REGISTERED CHARITY NUMBER: 260802
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
FOR
YESHUAS CHAIM SYNAGOGUE
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
YESHUAS CHAIM SYNAGOGUE
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
YESHUAS CHAIM SYNAGOGUE
REPORT OF THE TRUSTEES
for the year ended 30 November 2022
The trustees present their report with the financial statements of the charity for the year ended 30 November 2022. The trustees have adopted the provisions of 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
Objectives and aims
The objects of the charity are to advance the Orthodox Jewish religion in particular by providing and maintaining a Synagogue for the purpose of public worship, religious activities and for advancing religious study.
The charity is also active in the relief of poverty and other projects for the advancement of the Orthodox Jewish religion.
Grantmaking
The charity also provide grants to qualifying institutions and individuals. During the year, the charity paid grants to institutions totalling £17,480 (2021 - £26,740).
Public benefit
The board referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aim and objectives and in planning the charity's future activities. In particular, the trustees consider how the planned activities will contribute to the aims and objectives set.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The period proved very successful in terms of both donations received and grants made. Grants are made to needy members of the Orthodox Jewish community.
The Synagogue operated and maintained by the charity is widely used by the community it serves. On average over 700 congregants attend the daily prayer services. These services start at 6.30am and are available throughout the day until midnight and beyond.
The Synagogue facilities are used by 2 daily study groups which are attended by approximately 60 members of the community every day. One group studies between 6.30am and 8.30am daily and the second group studies between 9.30am and 7pm daily. In addition there are 2 separate study sessions for an hour each day attended by a further 20 individuals. The charity provides light refreshments to those who attend the study sessions as they are often from the poorer members of the community.
FINANCIAL REVIEW
Financial position
The financial results for the year to 30 November 2022 are shown in the attached financial statements.
Total income decreased from £229,124 to £138,473 and total expenditure decreased from £227,226 to £179,436 in comparison with the previous period.
There was a net decrease in funds of £40,963 (2021 - increase of £1,898) and the charity had reserves of £291,946 (2021 - £332,909) at the year end.
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YESHUAS CHAIM SYNAGOGUE
REPORT OF THE TRUSTEES
for the year ended 30 November 2022
FINANCIAL REVIEW
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on educational and grant activities and receiving resources through voluntary donations. The trustees consider that the ideal level of reserves for the year ended 30 November 2022 would be 3 months of expenditure which equated to approximately £44,000.
The actual free reserves as at 30 November 2022 were £13,139 which is less than our target figure. In calculating the free reserves, the trustees have excluded from total funds the fixed assets of £280,635.
The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility.
FUTURE PLANS
The Yeshuas Chaim Synagogue will continue to expand and promote poverty alleviation programmes and any other projects advancing the orthodox Jewish religion.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New trustees will be appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further the work of the charity.
Organisational structure
The day to day operation of the charity is controlled and managed by the trustees. The trustees meet at least quarterly.
Applications for grants are considered by the trustees and reviewed in depth for final approval.
Induction and training of new trustees
Any new trustee will be fully briefed on the history of the trust, and its objectives and plans, as well as the management and operational processes. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have a risk management strategy which comprises:
-
an annual review of the risks the charity may face;
-
the establishment of systems and procedures to mitigate those risks identified in the plan;
-
the implementation of procedures designed to minimise any potential impact on the charity should those risks
-
materialise.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
260802
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YESHUAS CHAIM SYNAGOGUE
REPORT OF THE TRUSTEES
for the year ended 30 November 2022
Principal address
26 Durley Road London N16 5JS
Trustees
Rabbi Y M Pinter Trustee Mr Y H Pinter Trustee Mr M Y Leiser Trustee
Independent Examiner
Yedidya A Zaiden FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 1 September 2023 and signed on its behalf by:
Mr Y H Pinter - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YESHUAS CHAIM SYNAGOGUE
Independent examiner's report to the trustees of Yeshuas Chaim Synagogue
I report to the charity trustees on my examination of the accounts of Yeshuas Chaim Synagogue (the Trust) for the year ended 30 November 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
Yedidya A Zaiden FCCA
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
1 September 2023
Page 4
YESHUAS CHAIM SYNAGOGUE
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 November 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 138,473 EXPENDITURE ON Charitable activities 3 Relief of poverty, the advancement of faith and religious education 179,436 NET INCOME/(EXPENDITURE) (40,963) RECONCILIATION OF FUNDS Total funds brought forward 332,909 TOTAL FUNDS CARRIED FORWARD 291,946 CONTINUING OPERATIONS |
2021 Total funds £ 229,124 |
|---|---|
| 227,226 | |
| 1,898 331,011 |
|
| 332,909 | |
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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YESHUAS CHAIM SYNAGOGUE
BALANCE SHEET
30 November 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 280,635 CURRENT ASSETS Debtors 10 681 Cash at bank 12,280 12,961 CREDITORS Amounts falling due within one year 11 (1,650) NET CURRENT ASSETS 11,311 TOTAL ASSETS LESS CURRENT LIABILITIES 291,946 NET ASSETS 291,946 FUNDS 12 Unrestricted funds 291,946 TOTAL FUNDS 291,946 |
2021 Total funds £ 290,679 652 43,264 43,916 (1,686) 42,230 332,909 332,909 332,909 332,909 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 September 2023 and were signed on its behalf by:
Mr Y H Pinter - Trustee
The notes form part of these financial statements
Page 6
YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Assessment of going concern
The trustees, having made appropriate enquiries , consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the year ended 30 November 2022. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 2% on cost |
|---|---|
| Fixtures and fittings | - 25% on reducing balance |
| Computer equipment | - 33% on reducing balance |
Freehold land and buildings are stated at cost net of depreciation and any provision for impairment.
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2022
1. ACCOUNTING POLICIES - continued
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be estimated reliably.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Donations | 138,473 | 229,124 |
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2022
3. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| Direct | (see note | costs (see | ||
| Costs | 4) | note 5) | Totals | |
| £ | £ | £ | £ | |
| Relief of poverty, the advancement of | ||||
| faith and religious education | 102,993 | 69,045 | 7,398 | 179,436 |
4. GRANTS PAYABLE
The total grants paid to institutions during the year was as follows:
| The total grants paid to institutions during the year was as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Chasdei Esther | - | 5,000 |
| Gemiluth Chesed and Endowment of Brides Society | - | 7,500 |
| Ichud Talmudei Yesodey Hatorah | - | 10,000 |
| Reb Shayale's Tzeduke | 4,000 | |
| Yesodey Hatorah Schools | 10,000 | - |
| Grants less than £2,500 | 3,480 | 4,240 |
| 17,480 | 39,240 | |
| The total grants paid to individuals during the year was as follows: | ||
| 2022 | 2021 | |
| £ | £ | |
| Grants to individuals | 51,655 | 106,808 |
| 51,565 | 106,808 | |
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2022
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Relief of poverty, the advancement of faith | |||
| and religious education | 5,338 | 2,060 | 7,398 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2022 nor for the year ended 30 November 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2022 nor for the year ended 30 November 2021.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| Operations | 1 | 1 |
No employees received emoluments in excess of £60,000.
8. INDEPENDENT EXAMINERS FEES
The Independent Examiners fees for the year ended 30 November 2022 were £1,650 (2022: £3,300).
9. TANGIBLE FIXED ASSETS
| COST At 1 December 2021 and 30 November 2022 DEPRECIATION At 1 December 2021 Charge for year At 30 November 2022 NET BOOK VALUE At 30 November 2022 At 30 November 2021 |
Freehold property £ 400,624 118,053 8,013 126,066 274,558 282,571 |
Fixtures and fittings £ 38,557 30,501 2,014 32,515 6,042 8,056 |
Computer equipment £ 1,412 1,360 17 1,377 35 52 |
Totals £ 440,593 |
|---|---|---|---|---|
| 149,914 10,044 |
||||
| 159,958 | ||||
| 280,635 | ||||
| 290,679 |
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2022
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 12. MOVEMENT IN FUNDS At 1.12.21 £ Unrestricted funds General fund 332,909 TOTAL FUNDS 332,909 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 138,473 TOTAL FUNDS 138,473 Comparatives for movement in funds At 1.12.20 £ Unrestricted funds General fund 331,011 TOTAL FUNDS 331,011 |
2022 2021 £ £ 681 652 2022 2021 £ £ - 219 1,650 1,467 1,650 1,686 Net movement At in funds 30.11.22 £ £ (40,963) 291,946 (40,963) 291,946 Resources Movement expended in funds £ £ (179,436) (40,963) (179,436) (40,963) Net movement At in funds 30.11.21 £ £ 1,898 332,909 1,898 332,909 |
|---|---|
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2022
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 229,124 229,124 |
Resources Movement expended in funds £ £ (227,226) 1,898 (227,226) 1,898 |
Resources Movement expended in funds £ £ (227,226) 1,898 (227,226) 1,898 |
|---|---|---|---|
| 1,898 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2022.
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