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2021-12-31-accounts

CHARITY REGISTRATION NUMBER: 1007489

Beis Soroh Schenierer Seminary Financial Statements 31 December 2021

HAFFNER HOFF LTD

Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL

Beis Soroh Schenierer Seminary

Financial Statements

Year ended 31 December 2021

Page
Trustees' annual report 1
Independent auditor's report to the trustees of Beis Soroh
Schenierer Seminary 6
Statement of financial activities 11
Statement of financial position 12
Statement of cash flows 13
Notes to the financial statements 14

Beis Soroh Schenierer Seminary

Trustees' Annual Report

Year ended 31 December 2021

The trustees present their report and the financial statements of the charity for the year ended 31 December 2021.

Reference and administrative details

Registered charity name Beis Soroh Schenierer Seminary
Charity registration number 1007489
Principal office 472 - 474 Bury New Road
Salford
M7 4NU
The trustees
J Eckstein
M Halpern
D Olsberg
Auditor Haffner Hoff Ltd
Accountants & statutory auditor
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Bankers NatWest
463 Bury New Road
Prestwich
Manchester
M25 1AB

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Beis Soroh Schenierer Seminary

Trustees' Annual Report (continued)

Year ended 31 December 2021

Structure, governance and management

Beis Soroh Schenierer Seminary is constituted under a trust deed dated 17 December 1991. It is a registered charity with a charity number being 1007489.

Recruitment and appointment of new trustees would be in line with the Trust Deed 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.

Trustee induction and training

New trustees undergo an orientation day to brief them on their legal obligations under the Charities Act, the committee, decision making processes, the business plan and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisational management

The trustees of the charity are legally responsible for the overall management and control of the charity and meet regularly. The day to day affairs are managed by the principal and his dedicated team who oversee the governance and management of the seminary. They report to the trustees on a regular basis.

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 principal risks are financial including items such as bad debts as well as reduction in student numbers and loss of grants receivable. The trustees plan to manage these risks by regular and rigorous review of debtors as well as maintaining a high standard of education and governance of the seminary to ensure it has a good reputation worldwide. Most grants receivable are linked to the associated expenditure such that if the grants would cease to be payable then the associated security costs would cease too.

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Beis Soroh Schenierer Seminary

Trustees' Annual Report (continued)

Year ended 31 December 2021

Objectives and activities

The objects of the charity are the advancement of Jewish religion and education by the establishment of a college of learning.

The trustees confirm that they have referred to the 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.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.

The trustees consider they have met the public benefit test and outline these achievements below.

Grant making policy

The charity does not normally pay out any grants as it operates a college and the charitable activity is normally directly charitable.

If the charity would pay out any grants it would be in line with the objects as stated above.

Achievements and performance

The charity recorded £937,787 in voluntary contributions, registration fees and other income during the year, £146,950 in donations, £89,687 in grants receivable, £16,000 in camp income as well as the CST security grant amounting to £133,456. This is in addition to the JRS income of £25,867.

Fundraising income amounted to £266,427 during the year, following a successful fundraising campaign.

The charity paid out £1,528,008 on running costs of the college including instruction & other direct management costs and support costs. This expenditure was made in line with the stated objects of the charity. The college had a student roll of 170 girls on average for the 12 months.

The charity had low governance costs comprising professional fees.

There were no investments made during the year.

Fundraising costs incurred during the year are as detailed in the notes to the accounts.

Related party transactions are recorded as applicable in the notes to the accounts.

There was an overall net income and net movement in funds for the year amounting to £22,215. The unrestricted fund had net income of £10,332, and the restricted fund had net income of £11,883.

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Beis Soroh Schenierer Seminary

Trustees' Annual Report (continued)

Year ended 31 December 2021

Financial review

Review of activities and achievements

Although the year 2020 presented the world with the challenge of the COVID pandemic, with a great deal of innovative and dedicated work our seminary staff succeeded in providing a programme that would inspire our students and deliver courses that were of great value and high standard.

In 2021 the pandemic did present us with the difficulty that all the staff employed by the Manchester college were not allowed to come to the Seminary to deliver their courses. The courses continued online, and our students had the gratification of succeeding to gain their qualifications despite having to study without a teacher in the classroom.

Financially the Seminary was affected by the pandemic, we had students who were not able to come. Several students from Brazil which was a Red Zone had to remain at home for many months.

The Seminary faculty decided that based on requests from the student body, it would be advantageous to expand our 'A' Level provision. The Manchester College has a policy not to offer any A levels and therefore the Seminary has the full responsibility of registering as a centre and employing staff to deliver these courses.

Our Results have been very impressive, and we have therefore planned to expand this provision in the future. Six ‘A’ Levels are going to be offered from September 22.

New lecturers have also been recruited and additional pastoral staff since several senior staff members have retired or left the Seminary. They have introduced a new fresh approach to our work which has resulted in major improvements in the success of the Seminary, both in academic achievements and increased wellbeing confidence in our students.

The rise in food prices and general decline in the global economy has created pressure in the institution but cutting costs and other improvements in efficiency and increased fundraising has enabled the Seminary to continue its valuable work. The trustees look forward to further progress in the coming year and extend their appreciation to all supporters and members of staff for their dedication and generosity.

The free reserves, being the net current assets of the charity, stand at £323,139, all of which are attributable to the unrestricted fund.

True and fair override

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charities governing document, The Charities Act 2011 and the relevant version of 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).

Plans for future periods

The charity will continue to provide education in line with the Trust Deed.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

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Beis Soroh Schenierer Seminary

Trustees' Annual Report (continued)

Year ended 31 December 2021

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on t o 11[th] January 2023 and signed on behalf of the board of trustees by:

M Halpern Trustee

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Beis Soroh Schenierer Seminary

Independent Auditor's Report to the Trustees of Beis Soroh Schenierer Seminary

Year ended 31 December 2021

Opinion

We have audited the financial statements of Beis Soroh Schenierer Seminary (the 'charity') for the year ended 31 December 2021 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Beis Soroh Schenierer Seminary

Independent Auditor's Report to the Trustees of Beis Soroh Schenierer Seminary (continued)

Year ended 31 December 2021

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Beis Soroh Schenierer Seminary

Independent Auditor's Report to the Trustees of Beis Soroh Schenierer Seminary (continued)

Year ended 31 December 2021

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to (a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; (b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; (c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; (d) the matters identified as to how and where fraud might occur in the financial statements and any potential indicators of fraud.

In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code, UK tax legislation and UK Charity Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified no key audit matters relating to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess

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Beis Soroh Schenierer Seminary

Independent Auditor's Report to the Trustees of Beis Soroh Schenierer Seminary (continued)

Year ended 31 December 2021

compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

enquiring of management concerning actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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Beis Soroh Schenierer Seminary

Independent Auditor's Report to the Trustees of Beis Soroh Schenierer

Seminary (continued)

Year ended 31 December 2021

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Haffner Hoff Ltd

2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL

Accountants & statutory auditor

11[th] January 2023

The firm is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under Section 1212 of The Companies Act 2006.

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Beis Soroh Schenierer Seminary

Statement of Financial Activities

Year ended 31 December 2021

2021 2020
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 171,767 490,620 662,387 383,143
Other trading activities 5 21,635 – 21,635 11,981
Other income 6 932,152 – 932,152 1,005,084
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Total income 1,125,554 490,620 1,616,174 1,400,208
========================================= ================================ ========================================= =========================================
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 7 – 65,951 65,951 –
Expenditure on charitable activities 8,9 1,115,222 412,786 1,528,008 1,306,006
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Total expenditure 1,115,222 478,737 1,593,959 1,306,006
========================================= ================================ ========================================= =========================================
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Net income and net movement in funds 10,332 11,883 22,215 94,202
========================================= ================================ ========================================= =========================================
Reconciliation of funds
Total funds brought forward 1,988,646 – 1,988,646 1,894,444
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Total funds carried forward 1,998,978 11,883 2,010,861 1,988,646
========================================= ================================ ========================================= =========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 24 form part of these financial statements.

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Beis Soroh Schenierer Seminary

Statement of Financial Position

31 December 2021

2021 2020
Note £ £ £
Fixed assets
Tangible fixed assets 15 3,033,983 3,061,598
Investments 16 2 2
----------------------------------------- -----------------------------------------
3,033,985 3,061,600
Current assets
Stocks 17 2,295 4,758
Debtors 18 519,029 424,068
Cash at bank and in hand 43,314 54,578
-------------------------------- --------------------------------
564,638 483,404
Creditors: amounts falling due within one year 20 241,499 194,601
-------------------------------- --------------------------------
Net current assets 323,139 288,803
----------------------------------------- -----------------------------------------
Total assets less current liabilities 3,357,124 3,350,403
Creditors: amounts falling due after more than
one year 21 1,346,263 1,361,757
----------------------------------------- -----------------------------------------
Net assets 2,010,861 1,988,646
========================================= =========================================
Funds of the charity
Restricted funds 11,883 –
Unrestricted funds 1,998,978 1,988,646
----------------------------------------- -----------------------------------------
Total charity funds 23 2,010,861 1,988,646
========================================= =========================================

These financial statements were approved by the board of trustees and authorised for issue on 11[th] January 2023, and are signed on behalf of the board by:

M Halpern Trustee

The notes on pages 14 to 24 form part of these financial statements.

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Beis Soroh Schenierer Seminary

Statement of Cash Flows

Year ended 31 December 2021

2021 2020
Note £ £
Cash flows from operating activities
Net income 22,215 94,202
Adjustments for:
Depreciation of tangible fixed assets 29,150 38,372
Accrued expenses 15,490 2,400
Changes in:
Stocks 2,463 (758)
Trade and other debtors (94,961) (55,917)
Trade and other creditors 31,435 (36,182)
---------------------------- ----------------------------
Cash generated from operations 5,792 42,117
----------------------- ----------------------------
Net cash from operating activities 5,792 42,117
======================= ============================
Cash flows from investing activities
Purchase of tangible assets (1,535) –
----------------------- ----------------------------
Net cash used in investing activities (1,535) –
======================= ============================
Cash flows from financing activities
Proceeds from borrowings (15,494) (15,359)
---------------------------- ----------------------------
Net cash used in financing activities (15,494) (15,359)
============================ ============================
Net (decrease)/increase in cash and cash equivalents (11,237) 26,758
Cash and cash equivalents at beginning of year 54,551 27,793
---------------------------- ----------------------------
Cash and cash equivalents at end of year 19 43,314 54,551
============================ ============================

The notes on pages 14 to 24 form part of these financial statements.

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 472 - 474 Bury New Road, Salford, M7 4NU.

2. Statement of compliance

The accounts (financial statements) have been prepared in accordance with the relevant version of 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) and The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the relevant version of 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2019 which has since been withdrawn.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

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.

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 except for bad debts and the provision provided for them.

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are those available for use for general purposes at the discretion of the charity trustees and governors in furtherance of the charity's objects. Restricted funds are those that are ringfenced for specific purposes.

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.

· voluntary contributions and registration fees receivable, relate to parental contribution and are accounted for, where there is evidence of entitlement and can be measured reliably.

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:

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.

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

3. Accounting policies (continued)

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. The basis of fair value is as compared to similar properties in the area.

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:

Equipment - 25% reducing balance Computer equipment - 20% reducing balance

There is no depreciation charge for Land and Buildings in the year. This is a departure from the Companies Act 2006 requirement to depreciate all fixed assets. The trustees consider this departure appropriate to reflect a true and fair view on the basis that the building is maintained to a high standard.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

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.

.

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

3. Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

3. Accounting policies (continued)

Defined contribution plans (continued)

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Donations
Donations 135,067 11,883 146,950
Grants
Grants receivable 10,833 78,854 89,687
C S T security grants – 133,456 133,456
JRS grants 25,867 – 25,867
Sponsorship
Fundraising income – 266,427 266,427
-------------------------------- -------------------------------- --------------------------------
171,767 490,620 662,387
================================ ================================ ================================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Donations
Donations 64,722 – 64,722
Grants
Grants receivable 10,000 66,658 76,658
C S T security grants 1,854 103,093 104,947
JRS grants 136,816 – 136,816
Sponsorship
Fundraising income – – –
-------------------------------- -------------------------------- --------------------------------
213,392 169,751 383,143
================================ ================================ ================================
5. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Other income: courses 5,635 5,635 11,981 11,981
Camp income 16,000 16,000 – –
---------------------------- ---------------------------- ---------------------------- ----------------------------
21,635 21,635 11,981 11,981
============================ ============================ ============================ ============================

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

6. Other income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Voluntary contributions 917,868 917,868 989,180 989,180
Registration fees 14,284 14,284 15,904 15,904
-------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
932,152 932,152 1,005,084 1,005,084
================================ ================================ ========================================= =========================================
7. Costs of raising donations and legacies
Restricted Total Funds Restricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Costs of raising donations and
legacies 65,951 65,951 – –
============================ ============================ ============== ==============
8. Expenditure on charitable activities by fund type
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Running costs of the college including instruction &
other direct management costs 848,694 211,836 1,060,530
Support costs 266,528 200,950 467,478
----------------------------------------- -------------------------------- -----------------------------------------
1,115,222 412,786 1,528,008
========================================= ================================ =========================================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Running costs of the college including instruction &
other direct management costs 780,989 66,658 847,647
Support costs 319,546 138,813 458,359
----------------------------------------- -------------------------------- -----------------------------------------
1,100,535 205,471 1,306,006
========================================= ================================ =========================================
9. Expenditure on charitable activities by activity type
Support
Activities costs
undertaken (see Total funds Total fund
directly note 10) 2021 2020
£ £ £ £
Running costs of the college including
instruction & other direct management
costs 1,060,530 450,837 1,511,367 1,293,627
Governance costs – 16,641 16,641 12,379
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
1,060,530 467,478 1,528,008 1,306,006
========================================= ================================ ========================================= =========================================

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

10. Analysis of support costs

Analysis of
support costs
(see note 9) Total 2021 Total 2020
£ £ £
Staff costs 256,493 256,493 245,609
Premises 133,456 133,456 138,813
General office 12,788 12,788 13,284
Finance costs 48,100 48,100 48,274
Governance costs 16,641 16,641 12,380
-------------------------------- -------------------------------- --------------------------------
467,478 467,478 458,360
================================ ================================ ================================

11. Net income

Net income is stated after charging/(crediting):
2021 2020
£ £
Depreciation of tangible fixed assets 29,150 38,372
============================ ============================
Auditors remuneration
2021 2020
£ £
Fees payable for the audit of the financial statements 4,950 4,500
======================= =======================
Fees payable to the charity's auditor and its associates for other services:
Other non-audit services 8,640 5,400
======================= =======================

12. Auditors remuneration

13. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2021 2020
£ £
Wages and salaries 561,724 577,023
Social security costs 24,974 25,473
Employer contributions to pension plans 10,659 10,699
-------------------------------- --------------------------------
597,357 613,195
================================ ================================
The average head count of employees during the year was 27 (2020: 28). The average The average head count of employees during the year was 27 (2020: 28). The average number
of full-time equivalent employees during the year is analysed as follows:
2021 2020
No. No.
Faculty 12 12
Office 6 6
Kitchen & domestic 9 10
-------------- --------------
27 28
============== ==============

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

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Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

14. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees or expenses reimbursed by the trustees.

15. Tangible fixed assets

Land and Computer
buildings Equipment equipment Total
£ £ £ £
Cost / valuation
At 1 January 2021 2,945,224 516,306 186,392 3,647,922
Additions – 35 1,500 1,535
----------------------------------------- -------------------------------- -------------------------------- -----------------------------------------
At 31 December 2021 2,945,224 516,341 187,892 3,649,457
========================================= ================================ ================================ =========================================
Depreciation
At 1 January 2021 – 404,975 181,349 586,324
Charge for the year – 27,841 1,309 29,150
----------------------------------------- -------------------------------- -------------------------------- -----------------------------------------
At 31 December 2021 – 432,816 182,658 615,474
========================================= ================================ ================================ =========================================
Carrying amount
At 31 December 2021 2,945,224 83,525 5,234 3,033,983
========================================= ================================ ================================ =========================================
At 31 December 2020 2,945,224 111,331 5,043 3,061,598
========================================= ================================ ================================ =========================================

The freehold property is legally owned by Teachers Training Company Ltd, the dormant subsidiary of the Beis Soroh Scheneirer Seminary. Beneficial ownership as well as all risks and rewards of the property are vested with the Beis Soroh Scheneirer Seminary.

16. Investments

Shares in
group
undertaking
s
£
Cost or valuation
At 1 January 2021 and 31 December 2021 2
==============
Impairment
At 1 January 2021 and 31 December 2021 –
==============
Carrying amount
At 31 December 2021 2
==============
At 31 December 2020 2
==============

- 21 -

Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

17. Stocks
2021 2020
£ £
Raw materials and consumables 2,295 4,758
======================= =======================
18. Debtors
2021 2020
£ £
Trade debtors 450,326 395,750
Prepayments and accrued income 57,038 24,237
Other debtors 11,665 4,081
-------------------------------- --------------------------------
519,029 424,068
================================ ================================
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2021 2020
£ £
Cash at bank and in hand 43,314 54,578
Bank overdrafts – (27)
---------------------------- ----------------------------
43,314 54,551
============================ ============================
20. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 15,493 15,520
Trade creditors 116,835 84,111
Accruals and deferred income 25,390 9,900
Social security and other taxes 8,396 9,295
Other creditors 75,385 75,775
-------------------------------- --------------------------------
241,499 194,601
================================ ================================
21. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 1,346,263 1,361,757
========================================= =========================================

The bank loan is repayable over 25 years at an interest rate of 3.5% above base rate and is secured on the freehold property of the charity.

- 22 -

Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

22. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £10,659 (2020: £10,699).

23. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At 01 At 31
Jan 2021 Income Expenditure Dec 2021
£ £ £ £
General funds 1,988,646 1,125,554 (1,115,222) 1,998,978
========================================= ========================================= ========================================= =========================================
At 01 At 31
Jan 2020 Income Expenditure Dec 2020
£ £ £ £
General funds 1,858,724 1,230,457 (1,100,535) 1,988,646
========================================= ========================================= ========================================= =========================================
Restricted funds
At 01 At 31
Jan 2021 Income Expenditure Dec 2021
£ £ £ £
Restricted fund - grants receivable – 490,620 (478,737) 11,883
============== ================================ ================================ ============================
At 01 At 31
Jan 2020 Income Expenditure Dec 2020
£ £ £ £
Restricted fund - grants receivable 35,720 169,751 (205,471) –
============================ ================================ ================================ ==============

- 23 -

Beis Soroh Schenierer Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2021

24. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Tangible fixed assets 3,033,983 – 3,033,983
Investments 2 – 2
Current assets 552,755 11,883 564,638
Creditors less than 1 year (241,499) – (241,499)
Creditors greater than 1 year (1,346,263) – (1,346,263)
----------------------------------------- ---------------------------- -----------------------------------------
Net assets 1,998,978 11,883 2,010,861
========================================= ============================ =========================================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Tangible fixed assets 3,061,598 – 3,061,598
Investments 2 – 2
Current assets 483,404 – 483,404
Creditors less than 1 year (194,601) – (194,601)
Creditors greater than 1 year (1,361,757) – (1,361,757)
----------------------------------------- -------------- -----------------------------------------
Net assets 1,988,646 – 1,988,646
========================================= ============== =========================================
Analysis of changes in net debt
At At
1 Jan 2021 Cash flows 31 Dec 2021
£ £ £
Cash at bank and in hand 54,578 (11,264)
43,314
Bank overdrafts (27) 27 –
Debt due within one year (15,493) – (15,493)
Debt due after one year (1,361,757) 15,494 (1,346,263)
----------------------------------------- ---------------------------- -----------------------------------------
(1,322,699) 4,257 (1,318,442)
========================================= ============================ =========================================

25. Analysis of changes in net debt

26. Related parties

Mr Mordecai Halpern, a trustee of Beis Soroh Schenierer Seminary, has an outstanding debt owing to him interest free from the Seminary. At the year end the figure was £5,000. There was no movement during the year.

27. Taxation

Beis Soroh Schenierer Seminary is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

- 24 -