REGISTERED CHARITY NUMBER: 1064650
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2021
for
Talmud Torah Tiferes Shlome Trust
Martin+Heller 5 North End Road London NW11 7RJ
Talmud Torah Tiferes Shlome Trust
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Cash Flow Statement | 6 |
| Notes to the Cash Flow Statement | 7 |
| Notes to the Financial Statements | 8 to 12 |
| Detailed Statement of Financial Activities | 13 |
Talmud Torah Tiferes Shlome Trust
Report of the Trustees for the Year Ended 30 June 2021
The trustees present their report with the financial statements of the charity for the year ended 30 June 2021. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Charity's object and principal activity continues to be that of a primary school.
Public benefit
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
ACHIEVEMENT AND PERFORMANCE Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Principal funding sources
The present level of funding is adequate to support the continuation of our activities and the governors consider the financial position of the charity to be satisfactory.
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Organisational structure
The charity is organised, so that the trustees meet regularly to manage its affairs.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1064650
Principal address
28 Garrick Avenue London NW11 9AS
Trustees
J Friedman A Galandauer
Page 1
Talmud Torah Tiferes Shlome Trust
Report of the Trustees for the Year Ended 30 June 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Mr A Heller FCA 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J Friedman - Trustee
Page 2
Independent Examiner's Report to the Trustees of Talmud Torah Tiferes Shlome Trust
Independent examiner's report to the trustees of Talmud Torah Tiferes Shlome Trust
I report to the charity trustees on my examination of the accounts of Talmud Torah Tiferes Shlome Trust (the Trust) for the year ended 30 June 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 A Heller FCA 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Talmud Torah Tiferes Shlome Trust
Statement of Financial Activities for the Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Charitable activities 3 Direct Charitable Expenditure Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.21 Unrestricted fund £ 958,421 864,327 81,553 945,880 12,541 462,287 474,828 |
30.6.20 Total funds £ 1,180,186 1,069,302 132,374 1,201,676 (21,490) 483,777 462,287 |
|---|---|---|
The notes form part of these financial statements
Page 4
Talmud Torah Tiferes Shlome Trust
Balance Sheet 30 June 2021
| 30.6.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 460,833 CURRENT ASSETS Cash at bank 13,995 NET CURRENT ASSETS 13,995 TOTAL ASSETS LESS CURRENT LIABILITIES 474,828 NET ASSETS 474,828 FUNDS 9 Unrestricted funds 474,828 TOTAL FUNDS 474,828 |
30.6.20 Total funds £ 460,833 1,454 1,454 462,287 462,287 462,287 462,287 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Friedman - Trustee
The notes form part of these financial statements
Page 5
Talmud Torah Tiferes Shlome Trust
Cash Flow Statement for the Year Ended 30 June 2021
| 30.6.21 | 30.6.20 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 12,541 | (21,490) |
| Net cash provided by/(used in) operating activities | 12,541 | (21,490) | |
| Change in cash and cash equivalents in | |||
| the reporting period | 12,541 | (21,490) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 1,454 | 22,944 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 13,995 | 1,454 |
The notes form part of these financial statements
Page 6
Talmud Torah Tiferes Shlome Trust
Notes to the Cash Flow Statement for the Year Ended 30 June 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| 30.6.21 | 30.6.20 | |
| £ | £ | |
| Net income/(expenditure) for the reporting period (as per the | ||
| Statement of Financial Activities) | 12,541 | (21,490) |
| Adjustments for: | ||
| Net cash provided by/(used in) operations | 12,541 | (21,490) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/7/20 Cash flow At £ £ Net cash Cash at bank 1,454 12,541 1,454 12,541 Total 1,454 12,541 |
30/6/21 £ 13,995 |
|---|---|
| 13,995 | |
| 13,995 |
The notes form part of these financial statements
Page 7
Talmud Torah Tiferes Shlome Trust
Notes to the Financial Statements for the Year Ended 30 June 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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 as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Donations received Grants Grants received, included in the above, are as follows: Other grants |
30.6.21 £ 653,652 304,769 958,421 30.6.21 £ 304,769 |
30.6.20 £ 920,079 260,107 |
30.6.20 £ 920,079 260,107 |
|
|---|---|---|---|---|
| 1,180,186 | ||||
| 30.6.20 £ 260,107 |
continued...
Page 8
Talmud Torah Tiferes Shlome Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
3. CHARITABLE ACTIVITIES COSTS
| Direct Charitable Expenditure 4. GRANTS PAYABLE Direct Charitable Expenditure The total grants paid to institutions during the year was as follows: Yad Shlomo trust Keren Hatzolas Dor 5. SUPPORT COSTS Other resources expended |
Direct Costs £ 859,327 |
Grant funding of activities (see note 4) Totals £ £ 5,000 864,327 30.6.21 30.6.20 £ £ 5,000 15,000 30.6.21 30.6.20 £ £ 5,000 5,000 - 10,000 5,000 15,000 Management £ 81,553 |
|---|---|---|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Direct Charitable Expenditure Other Total |
Unrestricted fund £ 1,180,186 1,069,302 132,374 1,201,676 |
|---|---|
continued...
Page 9
Talmud Torah Tiferes Shlome Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS COST At 1 July 2020 and 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 9. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
Classroom building £ 417,782 417,782 417,782 as follows: |
Plant and machinery £ 41,798 41,798 41,798 At 1/7/20 £ 462,287 462,287 Incoming resources £ 958,421 958,421 |
Computer equipment £ 1,253 1,253 1,253 Net movement in funds £ 12,541 12,541 Resources expended £ (945,880) (945,880) |
Unrestricted fund £ (21,490) 483,777 462,287 Totals £ 460,833 460,833 460,833 At 30/6/21 £ 474,828 474,828 Movement in funds £ 12,541 12,541 |
|---|---|---|---|---|
continued...
Page 10
Talmud Torah Tiferes Shlome Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/7/19 £ 483,777 483,777 |
Net movement in funds £ (21,490) (21,490) |
At 30/6/20 £ 462,287 |
|---|---|---|---|
| 462,287 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,180,186 1,180,186 |
Resources expended £ (1,201,676) (1,201,676) |
Movement in funds £ (21,490) (21,490) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/7/19 £ 483,777 483,777 |
Net movement in funds £ (8,949) (8,949) |
At 30/6/21 £ 474,828 |
|---|---|---|---|
| 474,828 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources |
Movement | |
|---|---|---|---|
| resources | expended |
in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 2,138,607 | (2,147,556) | (8,949) |
| TOTAL FUNDS | 2,138,607 | (2,147,556) | (8,949) |
continued...
Page 11
Talmud Torah Tiferes Shlome Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
Page 12
Talmud Torah Tiferes Shlome Trust
Detailed Statement of Financial Activities for the Year Ended 30 June 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations received Grants Total incoming resources EXPENDITURE Charitable activities Rates and water Insurance Light and heat School supplies School outings Charitable events Fund raising activities Staff costs Furlough receipts Rent Grants to institutions Support costs Management Telephone Postage and stationery Advertising Security costs Repairs and maintenance Legal and professional fees Bank charges Total resources expended Net income/(expenditure) |
30.6.21 £ 653,652 304,769 958,421 958,421 7,347 7,031 1,951 540,614 15,115 20,324 5,239 351,843 (90,137) - 5,000 864,327 1,654 663 2,355 58,188 16,050 2,100 543 81,553 945,880 12,541 |
30.6.20 £ 920,079 260,107 1,180,186 1,180,186 6,048 7,827 7,639 394,117 19,699 26,080 125,368 532,983 (72,157) 6,698 15,000 1,069,302 2,102 1,229 6,335 88,500 30,798 2,595 815 132,374 1,201,676 (21,490) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 13