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COMPANY REGISTRATION NUMBER: 9567367
CHARITY REGISTRATION NUMBER: 1163108
Chaim Sheyeshbo
Company Limited by Guarantee
Unaudited Financial Statements
30 April 2024
Chaim Sheyeshbo
Company Limited by Guarantee
Financial Statements
Year ended 30 April 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
8
Chaim Sheyeshbo
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 April 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 April 2024 .
Reference and administrative details
Registered charity name
Chaim Sheyeshbo
Charity registration number
1163108
Company registration number
9567367
Principal office and registered
30 George Street
office
Prestwich
Manchester
England
M25 9WS
The trustees
M A Bamberger
(Resigned 24 December 2024)
Y Greenhouse
S Pines
Independent examiner
Mr Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Chaim Sheyeshbo is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 29 April 2015 as a company and the company number is 9567367 . It was registered as a charity on 12 August 2015 with a charity number being 1163108 .
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Mr Leitner on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from an inability to service the long term loans. These risks are managed by the trustees ensuring cash flow is smooth to ensure the loan repayments are not missed.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all activities of the charity.
Objectives and activities
Objects
The objects of the charity are:
(i) For the public benefit to promote the education (including social and leisure aspects of education) of people under the age of 25 years in the North of England in such ways as the charity trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations that provide education, or by the provision of education.
(ii) The prevention or relief of poverty or financial hardship in the North of England by providing grants or loans to individuals in need and / or charities or other organisations working to prevent or relieve poverty or financial hardship.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations and rental income. The charity would only give out grants in line with the above objects.
There were no grants paid out during the year.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Achievements and performance
During the year, the charity received £318,886 in donations and grants and £5,374 in rental income.
The charity owns a property that is used as an educational establishment by a local school. Expenditure on maintaining and running the building totalled £161,407.
The charity had governance and support costs that mainly comprise professional fees amounting to £14,665.
There were no charitable grants paid out during the year.
Fundraising costs incurred during the year totalled £25,137.
Related party transactions are described in the notes to the accounts.
There was an overall net income and movement in funds for the year amounting to £123,051, relating to the unrestricted fund.
Financial review
The trustees feel that the activity reflects the profile and standing within the local community. The impact for future year's expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.
Reserves policy
The unrestricted fund represents the unrestricted funds arising from past operating results. The trustees wish to keep reserves as low as possible.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable and the sale of the investment property in the year.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve practical for donations which are seasonal and for maintenance of the building.
The free reserves, being the net current assets, stand at £7,330 all of which relates to the unrestricted fund.
The trustees' annual report was approved on 6 January 2025 and signed on behalf of the board of trustees by:
Y Greenhouse
Trustee
Chaim Sheyeshbo
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Chaim Sheyeshbo
Year ended 30 April 2024
I report to the trustees on my examination of the financial statements of Chaim Sheyeshbo ('the charity') for the year ended 30 April 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
6 January 2025
Chaim Sheyeshbo
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 April 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
243,886
75,000
318,886
205,735
Investment income
6
5,374
5,374
10,388
---------
--------
---------
---------
Total income
249,260
75,000
324,260
216,123
---------
--------
---------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
7
25,137
25,137
7,925
Expenditure on charitable activities
8,9
101,072
75,000
176,072
29,172
---------
--------
---------
---------
Total expenditure
126,209
75,000
201,209
37,097
---------
--------
---------
---------
---------
--------
---------
---------
Net income and net movement in funds
123,051
123,051
179,026
---------
--------
---------
---------
Reconciliation of funds
Total funds brought forward
389,547
389,547
210,522
---------
--------
---------
---------
Total funds carried forward
512,598
512,598
389,547
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Chaim Sheyeshbo
Company Limited by Guarantee
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
15
755,733
771,156
Current assets
Cash at bank and in hand
8,410
2,185
Creditors: amounts falling due within one year
16
1,080
1,080
-------
-------
Net current assets
7,330
1,105
---------
---------
Total assets less current liabilities
763,063
772,261
Creditors: amounts falling due after more than one year
17
250,465
382,713
---------
---------
Net assets
512,598
389,548
---------
---------
Funds of the charity
Unrestricted funds
512,598
389,547
---------
---------
Total charity funds
18
512,598
389,547
---------
---------
For the year ending 30 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
Y Greenhouse
Trustee
Chaim Sheyeshbo
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 30 George Street, Prestwich, Manchester, England, M25 9WS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fair value
Debtors and creditors are stated at fair value.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Chaim Sheyeshbo is a company limited by guarantee and does not have a share capital. In the event of the company being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations
243,886
243,886
Grants
Grants receivable - Delapage
75,000
75,000
---------
--------
---------
243,886
75,000
318,886
---------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
5,735
5,735
Grants
Grants receivable - Delapage
200,000
200,000
---------
----
---------
205,735
205,735
---------
----
---------
6. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Income from investment properties
5,374
5,374
10,388
10,388
-------
-------
--------
--------
7. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Fundraising expenses
25,137
25,137
7,925
7,925
--------
--------
-------
-------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Property related expenses
86,407
75,000
161,407
Support costs
14,665
14,665
---------
--------
---------
101,072
75,000
176,072
---------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Property related expenses
17,090
17,090
Support costs
12,083
12,082
--------
----
--------
29,173
29,172
--------
----
--------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Property related expenses
161,407
13,585
174,992
28,092
Governance costs
1,080
1,080
1,080
---------
--------
---------
--------
161,407
14,665
176,072
29,172
---------
--------
---------
--------
10. Analysis of support costs
Analysis of support costs
Total 2024
Total 2023
£
£
£
Premises
12,953
12,953
10,900
General office
632
632
102
Governance costs
1,080
1,080
1,080
--------
--------
--------
14,665
14,665
12,082
--------
--------
--------
11. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
15,423
--------
----
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,080
1,080
-------
-------
13. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
Freehold property
£
Cost
At 1 May 2023 and 30 April 2024
771,156
---------
Depreciation
At 1 May 2023
Charge for the year
15,423
---------
At 30 April 2024
15,423
---------
Carrying amount
At 30 April 2024
755,733
---------
At 30 April 2023
771,156
---------
Freehold property represents a wholly owned UK property that is used for educational purposes.
16. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,080
1,080
-------
-------
Bank loans and overdrafts are secured on the investment property of the charity.
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
250,465
382,713
---------
---------
Bank loans and overdrafts are secured on the investment property of the charity.
18. Analysis of charitable funds
Unrestricted funds
At 1 May 2023
Income
Expenditure
At 30 April 2024
£
£
£
£
General funds
389,547
249,260
(126,209)
512,598
---------
---------
---------
---------
At 1 May 2022
Income
Expenditure
At 30 April 2023
£
£
£
£
General funds
210,522
216,123
(37,098)
389,547
---------
---------
--------
---------
Restricted funds
At 1 May 2023
Income
Expenditure
At 30 April 2024
£
£
£
£
Grants receivable fund
75,000
(75,000)
----
--------
--------
----
At 1 May 2022
Income
Expenditure
At 30 April 2023
£
£
£
£
Grants receivable fund
----
----
----
----
19. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
755,733
755,733
Current assets
8,410
8,410
Creditors less than 1 year
(1,080)
(1,080)
Creditors greater than 1 year
(250,465)
(250,465)
---------
---------
Net assets
512,598
512,598
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
771,156
771,156
Current assets
2,185
2,185
Creditors less than 1 year
(1,080)
(1,080)
Creditors greater than 1 year
(382,714)
(382,714)
---------
---------
Net assets
389,547
389,547
---------
---------
20. Related parties
Donations totalling £270 were received from related parties.
21. Taxation
Chaim Sheyeshbo is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.