Charity registration number 243901
THE OHEL DAVID EASTERN JEWRY CONGREGATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE OHEL DAVID EASTERN JEWRY CONGREGATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr. Moshe Moses Mr Barook Hyam Abraham Dr. David Mallory Barnett Mr. Simon Broomer Mr. Simon Cohen Mr. Benjamin Elias Mr. Jonathan Jacob Mr. Michael Joshua Mr. Meyer David Lanyado Mr. Isaac Cooper Mr. Ephraim Solomon Mr. Jonathan Teper Charity number 243901 Principal address 30 Shirehall Park London NW4 2QL Independent examiner Michael Weissbraun (FCA) 220 The Vale London NW11 8SR
THE OHEL DAVID EASTERN JEWRY CONGREGATION
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 - 9 |
THE OHEL DAVID EASTERN JEWRY CONGREGATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
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 objective is to provide support for Eastern Jewry Synagogue and community activities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
The trustees have pursued the objects of the Charity throughout the year under review and have made charitable gifts totaling £62,797 (2020: £27,856). In the period under review, the Charity had made a deficit £58,967 (2020: Surplus £7,720).
Unrestricted funds are needed to rpovide funds which can be designated to specific projects to enable those projects to be undertaken at short notice and to cover administration and operating costs without which the charity could not function.
The trustees consider it prudent that unrestricted reserves should be sufficient to avoid the necessity of realising fixed assets held for the charity's use and to cover, at least, one year's administration and operating costs.
The level of reserves are monitored and reviewed by the trustees during the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was formed by a declaration of trust dated 3rd June 1959 and a supplemental deed dated 26th January 1960. The Trustees are empowered to hold the trust fund as capital and income upon trust or to apply the same:
a) For the Furnishing, equipping and fitting out of a synagogue for the use of the congregatoin.
b) In defraying the running expenses of the synagogue including administrative expenses properly incurred by the trustees or by council.
c) For other such charitable purposes as the trustees think fit.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr. Moshe Moses
Mr Barook Hyam Abraham Dr. David Mallory Barnett Mr. Simon Broomer Mr. Simon Cohen
Mr. Benjamin Elias Mr. Jonathan Jacob
Mr. Michael Joshua
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Mr. Meyer David Lanyado Mr. Isaac Cooper Mr. Ephraim Solomon Mr. Jonathan Teper
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees have indefinite appointments. Their function is to hold and manage the charity assets. The council members are appointed for two-year terms and the trustees act at their direction. Some of the trustees are also council members.
The trustees' report was approved by the Board of Trustees.
Mr. Moshe Moses
Trustee Dated: 21 October 2022
Dr. David Mallory Barnett Trustee Dated:21 October 2022
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE OHEL DAVID EASTERN JEWRY CONGREGATION
I report to the trustees on my examination of the financial statements of THE OHEL DAVID EASTERN JEWRY CONGREGATION (the charity) for the year ended 31 December 2021.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Michael Weissbraun (FCA) Michael Pasha and Co 220 The Vale London NW11 8SR
Dated: 21 October 2022
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 29,385 | 37,172 |
| Expenditure on: | |||
| Charitable activities | 3 | 88,353 | 29,452 |
| Net (outgoing)/incoming resources | (58,968) | 7,720 | |
| Other recognised gains and losses | |||
| Revaluation of tangible fixed assets | - | (325) | |
| Net movement in funds | (58,968) | 7,395 | |
| Fund balances at 1 January 2021 | 1,916,574 | 1,909,179 | |
| Fund balances at 31 December 2021 | 1,857,606 | 1,916,574 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Investment properties 7 Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Unrestricted funds General unrestricted funds Revaluation reserve |
2021 £ £ 1,600,000 353 1,600,353 258,909 (1,656) 257,253 1,857,606 310,497 1,547,109 1,857,606 1,857,606 |
2020 £ £ 1,600,000 353 1,600,353 317,817 (1,596) 316,221 1,916,574 369,465 1,547,109 1,916,574 1,916,574 |
2020 £ £ 1,600,000 353 1,600,353 317,817 (1,596) 316,221 1,916,574 369,465 1,547,109 1,916,574 1,916,574 |
|---|---|---|---|
| 1,600,353 316,221 |
|||
| 1,916,574 | |||
| 1,916,574 | |||
| 1,916,574 |
The financial statements were approved by the Trustees on 22 October 2022
Mr. Moshe Moses Trustee
Dr. David Mallory Barnett Trustee
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
THE OHEL DAVID EASTERN JEWRY CONGREGATION is a legal charity founded by trust deed.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's trust deed, 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)". 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 applying FRS 102 Update Bulletin 1 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 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.
1.4 Incoming resources
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.
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.
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
1.6 Investment properties
- Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
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.
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Rental income | 29,370 | 37,000 |
| Interest receivable | 15 | 172 |
| 29,385 | 37,172 |
3 Charitable activities
| charitable activities charitable activities 2021 2020 £ £ Insurance 4,416 756 Charitable expenditure heading 2 20,240 - Charitable donations 62,797 27,856 87,453 28,612 Share of governance costs (see note 4) 900 840 88,353 29,452 |
charitable activities charitable activities 2021 2020 £ £ Insurance 4,416 756 Charitable expenditure heading 2 20,240 - Charitable donations 62,797 27,856 87,453 28,612 Share of governance costs (see note 4) 900 840 88,353 29,452 |
charitable activities charitable activities 2021 2020 £ £ Insurance 4,416 756 Charitable expenditure heading 2 20,240 - Charitable donations 62,797 27,856 87,453 28,612 Share of governance costs (see note 4) 900 840 88,353 29,452 |
|---|---|---|
| 2021 £ 4,416 20,240 62,797 87,453 900 88,353 |
2020 £ 756 - 27,856 |
|
| 28,612 840 |
||
| 29,452 |
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
4 Support costs
| Support costs | |||
|---|---|---|---|
| Accountancy Analysed between Charitable activities |
Support costs Governance costs £ £ - 900 - 900 - 900 |
2021 £ 900 900 900 |
2020 £ 840 |
| 840 | |||
| 840 |
Governance costs includes payments to the accountant of £900 (2020- £840) for accountancy fees.
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefit from the charity during the year.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
6 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. Investment property Fair value At 1 January 2021 and 31 December 2021 |
2021 Number - |
2020 Number - |
|---|---|---|
| 2021 £ 1,600,000 |
7 Investment property
The trustees have revalued the fair value of the investment at its market value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
8 Fixed asset investments
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THE OHEL DAVID EASTERN JEWRY CONGREGATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
8 Fixed asset investments
(Continued)
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2021 & 31 December 2021 | 353 |
| Carrying amount | |
| At 31 December 2021 | 353 |
| At 31 December 2020 | 353 |
The listed investment has valued based on the market value available at the end of financial year.
| 9 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 10 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2021 £ 353 2021 £ 756 900 1,656 |
2020 £ 353 |
|---|---|---|
| 2020 £ 756 840 |
||
| 1,596 |
11 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
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