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Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2019 |
for |
Torah & Chesed (BH) Limited |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2019 |
for |
Torah & Chesed (BH) Limited |
Torah & Chesed (BH) Limited |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Reference and Administrative Details | 1 |
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Report of the Trustees | 2 to 3 |
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Independent Examiner's Report | 4 |
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Statement of Financial Activities | 5 |
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Balance Sheet | 6 to 7 |
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Notes to the Financial Statements | 8 to 12 |
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Torah & Chesed (BH) Limited |
Reference and Administrative Details |
for the Year Ended 31 March 2019 |
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TRUSTEES | B Conway |
D Finn |
M Morris |
A Levy |
I Smith |
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COMPANY SECRETARY | D Finn |
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REGISTERED OFFICE | 55 Shirehall Park |
London |
NW4 2QN |
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REGISTERED COMPANY NUMBER | 01367849 (England and Wales) |
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REGISTERED CHARITY NUMBER | 276325 |
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INDEPENDENT EXAMINER | Purcells, Chartered Accountants |
4 Quex Road |
London |
NW6 4PJ |
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Torah & Chesed (BH) Limited |
Report of the Trustees |
for the Year Ended 31 March 2019 |
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 2019. 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 2015). |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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The charity provides funeral facilities for its members, to ensure that their burial is carried out in accordance with Jewish |
custom. |
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Fundraising activities |
The income in the year was lower than the previous year due to a fundraising drive in the previous year towards the costs |
of improving and refurbishing the charity's premises. |
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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. |
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Investment powers and policy |
Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees see fit. |
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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. |
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Torah & Chesed (BH) Limited |
Report of the Trustees |
for the Year Ended 31 March 2019 |
FINANCIAL REVIEW |
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. |
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The actual cash reserves as 31st March 2019 were £83,448 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 £439,775. |
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The end of the year saw a satisfactory financial result. Costs were contained largely within budget and income figures |
were consistent with targets. |
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Expenditure exceeded income in the year by £6,954 (2018: £37,399 surplus) after allowing for Grants expended of |
£3,000 (2018: £2,850). |
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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. |
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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. |
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Recruitment and appointment of new trustees |
The board has the power to appoint additional trustees as it sees fit. |
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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. |
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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. |
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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. |
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Approved by order of the board of
trustees
on
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Independent Examiner's Report to the Trustees of |
Torah & Chesed (BH) Limited |
Independent examiner's report to the trustees of Torah & Chesed (BH) Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2019. |
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Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for |
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
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Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act |
and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried |
out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the |
Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
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Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the |
examination giving me cause to believe: |
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1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. |
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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 |
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R S Coleman |
Purcells, Chartered Accountants |
4 Quex Road |
London |
NW6 4PJ |
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Date: ............................................. |
Torah & Chesed (BH) Limited |
Statement of Financial Activities |
for the Year Ended 31 March 2019 |
31.3.19 | 31.3.18 |
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Unrestricted
fund |
Total
funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Charitable activities |
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Investment income | 2 |
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Total |
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EXPENDITURE ON |
Charitable activities |
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Total |
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NET INCOME/(EXPENDITURE) |
( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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524,420 |
Torah & Chesed (BH) Limited |
Balance Sheet |
At 31 March 2019 |
31.3.19 | 31.3.18 |
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Unrestricted
fund |
Total
funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
( |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 11 |
Unrestricted funds | 517,466 | 524,420 |
TOTAL FUNDS |
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524,420 |
Torah & Chesed (BH) Limited |
Balance Sheet - continued |
At 31 March 2019 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 March 2019. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
31 March 2019 in accordance with Section 476 of the Companies Act 2006. |
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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. |
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These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies |
Act 2006 relating to charitable small companies. |
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The financial statements were approved by
the Board of
Trustees
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Torah & Chesed (BH) Limited |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | ACCOUNTING POLICIES |
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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 2015)', |
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. |
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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. |
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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. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Freehold property |
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Fixtures and fittings |
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The freehold property (including synagogue library and fixtures) is held for the use of the charity as a synagogue |
and educational centre and is shown at cost. No amortisation has been provided as the assets are kept in good |
repair and their useful lives and estimated residual values are not materially different from the carrying value of |
the assets. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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2. | INVESTMENT INCOME |
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31.3.19 | 31.3.18 |
£ | £ |
Bank deposit interest | 161 | 65 |
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3. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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31.3.19 | 31.3.18 |
£ | £ |
Depreciation - owned assets |
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Torah & Chesed (BH) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the year ended |
31 March 2018 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2019 nor for the year ended 31 March 2018 . |
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5. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
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31.3.19 | 31.3.18 |
5 | 5 |
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No employees received emoluments in excess of £60,000. |
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6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Charitable activities |
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Investment income |
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Total |
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EXPENDITURE ON |
Charitable activities |
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Total |
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NET INCOME/(EXPENDITURE) |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | 487,021 |
TOTAL FUNDS CARRIED FORWARD | 524,420 |
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Torah & Chesed (BH) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
7. | TANGIBLE FIXED ASSETS |
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Freehold
property |
Fixtures and
fittings |
Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
Charge for year |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.3.19 | 31.3.18 |
£ | £ |
Net wages | - | 52 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.3.19 | 31.3.18 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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PAYE and NIC | 1,080 | 319 |
Accountancy | 2,045 | 1,940 |
Net wages control | 9,280 | - |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.19 | 31.3.18 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdraft |
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11. | MOVEMENT IN FUNDS |
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At 1.4.18 |
Net movement
in funds |
At 31.3.19 |
£ | £ | £ |
Unrestricted funds |
General fund | 524,420 | (6,954 | ) | 517,466 |
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TOTAL FUNDS |
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(6,954 | ) | 517,466 |
Torah & Chesed (BH) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
11. | MOVEMENT IN FUNDS - continued |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 130,596 | (137,550 | ) | (6,954 | ) |
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TOTAL FUNDS |
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Comparatives for movement in funds |
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At 1.4.17 |
Net movement
in funds |
At 31.3.18 |
£ | £ | £ |
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Unrestricted Funds |
General fund | 487,021 | 37,399 | 524,420 |
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TOTAL FUNDS | 487,021 | 37,399 | 524,420 |
Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 199,497 | (162,098 | ) | 37,399 |
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TOTAL FUNDS | 199,497 | (162,098 | ) | 37,399 |
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A current year 12 months and prior year 12 months combined position is as follows: |
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At 1.4.17 |
Net movement
in funds |
At 31.3.19 |
£ | £ | £ |
Unrestricted funds |
General fund | 487,021 | 30,445 | 517,466 |
TOTAL FUNDS | 487,021 | 30,445 | 517,466 |
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Torah & Chesed (BH) Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
11. | MOVEMENT IN FUNDS - continued |
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 330,093 | (299,648 | ) | 30,445 |
TOTAL FUNDS | 330,093 | (299,648 | ) | 30,445 |
12. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the year ended 31 March 2019. |
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