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2023-03-31-accounts

Charity registration number 1200227

VAIDICHKA BEIS HAMEDRASH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

VAIDICHKA BEIS HAMEDRASH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number

Principal address

Independent examiner

Rabbi Z Roth Mrs D Roth Mr P Roth Mr N Zalcberg Mr M Roth

1200227

13 Portsdown Avenue London NW11 0NH

J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW

(Appointed 31 August 2022) (Appointed 31 August 2022) (Appointed 31 August 2022) (Appointed 31 August 2022) (Appointed 27 June 2023)

VAIDICHKA BEIS HAMEDRASH

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 10

VAIDICHKA BEIS HAMEDRASH

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the period ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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

The charity's objects are the advancement of the Orthodox Jewish faith throughout England and Wales for the public benefit in such ways as are exclusively charitable in English law and in particular but not exclusively by maintaining and managing a synagogue as a place of worship, public prayer and religious study, and by providing for the religious needs, spiritual education, pastoral needs and welfare of members of the community, and by providing grants to individuals in need and/or charities, or other organisations working to advance the above objects.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

In the year under review the charity generated income of £24,873 and incurred expenses of £23,546 resulting in net incoming resources of £23,546.

Financial review

As at 31 March 2023 the Charity had £1,327 Unrestricted Funds.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately three 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 the charity’s current activities while consideration is given to ways in which additional funds may be raised.

The trustees intend to further their fundraising efforts in order to ensure that the charity's intended reserves policy can be achieved.

Structure, governance and management

The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on 31 August 2022.

The trustees who served during the period and up to the date of signature of the financial statements were: The trustees who served during the period and up to the date of signature of the financial statements were:
Rabbi Z Roth (Appointed 31 August 2022)
Mrs D Roth (Appointed 31 August 2022)
Mr P Roth (Appointed 31 August 2022)
Mr N Zalcberg (Appointed 31 August 2022)
Mr M Roth (Appointed 27 June 2023)

The day to day affairs of the Charity are administered by the Board of Trustees.

When appointing new trustees the charity applies suitable suitable recruitment and training procedures in line with its governing document.

None of the Trustees have any beneficial interest in the Charity.

VAIDICHKA BEIS HAMEDRASH

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

The trustees' report was approved by the Board of Trustees.

.............................. Rabbi Z Roth Trustee Date: .............................................

VAIDICHKA BEIS HAMEDRASH

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF VAIDICHKA BEIS HAMEDRASH

I report to the trustees on my examination of the financial statements of Vaidichka Beis Hamedrash (the charity) for the period ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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.

J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW

Dated: .........................

VAIDICHKA BEIS HAMEDRASH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2023

Unrestricted
funds
2023
Notes £
Income from:
Donations and legacies 3 24,873
Expenditure on:
Raising funds 4 1,188
Charitable activities 5 22,358
Total expenditure 23,546
Net income for the period/
Net movement in funds 1,327
Fund balances at 31 August 2022 -
Fund balances at 31 March 2023 1,327
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derive from continuing activities.

VAIDICHKA BEIS HAMEDRASH

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
11
Net current assets
Income funds
Unrestricted funds
The financial statements were approved by the Trustees on .........................
..............................
Rabbi Z Roth
Trustee		 2023
£
1,827
(500)		 £
1,327
1,327
1,327

VAIDICHKA BEIS HAMEDRASH

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Vaidichka Beis Hamedrash is a Charitable incorporated organisation (CIO).

1.1 Reporting period

The information presented in the financial statements is for a period less than a year as the Charitable incorporated organisation was registered on the 31 August 2022.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, based on the continued support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

VAIDICHKA BEIS HAMEDRASH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

VAIDICHKA BEIS HAMEDRASH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
funds
2023
£
Donations and gifts 23,530
Grants 1,343
24,873

4 Raising funds

Unrestricted
funds
2023
£
Fundraising and publicity
Other fundraising costs 1,188
1,188

VAIDICHKA BEIS HAMEDRASH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

5 Charitable activities

Charitable
Expenditure
2023
£
Synagogue running expenses 19,190
Grant funding of activities (see note 6) 1,500
Share of governance costs (see note 7) 1,668
22,358
Grants payable
Charitable
Expenditure
2023
£
Grants to institutions:
1,500

6 Grants payable

-

7 Support costs

Support
costs
Governance
costs
£
£
Accountancy
-
500
Legal and professional
-
1,080
Bank charges
-
88
-
1,668
Analysed between
Charitable activities
-
1,668		 2023
£
500
1,080
88
1,668
1,668

Governance costs includes payments to the Independent examiners of £500.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

VAIDICHKA BEIS HAMEDRASH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

9 Employees

The average monthly number of employees during the period was:

The average monthly number of employees during the period was:
2023
Number
Total -
There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
£
Accruals and deferred income 500

12 Related party transactions

There were no disclosable related party transactions during the period.