REGISTERED COMPANY NUMBER: 07014880 (England and Wales) REGISTERED CHARITY NUMBER: 1132415
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
PERSIAN SEPHARDI SYNAGOGUE
Purcellz
4 Quex Road London NW6 4PJ
PERSIAN SEPHARDI SYNAGOGUE
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
PERSIAN SEPHARDI SYNAGOGUE
for the Year Ended 31 December 2022
Report of the Trustees
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 December 2022. 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 Activities
The main objectives of Persian Sephardi Synagogue are:-
'To advance worship in the sephardi tradition through the organisation and administration of a Jewish synagogue in such parts of London, the United Kingdom and the world as the Trustees may from time to time think fit'.
To provide or assist in the provision of facilities in the interests of social welfare or recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life including but not by way of limitation for the Sephardic Jewish community in such parts of London, united Kingdom and the world as the Trustees may from time to time determine.
ACHIEVEMENT AND PERFORMANCE
Achievements and performance
How Our Activities Deliver Public Benefit
The charity carries out a wide range of activities in performance of its charitable aims. The Trustees consider that these activities, summarised below, provide benefit to those who worship at our synagogue and the wider community.
Religious Activities
Our synagogue provide a centre for our worship and activities associated with our faith. During the year under review, we offered a range of religious services and activities including prayers, festivals, marriage, funeral facilities and religious classes.
FINANCIAL REVIEW
Financial review
The charity's main source of income is donations and gifts. The net surplus for this year, after charitable activities and governance costs amounted to £2,642 (2021: £13,138).
Reserves policy
The total funds the charity holds at the end of the reporting period are £180,436 which are unrestricted. it is the policy of the Persian Sephardi Synagogue that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue Persian Sephardi Synagogue's current activities while consideration is give to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07014880 (England and Wales)
Registered Charity number
1132415
Page 1
PERSIAN SEPHARDI SYNAGOGUE
Report of the Trustees
for the Year Ended 31 December 2022
Registered office
4 Quex Road London NW6 4PJ
Trustees
A Bassalian S Gorjian M Hakimian
Company Secretary
Mr. A Bassalian
Independent Examiner
Purcellz 4 Quex Road London NW6 4PJ
Approved by order of the board of trustees on 19 July 2023 and signed on its behalf by:
A Bassalian - Trustee
Page 2
Independent Examiner's Report to the Trustees of PERSIAN SEPHARDI SYNAGOGUE
Independent examiner's report to the trustees of PERSIAN SEPHARDI SYNAGOGUE ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M. Zaroovabeli F.C.A
Purcellz 4 Quex Road London NW6 4PJ
Date: .............................................
Page 3
PERSIAN SEPHARDI SYNAGOGUE
Statement of Financial Activities for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 118,317 | 111,642 | |
| Other income | 5,000 | 13,700 | |
| Total | 123,317 | 125,342 | |
| EXPENDITURE ON | |||
| Charitable activities | 3 | ||
| Direct charitable activities | 75,985 | 70,690 | |
| Support cost | 44,690 | 41,514 | |
| Total | 120,675 | 112,204 | |
| NET INCOME | 2,642 | 13,138 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 177,794 | 164,656 | |
| TOTAL FUNDS CARRIED FORWARD | 180,436 | 177,794 |
The notes form part of these financial statements
Page 4
PERSIAN SEPHARDI SYNAGOGUE
Balance Sheet
31 December 2022
| 31.12.22 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 1 CURRENT ASSETS Stocks 6 112,500 Debtors 7 4,064 Cash at bank 66,371 182,935 CREDITORS Amounts falling due within one year 8 (2,500) NET CURRENT ASSETS 180,435 TOTAL ASSETS LESS CURRENT LIABILITIES 180,436 NET ASSETS 180,436 FUNDS Unrestricted funds 180,436 TOTAL FUNDS 180,436 |
31.12.21 Total funds £ 1 114,000 3,547 62,746 180,293 (2,500) 177,793 177,794 177,794 177,794 177,794 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 19 July 2023 and were signed on its behalf by:
A Bassalian - Trustee
The notes form part of these financial statements
Page 5
PERSIAN SEPHARDI SYNAGOGUE
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
Income
The principal incoming resources for the Synagogue are membership fees and donations from members. It also receives funds from sale of burial plots to members. Incoming resources are recognised in the year of receipt.
Incoming resources from gift aid tax reclaims are recognised at the same time as the gifts to which these relate.
Tangible fixed assets
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
The cost has been fully depreciated over the years with a remaining net book value of £1.
Stocks
Stock consists of burial plots at Bushey Cemetery which are held at the lower of cost and net realisable value, calculated based on number and pricing grade of plots.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires the use of judgments, estimates and assumptions that affect the amounts reported. These estimates 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.
Accounting estimates and assumptions are made concerning the future and by their nature will rarely equal the related outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities with the next financial year as follows:
Included within stock are burial plots which were valued at 31st December 2022 £112,500 (being lower of cost and realisable value) excluding associated cost. The burial plots vary in size, location and prominence and it is difficult to attribute a cost value to each burial plot. Therefore the Trustees have exercised their judgment and estimated the cost of each burial plot to be between £1,000 and £2,000. The stock of plots are held at cost.
Page 6
continued...
PERSIAN SEPHARDI SYNAGOGUE
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
3. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Direct charitable activities Support cost |
Direct Costs £ 75,985 - 75,985 |
Support costs £ - 44,690 44,690 |
Totals £ 75,985 44,690 |
| 120,675 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
5. TANGIBLE FIXED ASSETS
| COST At 1 January 2022 and 31 December 2022 DEPRECIATION At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 6. STOCKS Stocks 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Income tax recoverable |
31.12.22 £ 112,500 31.12.22 £ 4,064 |
Fixtures and fittings £ 77,830 77,829 1 1 31.12.21 £ 114,000 |
Fixtures and fittings £ 77,830 |
|---|---|---|---|
| 77,829 | |||
| 1 | |||
| 1 | |||
| 31.12.21 £ 3,547 |
continued...
Page 7
PERSIAN SEPHARDI SYNAGOGUE
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21 £ £ Accruals 2,500 2,500
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 8
PERSIAN SEPHARDI SYNAGOGUE
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| Detailed Statement of Financial Activities for the Year Ended 31 December 2022 |
||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 118,317 | 111,642 |
| Other income | ||
| Burial plot sold income | 5,000 | 13,700 |
| Total incoming resources | 123,317 | 125,342 |
| EXPENDITURE | ||
| Charitable activities | ||
| Direct charitable activities | 75,985 | 70,690 |
| Support costs | ||
| Other | ||
| Annual membership | 24,750 | 26,100 |
| Repairs & catering | 7,598 | 5,871 |
| Printing, postage & stationery | 999 | 360 |
| Security | 8,660 | 6,630 |
| Bank charges & commission | 183 | 53 |
| 42,190 | 39,014 | |
| Governance costs | ||
| Accountancy and legal fees | 2,500 | 2,500 |
| Total resources expended | 120,675 | 112,204 |
| Net income | 2,642 | 13,138 |
This page does not form part of the statutory financial statements
Page 9