Aish Hatorah UK Limited
(by guarantee)
Company number 03413207 Charity number 1069048
Trustees’ Report
And
Financial Statements
For the year ended
31 December 2022
Aish Hatorah UK Limited
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ report | 2 - 6 |
| Auditors’ report | 7 – 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 21 |
Page 1
Aish Hatorah UK Limited
Legal and administrative information
Directors / Trustees
A Steene (Chair) S Fine D Green S Green (resigned 22 November 2022) D Meshulam A Moshal J S Newman (resigned 3 January 2022) J Rashbass (resigned 1 September 2023) N Schiff (appointed 8 April 2022) B Wigoder (appointed 3 July 2023)
Key management personnel
Chief Executive D Rowe until 30 April 2022 N Schiff from 1 May 2022
Company Secretary
D Rowe
Principal Address and Registered Office
379 Hendon Way London NW4 3LP
Details of Incorporation
The company was incorporated on 1 August 1997 in England under company registration number 03413207, and was registered with the Charity Commission on 6 April 1998, with charity number 1069048.
Auditors
Crowe UK LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL
Bankers
National Westminster Bank Plc 5 Central Circus Hendon Central London NW4 3LE
Page 2
Aish Hatorah UK Limited
Trustees’ Report
The trustees, who are also directors of the Charity for the purposes of the Companies Act, submit their annual report and the financial statements of Aish Hatorah UK Limited (the Company) for the year ended 31 December 2022. The trustees confirm that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of the Company’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in 2015.
Legal and administrative information set out on page 1 forms part of this report.
Structure and Governance
Aish Hatorah UK Limited is a company limited by guarantee and registered as a charitable company. The Charity’s objects are set out below.
The trustees, who are also the directors for the purpose of company law, and who served during the year were S Fine, D Green, S Green, D Meshulam, A Moshal, J Rashbass N Schiff and A Steene. None of the trustees have any beneficial interest in the Company.
Jewish Futures Trust Limited, the parent company, is the only member of the Company and guarantees to contribute £1 in the event of a winding up. Key Management Personel are considered to be the Trustees and the Chief Executive as listed on Page 1.
The management of the Charity is the responsibility of the trustees who are appointed under the terms of the Articles of Association. The number of trustees shall not be subject to any maximum but shall not be less than two. The appointment and training of a new trustee is subject to the oversight of current trustees.
Recruitment of trustees is made via recommendation and appointment through a majority vote of the existing Trustees. New Trustees are given a formal induction and encouraged to see the Charity’s work at first hand.
There are no specific restrictions imposed by the governing document concerning the way the Charity can operate.
Charity’s Objectives and Activities
The Charity aims to reach out to young Jewish people in the UK in order to make the wisdom, depth and beauty of their heritage accessible, and thus to help promote a vibrant future for the British Jewish community. Over the past few years the educational remit has widened to allow for a broader spectrum of the community to benefit from the educational expertise and experience of the Charity. The core of the educational philosophy is to share with young people a sense of moral responsibility and ethical values that instil a sense of pride in Jewish heritage as well as upright citizenship in wider society.
The Charity seeks to achieve this objective through regular educational, social and religious events across the UK, with overseas educational programmes in the summer and at other key points in the year. All activity continues to be focused for the benefit of young people in the UK.
Achievements and Performance
The main, specific achievements of the Charity in the period under review, include:
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2,800 educational sessions that attracted 27,000 attendances and over 2,500,000 views of digital content;
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• UK-wide educational and social activities, both on ~~l~~ ine and offline, with thousands of programme participants at 15 university campuses and 20 schools nationwide;
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Running nine international trips for Schools, University students and Young Professionals;
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The expansion of a full time digital, social and educational department;
Page 3
Aish Hatorah UK Limited
Trustees’ Report (continued)
Achievements and Performance, continued
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Launched a range of new, cutting edge, online programmes to engage Young Professionals attracting 166,000 views to our online content;
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Ran regular education programmes in Hendon, Hampstead, London, and Manchester, sold out social events, Shabbat experiences and developed the Maven educational programmes;
The Company raised £2,747,984 (2021: £2,305,699) of donated income, participant contributions of £245,721 (2021: £119,442) and received government grants grants for staff employment of £1,882 (2021 : £166,762). It invested £2,835,479 in charitable activities (2021: £2,326,753)
Coming out of the Covid-19 pandemic lockdown, the Company invested in additional resources to expand and develop in person educational activities and needed to ensure that increasing supporter donations were having the maximum impact for charitable activities.
Fundraising
The Charity is committed to the highest standards in fundraising. At all times we will ensure that we are respectful, open, honest and accountable to our supporters.
Our fundraising is personal and targeted and is primarily focussed on those individuals and institutions who have expressed interest in our work. We do not engage in fundraising activities like mass mailings or doorto-door campaigns, but focus on campaigns that target those who have previously engaged with or supported the Charity.
The Charity has a small fundraising team composed of the Chief Executive, a Fundraiser, and an Administrator. The Trustees provide oversight of fundraising strategy and delivery. The Fundraising Team receive regular training and guidance and aim to adhere to methods of best practise including the Fundraising Regulator’s Code of Fundraising Practice.
The Charity does not use third party organisations to raise funds, and under no circumstances does the Charity share personal information of our supporters for the purposes of third party marketing or processing.
There have been no complaints about fundraising activities reported in the year to 31 December 2022, or subsequently.
The Charity is a signatory of the Fundraising Regulator’s Code of Fundraising Practice. This code was established in 2016 with an aim of setting and maintaining the standards for charitable fundraising while ensuring that fundraising is respectful, open, honest and accountable to the public. All the Charity's fundraising activities will now comply with the Fundraising Code and the Charity has agreed to adhere to the Code’s requirement on handling any breaches of the Code or complaints about the Charity’s fundraising activities.
Financial Review
The Charity generated a surplus for the year of £13,848 (2021 £67,746). As at 31 December 2022 the Charity had net reserves of £654,827 (2021: £640,979).
The Charity had Free Reserves (its current assets less current liabilities) as at 31 December 2022 of £602,567 (2021: £588,719).
The Charity is supported by a broad spectrum of donors from across the community, ranging from grassroots student-level program participants and alumni to a number of philanthropists who partner with our Charity and encourage our activities.
Page 4
Aish Hatorah UK Limited
Trustees’ Report (continued)
Financial Review , continued
Most fundraising is done through direct relationships with our partners and through effective communication of the importance of our work to the wider audience of our supporters. The Charity is seeking to improve its fundraising capabilities as, at present, the large majority of the fundraising responsibility still remains with the Chief Executive. The Charity is seeking to ensure that this responsibility is more broadly shared and is exploring how best to optimise its fundraising activities.
All of the Charity’s expenditure is focused on creating and delivering a wide range of successful high-quality educational courses and popular, impactful activities that deliver its stated charitable objectives.
Key Risks and Uncertainties
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. A reduction in donor base could cause cash flow issues; any delayed receipt of pledged donations income could also potentially cause cash flow issues. The major risks facing the Charity are reviewed regularly at management meetings. Regular reviews of cash flow projections and budget forecasts are also undertaken, as well as a continual drive to manage expenditure.
The Impact of Covid-19
Covid-19 had significantly less impact on the Company than in the last 2 years and its charitable activities are now operating without any restrictions prevalent in 2020 and 2021. Our donors have recognised how well the Charity has adapted and needs to re-invest in in person programmes to re-connect with participants in a live framework and continue to be supportive.
Reserves
Until 2020 the Charity operated with a low level of reserves for many years and managed its activities on this basis, controlling its costs to the level that is financeable from its annual income. During 2020 the Charity was able to establish Free Reserves in excess of £500,000 (representing close to 3 months worth of general costs), which is a target that the Trustees were aiming to reach. The level of reserves increased in 2021 and 2022, to £602,567 of free reserves as at 31 December 2022, and the Trustees will continue to monitor this for the foreseeable future.
Pay policy for key management personnel
Pay and remuneration of key management personnel is determined by a variety of contributory factors, including the size of the Charity and the level of experience of the staff member. In addition to this, levels of pay may be affected by the ability to recruit key management personnel and retain them in post, which all coincides with the Charity’s appointment and pay policies. All amendments to key management’s pay and remuneration are discussed and agreed by the trustees. While trustees are considered key management personnel, no trustee receives any remuneration or is paid expenses for their services as trustee.
Page 5
Aish Hatorah UK Limited
Trustees’ Report (continued)
Public Benefit
The trustees acknowledge the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance on public benefit.
All activities undertaken by the Charity are for the public benefit. With a focus on providing education, the Charity’s operation is very much geared to providing benefit to the Jewish and wider community as is highlighted by the activities reported herein. The core of the educational philosophy is to share with young people a sense of moral responsibility and ethical values that instil a sense of pride in Jewish heritage as well as upright citizenship in wider society. This will continue to be central to future plans.
Plans for the Future
The main activities intended to be undertaken by the Charity will continue to be the provision of regular educational, social and religious events across the UK and with overseas educational programmes. If funds permit the trustees aim to expand branches and programmes to increase the amount of opportunities, programmes and events that we can offer.
Disclosure of information to Auditors
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditors are unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the net incoming reserves for that period. In preparing these financial statements, the trustees are required to:
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a. select suitable accounting policies and then apply them consistently;
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b. make judgements and estimates that are reasonable and prudent;
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c. state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements;
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d. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.
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 Companies Act 2006. 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.
Page 6 Alsh Hatorab UK Limited Tru5tee8' R¢port {contlnu¢d) Statement of Trstee$, Responslbliltlu, continued The trnstees are responsible for the maintenance and integrity of the cotporate and fmancial infornution included on th¢ Ch8rity's website. Insofar as ea¢h of the truste¢s of the Charity at the date of approval of this report 1$ awarc there is no relevant audit tnfornjatiort (inforniation needed by the Charity's auditor in Connection with pr¢paring th¢ oudit reFrf)rt) of which the ChArity'5 auditor is un¥4ware. Each twstee has taken all of th¢ steps thai he should hAve taken as a trnsttt in order to make himself aware of 4rty relevant audit infornthtion and to establish that the Chatity's auditor8 are aware of that in(omJ4tion. Sm811 Comp•nle8 Exemptlon In preparin8 this repotL the directors have taken advan¢e of the 8mall compAnies exemption provided by section 415A of the Companies Act 2006. Audleor8 Crowe UK LLP has expressed 4 willingness to continue in olTice. A resolution to appoint them will be prorsed at th¢ AJ)nual General Meetin This report his b¢¢n approved by the tru3tees on 6 IkG¢mber 2023 and signed on their behalf by.. kn-kn A St•en• Trwl
Page 7
Aish Hatorah UK Limited
Independent Auditor’s Report to the Members of Aish Hatorah UK Ltd
Opinion
We have audited the financial statements of Aish Hatorah UK ltd for the year ended 31 December 2022 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 charitable company 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 charitable company'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.
Other information
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 this gives rise to a material misstatement in the financial statements themselves. 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.
Page 8
Aish Hatorah UK Limited
Independent Auditor’s Report to the Members of Aish Hatorah UK Ltd (continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion based on the work undertaken in the course of our audit
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the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ report.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on pages 5 and 6, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
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.
Page 9
Aish Hatorah UK Limited
Independent Auditor’s Report to the Members of Aish Hatorah UK Ltd (continued)
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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities SORP (FRS102) 2019 and Companies Act 2006.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on income recognized in the accounts and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon
Senior Statutory Auditor
For and on behalf of
Crowe U.K. LLP
Statutory Auditor
Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL
11 December 2023
Page 10
Aish Hatorah UK Limited
Statement of Financial Activities for the year ended 31 December 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Income from: | |||
| Donations and legacies | 4 | 2,747,984 | 2,305,669 |
| Charitable activities: | |||
| Participant payments | 4 | 245,721 | 119,442 |
| Other Income | 4 | 1,882 | 172,027 |
| Total income | 2,995,587 | 2,597,138 | |
| __ | __ | ||
| Expenditure on: | |||
| Raising funds: | |||
| Donor fundraising costs | 5 | 146,260 | 202,639 |
| Expenditure on charitable activities: | |||
| Charitable activities | 6 | 2,835,479 | 2,326,753 |
| Charitable donations | - | - | |
| Total expenditure | 2,981,739 | 2,529,392 | |
| __ | __ | ||
| Net income for the year | 7 | 13,848 | 67,746 |
| Reconciliation of funds: | |||
| Total funds brought forward | 640,979 | 573,233 | |
| Total funds carried forward | 654,827 | 640,979 | |
| ======= | ======= |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 13 to 21 form part of these accounts.
Page 11 Aish HgtorAh UK Limited Cornpany number 03413207 Bal&nee Sheet As at 31 December 2022 Note 2022 2021 Flxed Aoets Tangible ats H¢rita8e Ass¢ts 10 10 52260 52.260 52,260 52,260 Current Assets Debtors Cash at bank and in hand 243,105 136,513 708.599 743.143 Creditors: Amounts falling due within one year 12 N¢t ¢urr¢nt $M¢L¥ 602,567 588,719 Totsl aM¢t$ less current Ilabllltleg 654,827 640,979 Net 654.827 640.979 Fund8 Unrestricted funds 14 657,827 640,979 Totpl fund# 654,827 640,979 Thesc financial statcments have becn pr¢pared IN aGcoTdancr with the sp101 provisions r¢lating to compani¢5 subject to the smRII companies regime within Part 15 of the Compani¢3 Act 2006 The accounts were approved by the trustees and Huthorised for Ille on 6 December 2023 A Stttne Truitrt The notes on pages 13 to 21 fonn part of these accounts.
Page 12
Aish Hatorah UK Limited
Statement of Cash Flows As at 31 December 2022
| 2022 £ Cash flows from operating activities: Net incoming resources 13,848 (Increase)/decrease in debtors (106,592) Increase/(decrease) in creditors other than bank loans (56,339) Net cash provided/(consumed) by operating activities (149,083) Cash flows from financing activities Bank overdraft and credit cards advances/(repayments) Repayment of loans 7,947 - Net cash provided by/(spent on) financing activities 7,947 Change in cash and cash equivalents in the year (141,136) Cash and cash equivalents at the beginning of the year 606,630 Total cash and cash equivalents at the end of the year 465,494 ====== |
2021 £ 67,746 (63,401) 84,152 88,497 876 - 876 89,373 517,257 |
|---|---|
606,630 ===== |
Page 13
Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
1 Company information
The principal activity of Aish Hatorah UK Limited is the advancement of Jewish education and culture. The Company is registered as a charitable company limited by guarantee (company number: 03413207, charity number 1069048). It is incorporated and domiciled in the UK. The address of the registered office is 379 Hendon Way, London NW4 3LP.
2 Accounting Policies
a. Basis of Accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2015), applicable UK accounting standards including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. The 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 notes. The principal accounting policies adopted in the preparation of the financial statements are as follows:
b. Going Concern
The Charity generated a surplus of £13,848 (2021: £67,746), with net reserves at 31 December 2022 of £654,827 (2021: £640,979).
During the current year, from 1 January 2023, the trustees are expecting to generate a modest surplus reflecting continuing support from donors and control on expenditure.
For these reasons, the trustees consider that there are no material uncertainities about the Charity’s ability to continue as a going concern and have reasonable expectations that the Charity has adequate resources to continue its activities for the foreseeable future. Accordingly they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
c. Income
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Page 14
Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
Accounting Policies (continued)
d. Expenditure
Costs of fundraising activities are those costs incurred in attracting voluntary income.
Charitable activities include expenditure associated with the delivery of its activities and include both the direct costs and support costs relating to these activities.
Support costs include office rental, residential rental for Rabbis, travel costs and professional fees. These costs have been allocated to the expenditure categories based on the management’s estimate of the proportion of time and resources consumed by each of the key activities of the Charity.
e. Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure.
f. Tangible Fixed Assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to leasehold property - Over the term of the lease Plant and equipment - 25% reducing balance Fixtures and fittings - 25% reducing balance/33% straight line Motor vehicles - 25% reducing balance
Additions to tangible fixed assets of less than £3,000 are treated as an expense.
- g. Heritage Assets
Aish Hatorah UK Limited owns religious scrolls. These assets are untarnished and used to further the Charity’s objectives. They are reflected as heritage assets and are included in the Balance Sheet at cost. Their carrying amounts are reviewed where evidence of impairment exists and reduced where an impairment is deemed to have incurred.
In accordance with FRS102, depreciation is not provided on heritage assets as they are considered to have indefinite lives. The cost of maintenance and repair of heritage assets is written off in the year incurred.
h. Translation of Foreign Currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
Page 15
Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
Accounting Policies (continued)
- i. Operating Leases
Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
j. Financial Instruments
The Charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Note 18 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and other taxation and social security.
- k. Government Grants
Grants are accounted for under the performance model as permitted by the charity SORP. Coronavirus Job Retention Scheme and Kick Start grant income was therefore recognised on a straight line basis over the furlough period for each relevant employee .
3 Key Judgements and Estimates
In the application of the Charity’s accounting policies, which are described in note 2, trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods. The trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.
4 Income
| Donations and legacies Fundraising Telethon Total income from donations and legacies Income from charitable activities: Trip and event participant payments Other income Furlough grants from Government Job Retention Scheme Kick Start Job Creations Grants Total Other Income All Income in 2022 and 2021 is all unrestricted. |
2022 £ 1,980,641 767,343 2,747,984 ======== 245,721 ======= - 1,882 1,882 ======== |
2021 £ 1,729,723 575,946 2,305,669 ======== 119,442 ======= 166,762 5,265 172,027 ========= |
|---|---|---|
Page 16
Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| 5 | Donor fundraising costs | £ | £ |
| Donor relations | 13,815 | 7,467 | |
| Telethon event | 28,558 | 54,692 | |
| Travel and accommodation | 6,830 | 3,482 | |
| Staff costs | 75,375 | 118,532 | |
| Support costs | 21,682 | 18,466 | |
| 146,260 | 202,639 | ||
| ======= | ======= | ||
| Costs in both years are all unrestricted. |
6 Analysis of expenditure on charitable activities
| Basis of allocation Charitable activities £ Staff costs Direct 605,838 Programme & trip expenditure Direct 1,289,710 General office Direct - Audit fees (Governance Costs) Direct - 1,895,548 Support costs 939,931 Total charitable activity expenditure 2,835,479 ( All unrestricted activities) |
Support costs 2022 Total £ £ 331,991 937,829 - 1,289,710 597,830 597,830 10,110 10,110 939,931 2,835,479 (939,931) - - 2,835,479 |
2021 Total £ 998,830 809,212 509,111 9,600 2,326,753 |
2021 Total £ 998,830 809,212 509,111 9,600 2,326,753 |
|---|---|---|---|
- 2,326,753 |
- |
||
Page 17
Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
| 7 | Net income for the year | ||
|---|---|---|---|
| 2022 | 2021 | ||
| This is stated after charging: | £ | £ | |
| Auditors’ remuneration | |||
| - audit fees | 10,110 | 8,925 | |
| ===== | ===== | ||
| 8 | Analysis of staff costs, trustee remuneration and expenses | ||
| 2022 | 2021 | ||
| Staff Costs: | £ | £ | |
| Wages and salaries | 848,489 | 962,522 | |
| Pension costs | 15,921 | 15,986 | |
| Social security costs | 71,952 | 87,897 | |
| Other staff costs | 76,842 | 50,957 | |
| 1,013,204 | 1,117,362 | ||
| __ | __ |
Total remuneration paid to key management personnel was £83,763 (2021: £81,182).
All trustees are included as key personnel but have received £nil remuneration for their services (2021: £Nil).
During the year, no trustee received any benefits in kind for their role as trustee (2021: £Nil). During the year, no trustee received any reimbursement of expenses for their role as trustee (2021: £Nil).
During the year, redundancy payments of £27,225 (2021 £nil) were paid to 3 (2021, nil) employees.
| The average number of employees during the year was: | 2022 | 2021 |
|---|---|---|
| Educational | 29 | 30 |
| Operational | 3 | 3 |
| Administrative | 3 | 3 |
| 35 | 36 | |
| == | == |
9 Employees
No employees (2021: nil) received emoluments between £60,000 and £70,000. One employee (2021: two) received emoluments between £70,000 and £80,000
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Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
| 10 Tangible fixed assets Leasehold improvements Plant and equipment Furniture and fittings Motor vehicles £ £ £ Cost At 1 January 2022 Scrapped during year At 31 December 2022 249,876 (249,876) - 147,520 (147,520) - 254,393 (254,393) - 11,301 (11,301) - Depreciation At 1 January 2022 Scrapped during year At 31 December 2022 249,876 (249,876) - 147,520 (147,520) - 254,393 (254,393) - 11,301 (11,301) - Net Book Value At 31 December 2022 and 2021 - ====== - ====== - ====== - ====== Heritage assets 2022 £ At 1 January 2022 52,260 Addition in year - _ At 31 December 2022 52,260 ====== |
Total £ 663,090 (663,090) |
|---|---|
- 663,090 (663,090) - - ====== 2021 £ 52,260 - _ 52,260 ====== |
The Charity owns two religious scrolls that cost £52,260. They are classified as heritage assets in accordance with SORP charity accounting standards.
| 11 Debtors Trade debtors Amounts owed by other Jewish Futures Trust group charities Other debtors Prepayments and accrued income |
2022 £ 45,118 - 49,293 148,694 243,105 |
2021 £ 2,629 - 27,433 106,451 |
|---|---|---|
136,513 |
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*Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| 12 | Creditors:Amounts falling due within one year | £ | £ |
| Bank loans and credit cards | 16,496 | 8,550 | |
| Trade creditors | 28,713 | 68,778 | |
| Amounts owed to other Jewish Futures Trust group charities | 23,305 | - | |
| Social security and other taxation | 11,932 | 19,499 | |
| Other creditors | 13,886 | 12,116 | |
| Accruals and deferred income | 11,700 | 45,481 | |
| 106,032 | 154,424 | ||
| ======= | ======= |
13 Capital commitments
Amounts contracted for, but not provided in the accounts, amount to £nil (2021: £Nil).
14 Statement of Funds
| 1 Unrestricted Fund General funds |
January 2022 £ 640,979 |
Incoming resources & gains Outgoing resources & losses 31 December 2022 £ £ £ 2,995,587 (2,981,739) 654,827 |
|---|---|---|
15 Operating lease commitments
The following annual commitments existed in respect of non-cancellable operating leases:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Leases expiring: | ||
| In less than one year | 215,086 | 181,803 |
| Between one and five years | - | - |
| 215,086 | 181,803 | |
| ======= | ======== |
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Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
16 Related Party Transactions
Jewish Futures Trust Ltd (JFT) is the sole member of the Company. During the year, the Company received donations to the value of £310,253 (2021: £255,000) from JFT. During the year the Company was charged £401,493 (2021: £318,750) by JFT for its share of JFT operating central facilities and services. During the year the Company charged JFT £nil (2021: £1,009) for administrative services. At the year end, the Company was owed by JFT £13,305 (2021: £nil).
Jroots Ltd is a subsidiary of JFT, the sole member of the Company. The Company ran 4 trips (2021: 2 trips) using the services of Jroots Ltd during the year which meant that Jroots Ltd incurred net costs on behalf of the Company to the value of £53,605 (2021: £49,260). The net costs of these trips were paid to Jroots Ltd. At the year end the Company owed Jroots £nil (2021 : £nil).
Forum for Jewish Leadership Ltd (FJL) is a subsidiary of JFT, the sole member of the Company. The Company supports the costs of FJL’s UK and international activities as they benefit the Company’s clients and supporters. During the year the Company contributed £10,000 towards the costs of an international student trip (2021: £9,397) At the year end the Company owed FJL £10,000 (2021: £nil).
Jewish Futures Foundation Inc is a charity in the USA which shares a trustee with JFT. During the year, the Company received donations from JFT Jewish Futures Foundation Inc totalling £11,589 (2021: £6,841). At the year end, Aish owed JFT-Jewish Futures Foundation Inc £328l (2021: £nil).
Give It Forward Today Ltd (GIFT) is a subsidiary of JFT, the sole member of the Company. GIFT shared office space in Manchester to support its services and paid the Company a contribution of £5,904 during the year (2021: £4,836).
On 5 November 2018 J S Newman provided a guarantee for the monthly rental payments of £2,625 on a one-year lease on a property used by the Company. On 1 September 2019 J S Newman provided a guarantee on the quarterly rental of £2,250 for a lease of office space in Manchester used by the Company.
17 ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The Company is a 100% subsidiary of Jewish Futures Trust Limited (JFT), a limited liability company, registered number 07884678 and a registered charity number 1151066. JFT is involved in public education and cultural activities.
The trustees regard JFT as the immediate and ultimate parent company. JFT prepares consolidated annual accounts, including the results of the Company. A copy of the consolidated accounts can be obtained from the JFT head office at 379 Hendon Way, London NW4 3LP.
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Aish Hatorah UK Limited
Notes to the Accounts – 31 December 2022
18 Financial intruments
| Charity Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
2022 £ 559,905 106,032 |
2021 £ 636,692 142,426 |
|---|---|---|
Financial assets measured at amortised cost include trade debtors, other debtors and cash equivalents.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors, amounts owed to group undertakings and accruals excluding deferred income.