REGISTERED COMPANY NUMBER: 05947204 (England and Wales) REGISTERED CHARITY NUMBER: 1116596
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
CONGREGATION SHAREI SHOLOM TCHABE LIMITED
Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
CONGREGATION SHAREI SHOLOM TCHABE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 18 |
CONGREGATION SHAREI SHOLOM TCHABE LIMITED (REGISTERED NUMBER: 05947204)
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Congregation Sharei Sholom Tchabe Limited are to advance the Jewish Faith for the benefit of the public, to manage and maintain the Congregation Sharei Sholom Tchabe synagogue and to provide religious facilities at the said synagogue.
In furtherance of these objectives the charity:
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Manages and maintains the Congregation Sharei Sholom Tchabe synagogue
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Provides grants to qualifying institutions who are involved in the furtherance of the Jewish Faith and in advancing Jewish education;
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Provides grants and bursaries to qualifying needy families and individuals who are members of the Jewish Faith.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities.The aims of the charitable company for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charitable company's aims for the public benefit are outlined under 'Achievements and Performance' below.
Grantmaking
The trustees support charities whose Objects are in line with the Objects of this charity. The charity accepts any grant application subject to the trustees' review. Financial help is then given according to circumstances and funds then available.
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED (REGISTERED NUMBER: 05947204)
REPORT OF THE TRUSTEES for the year ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The year under review saw continued inflation which resulted in a significant cost of living crisis for families and individuals. Charitable institutions also struggled with increased running costs as a result of higher energy, staff, food and transport costs which present a challenge to their ability to continue to support their activities.
Whilst the charitable income for year to 31 March 2024 saw a significant decrease, the charity was still able to support a number of institutions whose objectives include the relief of poverty and the advancement of Jewish religion. The charity also continued to support needy individuals.
The trustees assess each of the applications made to them and consider their response based on the individual circumstances, the funds available, and the impact the grant will make in achieving the charity's goals. Where grants are made to charities and other organisations, consideration is given to the operational efficiency and reputation of the recipient charity and the ability of the donation to 'make a difference'.
Along with maintaining the Congregation Sharei Sholom Tchabe Synagogue, the charity also facilitated on site study sessions, both as formal lectures and informal peer group studying. Direct costs represent bursaries paid to full time students in furtherance of this objective.
FINANCIAL REVIEW
Investment policy and objectives
Under its Memorandum of Association the charity has the power to invest in any way the trustees wish.
Reserves policy
The trustees have not 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 donations and grants. The trustees consider that the ideal level of reserves as at 31 March 2024 would be three months of administrative costs.
The actual reserves at 31 March 2024 were negative £762 which is below the target figure. The trustees are considering ways in which further unrestricted funds may be raised.
Financial results
The financial results for the year to 31 March 2024 are shown in the attached financial statements.
Total income decreased from £2,815,794 to £1,347,704 and total expenditure decreased from £2,705,441 to £1,476,396 in comparison with the previous period.
There was a net decrease in funds of £128,692 (2023 - increase of £110,353) with total unrestricted funds carried forward of negative £762 (2023 - £127,930).
FUTURE PLANS
The charity is planning to generate more income for the much needed grants that it makes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Congregation Sharei Sholom Tchabe Limited is constituted as a company limited by guarantee and was incorporated on 26 September 2006. In the event of the company being wound up during the period of membership or within the year following, the company members are required to contribute an amount not exceeding £1. The company is registered under the Companies Act, England and Wales (Company Registration Number 05947204) and with the Charity Commission (Charity Registration Number 1116596) and is governed by its memorandum and articles of association.
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED (REGISTERED NUMBER: 05947204)
REPORT OF THE TRUSTEES for the year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The Articles of Association stipulate that there must be a minimum of three trustees and there is no maximum number of trustees. All trustees must be members of the charitable company. Additional trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election. No trustee had any beneficial interest in any contract with the charitable company during the year.
The charitable company strives to ensure equal opportunities and diversity in both the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.
Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body.
Organisational structure
The board of trustees administers the charity and meets at least four times in a year.
Risk management
The trustees have undertaken a full risk assessment of the organisation covering financial, operational, regulatory, governance and management. Various systems and checks have been put into operation, which are reviewed annually.
Fundraising
The charity has a good reputation within the local community and has a large pool of regular donors who wish to have a part in the charitable activities of the charity. Existing donors often recommend and encourage other philanthropists to pledge their support to the success of the charity. As such, the trustees do not engage professional fundraisers nor do they undertake public collections or cold calls.
The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances.
The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05947204 (England and Wales)
Registered Charity number
1116596
Registered office
19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Trustees
Mr A Reifer Chartered Accountant (resigned 1.4.24) Rabbi E Schwartz Rabbi Mr A Josefovitz Company Director Ms N Schwartz (appointed 1.4.24)
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED (REGISTERED NUMBER: 05947204)
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Company Secretary
Mr G R Conrad
Senior Statutory Auditor
Mr Yedidya Zaiden FCCA
Auditors
Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Congregation Sharei Sholom Tchabe Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Raffingers LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 22 July 2024 and signed on its behalf by:
Rabbi E Schwartz - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CONGREGATION SHAREI SHOLOM TCHABE LIMITED
Opinion
We have audited the financial statements of Congregation Sharei Sholom Tchabe Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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 this gives rise to a material misstatement in the financial statements themselves. 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:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CONGREGATION SHAREI SHOLOM TCHABE LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CONGREGATION SHAREI SHOLOM TCHABE LIMITED
Our 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the group. These included but were not limited to the Charities Act 2011; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); Companies Act 2006, Employment Law; Data Protection Legislation; The Code of Fundraising Practice; and Safeguarding Regulations as they affect the direct charitable activities of the group; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected transactions;
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tested the appropriateness of journal entries;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims.
Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company’s revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CONGREGATION SHAREI SHOLOM TCHABE LIMITED
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Yedidya Zaiden FCCA (Senior Statutory Auditor) for and on behalf of Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
22 July 2024
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grants to institutions Grants to individuals Grants to Rabbinical students Costs of running synagogue Support costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD CONTINUING OPERATIONS |
2024 Unrestricted fund £ 1,347,704 - 1,318,200 106,090 30,000 9,600 12,506 1,476,396 (128,692) 127,930 (762) |
2023 Total funds £ 2,815,794 |
|---|---|---|
| 987 2,395,065 282,736 - 11,200 15,453 |
||
| 2,705,441 | ||
| 110,353 17,577 |
||
| 127,930 | ||
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED (REGISTERED NUMBER: 05947204)
BALANCE SHEET
31 March 2024
| 2024 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 10,638 CREDITORS Amounts falling due within one year 9 (11,400) NET CURRENT ASSETS/(LIABILITIES) (762) TOTAL ASSETS LESS CURRENT LIABILITIES (762) NET ASSETS (762) FUNDS 10 Unrestricted funds (762) TOTAL FUNDS (762) |
2023 Total funds £ 138,730 (10,800) 127,930 127,930 127,930 127,930 127,930 |
|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 July 2024 and were signed on its behalf by:
Rabbi E Schwartz - Trustee
The notes form part of these financial statements
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
CASH FLOW STATEMENT
for the year ended 31 March 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (127,864) (228) (128,092) (128,092) 138,730 10,638 |
2023 £ 115,494 (341) 115,153 115,153 23,577 138,730 |
|---|---|---|
The notes form part of these financial statements
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2024
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest paid Increase in creditors Net cash (used in)/provided by operations |
2024 £ (128,692) 228 600 (127,864) |
2023 £ 110,353 341 4,800 |
| 115,494 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.23 | Cash flow | At 31.3.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 138,730 | (128,092) | 10,638 |
| 138,730 | (128,092) | 10,638 | |
| Total | 138,730 | (128,092) | 10,638 |
The notes form part of these financial statements
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The charitable company constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
Assessment of going concern
The trustees, having made appropriate enquiries, consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the period ended 31 March 2024. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet the liabilities as they fall due.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities.
Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors.
For legacies, entitlement is taken on a case by case basis as the earlier of the date on which: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate.
Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. Where legacies have been notified to the or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met.
Donated goods and services
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably.
continued...
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Income
Donated professional services and facilities are included in income at the estimated value of the gift to the charity when received, based on the amount that the charity would have been prepared to pay for these services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assets are similarly taken to income at the value to the charity with the other entry being capitalised in fixed assets.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Raising funds
Grants payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.
Allocation and apportionment of costs
Overhead and support costs relating to charitable activities have been apportioned based on usage.
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Debtors more than one year are included in the accounts at their carrying value.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be estimated reliably.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
2. DONATIONS AND LEGACIES
| Donations and grants 3. RAISING FUNDS Raising donations and legacies Fundraising and events |
2024 £ 1,347,704 2024 £ - |
2023 £ 2,815,794 |
|---|---|---|
| 2023 £ 987 |
4. CHARITABLE ACTIVITIES COSTS
| Grants to institutions Grants to individuals Grants to Rabbinical students Costs of running synagogue Support costs |
Direct Costs £ - - 30,000 9,600 - 39,600 |
Grant funding of activities (see note 5) £ 1,318,200 106,090 - - - 1,424,290 |
Support costs (see note 6) £ - - - - 12,506 12,506 |
Totals £ 1,318,200 106,090 30,000 9,600 12,506 |
|---|---|---|---|---|
| 1,476,396 |
continued...
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024
5. GRANTS PAYABLE
| Grants to institutions Grants to individuals The total grants paid to institutions during the year was as follows: Chinuch Yerushlaim Cong. Mosdos Toldos Aharon Congregation Chernobil Kollel Gaved Merkaz Chasidei Viznitz Mifal Chesed Ha'merkozi Yad Tomech Mishkan Soroh Ramat Beit Shemesh Ohel Chaya Rose Ohr Hameir L'torah V'chesed Talmud Torah Tuv Yerushalayim Torah Temima Beit Shemesh Yeshivas Shaar Hashomayim Other grants below £100,000 The total grants paid to individuals during the year was as follows: Grants to individuals |
2024 £ 1,318,200 106,090 1,424,290 2024 £ - 360,000 298,200 360,000 - - 300,000 - - - - - - 1,318,200 2024 £ 106,090 |
2023 £ 2,395,065 282,736 |
|---|---|---|
| 2,677,801 | ||
| 2023 £ 203,920 202,620 299,570 - 210,000 100,000 - 186,915 203,000 250,000 172,340 250,000 316,700 |
||
| 2,395,065 | ||
| 2023 £ 282,736 |
Donations were paid to institutions whose objectives include the advancement of Jewish religion. Grants to individuals did not exceed £3,000 per person.
6. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Support costs | 878 | 228 | 11,400 | 12,506 |
continued...
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
7. AUDITORS' REMUNERATION
| AUDITORS' REMUNERATION | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the charity's financial | ||
| statements | 11,400 | 10,800 |
During the year to 31 March 2024 there were fees of £878 paid to Raffingers LLP for non audit services.
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 127,930 127,930 Incoming resources £ 1,347,704 1,347,704 |
2024 £ 11,400 Net movement in funds £ (128,692) (128,692) Resources expended £ (1,476,396) (1,476,396) |
2023 £ 10,800 At 31.3.24 £ (762) (762) Movement in funds £ (128,692) (128,692) |
|---|---|---|---|
continued...
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CONGREGATION SHAREI SHOLOM TCHABE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 17,577 17,577 follows: Incoming resources £ 2,815,794 2,815,794 |
Net movement in funds £ 110,353 110,353 Resources expended £ (2,705,441) (2,705,441) |
At 31.3.23 £ 127,930 127,930 Movement in funds £ 110,353 110,353 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There was no related party transactions or balances during the year to 31 March 2024.
12. AUDITOR LIABILITY LIMITATION AGREEMENT
The charity has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 March 2024. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements.
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