expectation that the trust has adequate resources to continue operations for the foreseeable future, and accordingly the trustees elect to adopt the going concern basis of accounting in preparing the accounts.
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1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. The charity has no restricted funds, being funds which are subject to specific conditions set by the donors as to how they may be applied.
1.4 Income
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Income is recognised when the trust is legally entitled to it, when the amount of income can be reliably evaluated, and it is probable that the income will be received.
General donations and pledges are recognised on receipt. Membership subscriptions are recognised over the course of the membership year. Gift aid tax refundable is recognised at the time of the donation to which the refund pertains.
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1.5 Expenditure
Resources expended are included in the financial statements when incurred. Expenditure on charitable activities. Expenditure is allocated between direct expenditure on charitable activities, and expenditure on governance costs. Support costs are allocated between the costs based on an estimate of proportion of expenditure applicable to each.
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New Shul Charitable Trust (N.S.C.T.) (‘the Charity’)
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; NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (continued)
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2Donations and legacies
| Restricted Unrestricted Total 2022 funds funds 2023 funds 2023 2023 . Donations and 3,701 283,195 286,896 283,076 . legacies received
Restricted funds received represents grants from the Community Security Trust, a UK registered charity, in respect of security costs.
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3 Investment income
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Unrestricted Total funds 2022 and Total funds 2023 Bank interest 132 9
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4 Expenditure on charitable activities
| 2023 | 2023 | 2023 | 2022 | ||
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| Directcharitable | Allocated | Total | Tota! | ||
| expenditure | supportcosts | charitable | |||
| expenditure | |||||
| Bad and doubtful | 1,950 | - | 1,950 | 27,717 | |
| debts | |||||
| Depreciation | 810 | - | 810 | 1,076 | |
| Bank charges | - | 1,063 | 1,063 | 932 | |
| Charitable | . | 227,881 | - | 227,881 | 233,867 |
| expenditure | |||||
| Administrative | - | 6,583 | 6,583 | 6,746 | |
| expenditure | , | ||||
| Grantsmade | 23,843 | - | 23,843 | 16,742 | |
| Professional fees | - | 19,540 | 19,540 | 10,725 | |
| 254,484 | 27,186 | 281,670 | 297,805 |
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Support costs have been allocated wholly to charitable expenditure reflecting the trustees’ estimate of the application of these expenses.
Grants totalling £23,843 were made to 10 individual recipients in the financial year for the purpose of the alleviation of poverty.
Restricted charitable expenditure of £3,701 related to expenditure on security costs.
New Shul Charitable Trust (N.S.C.T.} (‘the Charity’)
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
5 Trustees
During the year donations by the trustees to the Charity and expenses of the Charity paid for by the trustees and reimbursed or credited to them, excluding regular membership donations, were as follows:
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2023
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Donations Software expenses
, reimbursed to 1 trustee
£ £
Total 7,403 -
2022
Donations Software expenses ,
reimbursed to 1 trustee
£ £
Total 6,443 279
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included in other creditors is an amount of £2,000 (2022: £nil) advanced by Daniel Minsky, a trustee of the charity, to the charity, which is interest free and repayable upon demand
6 Employees
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The average monthly number of employees during the year was as follows
2023 2022 , Average monthly number of employees 3 4
There were no employees whose annual remuneration was £60,000 or more.
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New Shul Charitable Trust (N.S.C-T.} (‘the Charity’)
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
‘7 Tangible fixed assets
| Fixtures, | fittings | Total | ||||
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| &equipment | ||||||
| £ | £ | ; | ||||
| Cost | ||||||
| At 1 September 2022 | 36,466 | 36,466 | ||||
| Additions | - | - | ||||
| At 31 August 2023 | 36,466 | 36,466 | ||||
| Depreciation | ‘ | |||||
| ' | At 1 September2022 | 33,230 | 33,230 | , | ||
| Depreciation charged in the year | 810 | 810 | ||||
| At31 August 2023 | 34,040 | 34,040 | ||||
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| Carryingamount | ||||||
| At31 August 2022 | 3,236 | 3,236 | ||||
| At31August2023 | 2,426 | 2,426 |
8 Debtors
| 2023 | 2022 | |
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| £ | £ | |
| Tradedebtors | 20,535 | 14,625 |
| Other debtors | 15,367 | - |
| Prepayments and accrued income | - | 9,796 |
| 35,902 | 24,421 |
Trade debtors are stated after a provision for bad and doubtful debt of £21,157 (2022: £19,207).
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9 Creditors: amounts falling due within one year
| 2023 | 2022 | |
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| £ | £ | |
| Trade creditors | 17,477 | 2,624 |
| Other creditors | 12,000 | 267 |
| Taxes and social security | 4,011 | 3,070 |
| Accruals and deferred income | 12,406 | 8,235 |
| «45,894 | s~~~«i2 198 |
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New Shul Charitable Trust (N.S.C.T.) (‘the Charity’)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
10 Operating leases
The total of future minimum lease payments under non-cancellable operating leases are as follows:
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|2023|2022|
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|Land|and|buildings|.|
|Not|later than|one year|1,660|20,000|
|Between|one|year and|five|years|-|2,849|
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Operating lease expenditure in the year was £44,932 (2022: £52,672).
11 Independent examiner’s remuneration
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The independent examiner was not remunerated for his services in the current or prior year.
12 Post balance sheet events
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_ in September 2023 the charity secured a 12-month lease extension from its landlord.
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