MACHZIKE HADATH COMMUNir< REGISTERED CHARITY: 289999 FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2024 INDEX Pa Contents Trust information Trustees, Annu31 Report Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-14
MACHZIKE HADATH COMMUNITY Incor oratin Mathzike Hadath S TRUST INFORMATION Registered Charity Number 289999 Trustees Mr Gregory Roediger Mr John Wosner Independent Examiner Shaya Grosskopf FCA Ig Accountants Chartered Accountants Churchill House 137-139 Brent Street London NW44DJ Principal Address 1-4 Highfield Road London NWII 9LU Bankers HSBC Bank PLC 40 Temple Fortune Parade London NWII OQU
MACHZIKE HADATH COMMUNITY Incor oratin Machzike Hadath S TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 ue The trustees present their report and financial statements of the tharity for the year ended 31 August 2024. The trustees confirm that the Annual Report and financial statements of the trust comply with the current statutory requirements including recommended practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard IFRS 1021. Charitable objects The objects of the Machzike Hadath Community are to oversee the administration of the Machzike Hadath Synagogue, to deal with its burial ground and to attend to communal matters such as assistance of the needv. The Synagogue exists to further the practice and observance of traditional Orthodox Jud3i5m in accordance with the dictates of the Shulchan Aruch and under the direction and guidance of a strictly orthodox Rav. The trustees delegate the day to day operations of the synagogue to the Executive Committee which consists of a chairman and elected and co-opted members. Governlng documents A Trust Deed describes the specific objects of the trust and the Trustees duties. The synagogue's constitution deals with the responsibility of its Officers and General Meetings. The charity was registered with the Charity Commission as Machzike Hadath Community on 30 November 1984 (Registration No. 2899991- preliminary constitution 1949. Trustees The trustees of the charity who seNed during the year and to date were as follows: Mr Nathan David Colman (resigned 31 August 20251 Mr Gregory Roediger Mrjohn Wosner Actlvltles The charity runs a burial society for the benefit of the Community. Members ofthe Synagogue are entitled to join on the payment of an annual subscription determined every year by the trustees and collected by the SynagoEue Officers.
MACHZIKE HADATH COMMUNITY Incor oratin Machzike Hadath S TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 ue The Charity has donated funds collected to the MH Gemach, a separate UK charity, for the alleviation of povertv. The synagogue holds daily services and lectures on religious matters and learning programme5 run by the Rav. These activities have been substantially expanded during the year with both members and non-members participating. The synagogue continues to thrive and membership numbers have intreased satisfactorily. The Charity Is aware of the risks to which it is exposed and monitors them with the effect that all such risks are mitigated wherever possible. Flnanclal revlew Total income in the year was £198.24112023: £160.6301. Expenditure was £203,22112023- £199,292). Retained funds at the end of the financial year was £860,07612023- £791,502). The charity seek5 to maintain a Sufficient level of reserves to meet all its day-to-day activities and also its capital expenditure plans for the foreseeable future. This poliLI is reviewed regularly by the trustees. The synagogue affairs are run by the Executive Committee which meets on a regular basis throughout the year. Currently the synagogue incurs operating expenditure of approximately £21JO,C(xJ per annum, which is funded by fundraising and from the investment income of the charity. The trustees and the Executive Committee keep the financial position of the synagogue under review. The financial position of the Charity ha5 been very good with income and capital growth being in line with expectations. Publlc beneflt The principal activities of the charity during the year continued to be to promote traditional Orthodox Judaism and its values. The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed throughout this report and accounts. Fund held as custodlan trustee The Charity collects funds from its members to pass on to other Charities in the course of collecting its own annual membership subscriptions. At the financial year end, the Charity held £2,44212023.. £1,020) on behalf of the Board of Deputies of British Jews, £4,11312023: £1,690) on behalf of the NW London Eruv Committee and £91312023.. £3901 to the Federation of Synagogues, all held for the advancement of the Orthodox Jewish faith.
MACHZIKE HADATH COMMUNITY Incor oratin Machzike Hadath S TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 ue Volunteers The Trustees are grateful to volunteers who assist with the administration of the synagogue and preparations for services and other events. Statement of trustees, responsibilitie5 Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its financial activities for that year together with its assets and liabilities at the end of the year, and adequately distinguish any material special Trust or other restricted fund of the Charity. In preparing those financial statements the Trustees are required to:. select suitable accounting policies and then apply them consistently,. Ibl make judgements and estimates that are reasonable and prudent; Icl state whether the policies adopted are in accordance with the appropriate 50RP on Accounting and Reporting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements,. and Idl prepare the financial statements on the going concern basi5 unle55 It is inappropriate to assume that the Charity will continue in business. The Trustees are responsible for keepin8 proper accounting records which disclose, with reasonable accuracy at any time, the financial F)OSition of the Charity, and enable them to ensure that the financial statements cornply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act. They are also responsible for safeguarding the assets of the Charity and hence fortaking reasonable steps for the prevention and detection of fraud or other irregularities. Approved by the Board of trustees and signed on its behalf by: Mr J Wosner Trustee 25 April 2025
Independent examinerfs report to the trustees of Machzike Hadath Community I report to the trustees on my examination of the accounts of the Machzike Hadath Community Ithe Trust) for the year ended 31 August 2024. 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 20111.the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlnerfs staternent 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 2. the accounts do not accord with those records- or 3. 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 acr055 no other matters in ¢onnection 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. Shaya Grosskopf FCA Ig Accountants Chartered Accountants Churchill House 137-139 Brent Street London NW4 4DJ 25 Aprll 2025
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S STATEMENT OF FINANCIAL A1VITIes FOR THE YEAR ENOEO 31 AUGUST 2024 includin Income and Ex enditure Account Restricted Fund5 2024 Unrestricted Year ended 31 Year ended Funds 2024 Au ust 2024 31 Au 2023 Income from: Membership fees Grants, legacies, and donations re¢eived Sponsorship 48,935 80,221 48,93S 90,954 37,802 72,406 10,733 8.810 8,810 9.326 Investment Income Bank interest, movement in fair value of investments. and dividends receivable Rental Income 28,542 28,542 28,240 21.C(JO 21,CQO 12,856 Total Incomè 187 $08 198 241 160 630 Charltable actlvltles Affiliation fee5 6,521 67,982 Synagogue and burial expenses Grants paid Premises expenses 65,319 68,919 8,796 8,796 11.804 74.040 85,844 94.114 Depreciation Bank char8e5 Legal and professional fees Office costs 9.675 1,523 11,198 669 8,518 669 427 2,309 18,886 2,309 18,886 203 221 3,985 12,745 199 292 Total ex endlture Net gains on disposal of investments 73.554 73.554 8.834 Total the deficit income for Transfer between funds 2.929 12.9291 Fund5 brought forward 101,851 689,651 791,502 821,330 Funds carrled forward 778 438 791502
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible fixed assets Investment5 113,166 678 $85 78,988 686 163 765,751 765,151 CURRENT ASSETS Debtors 25,583 9,052 Cash at bank and in hand IIXJ,983 41,373 CREDITORS Amounts falling due within l year 132,6581 115,0221 NET CURRENT ASSETS NET ASSETS 791502 FUNDS Restricted 81,638 778 438 101,851 689 651 Unrestricted 791502 Approved by the Board of Trustee5 and signed on its behalf by: +*tr- Mr J W05ner Trustee 25 April 2025 The attached notes form part of these Financial Statements.
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 AUGUST 2024 ACCOUNTING POLICIES lal Accountin Convention The financial statements have been prepared in accordance with 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 IFRS 1021 (effective l January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. In common with many charitable organi5ations. the Trust 15 dependent upon the receipt of donations and voluntary income. The continuing receipt of such funds cannot always be predicted with certainty and the accounts have been prepared on the basis that funds will continue to be received at a level sufficient to enable the Trust to carry out day to day running expenses and fulfill its charitable objertives. As much of the deficit relates to investment losses which are expected to be reversed, and based on a review of the Trust's plans for next year, and the Trust's considerable reserves, the trustees have elected to use the going concern basis of accounting. De reciation Depreciation of Tangible Fixed Assets is charged as follows:_ Freehold improvements: Furniture and flooring: Plant, machinery, other fixtures & fittings.. 15% reducing balance 15% straight line 25% reducing balance Icl enditure Expenditure is charged to the income and expenditure account on an accruals basis. Fund Accountin Idl Unrestrirted funds comprise accumulated surpluses and deficits on the general fund. They are available for use at the discretion of the trustees in furtherance of the Charity's general charitable objectives. Restricted funds represent funds collected or earmarked specifically for application to specific activities.
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENOEO 31 AUGUST 2024 lel Income Grant income has been recognised when all the performance conditions attached to the grant lif there are any such conditions) have been fulfilled. Donations are recognised when paid. Membership income is recognised over the course of the membership year. Other sponsorship income is recognised when the Trust becomes constructively entitled to funds. The Trust is dependent on the work of volunteers but is unable to reliably value the benefit derived thereby. Le al Status of the Trust The Trust was established by a deed in 1924. The charity wa5 registered with the Charity Commission as Machzike Hadath Community on 30 November 1984 (Registration No. 2899991- preliminary constitution 1949. Igl Cash flow statement The Trust ha5 applied the exemption in Section 1.12A of FRS102 relating to the preparation of a cash flow statement. Ihl Investments Equity investments are valued where possible at their fair value determined by reference to a publicly traded liquid stock exchange. Net income ex enditure Net income/lexpenditurel is stated after charging 2024 2023 Depreciation Wages and salaries (included in office costs and synagogue costs) Accountancy and independent examination fees 11,198 37,789 4,511 37,550 2,274 2,550 Goin Concern In the opinion of the Tnjstees after considering the significant net funds of the charity, there are no material uncertainties to the status of the Charity as a going concern, and the accounts have been prepared accordingly. Ikl Investments Investments including both equity and debt instruments held as part of an investment portfolio are stated at their fair Imarketl values in a widely traded market, and movements in this value are recognised in the statement of financial affairs. io
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENOEO 31 AUGUST 2024 Staff and trustees During the year the Trust employed 3 individua1512023.. 3 individuals). Trustees were not paid for their services and no expenses were reimbursed to any of the trustees during the year. Im) Taxation The trust is exempt from income taxation. As the Trust cannot recover VAT, irrecoverable VAT is included in its expenditure. TANGIBLE FIXED ASSETS Plant machine fixtur and fittin Freehold nt Total Cost At I September 2023 111,143 27,368 138,511 Additions 45,376 45,376 At 31 Au8USt 2024 IS6.519 27.368 183,887 De reciation At I September 2023 36.454 23.069 59,523 Charge for the year 10,553 645 11,198 At 31 August 2024 47.(J)7 23,714 70,721 Net book value At 31 August 2024 109.512 3,654 113,166 At 31 August 2023 74.689 4,299 78,988 Though it Is carried at nil cost in the balance sheet, the property at 1-4 Highfield Road, London, NWII, has been held sinte 1999 jointly on trust by Machzike Hadath Community and the Federation of Synagogues Trust Corporation for the benefit of Machzike Hadath Congregation. In addition, the Communityowns an area of land at Carterhatch Lane Cemetery, Enfield, reserved for members of its burial scheme, and likewise held at nil cost. li
MACHZIKE HADATH COMMUNrrY Incor oratin Math2ike Hadath S NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 AUGUST2024 na ue INVESTMENTS.. 2024 2023 Market value brought forwards Cost of additions 686.163 121,996 1197,3941 672,697 132,538 1111,5691 Book value of disposals Movement in fair market value 678,585 686,163 Investments with a market value of £nil12023.. £47.0911 were held in debt instruments. and the remaining £678.58612023.. £639.0721 are held in equity instruments DEBTORS.. 2024 2023 Other debtors 11,49S 3.409 Prepayments and accrued income 25,583 9.052 CREDITORS.. Amounts fallinB due within one year 2024 2023 Trade creditors Tax and social security Other creditors Accruals. income in advance and deferred income 17,463 561 5,737 11.599 6,222 32.658 15,022 Other creditors includes £7,468 12023.. 2.7101 of funds held as agent for other charities as set out in the trustees. report. 12
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S NOTESTOTHE FINANCIALSTATEMENTSCONTINUED FOR THE YEAR ENOEO 31 AUGUST 2024 ANALYSIS OF MOVEMENTS IN RESTRicfED FUNDS Balance at I September 2023 Incoming resources Resources expended Transferred from / Itol general funds Funds at 31 August 2024 Security Fund 1,097 5.103 18.3071 2,929 822 Building Fund 49.640 113.1721 36,468 Burial Fund 42,5 38,900 Welfare Fund 8,614 5,630 18,7961 5,448 Total 101,851 10,733 33,875 2,929 81,638 Balance at I September 2022 Incoming resources Resources expended Transferred to general funds Funds at 31 August 2023 Security Fund 1,464 3,691 14,9991 941 1,097 Building Fund 65.868 18,070 34,2981 49,640 Burial Fund 42,51X) 42,500 Welfare Fund 13,260 354 8,614 Total 123.092 22.115 44.2971 941 101,851 13
MACHZIKE HADATH COMMUNrrY Incor oratin Mathzike Hadath S NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENOEO 31 AUGUST 2022 The Security Fund represent5 grants provided by the Comfflvnity Security Trust, a UK registered charity, in respect ol manned security provided during service5 and security equipment repair5 and purcha5e5. The balance at the year-end is represented by tangible fixed assets of £822 12023.. £1,097 held in tangible fixed assets). Acash deficit was made good by way of transfer from general funds. The Building Fund represent5 grants e3rm3rked for the refurbishment and renewal of the synagogue building. The Building Fund at the yeai-end is represented by tangible fixed assets of £36,46812023.. £49.6401. The Burial Fund represents amount5 earrnarked by the trustees towards meeting the commitments of the Synagogue to subsciibers of its Burial Scheme. The Burial Fund balance of £38,90012023.. £42.$001 is represented by invesimenis. The Gemach Iwelfarel Fund represents amounts earmarked by donors towards the allevlatlon of poverty in the local community. The Welfare Fund balance at the year-end of £13,26012023.. £8.6141 is held in cash. RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH TRUSTEES The trustees are all members of the charity and contribute membership subscriptions at the standard rate applicable to all members. In addition to membership subscriptions. the aggregate amount donated by trustees to the charity during the financial reporting year was £11,7C(112023.. £3.1811. Grants paid to a charity associated by common management are disclosed in note 8. GRANTS PAID During the year the charity made grants of £8.79612023.' £nill to MH Gemach, a UK registered charity of which Gregory Roediger 15 a trustee, which is an 3550¢iate of the Charity by virtue of common management. The grant was made for the purpose of the alleviation of poverty. During the year the charity made no grants12023'. 3 Single 8rant of £2,000) to Kinyan Hatorah UK, a UK registered charity, to 5UPPOrt a Pa$50ver program for the advancement of religion. The charity made no grants to individuals in the ye¥r12023.' grants to 3 individuals for an aggregate amount of £3,000 for the alleviation of poverty). 14