REGISTERED CHARITY NUMBER: 260802
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
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 2023
| 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 | 13 |
YESHUAS CHAIM SYNAGOGUE
REPORT OF THE TRUSTEES
for the year ended 30 November 2023
The trustees present their report with the financial statements of the charity for the year ended 30 November 2023. 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 £ 14,700 (2022 - £17,480).
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
Total income increased
The financial results for the year to 30 November 2023 are shown in the attached financial statements.
Total income increased from £138,473 to £165,689 and total expenditure decreased from £179,436 to £178,351 in comparison with the previous period.
There was a net decrease in funds of £12,662 (2022 - £40,963) and the charity had reserves of £279,284 (2022 - £291,946) at the year end.
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YESHUAS CHAIM SYNAGOGUE
REPORT OF THE TRUSTEES
for the year ended 30 November 2023
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 2023 would be 3 months of expenditure which equated to approximately £45,000.
The actual free reserves as at 30 November 2023 were £5,053 which is less than our target figure. In calculating the free reserves, the trustees have excluded from total funds the fixed assets of £274,231.
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 2023
Principal address
26 Durley Road London N16 5JS
Trustees
Rabbi Y M Pinter Mr Y H Pinter Mr M Y Leiser (resigned 2.11.23) Mr P S Pinter Trustee (appointed 2.11.23) Mr S Halberstam Trustee (appointed 2.11.23)
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 9 August 2024 and signed on its behalf by:
Mr Y H Pinter - Trustee
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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 2023.
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
9 August 2024
Page 4
YESHUAS CHAIM SYNAGOGUE
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 November 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 165,689 EXPENDITURE ON Charitable activities 3 Relief of poverty, the advancement of faith and religious education 178,351 NET INCOME/(EXPENDITURE) (12,662) RECONCILIATION OF FUNDS Total funds brought forward 291,946 TOTAL FUNDS CARRIED FORWARD 279,284 CONTINUING OPERATIONS |
2022 Total funds £ 138,473 179,436 (40,963) 332,909 291,946 |
|---|---|
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 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 274,231 CURRENT ASSETS Debtors 10 804 Cash at bank 8,157 8,961 CREDITORS Amounts falling due within one year 11 (3,908) NET CURRENT ASSETS 5,053 TOTAL ASSETS LESS CURRENT LIABILITIES 279,284 NET ASSETS 279,284 FUNDS 12 Unrestricted funds 279,284 TOTAL FUNDS 279,284 |
2022 Total funds £ 280,635 681 12,280 12,961 (1,650) 11,311 291,946 291,946 291,946 291,946 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 August 2024 and were signed on its behalf by:
Mr Y H Pinter - Trustee
The notes form part of these financial statements
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 November 2023
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 2023. 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
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2023
1.
ACCOUNTING POLICIES - continued
Tangible fixed assets 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.
Taxation
The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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.
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023
2. DONATIONS AND LEGACIES
| 2023 2022 £ £ Donations 165,689 138,473 3. 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 94,267 81,567 2,517 178,351 4. GRANTS PAYABLE The total grants paid to institutions during the year was as follows: 2023 2022 £ £ Reb Shayale's Tzeduke 4,000 Yesodey Hatorah Schools 9,700 10,000 Mifal Tzedoko V'Chesed Limited 3,000 3,480 Grants less than £2,500 2,000 14,700 17,480 The total grants paid to individuals during the year was as follows: 2023 2022 £ £ Grants to individuals 66,867 51,655 66,867 51,655 |
Grant funding of activities Direct (see note Costs 4) £ £ 94,267 81,567 |
Grant funding of activities Direct (see note Costs 4) £ £ 94,267 81,567 |
Grant funding of activities Direct (see note Costs 4) £ £ 94,267 81,567 |
2023 £ 165,689 Support costs (see note 5) £ 2,517 |
2023 £ 165,689 Support costs (see note 5) £ 2,517 |
2022 £ 138,473 Totals £ 178,351 |
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| £ | £ | |||||
| 4,000 | ||||||
| 9,700 | 10,000 | |||||
| 3,000 | 3,480 | |||||
| 2,000 | ||||||
| 14,700 | 17,480 | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| 66,867 | 51,655 | |||||
| 66,867 | 51,655 | |||||
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2023
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Relief of poverty, the advancement of faith and | |||
| religious education | 567 | 1,950 | 2,517 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| 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 2023 were £1,710 (2022: £1,650).
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2023
9. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 December 2022 400,624 Additions - At 30 November 2023 400,624 DEPRECIATION At 1 December 2022 126,066 Charge for year 8,012 At 30 November 2023 134,078 NET BOOK VALUE At 30 November 2023 266,546 At 30 November 2022 274,558 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 12. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
Fixtures and Computer fittings equipment Totals £ £ £ 38,557 1,412 440,593 4,174 - 4,174 42,731 1,412 444,767 32,515 1,377 159,958 2,554 12 10,578 35,069 1,389 170,536 7,662 23 274,231 6,042 35 280,635 2023 2022 £ £ 804 681 2023 2022 £ £ 3,908 1,650 Net At movement At 1.12.22 in funds 30.11.23 £ £ £ 291,946 (12,662) 279,284 291,946 (12,662) 279,284 |
Totals £ 440,593 4,174 |
Totals £ 440,593 4,174 |
|---|---|---|---|
| 444,767 | |||
| 159,958 10,578 |
|||
| 170,536 | |||
| 274,231 | |||
| 280,635 | |||
| 2022 £ 681 |
|||
| 2022 £ 1,650 |
|||
| 279,284 |
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2023
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 165,689 (178,351) (12,662) 165,689 (178,351) (12,662) Net At movement At 1.12.21 in funds 30.11.22 £ £ £ 332,909 (40,963) 291,946 332,909 (40,963) 291,946 Incoming Resources Movement resources expended in funds £ £ £ 138,473 (179,436) (40,963) 138,473 (179,436) (40,963) |
|---|---|
continued...
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YESHUAS CHAIM SYNAGOGUE
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 November 2023
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2023 or 30 November 2022.
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