Schiffshul Limited - Charities report - 18.1
Schiffshul Limited - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| SCHIFFSHUL LIMITED |
| (A COMPANY LIMITED BY GUARANTEE) |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED |
| 31 JULY 2018 |
| SCHIFFSHUL LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2018 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| SCHIFFSHUL LIMITED |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| FOR THE YEAR ENDED 31 JULY 2018 |
| TRUSTEES | R Spitzer |
| L Rubner |
| B Stern |
| REGISTERED OFFICE | First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| REGISTERED COMPANY NUMBER | 03508665 (England and Wales) |
| REGISTERED CHARITY NUMBER | 1071348 |
| INDEPENDENT EXAMINER | Sugarwhite Meyer Accountants Ltd |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| BANKERS | Barclays Bank plc |
| High Road |
| Tottenham |
| London |
| N17 OEY |
| SCHIFFSHUL LIMITED |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 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 July 2018. 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). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objects of the charity are: |
| - maintaining a synagogue for religious observance; |
| - the provision of facilities for recreation and education of young persons and adults; |
| - the relief of poor and needy individuals and families |
| The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit |
| when reviewing the charity's aims and objectives and in planning future activities, and setting the grant |
| making policy for the year. |
| FINANCIAL REVIEW |
| Financial position |
| The trustees are satisfied with the results of the year. The synagogue is used on a daily basis. Education and |
| leisure facilities for adults takes place in the evenings, weekends and at Jewish holidays. The trustees are |
| pleased to report a rise in income with the increase in expenditure not as great leaving a healthy surplus for |
| the year. |
| Reserves policy |
| The charity does not have a specific reserve policy. Sufficient funds are retained to cover recurring and |
| ongoing expenses. Reserves at the year end were £46,882 and free reserves £25,698. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Constitution |
| The charity is constituted as a limited company and is governed by its Memorandum and Articles of |
| Association dated 12 February 1998. |
| Organisational structure |
| The power to appoint new trustees vests with the current board. It is not the intention of the trustees of the |
| charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable |
| recruitment induction and training procedures. |
| Risk management |
| The trustees have reviewed the major risks that the charity is exposed and confirm that they have established |
| systems to mitigate them. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| SCHIFFSHUL LIMITED |
| Independent examiner's report to the trustees of Schiffshul Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2018. |
| 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'). |
| 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. |
| 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: |
| 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)]. |
| 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 |
| E Meyer FCA BSc |
| Sugarwhite Meyer Accountants Ltd |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| 14 May 2019 |
| SCHIFFSHUL LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 2018 | 2017 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 3 |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 29,675 |
| SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665) |
| BALANCE SHEET |
| AT 31 JULY 2018 |
| 2018 | 2017 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS |
| Unrestricted funds: |
| General fund | 46,882 | 29,675 |
| TOTAL FUNDS | 29,675 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 July 2018. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 31 July 2018 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 special provisions of Part 15 of the |
| Companies Act 2006 relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| SCHIFFSHUL LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 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 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. |
| 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 in the year in which they are incurred and includes irrecoverable VAT which is |
| reported as part of the expenditure to which it relates. |
| Support costs are those incurred to assist the work of the charity but are not direct charitable activities. |
| Governance costs are those incurred in connection with administration of the charity and compliance |
| with constitutional and statutory requirements. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
| useful life. |
| Improvements to property |
| Fixtures and fittings |
| Computer equipment |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Going concern |
| There are no material uncertainties about the charity's ability to continue. |
| 2. | INVESTMENT INCOME |
| 2018 | 2017 |
| Unrestricted | Total |
| funds | funds |
| £ | £ |
| Rents received |
| Deposit account interest |
| SCHIFFSHUL LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 3. | CHARITABLE ACTIVITIES COSTS |
Direct costs |
Grant funding of activities |
Support costs |
Totals |
| (See note 4) | (See note 5) |
| £ | £ | £ | £ |
| Synagogue expenditure | 70,591 | - | - | 70,591 |
| Education and leisure facilities | 23,906 | - | - | 23,906 |
| Charitable activities | - | 61,495 | 2,262 | 63,757 |
| 94,497 | 61,495 | 2,262 | 158,254 |
| 4. | GRANTS PAYABLE |
| 2018 | 2017 |
| £ | £ |
| Charitable activities | 61,495 | 25,290 |
| The total grants paid to institutions during the year was as follows: |
| 2018 | 2017 |
| £ | £ |
| Relief of poverty | 10,000 | - |
| Religious education | 7,000 | 3,500 |
| Yad Shlomo Trust | £5,000 |
| Ezer Mikodesh | £4,000 |
| Others under £4000 | £8,000 |
| Total | £17,000 |
| The total grants paid to individuals during the year was as follows: |
| 2018 | 2017 |
| £ | £ |
| Relief of poverty | 26,885 | 21,790 |
| Religious education | 17,610 | - |
| 5. | SUPPORT COSTS |
| Governance costs |
| £ |
| 2,262 |
| Support costs, included in the above, are as follows: |
| SCHIFFSHUL LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 5. | SUPPORT COSTS - continued |
| 2018 | 2017 |
| Charitable activities |
Total activities |
| £ | £ |
| Independent examiner's fee | 480 | 360 |
| Independent examiner's other fees | 1,440 | 1,320 |
| General expenses | 342 | 13 |
| 2,262 | 1,693 |
| 6. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2018 | 2017 |
| £ | £ |
| Depreciation - owned assets |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 July 2018 nor for the year |
| ended 31 July 2017. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 July 2018 nor for the year ended |
| 31 July 2017. |
| 8. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 2018 | 2017 |
| Synagogue staff | 5 | 5 |
| Maintenance | 1 | 1 |
| No employees received emoluments in excess of £60,000. |
| SCHIFFSHUL LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements to property |
Fixtures and fittings |
Computer equipment |
Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2017 and 31 July 2018 |
| DEPRECIATION |
| At 1 August 2017 |
| Charge for year |
| At 31 July 2018 |
| NET BOOK VALUE |
| At 31 July 2018 |
| At 31 July 2017 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Social security and other taxes |
| Wages control | - | 12,265 |
| Accruals and deferred income |
| 11. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 July 2018. |