The Jacob Benjamin Elias Synagogue Association
Report and Financial Statements For The Year Ended
31 December 2020
Charity Number 291531
The Jacob Benjamin Elias Synagogue Association
| Contents | |
|---|---|
| Page | |
| Legal and Administrative Information | 1 |
| Report of The Trustees | 2 to 3 |
| Accountants Report | 4 |
| Profit and Loss Account | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes forming part of the financial statements | 8 to 10 |
The Jacob Benjamin Elias Synagogue Association
Trustees
Asher Aaron Baruch Abraham Abba Joshua Moshe Joseph Poolat Ephraim Solomon
Honoury Secretary
E. Solomon
Administration Address
140 Stamford Hill London N16 6QT
Charity Number 291531
Bankers
Lloyds Bank PLC 140 Clapton Common London E5 9AH
Page 1
The Jacob Benjamin Elias Synagogue Association
Report of the Trustees
The Trustees present their annual report with accounts of the Charity for the Year Ended 31 December 2020.
Status and Administration
The Charity, constituted by trust deed, 2nd December 1984, and is a Registered Charity.
Charitable Objects
The objects of the Charity are the
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1) Advancement of Orthodox Jewish Education
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2) Provision of facilities for Communal Religious worship in accordance therein
3) Provision for the individuals to study and receive instruction in Jewish Religious Law and Literature
- 4) Granting of Scholarship or Bursaries to Scholars or Students wishing to receive Jewish Religious Education.
Directors / Trustees
The Trustees in office throughout the year were
Asher Aaron Baruch Abraham Abba Joshua Moshe Joseph Poolat Ephraim Solomon
Reserves Policy
The trustees retain reserves as necessary and where appropriate, consolidate funds in order to make more substantial grants which they feel to be appropriate.
Page 2
The Jacob Benjamin Elias Synagogue Association Report of the Trustees
Responsibilities of the Trustees
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 as at the Balance Sheet Date, and of its incoming resources, including income and expenditure for the financial year.
In preparing those financial statements, the Trustees should follow best practice and
a. Select suitable accounting policies and the apply them consistently.
b. Make judgements and estimates that are reasonable and prudent.
c. Follow applicable accounting standards and the Charities SORP 2015, disclosing and explaining any departures in the financial statements.
d. Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them as Trustees to ensure that the financial statements comply with the Charity Law.
The Trustees are also responsible for safeguarding the charity's assets,
and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.
Board Of Trustees
The members of the Board Of Trustees are set out on Page 1.
Approved by The Trustees of The Jacob Benjamin Elias Synagogue Association on 23 August 2021, and signed on behalf of them all.
Ephraim Solomon
Page 3
The Jacob Benjamin Elias Synagogue Association
Accountants' Report
Financial Statements Year Ending
31 December 2020
In accordance with instructions and information given to us, we have prepared the following unaudited financial statements from the accounting records and from information supplied to us.
C. Rosen & Co. Chartered Certified Accountant 50 Craven Park Road South Tottenham London N15 6AB
23 August 2021
Client Approval
I confirm that I have supplied all relevant information and documents for the attached financial statements, which I approve.
The trustees confirm their responsibilities as set out in the Trustees Report on Pages 2 and 3 for the Accounts.
Ephraim Solomon 23 August 2021
Page 4
The Jacob Benjamin Elias Synagogue Association
Profit and Loss Account
| For | The Year | Ended | 31 December | 31 December | 2020 | ||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | 2020 | 2019 | |||||
| Funds | Funds | Total | Funds | Total Funds | |||||
| £ | £ | £ | £ | ||||||
| INCOMING RESOURCES | |||||||||
| Activities to further the Charity's Objects | |||||||||
| Members Subscriptions | 71,969 | 71,969 | 71,647 | ||||||
| Burial Claims | 0 | 0 | 17,000 | ||||||
| Privilege Receipts | 5,099 | 5,099 | 3,628 | ||||||
| JE Joseph Charitable Trust for the Poor | 1,250 | 1,250 | 0 | ||||||
| General Donations & Legacies | 6,980 | 6,980 | 5,692 | ||||||
| Komah | 561 | 561 | 0 | ||||||
| Membership | 703 | 703 | 0 | ||||||
| Sueda Donations | 150 | 150 | 131 | ||||||
| 2 | 86,712 | 0 | 86,712 | 98,098 | |||||
| Deposit Account Interest | 0 | 0 | 0 | 0 | |||||
| Total Incoming Resources | 86,712 | 0 | 86,712 | 98,098 | |||||
| Expenditure | |||||||||
| Burial Claims | 0 | 0 | 6,800 | ||||||
| Burial Scheme Insurance | 58,662 | 58,662 | 66,989 | ||||||
| Cleaning | 791 | 791 | 710 | ||||||
| Donations Paid | 5,850 | 5,850 | 6,522 | ||||||
| Ilford Membership | 0 | 0 | 0 | ||||||
| Light & Heat and Telephone | 2,151 | 2,151 | 2,077 | ||||||
| Net Office Expenses | 1,286 | 1,286 | 25 | ||||||
| Payroll | 18,210 | 18,210 | 21,185 | ||||||
| Purchases Of Prayer Books & Wine | 0 | 0 | 88 | ||||||
| Repairs & Renewals | 120 | 120 | 93 | ||||||
| Saouda Expenses | 0 | 0 | 685 | ||||||
| Total Direct Expenditure | 87,070 | 0 | 87,070 | 105,174 | |||||
| Finance Costs: Bank Charges | 217 | 217 | 263 | ||||||
| Accounting | 330 | 330 | 330 | ||||||
| Depreciation | 4 | 4 | 6 | ||||||
| Total Expenditure | 3 | 87,621 | 0 | 87,621 | 105,773 | ||||
| Net Movement In Funds | (909) | 0 | (909) | (7,675) | |||||
| Total Funds at 31 December 2019 |
(18,346) | 0 | (18,346) | (10,671) | |||||
| Total Funds at 31 December 2020 |
10 | £(19,255) | £ | 0 | £(19,255) | £(18,346) |
Page 5
The Jacob Benjamin Elias Synagogue Association
Statement of Financial Activities
For The Year Ended 31 December 2020
| Notes | Unrestricted | Restricted | Restricted | 2020 | 2019 | |
|---|---|---|---|---|---|---|
| Funds | Funds | Total Funds | Total Funds | |||
| £ | £ | £ | £ | |||
| INCOMING RESOURCES | ||||||
| Donations and Legacies Received | 2 | 14,743 | 0 | 14,743 | 9,451 | |
| Members Subscriptions | 71,969 | 0 | 71,969 | 71,647 | ||
| Burial Claims | 0 | 0 | 0 | 17,000 | ||
| 86,712 | 0 | 86,712 | 98,098 | |||
| Total Incoming Resources | 86,712 | 0 | 86,712 | 98,098 | ||
| RESOURCES EXPENDED | ||||||
| Costs of Generating Funds | ||||||
| Fund Raising Costs | 0 | 0 | 0 | 0 | ||
| Net Incoming Resources Available | ||||||
| For Charitable Application | 86,712 | 0 | 86,712 | 98,098 | ||
| Total Charitable Expenditure | 3 | 87,070 | 0 | 87,070 | 105,174 | |
| Governance Costs | 4 | 551 | 0 | 551 | 599 | |
| Total Resources Expended | 3 | 87,621 | 0 | 87,621 | 105,773 | |
| Net Operating Surplus / (Deficit) in | Year | (909) | 0 | (909) | (7,675) | |
| Net Movement In Funds | (909) | 0 | (909) | (7,675) | ||
| Total Funds Brought Forward |
(18,346) | 0 | (18,346) | (10,671) | ||
| Total Funds Carried Forward |
10 | £(19,255) | £ | 0 | £(19,255) | £(18,346) |
Page 6
The Jacob Benjamin Elias Synagogue Association
Balance Sheet at 31 December 2020
| Balance Sheet at 31 December 2020 |
||
|---|---|---|
| Notes Fixed Assets 6 Sefer Torah Scrolls Furniture Current Assets Bank Current Account Total Current Assets Creditors :Amounts falling due 7 within one year Sifrei Torah held in Trust by Synagogue Total Liabilities Net Current Assets /(Liabilities) Total Assets Less Current Liabilities Net Assets 8 £ Financed By Restricted Funds Brought Forward 9 Unrestricted Funds Brought Forward 10 Restricted Surplus / (Deficit) for the Year 9 Unrestricted Surplus / (Deficit) for the Year 10 Total Funds 10 £ |
2020 £ 124,500 8 124,508 567 567 19,330 125,000 144,330 (143,763) (19,255) (19,255) £ 0 (18,346) 0 (909) (19,255) £ |
2019 £ 124,500 12 124,512 442 442 18,300 125,000 143,300 (142,858) |
| (18,346) (18,346) 0 (10,671) 0 (7,675) (18,346) |
Approved by the Trustees on 23 August 2021, and signed on behalf of them all.
Ephraim Solomon
Note The notes on pages 8 to 10 form part of these accounts.
Page 7
The Jacob Benjamin Elias Synagogue Association
Notes To The Accounts - 31 December 2020
1) Principal Accounting Policies
Basis of Accounting
The Accounts have been prepared under the historical cost convention in accordance with the Charities Act (Accounts and Reports) 2011, and the Financial Reporting Standard for Smaller Entities 102, and follow the recommendations in Accounting and Reporting By Charities: Statement of Recommended Practice (effective from April 2015).
Cash Flow
The accounts do not include a cash flow statement because the charity as a small reporting entity is exempt from the requirement to prepare such a statement.
Donations and Fund Accounting
Donations received for the general and main purposes of the Charity are included as unrestricted funds. in the Statement of Financial Activities when receivable.
Donations and Grants for activities restricted by the donors are taken to restricted funds if the wishes and conditions of the donor are legally binding on the Trustees.
Resources Expended
Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on estimated amount attributable to that activity in the year. These estimates are based on the time and level of activity as appropriate.
Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
The irrecoverable element of VAT is included with the item of expense to which it relates.
Tangible Fixed Assets
Depreciation is provided after taking into account of any grants receivable at the following annual rates in order to write off each asset over its estimated useful life
| Office Equipment | 33% on net book value | |||
|---|---|---|---|---|
| Fixtures and fittings | 33% on net book value | |||
| 2020 | 2019 | |||
| £ | £ | |||
| 2) | Donations and Legacies Received | |||
| Privilege Receipts | 5,099 | 3,628 | ||
| JE Joseph Charitable Trust for the Poor | 1,250 | 0 | ||
| General Donations & Legacies | 6,980 | 5,692 | ||
| Komah | 561 | 0 | ||
| Membership | 703 | 0 | ||
| Sueda Donations | 150 | 131 | ||
| Total Membership Subscriptions, | ||||
| Donations and Legacies | 14,743 | 9,451 | ||
| Deposit Account Interest | 0 | 0 | ||
| £ 14,743 | £ | 9,451 |
Page 8
The Jacob Benjamin Elias Synagogue Association
Notes To The Accounts - 31 December 2020 3) Analysis of Total Resources Expended
| Notes To The Accounts - 3) Analysis of Total Resources Expended The Jacob Benjamin Elias Synagogue Association 31 December 2020 |
||
|---|---|---|
| 2020 2020 Unrestricted Cost of Activities In Furtherance of the Charity's Objects £ Burial Claims 0 Burial Scheme Insurance 58,662 Cleaning 791 Donations Paid 5,850 Ilford Membership 0 Light & Heat and Telephone 2,151 Net Office Expenses 1,286 Payroll 18,210 Purchases Of Prayer Books & Wine 0 Repairs & Renewals 120 Saouda Expenses 0 Total Cost of Activities In Furtherance of the Charity's Objects 0 87,070 Governance Costs 0 551 Total For The Charity £ 0 £ 87,621 2020 4) Governance Costs £ Accounting 330 Finance Costs: Bank Charges 217 Depreciation 4 Total FGovernance Costs £ 0 £ 551 Restricted |
2020 Total 0 58,662 791 5,850 0 2,151 1,286 18,210 0 120 0 87,070 551 £ 87,621 330 217 4 £ 551 |
2019 £ 6,800 66,989 710 6,522 0 2,077 25 21,185 88 93 685 105,174 599 £ 105,773 |
| 2019 £ 330 263 6 £ 599 |
5) The average number of Employees during the year, on a full time equivalent basis was 2020 2019 1 1
No Employee was paid above £60,000 per year.
6) Tangible Fixed Assets
| Furniture £ Cost or valuation At 7,039 Additions 0 At 7,039 Depreciation At 7,039 Charge for the year 0 At 7,039 Net book values £ 0 £ 0 31 December 2020 31 December 2019 31 December 2019 31 December 2020 31 December 2019 31 December 2020 |
Sefer Fixtures Building Torah Fittings Scrolls Equipment Extension £ £ £ 124,500 17,055 0 0 0 0 124,500 17,055 0 0 17,043 0 0 4 0 0 17,047 0 £124,500 £ 8 £ 0 £124,500 £12 £ 0 |
Total £ 148,594 0 148,594 24,082 4 24,086 £124,508 |
|---|---|---|
| £124,512 |
Page 9
The Jacob Benjamin Elias Synagogue Association Notes To The Accounts - 31 December 2020
7) Creditors: Amounts falling due within one year
| Other Creditors Accruals 8) Net Assets of The Synagogue Restricted Funds Brought Forward Unrestricted Funds Total Funds 9) Restricted Funds Balance at £ 0 Total Funds £ 0 10) Unrestricted Funds Balance at £ General Reserve (18,346) Total Funds £(18,346) 31 December 2019 31 December 2019 |
2020 2019 £ £ 19,000 18,000 330 300 £ 19,330 £ 18,300 Fixed Assets Net Current Assets /(Liabilities) Fund Balances £ £ 0 0 0 124,508 (143,763) (19,255) £ 124,508 £(143,763) £(19,255) Transfer Balance at Income Expended Funds £ £ £ 0 0 0 0 £ 0 £ 0 £ 0 £ 0 Transfer Balance at Income Expended Between Funds £ £ £ 86,712 87,621 0 (19,255) £ 86,712 £ 87,621 £ 0 £(19,255) 31 December 2020 31 December 2020 |
|---|---|
11) Related Party Transactions
No trustee nor any person connected with them received any remuneration, or claimed any expense, during the year, from this or any related Charity.
There were no Related Party Transactions in the Year.
Page 10
Accountants Report to the Trustees on the Unaudited Accounts of the Charity The Jacob Benjamin Elias Synagogue Association For the Year Ended 31 December 2020
We report on the financial statements of The Jacob Benjamin Elias Synagogue Association for the Year Ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. These financial statements have been prepared, under the historical cost convention, and in accordance with the recommendations in Accounting and Reporting By Charities: Statement of Recommended Practice (Issued 2015), and the Financial Reporting Standard for Smaller Entities 102 (effective 2016), and the accounting policies set out therein.
Respective Responsibilities Of Trustees and Reporting Accountants
As described on page 3, the trustees of the charity are responsible for the preparation of the accounts, and they consider that the audit requirement of section 144 of the Charities Act 2011 (the Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 144 of the Act, whether particular matters have come to our attention.
Basis of Accountant's Report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. These procedures provide only the assurance expressed in our opinion.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.
Opinion
In our opinion, no matter has come to our attention,
-
1) which gives us reasonable cause to believe that, in any material respect, the requirements
-
a) to keep accounting records in accordance with section 130 of the Act; and
-
b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date 23 August 2021
Reporting Accountant
Carl Rosen 50 Craven Park Road South Tottenham London N15 6AB
Page 9