REGISTERED COMPANY NUMBER: 01367849 (England and Wales) REGISTERED CHARITY NUMBER: 276325
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
TORAH & CHESED (BH) LIMITED
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
TORAH & CHESED (BH) LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
TORAH & CHESED (BH) LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 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 religion in accordance with the Orthodox Jewish Faith and for such other purposes as are recognised by English Law to be charitable
Significant activities
The charity's objectives are reached through the provision of a social and cultural centre that provides a synagogue, social events, library, lecture hall and children's activities.
Grantmaking
The trustees consider each application for a grant from the charity on a case by case basis. Their overriding consideration when reviewing these applications is whether the making of a grant assists with the furtherance of the charity's overall objectives.
Volunteers
The charity is very involved in the community and is dependent on the assistance of volunteers who help with the running and administering of the community centre and the charity's other activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Regular prayer meetings are held for members and the wider community, throughout the year. Special prayers and activities are organised to celebrate the Jewish festivals and are open to the whole community.
The charity runs a number of education programmes throughout the year, across a diverse spectrum of subjects. Different programmes are provided for all age groups including sessions for the youth, again these activities are not restricted to members but are open to all.
The charity provides funeral facilities for its members, to ensure that their burial is carried out in accordance with Jewish custom.
FINANCIAL REVIEW
Principal funding sources
The charity derives its principal source of income from donation by its members. This source of income has been consistent for many years and there is no reason to believe that it will not continue in future years.
Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees see fit.
The trustees, having regard to the liquidity requirements of operating the community centre and the reserves policy have operated a policy of keeping available funds in an interest bearing deposit account
Reserves policy
The trustees have established the levels of reserves (that is those funds that are freely available) that the charity requires. Reserves are needed to provide sufficient funds to cover management and administration and direct charitable expenditure for the following year, as the charity carries out fundraising on an annual basis.
The actual cash reserves as at 31st March 2022 were £73,675 (2021: 19,508) which is within budget. In calculating reserves, the trustees have purely considered the charity's cash resources and have ignored the value of the community centre, which is unencumbered and included in the accounts at £466,791 (2021: £439,775).
The end of the year saw a satisfactory financial result. Costs were contained largely within budget and income figures were consistent with targets. Net surplus for the year was £82,332 (2021: £46,788 deficit) after allowing for Grants expended of £8,200 (2021: £10,205).
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TORAH & CHESED (BH) LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
FUTURE PLANS
Although the charity has spent a large amount on refurbishing its premises, it is anticipated that further sums will be required over the coming few years. The trustees feel that is essential to provide a modern up-to-date and well-equipped community centre in order to meet the needs of its members. Additional fundraising will be sought in order to finance these improvements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The board of trustees administers the charity. The board meets regularly and deals with all major issues relating to the charity including premises, membership, finance and accounts.
Induction and training of new trustees
New trustees are made aware of the organisational structure of the charity and are shown financial statements of the charity for the three preceding years.
Wider network
The charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider that these activities provide benefit both to those who worship at our synagogue and the wider community of North West London.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01367849 (England and Wales)
Registered Charity number 276325
Registered office
Lynwood House 373/375 Station Road Harrow Middlesex HA1 2AW
Trustees
B Conway (resigned 12.4.22) C Felsen Dit Kronfeld (appointed 1.6.21) M Morris D M Morris (appointed 1.6.21) M I Samet (appointed 12.9.22)
Independent Examiner
Mr Aryeh Melinek, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH 22/12/22 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. D M Morris - Trustee
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TORAH & CHESED (BH) LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 241,624 Investment income 2 5 Total 241,629 EXPENDITURE ON Charitable activities Synagogue expenses 159,297 NET INCOME/(EXPENDITURE) 82,332 RECONCILIATION OF FUNDS Total funds brought forward 459,602 TOTAL FUNDS CARRIED FORWARD 541,934 |
2021 Total funds £ 134,049 24 134,073 180,861 (46,788) 506,390 459,602 |
|---|---|
The notes form part of these financial statements
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TORAH & CHESED (BH) LIMITED
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Debtors 6 Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 469,851 2,855 73,675 76,530 (4,447) 72,083 541,934 541,934 541,934 541,934 |
2021 Total funds £ 444,578 - 19,508 19,508 (4,484) 15,024 459,602 459,602 459,602 459,602 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 22/12/22
............................................. D M Morris - Trustee
The notes form part of these financial statements
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TORAH & CHESED (BH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
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.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. Liability of each member in the event of winding-up is limited to £1.
continued...
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TORAH & CHESED (BH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
2. INVESTMENT INCOME
| Deposit account interest | 2022 2021 £ £ 5 24 |
|---|---|
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets | 2022 2021 £ £ 1,743 848 |
|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
5. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 April 2021 439,775 Additions 27,016 At 31 March 2022 466,791 DEPRECIATION At 1 April 2021 - Charge for year - At 31 March 2022 - NET BOOK VALUE At 31 March 2022 466,791 At 31 March 2021 439,775 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Plant and machinery Totals £ £ 7,822 447,597 - 27,016 7,822 474,613 3,019 3,019 1,743 1,743 4,762 4,762 3,060 469,851 4,803 444,578 2022 2021 £ £ 2,855 - |
Plant and machinery Totals £ £ 7,822 447,597 - 27,016 7,822 474,613 3,019 3,019 1,743 1,743 4,762 4,762 3,060 469,851 4,803 444,578 2022 2021 £ £ 2,855 - |
Plant and machinery Totals £ £ 7,822 447,597 - 27,016 7,822 474,613 3,019 3,019 1,743 1,743 4,762 4,762 3,060 469,851 4,803 444,578 2022 2021 £ £ 2,855 - |
|---|---|---|---|
| 474,613 | |||
| 3,019 1,743 |
|||
| 4,762 | |||
| **469,851 ** | |||
| 444,578 | |||
| 2021 £ - |
continued...
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TORAH & CHESED (BH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
2022 £ 592 525 160 3,170 4,447 |
2021 £ - 589 - 3,895 4,484 |
|---|---|---|
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
9. FINANCIAL INSTRUMENTS
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.
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