Kehillas Machzikei Hadass Edgware Trust
Charity number 1133264
Unaudited Financial Statements
For The Year Ended
31 December 2023
Kehillas Machzikei Hadass Edgware Trust
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ annual report | 2 - 4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 12 |
Page 1
Kehillas Machzikei Hadass Edgware Trust
Legal and Administrative Information
Trustees
Rabbi E. Schneebalg I. Goldstein
Charity’s Correspondent Address
c/o Goldstein Leigh Yarto House 20 Edgwarebury Lane Edgware Middlesex HA8 8LW
Details of Formation
The charity is constituted by trust deed dated 28 November 2009 and registered with the charity commission on 11 December 2009 under charity number 1133264
Bankers
Natwest
Independent Examiner
J Cowan, FCA Albeck Limited 49 Mowbray Road Edgware Middlesex HA8 8JL
Page 2
Kehillas Machzikei Hadass Edgware Trust
Trustees’ Annual Report
The trustees present their report and the accounts of the charity for the period ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out on page 8 and 9 and comply with the charity’s trust deed and applicable law.
Legal and administrative information set out on page 1 forms part of this report.
Constitution and Objects of the Charity
The charity is constituted by trust deed dated 28 November 2009 and registered with the charity commission on 11 December 2009 under charity number 1133264.
The charity’s objects are to advance the orthodox Jewish faith primarily but not exclusively by maintaining and carrying on the synagogue called Kehillas Machzikei Hadass Edgware and to advance orthodox Jewish religious education.
The trustees must use the income and may use the capital of the charity in promoting the objects.
The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 4 of the Charities Act 2011. The trustees believe that the charity achieves a public benefit through these objectives.
Trustees and Governance
The trustees in office in the period were as follows:
Rabbi E. Schneebalg I. Goldstein
The power of appointing a new trustee or trustees hereof shall be vested in a majority in number of the trustees or if there is only one trustee for the time being the provisions of section 36 Trustees Act 1925 shall have affect.
Charity’s Activities and Achievements
The charity ran the synagogue known as Kehillas Machzikei Hadass Edgware. The day to day running of the synagogue was delegated to the Va’ad (synagogue annually elected committee) who are responsible for the ongoing activities. The financial affairs are delegated to the treasurer who is elected annually. The financial affairs are also reviewed in detail on a regular basis by the trustees.
Funds are raised from donations from members of the synagogue by way of annual contributions as well as donations made on the occasion of Jewish festivals and other ad hoc donations. Total donations received in the year totaled £92,722 (2022: £73,703).
Page 3
Kehillas Machzikei Hadass Edgware Trust
Trustees’ Annual Report (Continued)
Charity’s Activities and Achievements (continued)
The charity also rents out surplus space in the building. Rental income in the year totaled £49,360 (2022: £52,462).
Investments Policy
The charity has a bank current account. This is the only investment to which the charity has title. In the event that there are significant surplus funds, the trustees will place such funds into a term deposit account, although funds are currently being retained in the charity with a view to carrying out refurbishment works in the synagogue.
Reserves Policy
The charity does not usually hold substantial reserves. The trustees try to retain cash reserves equal to at least 3 months’ expenditure in case of a fall in the level of contributions.
Grant and Donation Making Policy
The charity’s policy is to act according to the Trust Deed which enables grants and donations to be made from both income and capital. The charity does not make grants to the public.
Risk Management
The trustees regularly undertake a review of the major risks to which the charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
There are two major risks that the trustees have identified, as follows:
- (a) Fall in the level of donations
The level of donations is fundamental to the operation of the charity. Given the challenges in the UK economy, the consistency of donations is of major importance. The trustees have tried to mitigate against a fall in the level of donations by encouraging donors to provide their donation by monthly standing order. The trustees make every effort to increase the number of donors by seeking financial support from all users of the synagogue premises.
- (b) Misappropriation of funds
The control of funds is key to any charity. All bank statements are reviewed regularly by the trustees. Cheques need to be signed by both trustees. The trustees are also confident that the independent examination will assist in identifying any misappropriation.
Page 4
Kehillas Machzikei Hadass Edgware Trust
Trustees’ Annual Report (Continued)
Related Party Transactions
There were no related party transactions in the period under review.
Public Benefit
The trustees acknowledge the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance on public benefit. All activities undertaken by the charity are for the public benefit. With a focus on providing a cultural and religious centre for the orthodox Jewish community, the organisation’s operation is very much geared to providing benefit to the Jewish and wider community as is highlighted by the activities reported herein.
Plans for the Future
The trustees plan to continue with the current activities. Further refurbishment of the synagogue premises is planned as additional donations arise.
Trustees’ Responsibilities in Relation to the Accounts
Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period, which give a true and fair view of the state of the charity’s financial activities during the period and of its financial position at the end of the period.
In preparing those accounts, the trustees are required to:
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a. select suitable accounting policies and then apply them consistently;
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b. make judgments and estimates that are reasonable and prudent;
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c. follow applicable UK accounting standards and the Statement of Recommended Practice, subject to any departures disclosed and explained in the accounts;
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d. prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. 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.
Approved by the trustees and signed by their order.
____ Ian Goldstein Trustee
28 October 2024
Page 5
Independent Examiner’s Report
to the Trustees of
Kehillas Machzikei Hadass Edgware Trust
for the Year Ended 31 December 2023
I report on the accounts of the trust for the year ended 31 December 2023, which are set out on pages 6 to 12.
Respective Responsibilities of Trustees and Independent Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Justin Cowan, FCA Albeck Limited Chartered Accountants 49 Mowbray Road Edgware Middlesex HA8 8JL
28 October 2024
Page 6
Kehillas Machzikei Hadass Edgware Trust
Statement of Financial Activities
for the Year Ended 31 December 2023
| Note | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Incoming resources | |||
| Donations received | (2) | 94,852 | 73,703 |
| Rental income | 49,360 | 52,462 | |
| ______ | ______ | ||
| Total incoming resources | (7) | 144,212 | 126,165 |
| ______ | ______ | ||
| Resources expended | |||
| Charitable expenditure | |||
| Grants | (3) | - | - |
| Synagogue running costs | (3) | 152,668 | 137,495 |
| 152,668 | 137,495 | ||
| ______ | ______ | ||
| Governance costs | - | - | |
| ______ | ______ | ||
| Total resources expended | (7) | (152,668) | (137,495) |
| ______ | ______ | ||
| Net movement in funds | (8,456) | (11,330) | |
| Total funds brought forward | 506,630 | 517,960 | |
| Total funds carried forward | (7) | £498,174 | £506,630 |
| ====== | ====== |
The notes on pages 8 to 12 form part of these accounts.
Page 7
Kehillas Machzikei Hadass Edgware Trust
Balance Sheet
as at 31 December 2023
| Note | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Tangible fixed assets | (4) | 283,869 | 315,410 |
| ______ | ______ | ||
| Current Assets | |||
| Debtors | (5) | 79,205 | 44,368 |
| Cash at bank and in hand | 142,615 | 153,567 | |
| 221,820 | 197,935 | ||
| Creditors:amounts falling due within one year | (6) | (7,515) | (6,715) |
| _ | _ | ||
| Net Current Assets | (7) | 214,305 | 191,220 |
| _ | _ | ||
| Net Assets | £498,174 | £506,630 | |
| ====== | ====== | ||
| Income funds | |||
| Unrestricted funds | (7) | £498,174 | £506,630 |
| ====== | ====== |
These accounts were approved on 28 October 2024 and signed on behalf of the trustees.
Rabbi E. Schneebalg Trustee
The notes on pages 8 to 12 form part of these accounts.
Page 8
Kehillas Machzikei Hadass Edgware Trust
Notes to the Accounts - 31 December 2023
1. Accounting Policies
a. Basis of accounting
These accounts have been prepared in compliance with FRS102, ‘The Financial Reporting Standard in the UK and the Republic of Ireland’, the Statement of Recognised Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)) and the Charities Act 2011.
b. Basis of preparation
The accounts have been prepared on the historical cost basis.
c. Going concern
There are no material uncertainties regarding the charity’s ability to continue and, as such, the accounts have been prepared on the going concern basis.
d. Judgements and key sources of uncertainty from estimation
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.
e. Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on the income and expenditure account. They are available for the use at the discretion of the trustees in furtherance of the general objects of the charity.
Restricted funds are subject to specific restricted conditions as imposed by the donors.
Designated funds are funds which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds at the year end.
f. Donations and voluntary income
Donations are accounted for when the charity becomes entitled to the donation and any conditions for receipt are met.
Page 9
Kehillas Machzikei Hadass Edgware Trust
Notes to the Accounts - 31 December 2023 (continued)
1. Accounting Policies (continued)
g. Grants and donations payable
Grants and donations payable are charged in the year in which the payment of funds is conveyed to the recipient.
All grants and donations made must be approved by the majority of the trustees, however, in almost all occasions, the trustees will not make a grant or donation if there is an objection by any of the trustees.
h. Support costs
Support costs are those costs which are common to all areas of the organisation. These are allocated across all areas of activity based on the number of service users for each activity.
i. Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity.
j.
Cash Flow
The accounts do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement.
2. Donations Received
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Members’ regular contributions | 36,522 | 33,638 |
| Festival contributions | 16,125 | 11,186 |
| Other donations | 42,205 | 28,879 |
| £94,852 | £73,703 | |
| ===== | ====== |
Page 10
Kehillas Machzikei Hadass Edgware Trust
Notes to the Accounts - 31 December 2023 (continued)
| 3. | Synagogue running costs | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Bank charges | 96 | 178 | |
| Burial society payments / (recouped) | (626) | 48 | |
| Cleaning | 20,407 | 10,561 | |
| Depreciation | 31,541 | 35,046 | |
| Electricity | 29,534 | 24,576 | |
| Equipment rental | 1,300 | 105 | |
| Food and drink | 14,468 | 18,146 | |
| Insurance | 5,214 | 6,283 | |
| Lecture and shamash expenses | 2,900 | 420 | |
| Legal and professional fees | 618 | 13 | |
| Printing | 429 | 757 | |
| Rent | 20,000 | 20,000 | |
| Repairs | 16,313 | 10,191 | |
| Security | 1,471 | 1,268 | |
| Supplies | 3,743 | 4,683 | |
| Telephone | 1,867 | 1,666 | |
| Waste disposal | 3,393 | 3,554 | |
| £153,198 | £137,495 | ||
| ====== | ====== | ||
| 4. | Tangible Fixed Assets | ||
| Leasehold | property | ||
| improvements | |||
| Cost | |||
| At 1 January 2023 | 550,743 | ||
| Additions | - | ||
| At 31 December 2023 | 550,743 | ||
| _ | |||
| Depreciation | |||
| At 1 January 2023 | 235,333 | ||
| Charge for the Year | 31,541 | ||
| At 31 December 2023 | 266,874 | ||
| _ | |||
| Net Book Value | |||
| At 31 December 2023 | £283,869 | ||
| ====== | |||
| At 31 December 2022 | £315,410 | ||
| ====== |
Page 11
Kehillas Machzikei Hadass Edgware Trust
Notes to the Accounts - 31 December 2023 (continued)
| 5. | Debtors | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Rental debtors | 27,306 | 22,696 | |
| Other debtors | - | - | |
| Unpaid contributions | 51,899 | 21,672 | |
| £79,205 | £44,368 | ||
| ===== | ====== | ||
| 6. | Creditors:amounts falling due within one year | ||
| Trade creditors | - | - | |
| Other creditors | 7,515 | 6,715 | |
| £ 7,515 | £ 6,715 | ||
| ===== | ===== | ||
| 7. | Unrestricted funds | ||
| At 1 January 2023 | 506,630 | 517,960 | |
| Incoming resources | 144,212 | 126,165 | |
| Resources expensed | (152,668) | (137,495) | |
| At 31 December 2023 | £498,174 | £506,630 | |
| ====== | ====== | ||
| 8. | Analysis of staff costs | ||
| There were no employees during the year or the prior year. | |||
| 9. | Related party transactions |
There have been no related party transactions in the period that require disclosure.
Page 12
Kehillas Machzikei Hadass Edgware Trust
Notes to the Accounts - 31 December 2023 (continued)
10. Declarations
- a. Designated Funds
The charity does not have any designated funds.
- b. Discontinued, Continuing and Acquired Operations
All the charity’s operations are continuing operations and there were no operations discontinued or acquired in the period.
- c. Funds in Deficit
There were no funds in deficit at the period end.
- d. Inalienable or Historic Assets
The charity had no assets at the balance sheet date classed as inalienable or historic.
- e. Intangible Assets
The charity has no intangible assets.
- f. Uncapitalised Fixed Assets
The charity has no material fixed assets which have not been capitalised and included on the balance sheet.