CHARITY REGISTRATION NUMBER: 1195674
KYL CENTRAL SHUL TRUST
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
31 JULY 2022
HIRSH ACCOUNTANTS LIMITED
45 STAMFORD HILL
LONDON N16 5SR
KYL CENTRAL SHUL TRUST
KYL CENTRAL SHUL TRUST CHARITABLE TRUST FINANCIAL STATEMENTS 31 JULY 2022
| Pages | |
|---|---|
| Trustees' Annual Report | 2 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 |
Page 1
KYL CENTRAL SHUL TRUST TRUSTEES ANNUAL REPORT
The trustees present their report with the unaudited financial statements of the charity for the period ended 31 July 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1195674
Principal and Registered Office
30 Jessam Avenue London E5 9DU
Trustees
The following trustees served during the year:
H Lebrecht
J Niederman P Weissman
Independent Examiners
Hirsh Accountants Limited
45 Stamford Hill London N16 5SR
OBJECTIVES AND ACTIVITIES
The charity's objectives are to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time, in particular but not limited to advancing the Jewish religion, advancing Jewish religious education and the prevention and alleviation of poverty among the Jewish community throughout England in general and specifically through operating and maintaining a Synagogue.
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives in planning future events.
ACHIEVEMENTS AND PERFORMANCE
The charity employs its funds and resources primarily for the operation and maintenance of a Synagogue. During the year the charity generated donations income of £198,584 with expenditure of £177,698 resulting in a net surplus of £20,850.
During the year the charity made grants totalling £19,056.
The financial results for the year to 31 July 2022 are fully reflected in the attached Financial Statements and the Notes thereon.
FINANCIAL REVIEW
Reserves Policy
The charity's policy is to maintain Unrestricted funds at a level which the trustees deem appropriate after considering future commitments and the likely costs for the next year.
As at 31 July 2022 the charity had Unrestricted Funds of £20,850.
Grant Making Policy
The charity primarily operates a synagogue but also makes grants in furtherance of the Jewish religion, Jewish religious education and the prevention and relief of poverty.
Page 2
KYL CENTRAL SHUL TRUST TRUSTEES ANNUAL REPORT
In making these grants the trustees use their personal knowledge and experience of the community's needs. The trustees monitor the application of funds by being familiar and in regular formal and informal contact with the recipients.
PRINCIPAL RISKS AND UNCERTAINTIES
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular operational and financial risks and are satisfied that appropriate systems are in place to manage and mitigate these risks.
PLANS FOR FUTURE PERIODS
The charity plans to continue its primary activity of operating a local synagogue. It may also engage in some grant making activities should the occasion arise.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a registered charity (charity number 1195674) and is governed by a CIO Foundation Constitution dated 1 September 2021.
The trustees administer the day-to-day affairs of the charity. None of the Trustees have beneficial interest in the charity.
STATEMENT OF COMPLAINCE
The charity is a public benefit entity, a registered charity in England and Wales and is unincorporated. The address of the principal office is 30 Jessam Avenue, London, E5 9DU.
STATEMENT OF TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
J Niederman
Trustee
30 May 2023
Page 3
KYL CENTRAL SHUL TRUST INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the trustees of KYL Central Shul Trust
I report to the trustees on my examination of the financial statements of KYL Central Shul Trust for the period ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
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 financial statements to be reached.
Mr M Hirsh FCCA
Hirsh Accountants Limited
45 Stamford Hill
London N16 5SR 30 May 2023
Page 4
KYL CENTRAL SHUL TRUST STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD ENDED 31 JULY 2022
| Notes Income and endowments from: Donations and legacies 2 Total Expenditure on: Running a Synagogue 3 Grants 4 Total Net income Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Total funds | Total funds |
|---|---|---|---|
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| 198,548 | 198,548 | - | |
| 198,548 | 198,548 | - | |
| 163,716 | 163,716 | - | |
| 13,982 | 13,982 | - | |
| 177,698 | 177,698 | - | |
| 20,850 | 20,850 | - | |
| 20,850 | 20,850 | - | |
| - | - | - | |
| 20,850 | 20,850 | - | |
Page 5
KYL CENTRAL SHUL TRUST BALANCE SHEET
AS AT 31 JULY 2022
| Charity No. 1195674 2022 Notes £ Current assets Cash at bank and in hand 22,850 22,850 Creditors:Amount falling due within one year 9 (2,000) Net current assets 20,850 Creditors:Amounts falling due after more than one year - Total net assets 10 20,850 The funds of the charity Unrestricted funds General funds 11 20,850 Designated funds - Total funds 20,850 Approved by the trustees on 30 May 2023 |
2021 £ - |
|---|---|
| - - |
|
| - - |
|
| - | |
| - - |
|
| - | |
And signed on their behalf by:
J Niederman Trustee 30 May 2023
Page 6
KYL CENTRAL SHUL TRUST NOTES TO THE ACCOUNTS
FOR THE PERIOD ENDED 31 JULY 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
| Fund accounting | |
|---|---|
| Unrestricted funds | These are available for use at the discretion of the trustees in furtherance of the general |
| objects of the charity. | |
| Designated funds | These are unrestricted funds earmarked by the trustees for particular purposes. |
| Revaluation funds | These are unrestricted funds which include a revaluation reserve representing the restatement |
| of investment assets at their market values. | |
| Restricted funds | These are available for use subject to restrictions imposed by the donor or through terms of |
| an appeal. | |
| Income | |
| Recognition of income | Income is included in the Statement of Financial Activities (SoFA) when the charity |
| becomes entitled to, and virtually certain to receive, the income and the amount of the | |
| income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is reported gross |
| expenditure | in the SoFA. |
| Donations and legacies | Voluntary income received by way of grants, donations and gifts is included in the the SoFA |
| when receivable and only when the Charity has unconditional entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the gift/donation to |
| donations and gifts | which it relates. |
| Expenditure | |
| Recognition of | Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot |
| expenditure | be fully recovered, and is reported as part of the expenditure to which it relates. |
| Expenditure on raising | These comprise the costs associated with attracting voluntary income, fundraising trading |
| funds | costs and investment management costs. |
| Expenditure on | These comprise the costs incurred by the Charity in the delivery of its activities and services |
| charitable activities | in the furtherance of its objects, including the making of grants and governance costs. |
| Grants payable | All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that |
| have been approved by the trustees at the end of the year but not yet paid. | |
| Governance costs | These include those costs associated with meeting the constitutional and statutory |
| requirements of the Charity, including any audit/independent examination fees, costs linked | |
| to the strategic management of the Charity, together with a share of other administration | |
| costs. | |
| Other expenditure | These are support costs not allocated to a particular activity. |
Page 7
KYL CENTRAL SHUL TRUST NOTES TO THE ACCOUNTS
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation where relevant is provided in order to write off each asset over its estimated useful life.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, where relevant, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2 Income from donations and legacies
| Unrestricted | Restricted | Endowment | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||
| £ | £ | £ | £ | £ | ||||||
| Donations | 198,548 | - | - | 198,548 | - | |||||
| 198,548 | - | - | 198,548 | - | ||||||
| 3 | Expenditure | on charitable activities | ||||||||
| Unrestricted | Restricted | Endowment | Total | Total | ||||||
| 2022 | 2021 | |||||||||
| £ | £ | £ | £ | £ | ||||||
| Expenditure | on | charitable | ||||||||
| activities | ||||||||||
| Running a Synagogue | 142,660 | - | - | 142,660 | - | |||||
| Grants made | 19,056 | - | - | 19,056 | - | |||||
| Governance costs | ||||||||||
| 2,000 | - | - | 2,000 | - | ||||||
| 163,716 | - | - | 163,716 | - |
Page 8
KYL CENTRAL SHUL TRUST NOTES TO THE ACCOUNTS
| 4 Analysis of grants Activity or programme Grants to Institutions Grants to Individuals Support Costs £ £ £ Grants 19,056 - - 19,056 - - 5 Other expenditure Unrestricted Restricted Endowment £ £ £ Legal and professional costs 3,024 - - 13,982 - - 6 Net income before transfers 2022 This is stated after charging: £ Independent Examiner's fee 2,000 7 Trustee remuneration and expenses None of the trustees have been paid any remuneration in the current or prior periods. None of the trustees have been paid any expenses in the current or prior periods. 8 Staff costs 2022 £ Salaries and wages 10,958 10,958 No employee received emoluments in excess of £60,000. The average monthly number of full time equivalent employees during the year was as |
Total 2022 £ 19,056 19,056 Total 2022 £ 3,024 13,982 follows: |
Total 2021 £ - |
|---|---|---|
| - | ||
| Total 2021 £ - |
||
| - | ||
| 2021 £ - 2021 £ - |
||
| - | ||
| Creditors: amounts falling due within one year |
2022 Number 2 2 2022 £ |
2021 Number - |
|---|---|---|
| - | ||
| 2021 £ |
||
| Accruals | 2,000 | - |
| 2,000 | - |
9 Creditors: amounts falling due within one year
Page 9
KYL CENTRAL SHUL TRUST NOTES TO THE ACCOUNTS
10 Movement in funds
| 10 Movement in funds | ||||
|---|---|---|---|---|
| At 1 September 2021 Unrestricted funds: General funds - Total funds - 11 Analysis of net assets between funds Net current assets |
Incoming resources (including other gains/losses) £ 198,548 198,548 Unrestricted funds £ 20,850 20,850 |
Resources expended £ (177,698) (177,698) Restricted funds £ - - |
Gross transfers £ - - Endowment funds £ - - |
At 31 July 2022 £ 20,850 |
| 20,850 | ||||
| Total £ 20,850 |
||||
| 20,850 |
12 Related party disclosures
There were no related party transactions during the year as required disclosure.
Page 10