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REGISTERED COMPANY NUMBER: 03508665 (England and Wales)
REGISTERED CHARITY NUMBER: 1071348



















SCHIFFSHUL LIMITED
(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

SCHIFFSHUL LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Cash Flow Statement 7

Notes to the Cash Flow Statement 8

Notes to the Financial Statements 9 to 13

SCHIFFSHUL LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 JULY 2024



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 (REGISTERED NUMBER: 03508665)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024


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 2024. 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 2019).

REFERENCE AND ADMINISTRATIVE DETAILS
The information is shown on page 1 of the financial statements and forms part of this report.

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.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees are pleased with the results for the year. Donations significantly increased by circa 22% compared with the previous year; expenditure increased by just over 29%, resulting in a deficit for the year.

FINANCIAL REVIEW
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 stood at £71,957 (2023 - £110,320).

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 31 July 2025 and signed on its behalf by:





B Stern - Trustee

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 2024.

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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 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

31 July 2025

SCHIFFSHUL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 547,000 448,179

Investment income 2 362 85
Other income 28,872 34,625
Total 576,234 482,889

EXPENDITURE ON
Charitable activities 3
Synagogue expenditure 198,322 153,260
Education and leisure facilities 86,941 75,987
Grantmaking 322,163 243,397
Support costs 7,171 4,831
Total 614,597 477,475

NET INCOME/(EXPENDITURE) (38,363 ) 5,414


RECONCILIATION OF FUNDS
Total funds brought forward 110,320 104,906

TOTAL FUNDS CARRIED FORWARD 71,957 110,320

SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)

BALANCE SHEET
31 JULY 2024

2024 2023
Total Total
funds funds
Notes £    £   
FIXED ASSETS
Tangible assets 9 242,160 135,966

CURRENT ASSETS
Debtors 10 233,273 -
Cash at bank 529,717 8,739
762,990 8,739

CREDITORS
Amounts falling due within one year 11 (925,193 ) (18,385 )

NET CURRENT ASSETS (162,203 ) (9,646 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

79,957

126,320

CREDITORS
Amounts falling due after more than one
year

12

(8,000

)

(16,000

)

NET ASSETS 71,957 110,320
FUNDS
Unrestricted funds:
General fund 71,957 110,320
TOTAL FUNDS 71,957 110,320

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.


SCHIFFSHUL LIMITED (REGISTERED NUMBER: 03508665)

BALANCE SHEET - continued
31 JULY 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 31 July 2025 and were signed on its behalf by:





B Stern - Trustee

SCHIFFSHUL LIMITED

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (237,700 ) 19,998
Net cash (used in)/provided by operating activities (237,700 ) 19,998

Cash flows from investing activities
Purchase of tangible fixed assets (133,684 ) (26,870 )
Interest received 362 85
Net cash used in investing activities (133,322 ) (26,785 )

Cash flows from financing activities
New loans in year 900,000 -
Loan repayments in year (8,000 ) (8,068 )
Net cash provided by/(used in) financing activities 892,000 (8,068 )

Change in cash and cash equivalents
in the reporting period

520,978

(14,855

)
Cash and cash equivalents at the
beginning of the reporting period

8,739

23,594
Cash and cash equivalents at the end
of the reporting period

529,717

8,739

SCHIFFSHUL LIMITED

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024 2023
£    £   
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)

(38,363

)

5,414
Adjustments for:
Depreciation charges 27,490 15,966
Interest received (362 ) (85 )
Increase in debtors (233,273 ) -
Increase/(decrease) in creditors 6,808 (1,297 )
Net cash (used in)/provided by operations (237,700 ) 19,998


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank 8,739 520,978 529,717
8,739 520,978 529,717

Debt
Debts falling due within 1 year (8,000 ) (900,000 ) (908,000 )
Debts falling due after 1 year (16,000 ) 8,000 (8,000 )
(24,000 ) (892,000 ) (916,000 )
Total (15,261 ) (371,022 ) (386,283 )

SCHIFFSHUL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

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 2019)', 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 - 10% on reducing balance
Fixtures and fittings - 33% on reducing balance
Computer equipment - 33% on reducing balance

Taxation
The charity is exempt from corporation tax on its charitable activities.

Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Going concern
There are no material uncertainties about the charity's ability to continue.


SCHIFFSHUL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. INVESTMENT INCOME
2024 2023
Unrestricted Total
funds funds
£    £   
Deposit account interest 189 85
Interest receivable 173 -
362 85

3. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 4) note 5) Totals
£    £    £    £   
Synagogue expenditure 198,322 - - 198,322
Education and leisure facilities 86,941 - - 86,941
Grantmaking 509 321,654 - 322,163
Support costs - - 7,171 7,171
285,772 321,654 7,171 614,597

4. GRANTS PAYABLE
2024 2023
£    £   
Grantmaking 321,654 243,397
The total grants paid to institutions during the year was as follows:
2024 2023
£    £   
Relief of poverty 6,600 14,200
Religious education 7,600 2,804
Advancement of religion 6,025 925
Social welfare 11,400 1,950
31,625 19,879


The total grants paid to individuals during the year was as follows:
2024 2023
£    £   
Relief of poverty 285,029 201,818
Social welfare - 11,700
Medical 5,000 10,000
290,029 223,518

SCHIFFSHUL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

5. SUPPORT COSTS
Governance
Finance costs Totals
£    £    £   
Support costs 420 6,751 7,171

Support costs, included in the above, are as follows:
2024 2023
Support Total
costs activities
£    £   
Bank charges 420 416
Independent examiner's fee 1,260 1,080
Independent examiner's other fees 2,640 2,220
General expenses 511 640
Legal and professional fees 2,340 475
7,171 4,831

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 27,490 15,966

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.


8. STAFF COSTS
2024 2023
£    £   
Wages and salaries 49,176 48,335
49,176 48,335

The average monthly number of employees during the year was as follows:

2024 2023
Synagogue staff 5 5
Maintenance 1 1
6 6

SCHIFFSHUL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. STAFF COSTS - continued

No employees received emoluments in excess of £60,000.

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 218,236 22,861 2,000 243,097
Additions 133,684 - - 133,684
At 31 July 2024 351,920 22,861 2,000 376,781
DEPRECIATION
At 1 August 2023 84,520 20,611 2,000 107,131
Charge for year 26,740 750 - 27,490
At 31 July 2024 111,260 21,361 2,000 134,621
NET BOOK VALUE
At 31 July 2024 240,660 1,500 - 242,160
At 31 July 2023 133,716 2,250 - 135,966

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 233,273 -

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 908,000 8,000
Social security and other taxes 4,041 1,035
Wages control 5,598 5,696
Accruals and deferred income 7,554 3,654
925,193 18,385


SCHIFFSHUL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 8,000 16,000

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank loans 908,000 8,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,000 16,000

14. RELATED PARTY DISCLOSURES

The charity received unrestricted donations totalling £9,290 from the Trustees during the year.