Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
COMPANY REGISTRATION NUMBER: 05603904 CHARITY REGISTRATION NUMBER: 1113311
THE MINYAN
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
31 DECEMBER 2024
COHEN ARNOLD
Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
| PAGE | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 4 |
| Statement of financial activities (including income and expenditure | |
| account) | 9 |
| Statement of financial position | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 |
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 DECEMBER 2024
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Minyan Charity registration number 1113311 Company registration number 05603904 Principal office and registered 29 Powis Gardens office London NW11 8HH England The trustees Mr U Neufeld Mr A O Weissbraun (Appointed 25 October 2025) Mr B Iczkovits (Died 12 September 2025) Auditor Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Minyan is a company limited by guarantee and is a registered charity governed by its memorandum and articles of association. The company was registered on 26 October 2005 and began its charitable activities on 12 January 2006. The Charity is registered with the Charity Commission in England and Wales with Charity number 1113311. The Company number is 05603904.
The charity is also known as the following: The Minyan, Kehillas Ohel Moshe and Torah Way. The main operating address of the charity is: 100-102 Leeside Crescent, London, NW11 0LA and the company's registered office is: 29 Powis Gardens, London, NW11 8HH.
The objects of the charity are to promote the Orthodox Jewish religion and in particular to maintain a synagogue providing facilities for prayers, religious worship and religious studies.
- 1 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
OBJECTIVES AND ACTIVITIES
The charity's objects are to promote the orthodox Jewish religion and in particular to maintain a synagogue providing facilities for prayers, religious worship and religious studies.
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
ACHIEVEMENTS AND PERFORMANCE
The charity was formed to promote the Orthodox Jewish religion, through the provision of synagogue services and religious education. During the year under review, membership of Kehillas Ohel Moshe (the working name of the synagogue), increased to 100. Charitable appeals are held from time to time in order to raise funds to cover ongoing discretionary expenditure.
The Start your Day the Torah Way program provided daily lectures presented by guest speakers from across the globe. These lectures are well attended by local residents and members. The trustees look forward to the program’s continued success in the forthcoming years. These activities undertaken by the charity provided public benefit.
The charity will continue to provide these and similar services in the coming years. The management committee would like to take this opportunity to thank all of the generous donors throughout the year, as without their support, the charity’s projects would not have been possible.
FINANCIAL REVIEW
The primary source of income of the charity are voluntary donations from the membership of the shul totalling £170k. During 2023 the charity started a redevelopment of the premises and in the current year £977k was received during the year towards the building fund. A further £273k of restricted donations was received relating to the activities and funds of the shul.
The total expenditure during the year was £621k, of which the charity spend £352k on restricted charitable activities.
During the year, the charity also incurred costs towards the redevelopment of the shul totalling £1.25m.
Reserves policy
The Charity has a policy of ensuring that at all times it has sufficient funds to support its activities for approximately 6 months.
As at 31 December 2024 the charity has total funds of £2.1m, of which £0.7m are unrestricted funds and £1.4m is restricted.
Investment policy
There is a policy to invest as and when appropriate in order to achieve sufficient income to be able to support the charity's objects.
PLANS FOR FUTURE PERIODS
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
- 2 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 DECEMBER 2024
TRUSTEES' RESPONSIBILITIES STATEMENT
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
-
they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 27 August 2026 and signed on behalf of the board of trustees by:
MR U NEUFELD
Trustee
- 3 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MINYAN YEAR ENDED 31 DECEMBER 2024
OPINION
We have audited the financial statements of The Minyan (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
- 4 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MINYAN (continued)
YEAR ENDED 31 DECEMBER 2024
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
- 5 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MINYAN (continued)
YEAR ENDED 31 DECEMBER 2024
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified which were most significant with respect to the financial statements. We identified financial reporting legislation and charity legislation as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or or recognise non-compliance with laws and regulations.
-
We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
-
We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. The susceptibility to such material misstatement was determined to be low.
-
Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the charity's internal controls policies and procedures, the minutes of trustees' meetings and correspondence and journal entries, and discussions with the trustees.
- 6 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MINYAN (continued)
YEAR ENDED 31 DECEMBER 2024
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
-
Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- 7 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MINYAN (continued)
YEAR ENDED 31 DECEMBER 2024
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
USE OF OUR REPORT
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
DAVID GOLDBERG (SENIOR STATUTORY AUDITOR)
For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NW11 0PU
27 August 2026
- 8 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | |||||
| Donations and legacies | 5 | 169,789 | 1,249,504 | 1,419,293 | 955,607 |
| Investment income | 298 | – | 298 | 13,560 | |
| ------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 170,087 | 1,249,504 | 1,419,591 | 969,167 | |
| ===================================== | =============================================== | =============================================== | ===================================== | ||
| EXPENDITURE | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 6 | (10,291) | (12,010) | (22,301) | (18,203) |
| Expenditure on charitable activities | 7,8 | (247,571) | (351,591) | (599,162) | (547,389) |
| ------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ------------------------------------- | ||
| TOTAL EXPENDITURE | (257,862) | (363,601) | (621,463) | (565,592) | |
| ===================================== | =============================================== | =============================================== | ===================================== | ||
| ------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ------------------------------------- | ||
| NET INCOME AND NET MOVEMENT | |||||
| IN FUNDS | (87,775) | 885,903 | 798,128 | 403,575 | |
| ===================================== | =============================================== | =============================================== | ===================================== | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 834,766 | 492,555 | 1,327,321 | 923,746 | |
| ------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 746,991 | 1,378,458 | 2,125,449 | 1,327,321 | |
| ===================================== | =============================================== | =============================================== | =============================================== |
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 12 to 20 form part of these financial statements.
- 9 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
| 31 DECEMBER 2024 | 31 DECEMBER 2024 | 31 DECEMBER 2024 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 12 | 2,811,877 | 1,594,759 | ||
| CURRENT ASSETS | |||||
| Debtors | 13 | 21,167 | 36,730 | ||
| Cash at bank and in hand | 41,868 | 656,236 | |||
| ------------------------------- | ------------------------------------- | ||||
| 63,035 | 692,966 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 15 | (143,213) | (345,454) | ||
| ------------------------------------- | ------------------------------------- | ||||
| NET CURRENT LIABILITIES | (80,178) | 347,512 | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 2,731,699 | 1,942,271 | |||
| CREDITORS: amounts falling due | |||||
| after more than one year | 16 | (606,250) | (614,950) | ||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| NET ASSETS | 2,125,449 | 1,327,321 | |||
| =============================================== | =============================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Restricted funds | 1,378,458 | 492,556 | |||
| Unrestricted funds | 746,991 | 834,765 | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 17 | 2,125,449 | 1,327,321 | ||
| =============================================== | =============================================== |
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 27 August 2026, and are signed on behalf of the board by:
MR U NEUFELD
Trustee
The notes on pages 12 to 20 form part of these financial statements.
- 10 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | 798,128 | 403,575 | |
| Adjustments for: | |||
| Depreciation of tangible fixed assets | 28,315 | 25,610 | |
| Dividends, interest and rents from investments | – | (11,442) | |
| Other interest receivable and similar income | (298) | (2,118) | |
| Interest payable and similar charges | 37,898 | 35,519 | |
| Changes in: | |||
| Trade and other debtors | 15,563 | (7,557) | |
| Trade and other creditors | 12,737 | 5,430 | |
| ------------------------------------- | ------------------------------------- | ||
| Cash generated from operations | 892,343 | 449,017 | |
| Interest paid | (37,898) | (35,519) | |
| Interest received | 298 | 2,118 | |
| ------------------------------------- | ------------------------------------- | ||
| Net cash from operating activities | 854,743 | 415,616 | |
| ===================================== | ===================================== | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Dividends, interest and rents from investments | – | 11,442 | |
| Purchase of tangible assets | (1,245,434) | (153,288) | |
| ----------------------------------------------- | ------------------------------------- | ||
| Net cash used in investing activities | (1,245,434) | (141,846) | |
| =============================================== | ===================================== | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from borrowings | – | (10,000) | |
| Repayments of borrowings | (251,257) | 242,885 | |
| ----------------------------------------------- | ------------------------------------- | ||
| Net cash (used in)/from financing activities | (251,257) | 232,885 | |
| =============================================== | ===================================== | ||
| NET (DECREASE)/INCREASE IN CASH AND CASH | |||
| EQUIVALENTS | (641,948) | 506,655 | |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF | YEAR | 578,679 | 72,024 |
| ------------------------------------- | ------------------------------------- | ||
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 14 | (63,269) | 578,679 |
| ===================================== | ===================================== |
The notes on pages 12 to 20 form part of these financial statements.
- 11 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 29 Powis Gardens, London, NW11 8HH, England.
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
The financial statements have been prepared on a going concern basis. While the charity is reporting net current liabilities as at 31 December 2024, the trustees have received confirmation of continued financial support from the charity’s principal creditors and lenders. Based on this ongoing support, alongside anticipated future voluntary income, the trustees consider that there are no material uncertainties regarding the charity's ability to continue as a going concern for a period of at least twelve months from the date these financial statements are authorised for issue.
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.
- 12 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
3. ACCOUNTING POLICIES (continued)
Incoming resources
All income is 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.
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.
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, non-charitable 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.
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.
- 13 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
3. ACCOUNTING POLICIES (continued)
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:
Freehold property - 2% straight line Fixtures, fittings and - 25% straight line equipment
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. LIMITED BY GUARANTEE
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
5. DONATIONS AND LEGACIES
| 5. | DONATIONS AND LEGACIES | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| DONATIONS | ||||
| Total donations | 169,789 | 1,249,504 | 1,419,293 | |
| ===================================== | =============================================== | =============================================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| DONATIONS | ||||
| Total donations | 190,583 | 765,024 | 955,607 | |
| ===================================== | ===================================== | ===================================== | ||
| 6. | COSTS OF RAISING DONATIONS AND LEGACIES | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Cost of raising donations | 10,291 | 12,010 | 22,301 | |
| =============================== | =============================== | =============================== |
- 14 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
6. COSTS OF RAISING DONATIONS AND LEGACIES (continued)
| COSTS OF RAISING DONATIONS AND LEGAC | IES (continued) | ||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Cost of raising donations | 697 | 17,506 | 18,203 |
| ================ | =============================== | =============================== | |
| EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Provision of synagogue facilities for prayer, religious | |||
| studies and communal use | 204,523 | 121,862 | 326,385 |
| Grants and scholarships | 14,550 | 229,705 | 244,255 |
| Support costs | 28,498 | 24 | 28,522 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 247,571 | 351,591 | 599,162 | |
| ===================================== | ===================================== | ===================================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Provision of synagogue facilities for prayer, religious | |||
| studies and communal use | 232,149 | 46,217 | 278,366 |
| Grants and scholarships | – | 236,417 | 236,417 |
| Support costs | 26,194 | 6,412 | 32,606 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 258,343 | 289,046 | 547,389 | |
| ===================================== | ===================================== | ===================================== |
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Provision of synagogue facilities for | ||||
| prayer, religious studies and | ||||
| communal use | 326,385 | – |
326,385 | 278,366 |
| Grants and scholarships | 244,255 | – |
244,255 | 236,417 |
| Governance costs | – | 28,522 |
28,522 | 32,606 |
| ------------------------------------- | ------------------------------- | ------------------------------------- | ------------------------------------- | |
| 570,640 | 28,522 |
599,162 | 547,389 | |
| ===================================== | =============================== | ===================================== | ===================================== |
The grants made under the Adopt-a-kollel fund were paid to Kollel Meor Hatorah in Jerusalem to support their programmes. For more details see www.adoptakollel.org.
The charity did not make any material grants to any other institution during the current or prior year.
- 15 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
9. NET INCOME
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 28,315 | 25,610 |
| =============================== | =============================== |
10. STAFF COSTS
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 35,417 | 37,375 |
| =============================== | =============================== |
The average head count of employees during the year was 3 (2023: 3).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any expenses incurred by the trustees for services provided to the charity.
12. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Freehold | Fixtures and | ||
| property | fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2024 | 1,978,847 | 68,951 | 2,047,798 |
| Additions | 1,234,616 | 10,817 | 1,245,433 |
| ----------------------------------------------- | ------------------------------- | ----------------------------------------------- | |
| At 31 December 2024 | 3,213,463 | 79,768 | 3,293,231 |
| =============================================== | =============================== | =============================================== | |
| Depreciation | |||
| At 1 January 2024 | 384,608 | 68,431 | 453,039 |
| Charge for the year | 25,610 | 2,705 | 28,315 |
| ----------------------------------------------- | ------------------------------- | ----------------------------------------------- | |
| At 31 December 2024 | 410,218 | 71,136 | 481,354 |
| =============================================== | =============================== | =============================================== | |
| Carrying amount | |||
| At 31 December 2024 | 2,803,245 | 8,632 | 2,811,877 |
| =============================================== | =============================== | =============================================== | |
| At 31 December 2023 | 1,594,239 | 520 | 1,594,759 |
| =============================================== | =============================== | =============================================== |
- 16 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
13. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Prepayments and accrued income | 975 | – |
| Other debtors | 20,192 | 36,730 |
| ------------------------------- | ------------------------------- | |
| 21,167 | 36,730 | |
| =============================== | =============================== |
Receipts from membership and other donations relating to the main charitable activities of the charity are recognised when they are received. Amounts that had been pledged but not yet received by the charity were approximately £134k.
All amounts shown under debtors fall due for payment within one year.
14. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the following:
| Cash and cash equivalents comprise the following: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Cash at bank and in hand | 41,868 | 656,236 |
| Bank overdrafts | (105,137) | (77,557) |
| ------------------------------------- | ------------------------------------- | |
| (63,269) | 578,679 | |
| ===================================== | ===================================== | |
| CREDITORS: amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Bank loans and overdrafts | 115,137 | 87,554 |
| Trade creditors | 26,117 | – |
| Other creditors | 1,959 | 257,900 |
| ------------------------------------- | ------------------------------------- | |
| 143,213 | 345,454 | |
| ===================================== | ===================================== | |
| CREDITORS: amounts falling due after more than one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Bank loans and overdrafts | 586,250 | 594,950 |
| Other creditors | 20,000 | 20,000 |
| ------------------------------------- | ------------------------------------- | |
| 606,250 | 614,950 | |
| ===================================== | ===================================== |
15. CREDITORS: amounts falling due within one year
16. CREDITORS: amounts falling due after more than one year
The bank loan is secured on the charity’s assets and bears interest at 1.2% above base rate.
Other creditors relate to concessionary loans that are interest free and unsecured on any of the charity’s assets.
- 17 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
17. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 January | 31 December | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 834,765 | 170,087 | (257,861) | – | 746,991 |
| ===================================== | ===================================== | ===================================== | ================ | ===================================== | |
| At | At | ||||
| 1 January | 31 December | ||||
| 2023 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 889,662 | 204,143 | (259,040) | – | 834,765 |
| ===================================== | ===================================== | ===================================== | ================ | ===================================== | |
| Restricted funds | |||||
| At | At | ||||
| 1 January | 31 December | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Building Fund | 521,105 | 976,635 | (116,273) | – | 1,381,467 |
| Gemach fund | 9,875 | 1,750 | – | – | 11,625 |
| Start your Day the | |||||
| Torah Way fund | (2,547) | 8,029 | (9,059) | – | (3,577) |
| Gemilus Chesed Fund | 24,866 | 55,781 | (54,207) | – | 26,440 |
| Adopt-a-kollel fund | 3,109 | 17,998 | (12,325) | – | 8,782 |
| Other restricted funds | (63,853) | 189,311 | (171,737) | – | (46,279) |
| ------------------------------------- | ----------------------------------------------- | ------------------------------------- | ---------------- | ----------------------------------------------- | |
| 492,555 | 1,249,504 | (363,601) | – | 1,378,458 | |
| ===================================== | =============================================== | ===================================== | ================ | =============================================== | |
| At | At | ||||
| 1 January | 31 December | ||||
| 2023 | Income | Expenditure | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Building Fund | 10,709 | 558,329 | (47,933) | – | 521,105 |
| Gemach fund | 9,875 | – | – | – | 9,875 |
| Start your Day the | |||||
| Torah Way fund | 1,565 | 5,962 | (10,074) | – | (2,547) |
| Gemilus Chesed Fund | 22,400 | 16,966 | (3,250) | (11,250) | 24,866 |
| Adopt-a-kollel fund | 810 | 17,299 | (15,000) | – | 3,109 |
| Other restricted funds | (11,274) | 166,468 | (230,296) | 11,250 | (63,852) |
| ------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------- | ------------------------------------- | |
| 34,085 | 765,024 | (306,553) | – | 492,556 | |
| =============================== | ===================================== | ===================================== | =============================== | ===================================== |
- 18 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
17. ANALYSIS OF CHARITABLE FUNDS (continued)
Building fund: The fund is used to finance the purchase of the charity’s properties and any major building works. Any surplus funds are released to general funds on completion of the specific project.
The Kehillas Ohel Moshe Gemach: This fund provides short-term interest-free loans for individuals meeting the relevant criteria.
Start your day the Torah Way – NW London: This fund provides daily and weekly lectures for the benefit of anyone within the local community.
Gemilus Chesed Fund: The fund provides funds for members of the community who require financial assistance when making a simcha.
Adopt-a-kollel: The shul's collections and contributions to Adopt-a-kollel.
Other funds: Funds within this category are raised on an ad-hoc basis for specific causes to which the charity wishes to makes grants.
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,415,853 | 1,396,025 | 2,811,878 |
| Current assets | 94,191 | 23,950 | 118,141 |
| Creditors less than 1 year | (176,803) | (21,517) | (198,320) |
| Creditors greater than 1 year | (586,250) | (20,000) | (606,250) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| Net assets | 746,991 | 1,378,458 | 2,125,449 |
| =============================================== | =============================================== | =============================================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,441,523 | 153,237 | 1,594,760 |
| Current assets | 21,162 | 594,248 | 615,410 |
| Creditors less than 1 year | (32,969) | (234,930) | (267,899) |
| Creditors greater than 1 year | (594,950) | (20,000) | (614,950) |
| ----------------------------------------------- | ------------------------------------- | ----------------------------------------------- | |
| Net assets | 834,766 | 492,555 | 1,327,321 |
| =============================================== | ===================================== | =============================================== | |
| ANALYSIS OF CHANGES IN NET DEBT | |||
| At | At | ||
| 1 Jan 2024 | Cash flows | 31 Dec 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 656,236 | (614,368) | 41,868 |
| Bank overdrafts | (77,557) | (27,580) | (105,137) |
| Debt due within one year | (9,997) | (3) | (10,000) |
| Debt due after one year | (594,950) | 8,700 | (586,250) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| (26,268) | (633,251) | (659,519) |
|
| ===================================== | ===================================== | ===================================== |
19. ANALYSIS OF CHANGES IN NET DEBT
- 19 -
Docusign Envelope ID: E626329E-24D9-8E3C-8153-D9CC8A81EAA4
THE MINYAN
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
20. RELATED PARTIES
None of the trustees received any remuneration or other benefits for their services to the charity. No trustee has claimed any expenses or had their expenses met by the charity other than the reimbursement of out-of-pocket expenses where the trustee has acted as agent for the charity.
- 20 -