COMPANY REGISTRATION NUMBER: 04395967 CHARITY REGISTRATION NUMBER: 1104262
Beis Hamedrash Ohr Chodosh Limited Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
LEVENSONS LTD
Chartered Certified Accountants Rico House George Street Manchester M25 9WS
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and | |
| expenditure account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.
Reference and administrative details
Registered charity name Beis Hamedrash Ohr Chodosh Limited Charity registration number 1104262 Company registration number 04395967 Principal office and registered 111 Rico House office George Street Prestwich M25 9WS The trustees Mr N Spitzer Mr A Cohen Mr A Davis Mr Y Schleider Company secretary Nathan Spitzer Independent examiner Yisroel Levenson FCCA CTA Rico House George Street Manchester M25 9WS
Structure, governance and management
Governing document
The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association, incorporated on 15 March 2002.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of charity and their recognised experience in specific fields which will further support the work of the Beis Hamedrash Ohr Chodosh Limited.
Organisational structure
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
Induction and training of new trustees
New trustees are given a full induction by the directors. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
1
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024
Objectives and activities
Objectives and aims
The objects of the charity are to promote the Orthodox Jewish Religion and in particular to maintain a synagogue providing facilities for prayer, religious worship and religious studies.
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
We are again pleased to report a successful year for the charity, with membership numbers continuing to grow. The services have continued as in previous years which have all been well attended. The Rabbi has provided regular lectures that are well attended by both members and the general public. We have also had the opportunity to listen to lectures in our synagogue from prominent visiting Rabbis. We look forward to a further year of growth and continued success.
Financial review
Financial position
Income from donations and investments totalled £164,619 (2023 - £151801). Expenditure in furtherance of charitable activities aggregated £185,750 (2023 - £147643) resulting in net expenditure of £21,131 (2023 - income of £4158). The financial results of the charity's activities for the year to 31 March 2024 are fully reflected on pages 5 and 6 of the Financial Statements together with the notes thereon.
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary grants. The trustees consider that the ideal level of reserves as at 31 March 2024 would be six months of resources expended which equates to approximately £92875. The actual free reserves as at 31 March 2024 were £131563 which is higher than our target figure. In calculating the free reserves, the trustees have excluded from total funds the fixed assets of £18928.
Plans for future periods
The charity will continue to promote projects advancing the orthodox Jewish religion.
2
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
The trustees' annual report and the strategic report were approved on 31 January 2025 and signed on behalf of the board of trustees by:
Mr A Davis Trustee
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Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Beis Hamedrash Ohr Chodosh Limited
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Beis Hamedrash Ohr Chodosh Limited ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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
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 charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
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the financial statements 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
-
the financial statements 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.
Yisroel Levenson FCCA CTA Independent Examiner
Rico House George Street Manchester M25 9WS
31 January 2025
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Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 146,459 | 18,160 | 164,619 | 151,801 |
| Total income | 146,459 | 18,160 | 164,619 | 151,801 | |
| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 167,590 | 18,160 | 185,750 | 147,644 |
| Total expenditure | 167,590 | 18,160 | 185,750 | 147,644 | |
| Net (expenditure)/income and net | |||||
| movement in funds | (21,131) | – | (21,131) | 4,157 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 171,623 | – | 171,623 | 167,465 | |
| Total funds carried forward | 150,492 | – | 150,492 | 171,622 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 15 form part of these financial statements.
5
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 14 | 18,928 | 12,518 |
| Current assets | |||
| Debtors | 15 | 52,233 | 55,651 |
| Cash at bank and in hand | 82,006 | 106,087 | |
| ��������� | ��������� | ||
| 134,239 | 161,738 | ||
| Creditors: amounts falling due within one year | 16 | 2,676 | 2,634 |
| ��������� | ��������� | ||
| Net current assets | 131,563 | 159,104 | |
| ��������� | ��������� | ||
| Total assets less current liabilities | 150,491 | 171,622 | |
| ��������� | ��������� | ||
| Net assets | 150,491 | 171,622 | |
| ��������� | ��������� | ||
| Funds of the charity | |||
| Unrestricted funds | 150,492 | 171,622 | |
| ��������� | ��������� | ||
| Total charity funds | 17 | 150,492 ��������� |
171,622 ��������� |
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 31 January 2025, and are signed on behalf of the board by:
Mr A Davis Trustee
The notes on pages 7 to 15 form part of these financial statements.
6
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 111 Rico House, George Street, Prestwich, M25 9WS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
Exemption has been taken from preparing a cash flow statement on the grounds that the charitable company qualifies as a small charitable company.
Judgements and key sources of estimation uncertainty
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.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
7
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
8
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20% reducing balance Plant and machinery - 50% reducing balance Equipment - 25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
9
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Every member of the Charity undertakes to contribute such amount as may be required (not exceeding £10) to the Charity's assets if it should be wound up whilst he or she is a member or within one year after he or she ceases to be a member, for payment of the Charity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 146,459 | 18,160 | 164,619 |
| Donations type 2 | – | – | – |
| ��������� | �������� | ��������� | |
| 146,459 | 18,160 | 164,619 | |
| ��������� | �������� | ��������� |
10
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
5. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 134,811 | – | 134,811 |
| Donations type 2 | – | 16,990 | 16,990 |
| 134,811 | 16,990 | 151,801 |
6. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Activity type 1 | 161,270 | 18,160 | 179,430 |
| Support costs | 6,320 | – | 6,320 |
| 167,590 | 18,160 | 185,750 | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Activity type 1 | 112,983 | 16,990 | 129,973 |
| Support costs | 17,671 | – | 17,671 |
| 130,654 | 16,990 | 147,644 |
7. Expenditure on charitable activities by activity type
| Activities | ||||||
|---|---|---|---|---|---|---|
| undertaken | Grant funding | Total funds | Total fund | |||
| directly | of activities | Support costs | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Activity type 1 | 167,494 | 11,936 | 6,320 | 185,750 | 147,644 | |
| Analysis of support costs | ||||||
| Analysis of | ||||||
| support costs | ||||||
| activity 1 | Total 2024 | Total 2024 | Total 2023 | |||
| £ | £ | £ | ||||
| Governance costs | 6,320 | 6,320 | 918 |
8. Analysis of support costs
11
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
9. Analysis of grants
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Grants to individuals | |||
| Grants to individuals | 11,936 | 17,450 | |
| �������� | �������� | ||
| Total grants | 11,936 | 17,450 | |
| �������� | �������� | ||
| 10. | Net (expenditure)/income | ||
| Net (expenditure)/income is stated after charging/(crediting): | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 2,340 | 3,256 | |
| ������� | ������� | ||
| 11. | Independent examination fees | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 912 | 870 | |
| ���� | ���� | ||
| 12. | Staff costs | ||
| The total staff costs and employee benefits for the reporting period are analysed as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Wages and salaries | 29,526 | 19,128 | |
| �������� | �������� | ||
| The average head count of employees during the year was 2 (2023: 2). The average number of | |||
| full-time equivalent employees during the year is analysed as follows: | |||
| 2024 | 2023 | ||
| No. | No. | ||
| Number of staff | 2 | 2 | |
| ���� | ���� |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
13. Trustee remuneration and expenses
no remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12
Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
14. Tangible fixed assets
==> picture [428 x 305] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Short|
|leasehold|Plant and|
|property|machinery|Equipment|Total|
|£|£|£|£|
|Cost|
|At 1 April 2023|164,463|33,462|25,340|223,265|
|Additions|–|–|8,750|8,750|
|At 31 March 2024|164,463|33,462|34,090|232,015|
|Depreciation|
|At 1 April 2023|152,763|32,734|25,250|210,747|
|–|–|
|Charge for the year|2,340|2,340|
|At 31 March 2024|155,103|32,734|25,250|213,087|
|Carrying amount|
|At 31 March 2024|9,360|728|8,840|18,928|
|At 31 March 2023|11,700|728|90|12,518|
|Debtors|
|2024|2023|
|£|£|
|Trade debtors|47,233|50,651|
|Other debtors|5,000|5,000|
|52,233|55,651|
----- End of picture text -----
15. Debtors
16. Creditors: amounts falling due within one year
==> picture [428 x 73] intentionally omitted <==
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Trade creditors|193|193|
|Accruals and deferred income|1,752|1,710|
|Social security and other taxes|731|731|
|2,676|2,634|
----- End of picture text -----
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Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 March 202 | 31 March 202 | ||
| 1 April 2023 | Income | Expenditure | 4 | |
| £ | £ | £ | £ | |
| General funds | 171,623 | 146,459 | (167,590) | 150,492 |
| At | ||||
| At | 31 March 202 | 31 March 202 | ||
| 1 April 2022 | Income | Expenditure | 3 | |
| £ | £ | £ | £ | |
| General funds | 167,465 | 134,811 | (130,654) | 171,622 |
| Restricted funds | ||||
| At | ||||
| At | 31 March 202 | 31 March 202 | ||
| 1 April 2023 | Income | Expenditure | 4 | |
| £ | £ | £ | £ | |
| Restricted Fund | – | – | – | – |
| Restricted Fund 2 - desc in a/cs | – | 18,160 | (18,160) | – |
| – | 18,160 | (18,160) | – | |
| At | ||||
| At | 31 March 202 | 31 March 202 | ||
| 1 April 2022 | Income | Expenditure | 3 | |
| £ | £ | £ | £ | |
| Restricted Fund | – | 657 | (657) | – |
| Restricted Fund 2 - desc in a/cs | – | 16,333 | (16,333) | – |
| – | 16,990 | (16,990) | – |
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Beis Hamedrash Ohr Chodosh Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
18. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Tangible fixed assets | 18,928 | 18,928 |
| Current assets | 134,238 | 134,238 |
| Creditors less than 1 year | (2,675) | (2,675) |
| Net assets | 150,491 | 150,491 |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 12,519 | 12,519 |
| Current assets | 161,736 | 161,736 |
| Creditors less than 1 year | (2,633) | (2,633) |
| Net assets | 171,622 | 171,622 |
15