Company Registration No: 3446070 Charity Registration No: 1066260
TIFERES HIGH SCHOOL LIMITED
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
TIFERES HIGH SCHOOL LIMITED
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
| CONTENTS Trustees’ annual report Independent examiner’s report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements |
Page 1 - 3 4 5 6 7 8 - 13 |
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TIFERES HIGH SCHOOL LIMITED
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 APRIL 2022
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Company law requires the trustees, who are also the directors for the purposes of company law, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the directors are required to:
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Select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors’ Report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
PRINCIPAL ACTIVITIES
The charity was formed to run a girls’ high school in accordance with Orthodox Jewish requirements.
LEGAL AND ADMINISTRATIVE INFORMATION
Nature of governing document Memorandum and Articles of Association pursuant to the Companies Act 2006 Constitution of charity Company registered under the Companies Act 2006 limited by guarantee.
Charity registration number 1066260 Company registration number 3446070 Trustees D Hersh G Hager N Jaffe (resigned 31[st] July 2022) E Pearlman (appointed 8[th] June 2021)
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TIFERES HIGH SCHOOL LIMITED
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 APRIL 2022
/Continued....
Method of appointment or election of trustees The first trustees are those named on the formation of the company At the first annual general meeting, all the trustees retire and at each subsequent annual general meeting a trustee retires.
If the vacancy caused by retirement is not filled, then the retiring trustees are reappointed unless the members in the general meeting resolve not to fill the vacancy or if the resolution to reappoint is put to the meeting and lost. New trustees may be appointed by the members in general meeting. New trustees may also be appointed by the trustees to hold office until the next annual general meeting. Address of principal or registered office 233a Golders Green Road, London NW11 9ES Bankers TSB Bank Independent Examiner Anthony Epton Goldwins Ltd 75 Maygrove Road, West Hampstead, London, NW6 2EG Details of specific operating restrictions There are no relevant restrictions imposed by governing document. NARRATIVE INFORMATION Explanation of objects by reference (i) The advancement of Orthodox Jewish to governing document religious education and of education generally, and (ii) the promotion of the Orthodox Jewish religion. Summary of policies adopted to further objects The charity has opened a Jewish Girls High School General progress The girls’ school had a successful start with a good number of applications and eventually acceptances. The charity’s results indicate a pattern not uncommon with that established for the opening years of other such organisations.
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TIFERES HIGH SCHOOL LIMITED
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 APRIL 2022
/Continued......
Achievements during the year
High standard of education achieved in the school. Firmly established in area.
Description of way charity is organised
The charity is run solely by the trustees.
Extent of dependence on unpaid volunteers
The charity does not depend on unpaid volunteers.
Application of funds and significance of material movements in Statement of Financial Activities
Most of the funds of the charity were used in running the school.
Purposes for which assets held and value if materially different from accounts
The assets were acquired for use in the school.
Financial position at balance sheet date In context of future plans and commitments
The financial position of the charity at the balance sheet date is satisfactory and the charity’s reserve policy of maintaining sufficient reserves for its day to day activities has been applied.
Extent of dependence on support of key donors
The charity is very dependent on the support of key donors.
Public Benefit
The principal activities of the charity during the year continued to be to run a girls high school in accordance with Orthodox Jewish requirements. The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed throughout this report.
Reserves policy
The charity’s reserve policy is to maintain sufficient reserves to enable operating activities to be maintained, taking account of potential risks that may arise from time to time. This policy is reviewed annually by the Trustees.
Risk management
The trustees have assessed the major risks to which the charity is exposed. In particular, they have reviewed the bank overdraft arrangements and the ability of the charity to meet its future commitments. The trustees are satisfied that systems are in place to mitigate such risks.
Approved by the Board of Trustees on 22[nd] February 2023. and signed on its behalf by:
...............................................
D Hersh - Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF TIFERES HIGH SCHOOL LIMITED
FOR THE YEAR ENDED 30 APRIL 2022
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2022.
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 the Company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 22/02/2023
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TIFERES HIGH SCHOOL LTD STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2022
| Note Income from: Donations 2 Charitable activities 3 HMRC-JRS Grants Other income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2022 2021 Unrestricted Total Total Funds Funds Funds £ £ £ 185,360 185,360 195,717 598,650 598,650 384,625 46,243 46,243 159,362 1,078 1,078 1,046 |
|---|---|
| 831,331 831,331 740,750 890,626 890,626 787,755 |
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| 890,626 890,626 787,755 (59,295) (59,295) (47,005) 17,389 17,389 64,394 |
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| (41,906) (41,906) 17,389 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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TIFERES HIGH SCHOOL LTD BALANCE SHEET AS AT 30 APRIL 2022
| 2022 Notes £ £ Fixed Assets: Tangible fixed assets 9 4,010 Current Assets: Debtors 10 6,758 Cash at bank and in hand 15 8,000 14,758 Creditors: Amounts falling due within one year: 11 (10,674) Net Current Assets 4,084 Creditors: Amounts falling due after more than one year: 12 (50,000) Net Asset (41,906) Reserves: Unrestricted - General funds 13 (41,906) (41,906) |
2021 £ £ 3,379 42,686 31,998 74,684 (10,674) 64,010 (50,000) 17,389 17,389 17,389 |
2021 £ £ 3,379 42,686 31,998 74,684 (10,674) 64,010 (50,000) 17,389 17,389 17,389 |
|---|---|---|
| 17,389 | ||
| 17,389 | ||
| 17,389 |
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Approved by the Board of Trustees on 22/02/2023 and signed on its behalf by:
D Hersh - Trustee
Company Registration No: 3446070
The attached notes form part of these financial statements.
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TIFERES HIGH SCHOOL LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2022
| TIFERES HIGH SCHOOL LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2022 |
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|---|---|---|---|---|---|
| Note | 2022 | 2022 | 2021 | 2021 | |
| £ | £ | £ | £ | ||
| Cash flows from operating activities: | |||||
| Net cash provided by / (used in) operating activities | 14 | (22,030) | 246 | ||
| Cash flows from investing activities: | |||||
| Sale/ (purchase) of fixed assets | (1,968) | - | |||
| Cash provided by / (used in) investing activities | (1,968) | - | |||
| Change in cash and cash equivalents in the year | (23,998) | 246 | |||
| Cash and cash equivalents at the beginning of the year | 31,998 | 31,752 | |||
| Cash and cash equivalents at the end of the year | 15 | 8,000 | 31,998 |
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TIFERES HIGH SCHOOL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 (Charities SORP FRS 102), Companies Act 2006 and Charities Act 2011.
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
d) Donations of gifts, services and facilities
Donations are recognised in the SoFA when received.
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
f) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of
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TIFERES HIGH SCHOOL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. Accounting policies (continued)
g) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities.
i) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
j) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Fixtures and fittings 25% reducing balance method
k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
l) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
m) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
n) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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TIFERES HIGH SCHOOL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
2 Income from donations
| Donations | 2022 2021 Unrestricted Funds Total Funds Total Funds £ £ £ 185,360 185,360 195,717 |
|---|---|
| 185,360 185,360 195,717 |
3. Income from charitable activities
| Parental contributions Government Grants |
2022 2021 Unrestricted Funds Total Funds Total Funds £ £ £ 438,393 438,393 343,488 160,257 160,257 41,137 |
|---|---|
| 598,650 598,650 384,625 |
4 Other income
| Investment income | 2022 2021 Unrestricted Funds Total Funds Total Funds £ £ £ 1,078 1,078 1,046 |
|---|---|
| 1,078 1,078 1,046 |
5 Analysis of expenditure
| Analysis of expenditure | |
|---|---|
| Wages & Salaries Books & Other Supplies Rent Independent Examination Donations Depreciation Other Charitable Activities Governance costs Total expenditure 2022 Total expenditure 2021 |
Charitable Activities Governance costs 2022 Total 2021 Total £ £ £ £ 546,802 546,802 527,029 85,413 85,413 70,300 43,229 43,229 65,875 - 3,840 3,840 3,840 8,003 8,003 12,875 1,337 1,337 1,127 202,002 202,002 106,709 |
| 886,786 3,840 890,626 787,755 3,840 (3,840) - 890,626 - 890,626 787,755 - 787,755 |
All of the expenditures were unrestricted
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TIFERES HIGH SCHOOL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
6 Net income / (expenditure) for the year
| This is stated after charging / (crediting): Operating lease rentals: Property Depreciation Independent examiner's fees- Net of VAT |
2022 2021 £ £ 43,229 65,875 1,337 1,127 3,200 3,200 |
|---|---|
7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
| Staff costs were as follows: Salaries and wages Social security costs Pension costs |
2022 2021 £ £ 487,703 463,360 18,317 16,587 40,782 47,082 |
|---|---|
| 546,802 527,029 |
No employee earned over £60,000 per annum.
The total employee benefits contributions of the key management personnel were nil (2021: nil). None of the trustees received any remuneration or were reimbursed expenses during the year (2021: nil).
Staff numbers
The average number of employees (head count based on number of staff employed) during the year was 52 (2021: 52).
8 Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
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TIFERES HIGH SCHOOL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
| 9 Tangible fixed assets Cost At the start of the year Additions in year Disposals in year At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal At the end of the year Net book value At the end of the year At the start of the year All of the above assets are used for charitable purposes. 10 Debtors Other debtors 11 Creditors: amounts falling due within one year Other creditors Accruals 12 Creditors: amounts falling due after more than one year Bounce Back Loan |
£ £ 39,513 39,513 1,968 1,968 - - Fixtures, fittings & equipments Total |
|---|---|
| 41,481 41,481 |
|
| 36,134 36,134 1,337 1,337 - - |
|
| 37,471 37,471 |
|
| 4,010 4,010 |
|
| 3,379 3,379 |
|
| 2022 2021 £ £ 6,758 42,686 |
|
| 6,758 42,686 |
|
| 2022 2021 £ £ 6,500 6,500 4,174 4,174 |
|
| 10,674 10,674 |
|
| 2022 2021 £ £ 50,000 50,000 |
|
| 50,000 50,000 |
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TIFERES HIGH SCHOOL LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
13 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| General | ||
| Unrestricted | Total | |
| Funds | funds | |
| £ | £ | |
| Tangible fixed assets | 4,010 | 4,010 |
| Net current assets | 4,084 | 4,084 |
| Long term creditors | (50,000) | (50,000) |
| Net (liabilities) at the end of the year | (41,906) | (41,906) |
| Analysis of net assets between funds-prior year |
| Analysis of net assets between funds-prior year | ||
|---|---|---|
| General | ||
| Unrestricted | Total | |
| Funds | funds | |
| £ | £ | |
| Tangible fixed assets | 3,379 | 3,379 |
| Net current assets | 64,010 | 64,010 |
| Long term creditors | (50,000) | (50,000) |
| Net assets at the end of the year | 17,389 | 17,389 |
14 Reconciliation of net income / (expenditure) to net cash flow from operating activities
| Net income / (expenditure) for the reporting period (as per the statement of financial activities) Depreciation (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities 15 Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents |
2022 2021 £ £ (59,295) (47,005) 1,337 1,127 35,928 (1,046) - 47,170 |
|---|---|
| (22,030) 246 |
|
| 2022 2021 £ £ 8,000 31,998 |
|
| 8,000 31,998 |
16 Related party transactions
Included within other debtors are loans receivable of £4,258 (2021: £4,258) from two companies in which one of the trustees is a director.
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