``` REGISTERED COMPANY NUMBER: 09842626 (England and Wales) REGISTERED CHARITY NUMBER: 1175576 ``` ## **`REPORT OF THE TRUSTEES AND`** ``` UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 FOR ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED ``` ``` Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road ``` ``` London N3 1DH ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED ``` ## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020`** |||**`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`| ``` BEIS HAMEDRASH IMREI SHEFER LIMITED (REGISTERED NUMBER: 09842626) ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2020`** ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with thefinancialstatementsofthecharityfortheyearended31October2020.Thetrusteeshaveadoptedtheprovisions of AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` TheobjectiveofthecharityistopromotetheOrthodoxJewishReligionandinparticulartomaintaina synagogue providing facilities for prayer, religious worship and study and the relief of poverty. ``` ## **`Public benefit`** ``` ThetrusteescanconfirmthattheyhavereferredtotheguidancecontainedintheCharityCommission'sguidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. ``` ## **`ACHIEVEMENT AND PERFORMANCE`** ## **`Charitable activities`** ``` BeisHamedrashImreiSheferLimitedprovidesreligiousservicesandeducationaleventsinaccordancewith Orthodox Jewish practice. ``` ``` Thetrusteesarepleasedtoreportasuccessfulyearforthecharity.Attendanceofsynagogueserviceshasincreased and the Rabbi has continued to provide lectures that are well attended by the general public. ``` ## **`Internal and external factors`** ``` There are no other factors to report. ``` ## **`FINANCIAL REVIEW`** ## **`Financial position`** ``` Donations received by the charity during the year totalled £249,639 (2019: £143,321). ``` ``` Expenditureduringtheyeartotalled£85,389(2019:£69,461)andthenetsurplusfortheyearwas£164,251 (2019: £73,860). ``` ## **`Reserves policy`** ``` Thecharityaimstomaintainreservesinorderthatitisinapositiontocontinueitsactivitiesandtocover contingencies. The trustees are satisfied with the level of unrestricted funds at the balance sheet date. ``` ## **`FUTURE PLANS`** ``` The trustees plan to renovate the building in order to continue to hold services as well as educational and social events. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by guarantee, as defined by the Companies Act 2006. ``` ## **`Organisational structure`** ``` The minimum number of trustees shall be two. ``` ``` ThefirstTrusteesshallbethosepersonsappointedasdirectorsoftheCompanyonitsincorporation.Thereafter the TrusteesshallbeappointedinaccordancewiththeprovisionsoftheArticles.NoneoftheTrusteesshallbeobliged to serve fixed terms or retire by rotation. ``` ## **`Decision making`** ``` Thecharityisorganisedsothatthetrusteesmeetregularlytomanagetheaffairsofthecharity.Trusteesmay make decisions:- ``` ``` (a) by majority vote at a Trustees’ meeting; or ``` ``` (b)byunanimouswrittenresolution,whereeachTrusteewhowouldhavebeeneligibletovoteonthematterat a meeting has signed one or more copies of such written resolution. ``` ``` Page 1 ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED (REGISTERED NUMBER: 09842626) ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2020`** ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Induction and training of new trustees`** ``` TheTrusteesmayappointanyindividualaged16yearsorover,whoisnotdisqualifiedfromdirectorshipor otherwise disqualifiedfromcharitytrusteeship,tobeaTrustee,eithertofillavacancyamongsttheTrusteesorasan additional Trustee,providedthattheappointmentdoesnotcausethenumberofTrusteestoexceedanymaximumnumberfor the time being in force pursuant to the provisions of the Articles. ``` ## **`Risk management`** ``` Thetrusteeshaveassessedthemajorriskstowhichthecharityisexposedandaresatisfiedthatsystemsareinplace to mitigate exposure to major risks. ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS`** ## **`Registered Company number`** ``` 09842626 (England and Wales) ``` ## **`Registered Charity number`** ``` 1175576 ``` ## **`Registered office`** ``` First Floor Winston House 349 Regents Park Road London N3 1DH ``` ## **`Trustees`** ``` Mr S Leitner Mr A Moore ``` ## **`Independent Examiner`** ``` Aryeh Melinek, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ``` Approved by order of the board of trustees on 7 July 2021 and signed on its behalf by: ``` ``` Mr S Leitner - Trustee ``` ``` Page 2 ``` ``` INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED (REGISTERED NUMBER: 09842626) ``` ## **`Independent examiner's report to the trustees of Beis Hamedrash Imrei Shefer Limited ('the Company')`** ``` I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2020. ``` ## **`Responsibilities and basis of report`** ``` Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). ``` ``` HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006 Act andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsas carried outundersection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ``` ## **`Independent examiner's statement`** ``` Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the examination giving me cause to believe: ``` `1. 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` `3. 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` `4. 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)).` ``` Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ``` ``` Aryeh Melinek, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ``` 7 July 2021 ``` ``` Page 3 ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED ``` ## **`STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2020`** |**`2020`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
**`249,613`**
`Investment income`
`2`
**`27`**
**`Total`**
**`249,640`**
**`EXPENDITURE ON`**
`Raising funds`
**`17,537`**
**`Charitable activities`**
`Synagogue running costs`
**`27,157`**
`Events`
**`17,491`**
`Other charitable activities`
**`18,954`**
`Grants to individuals`
**`4,250`**
**`Total`**
**`85,389`**
**`NET INCOME`**
**`164,251`**
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
**`834,629`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`998,880`**|`2019`
`Total`
`funds`
`£`
`143,278`
`43`| |---|---| ||`143,321`
`-`
`29,787`
`15,592`
`21,082`
`3,000`| ||`69,461`| ||`73,860`
`760,769`| ||`834,629`| ``` The notes form part of these financial statements ``` ``` Page 4 ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED (REGISTERED NUMBER: 09842626) ``` ## **`BALANCE SHEET 31 OCTOBER 2020`** |`Notes`
**`FIXED ASSETS`**
`Tangible assets`
`5`
**`CURRENT ASSETS`**
`Debtors`
`6`
`Cash at bank and in hand`
**`CREDITORS`**
`Amounts falling due within one year`
`7`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`CREDITORS`**
`Amounts falling due after more than one year`
`8`
**`NET ASSETS`**
**`FUNDS`**
`Unrestricted funds`
**`TOTAL FUNDS`**|**`2020`**
**`Unrestricted`**
**`fund`**
**`£`**
**`1,232,893`**
**`235`**
**`213,046`**
**`213,281`**
**`(15,797)`**
**`197,484`**
**`1,430,377`**
**`(431,497)`**
**`998,880`**
**`998,880`**
**`998,880`**|`2019`
`Total`
`funds`
`£`
`1,214,487`
`48,045`
`33,096`
`81,141`
`(21,400)`
`59,741`
`1,274,228`
`(439,599)`
`834,629`
`834,629`
`834,629`| |---|---|---| ``` ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year ended 31 October 2020. ``` ``` Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended 31 October 2020 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.` ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon7July2021and were signed on its behalf by: ``` ``` Mr S Leitner - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 5 ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020`** ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies Act 2006. The financial statements have been prepared under the historical cost convention. ``` ## **`Income`** ``` AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of resources. ``` ``` Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment but not accrued as expenditure. ``` ## **`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. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. 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. ``` ## **`Legal status of the charity`** ``` Thecharityisacompanylimitedbyguaranteeandhasnosharecapital.Liabilityofeachmemberintheevent of winding-up is limited to £1. ``` ## **`2. INVESTMENT INCOME`** |**`INVESTMENT INCOME`**||| |---|---|---| ||**`2020`**|`2019`| ||**`£`**|`£`| |`Deposit account interest`|**`27`**|`43`| ## **`3. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2020norforthe year ended 31 October 2019. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31October2020norfortheyear ended 31 October 2019. ``` ``` continued... ``` ``` Page 6 ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued`** ## **`FOR THE YEAR ENDED 31 OCTOBER 2020`** ## **`4. STAFF COSTS`** ``` The average monthly number of employees during the year was as follows: ``` |`Employees`
`No employees received emoluments in excess of £60,000.`
**`5.`**
**`TANGIBLE FIXED ASSETS`**
**`COST`**
`At 1 November 2019`
`Additions`
`At 31 October 2020`
**`NET BOOK VALUE`**
`At 31 October 2020`
`At 31 October 2019`
**`6.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Other debtors`
**`7.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Bank loans and overdrafts (see note 9)`
`Social security and other taxes`
`Other creditors`
`Accruals and deferred income`|**`2020`**
**`2`**
**`2020`**
**`£`**
**`235`**
**`2020`**
**`£`**
**`10,200`**
**`397`**
**`5,200`**
**`-`**
**`15,797`**|`2019`
`2`
`Freehold`
`property`
`£`
**`1,214,487`**
**`18,406`**|`2019`
`2`
`Freehold`
`property`
`£`
**`1,214,487`**
**`18,406`**| |---|---|---|---| |||**`1,232,893`**|| |||**`1,232,893`**|| |||`1,214,487`|| ||||`2019`
`£`
`48,045`| ||||`2019`
`£`
`10,200`
`-`
`10,600`
`600`| ||||`21,400`| ``` continued... ``` ``` Page 7 ``` ``` BEIS HAMEDRASH IMREI SHEFER LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2020`** ## **`8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`** |`Bank loans (see note 9)`
**`9.`**
**`LOANS`**
`An analysis of the maturity of loans is given below:`
`Amounts falling due within one year on demand:`
`Bank loans`
`Amounts falling between one and two years:`
`Bank loans - 1-2 years`
`Amounts falling due between two and five years:`
`Bank loans - 2-5 years`
`Amounts falling due in more than five years:`
`Repayable by instalments:`
`Bank loans more 5 yr by instal`
**`10.`**
**`SECURED DEBTS`**
`The following secured debts are included within creditors:`
`Bank loans`|**`2020`**
**`£`**
**`431,497`**
**`2020`**
**`£`**
**`10,200`**
**`10,400`**
**`31,800`**
**`389,297`**
**`2020`**
**`£`**
**`441,697`**|`2019`
`£`
`439,599`| |---|---|---| |||`2019`
`£`
`10,200`| |||`10,400`| |||`31,800`| |||`397,399`
`2019`
`£`
`449,799`| ## **`11. RELATED PARTY DISCLOSURES`** ``` There were no related party transactions for the year ended 31 October 2020. ``` ## **`12. FINANCIAL INSTRUMENTS`** ``` TheCompanyonlyentersintobasicfinancialinstrumentstransactionsthatresultintherecognitionof financial assets and liabilities like trade and other debtors and creditors. ``` ``` Financialassetsthataremeasuredatcostandamortisedcostareassessedattheendofeachreporting period forobjectiveevidenceofimpairment.Ifobjectiveimpairmentisfound,animpairmentlossisrecognisedin profit or loss. ``` ``` FinancialassetsandliabilitiesareoffsetandthenetamountreportedintheBalanceSheetwhenthereis an enforceablerighttosetofftherecognisedamountsandthereisanintentiontosettleonanetbasisorto realise the asset or settle the liability simultaneously. ``` ``` Page 8 ```