HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) COMPANY REGISTRATION NUMBER 03763762 CHARrrY REGISTRATION NUMBER 1077198 DIRECTORS'rrRUSTEES' ANNUAL REPORT UNAUDITED STATUTORY Accouwrs FROM I JUNE 2023 TO 31 MAY 2024
HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Registration Number 03763762 Charin. Registration Number 1077198 Contents Page Reference and Administrative Details Directors'trrustees. Annual Report Independent Examiner, s Report Statement of Financial Activities Balance Sheet Notes to the Unaudited Statutory Accounts 9- 14
Page I HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Regisiraiioii Niimber 03763762 Charin. Regisiraiion Number 1077198 REFERENCE AND ADMINISTRATIVE DETAILS DIRECTORS/TRUSTEES A. Fischel l. Issacharoff A. Steinmetz CHARITY CONTACT, PRINCIPAL ADDRESS AND REGISTERED OFFICE l. Issacharoff 16 Dominion House 91 Dunsmure Road London United Kingdom N16 5HT DETAILS OF INCORPORA TION AND REGISTRA TION The Company was incorporated on 4 May 1999 in England and Wales under Company Registration Number 03763762. and was registered with the Charity Commission on 27 August 1999, governed by its MetnoranduTn and Articles of Association, Charity Registration Number 1077198. BANKERS Santander UK PLC INDEPENDENT EXAMINER AND REPOR TING CHAR TERED ACCOUNTANTS Stephen Sacks FCA Shears & Partners LiTnited Chartered Accountants 7 Craven Park Court London N15 6AA
Page 2 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compan). Registration Number 03763762 Churil). Registration Number 1077198 DtREcfoRS'miUSTEES' ANNUAL REPORT The Directors, who are also the Trustees, present their Annual Report together with the Unaudited Statutory Accounts ("the Accounts") of Higher Talmudical Education Limited ("the Charity") for the year from l June 2023 to 31 May 2024. The Accounts have been prepared in accordance with the Accounting Policies set out on Pages 9 and 10 and comply with the Charity s Memorandum and Articles of Association and applicable law. OBJECTIVES AND ACTIVITIES The Directorstrrustees stand possessed of the Trust Fund which they hold for the Charity to further the objects of the Charity, which are primarily- l ) The <idv4incement of Orthodox Jewish education 2) The advancement of Orthodox Jewish religion 3) The relief of poverty 4) Such other charitable purposes as the Trustees tnay from time to time detern]ine 5) To promote activities regarding the welfare of youth, to combat thug addiction, alcohol abuse by youngsters and to help keep them "off the streets" and to educate them in social and responsible behaviour. The Directorsrrrustees have simplified the cost centre structure of the accounts to enable a clearer division of its costs between indoor and outdoor activities. At present, the Charity provides Talmudical Education and makes donationslgrants to other organisations and individuals, both in the United Kingdom and abroad, recognised as Charitable in English Law. Public Benefit The Directorsrrrustees have continued to COTnply with their duty lo have due regard to the guidance on public benefit as published by the Charity Commission when exercising their powers or duties. Grant Making Policy All applications to the Charity for grants are considered carefully by the Direclorsrfrustees at regular meetings. On most occasions, if the Directorstrrustees feel that the application meets their approval in principle, they will meet applicants face to face and discuss with them details of the ¢ipplication. The Directorsrrrustees usually then have a further Tneeting before Tnaking a decision as to whether assistance should be granted. and if so, to what level. All grants must be approved by the unanimous agreement of the DirectOrsrUstees.
Page 3 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Regisiraiioii Niimber 03763762 Charin. Regisiraiion Number 1077198 DIREcfoRS'rrRUSTEES' ANNUAL REPORT (Continued) ACHIEVEMENTS AND PERFORMANCE During the year, the Charity continued ils use of the prelnises provided for use by the intern]ediate lessee at a charge. The DIrectorsrsteeS are very grateful to the numerous sponsors of the Talmudical College and have been delighted with the financial support that they have received in the year. Incoming resources received by the Charity increasedl(decreased) by 2590 to £442k (2023.. increased(decreased) bi, (1.63%) ¢0 £353k). The Directorsrrrustees and their team worked particularly hard in the year under review to raise funds to support the annual budget. The Directorsrrrustees were very happy with the encouragetnent that they received from all sponsors. FINANCIAL REVIEW Review of ihe Charity's Financial Posilion The Incoming Resources of the Charity increasedl(decreased) by some £89k (2023.. increased/(decreased) bi. some £(6k} the Directorstrrustees increase(V(decreased) its Resources Expended by some £46k {2023: increasel(decrease) of £183k and hence there was a SUrplu(deflC]l) for the year of some £Nil (2023." surplus/(deficil) of £(134k)). The Funds of the Charity therefore increase(V(decreased) by the same aTnount (2023.. increased/(decreased) b) Ihe same amounl). Reseryes Policy The Reserves of the Charity are represented primarily in Fixed Assets as described in the section headed "InvestTnents Policy". The Direciorsrrrustees try to retain cash reserves where practical. however, the continued improvement of the premises and facilities is the primary objective at the moment. The Directorsrrrustees feel comfortable relying on their pool of donors and work hard to ensure that the Charity is not dependent on one or two individuals which ensures regular cash flow into the Charity. At the end of the year the Charity held an Unrestricted Fund Reserve amouniing to £Nil {2023.. £Nil). Going Concern The Directorsrrrustees have prepared the Accounts on a going concern basis because in their opinion it is appropriate to presume that the Charity will continue in operation. Inveslments Policy The Charity holds a currenl account. The policy of the Charity is to continue holding this account for its ongoing charitable project expenditure. Most of the remaining funds of the Charity are held in Fixed Assets. These represent a Torah Scroll, capital improvements to the premises and other sundry Fixtures. Fittings. Office Equipment and a Motor Vehicle.
Page 4 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Regisiraiioii Niimber 03763762 Charin. Regisiraiion Number 1077198 DIRECTORS'rrRUSTEES' ANNUAL REPORT (Continued) FINANCIAL REVIEW (Coniinued) Risk Management The Directorsrrrustees regularly undertake a review of the major risks to which the Charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis. There are iwo key risks which the Directorsrtrusiees have currenily ideniified. The first is the potential failure of a coordinatorlleader in providing the highest quality of guidance and welfare to the boys. The Direclorsrrrustees regularly review the work of the Rebbes and their interaction wilh the boys. The DjrectorsrrsleeS enjoy a close relationship with all of the coordinatorlleaders and there is an 'open door policy,. by which any concerns can be addressed by any person connected with the Talmudical College directly to the Directorsrfrustees. The second is a fall in donations received. This is largely beyond the control of the Directorsffrustee5 a5 ihe level of donations 15 very much dependenl on the generosity and financial situation of donors. However, the DIrectorsrustees do carry oul regul¢W advertising and promolion canipaigns, largely in the are<L Ioc411 lo the Tiilmudic411 College. lo iTJcrease public awareness of ihe Ch(wily and the 5ervice5 that it provide5. STRUCTURE, GOVERNANCE AND MANAGEMENT Higher Talmudical Educaiion Limiied was incorporaied on 4 May 1999 in England and Wales under Company Registration NuMr 03763762. and was regisiered with the Charity Commission on 27 August 1999. governed by ils Memorandum and Articles of Association. under Charity Number 1077198. The Directorsrrrustees in office in the year were as follows: A. Fischel I. Issacharoff A. Steinmetz The power of appointing new Directorsrrrustees or a new Tstee thereof shall be exercisable by the persons who are. lor Ihe lime being. Ihe Direciorsifrusiees hereof. REFERENCE AND ADMINISTRA TIVE DETAILS Reference and Administrative Delails are set out on Page l and fonn part of this rewrt. The DirectorsrUstee% declare thai ihe Covnpany have prepared ihe above report IT] aCCord(ce with the provisioT]s applicable to COTnpanies subject lo ihe small companies, regime a5 .%et oul in Part 15 of the Conipanies Act 2006 4ind the DireCtOrrStees Report ¥ibove h<15 beeT] approved by thevn. A. STEINMETZ Directortrruslee Date.. 19 Febrnary 2025
Page 5 INDEPENDENf EXAMINER'S REPORT TO THE DIRECTORsrrRUSTEES OF HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compan}. Registration Number 03763762 Churiti. Registrution Niimber 1077198 FOR THE YEAR ENDED 31 MAY 2024 I report to the Directorsrrrustees of Higher Talmudical Education Limited ("the Charity") on my examinalion of the Unaudited Statutory Accounts ('the Accounts") of the Charity for the year ended 31 May 2024. Responsibilities and Brtsis of Report As the Trustees of the Charily (who are a150 the Directors of the Company foT the purtK)se5 of CompaT]y Law), you are responsible for the prepJralion of the AccouT]l5 in accord<mce with the requiremenls of the Companies Aci 21x16 ('the 2(K16 Aci"). Having satisfied myself ihat the Accounis of the Charily are no( required 10 be audiied for this year under Part 16 of the 2(K)6 Aci and are eligible for Independeni Examinaiion. I report in respect of my examinaiion of Ihe Accounis of Ihe Charily as carried oui under Seciion 145 of Ihe Charities Aci 2011 "the 2011 Act"). In carrying oui my examinaiion. I have followed ihe Direciions given by Ihe Charity Commission (under Section 145(5)(b) of ihe 2011 Act. Independent Examiner's Staiemenl The Company's gross income exceeded £250.(KX) and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accounlants in England & Wales. I have completed my examination. I confwm that no material matters have come to my attention which give me cause to believe that.. accounting records were noi kepi in accordance with Seciion 386 of Ihe 2006 Aci; or Ihe Account5 do nol accord with such record5- or the Accounts do no( comply with relevanl accounting requirements under Section 396 of the 21K)6 Act other than any requirement thal Ihe Accounis give a 'true and fair view. which is not a matter considered as part of an independent examination. or Ihe Account5 have not been prepared in accordance with the Charities SORP (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. Stephen Sacks FCA for SHEARS & PARTNERS LIMITED Cliartered Accountaiiis 7 Craw'en Park Court Loiidon N15 6AA Date.. 19 Febnian, 2025
Page 6 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Regisiraiioii Niimber 03763762 Charin. Regisiraiion Number 1077198 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR FROM I JUNE 2023 TO 31 MAY 2024 Note 2024 2023 INCOMING Income and Endowmentsfrom." Donations and t£gacies Investments Other Income {4) {4) (4) 442,083 555,470 Total (13) 442.083 353,470 EXPENDITURE Expendilure on." R41SING FUNDS (5) 10,243 5,023 CHARITABLE ACTIVITIES (6) 430,078 480,899 OTHER {7) Total (13) (442,(X)l ) (487,602) NET INCOME/(EXPENDITURE )/ NET MOVEMENT IN FUNDS 82 (134,132) Total Funds Brought Fonvard 487 134 619 Total Funds Camed Forward (13) £569 £487 The Notes on Pages 9 to 14 fonn part of the Unaudited Statutory Accounts.
Page 7 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compan). Registration Number 03763762 Churil). Registration Number 1077198 BALANCE SHEET AS AT 31 MAY 2024 Note 2024 2023 FIXED ASSETS Tangible Assets Heritage Assets (8) (8) 13,200 15,450 43,116 45,366 CURRENT ASSETS Debtors Cash at Bank and in Hand (9) 29.935 32. 704 43,217 48,066 CREDITORS.. Amounts falling due within one year {io) NET CURRENT ASSETS/(LIABILITIES) (42,547) (44,879) TOTAL ASSETS LESS CURRENT LIABILITIES 569 487 CREDITORS.. Amounts falling due after one year TOTAL NET ASSETS/(LIABILiTIES) £569 £487 FUNDS OF THE CHARITY Called up Share Capital Unrestric(ed Funds (12) (13) 569 487 TOTAL FUNDS £569 £487 The Accounts have been prep(wed in 4iccordance with the provisions applicable to comp4inies subject to the 5Tnall companies, regime as set oul in Part 15 of ihe Companies Act 2(KJ6 ('tthe 2(M)6 Act") 4iT]d in accordance with FRS 102 SORP. For the Financi411 Year ended .31 May 2024 ihe Company was enlitled io exemplion froni audit uT]der Section 477 of the 2(K)6 Acl and no notice h been deposited under Section 476 of ihe 2(K)6 Act.
Page 8 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compan). Registration Number 03763762 Churil). Registration Number 1077198 BALANCE SHEET AS AT 31 MAY 2024 (Copltinlled) The Directorsrrrustees acknowledge their resp)nsibilities for ensuring that the Companylcharity keeps accounting records which comply with Section 386 of the 2006 Act and for preparing the Accounts which give a true and fair view of the state of affairs of the Compdnylcharity as at the end of the Financial Year and of its Net Movement in Funds for the Financial Year in accordance with the requirements of Sections 394 and 395 of the 2(M)6 Act and which othenvise comply with the requirements of the 21X)6 Act relating to accounts, so as dpplicdble to the Company/Charily. Signed on behalf of all of the Directorsrrrustees A. FISCHEL Directorrrrustee Approved by the Board: 19 February 2025 The Notes on Pages 9 to 14 form part of the Unaudited Statutory Accounts.
Page 9 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Regisiraiioii Niimber 03763762 Charin. Regisiraiion Number 1077198 NOTES TO THE UNAUDITED STATtrroRY ACCOUNTS - 31 MAY 2024 STA TUTOR Y INFORMA TION Higher Talmudical Education Limiied {'Ihe Charily") is a Limiied Company domiciled in England and Wales, Company Registraiion Number 03763762 and a Registered Charity, Chariiy Regi.8tration Number 1077198. The Company s Regisiered Office. Charily's Contact and Address are I. Issacharoff. 91 Dunsmure Road, 16 Dominion House, London. United Kingdom, N16 5HT. COMPLtANCE WITH ACCOUNTING STANDARDS The Unaudited Accounls ("the Accounls") have been prepared in accordance with the provisions of FRS 102 SORP and the Charities SORP Update Bulletin 2 issued on 5 October 2018. There were no material departures from the above Accounling Stsndards. ACCOUNTING POLICIES Basis of Accounting The Unaudited Statory Accounts ("the Accounts") have been prepared in accordance with the historical cosl coT]vention and in accordaT]ce with= The Companies Aci 2(K)6 ("the 20ffi Act") The Chrfwities Aci 2011 ("the 2011 Act") The Financial Reporting Standard applicable in the UK FRS 102 ("FRS 102") The Siaiemeni of Recommended I¥aciice: Accouniing and Reporting by Charities preparing Iheir Accounis in accordance wilh Ihe Financial Reporting Standard appliLable in (he UK FRS 102 SORP ("Ihe SORP") issued on 16 July 2014. The Charities SORP (FRS 102) update Bulletin 2 issued 5 October 2018 ("the Charities SORP FRS 102") The Charilies Aci 2022 ("the 2022 Aci") The Charity constilutes a public entity as defined by FRS 102. The Directorsrrrustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern Voluntary Income- Donations Voluntary Income comprises donalions and gifts IT] kind which are accouT]ted for IT] the Stsiemenl of FiT]ancial Aclivities I'the SOFA") when the Charity become5 entitled io the donation and any condilions for receipt are met. Charitable Aclivilies Expenditure on Charitable Aclivities represents the costs of providing Higher Talniudical Education in ihe Talmudical College (accouT]led for on av] accrual% basis) and Charitable Grants (accounted for when paymenl of funds is conveyed to the recipient).
Page 10 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compani. Regisiraiioii Niimber 03763762 Charin. Regisiraiion Number 1077198 NOTES TO THE UNAUDITED STATUTOR Y ACCOUNTS - 31 MA Y 2024 (Continued) 3. ACCOUNTING POLICIES (Conlinued) d. Other Other comprises Governance Costs which include costs of the preparation and examination of the Un<iudited Statutory Accounts. and the cost of any legal advice to the Directorsrrrustees on Governance and Constitutional matters. Fixed Assels Depreciation is provided at the following Annual Rates in order to write off the cost of each asset down to its estimated residual value over its useful economic life: o On Written Down Value Fixtures and Fillings Leasehold I¥operty Improvements Motor Vehicle Office Equipment Torah Scroll 20 10 20 15 No depreciation is provided on the Torah Scroll as the Directorsrrrustees consider it to be a Herithge Asset within the meaning of FRS 102. f. Liability Recognilion Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. g. L£ased Assets Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the Balance Sheet as a liability. The interest element of rental obligations is charged to the Statement of Financial Activities over the period of the lease in accordance wilh "the Rule of 78" h. Fund Accounting Funds held by the Charity are: Unrestricted General Funds These are funds that can be used in accordance with the objects of the Charity at the discretion of the DirectorsruSes.
Pagell HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compdni. Registrulion Number 03703762 Charil). Registration Number 1077198 NOTES TO THE UNAUDrfED STATLrroRY Accouwfs - 31 MAY 2024 (Continued) ANAL YSIS OF INCOMING RESOURCES DONA TIONS AND LEGACIES 2024 2023 Charitable Foundations CortM)rate Donaiions Individuals {including Gifi Aid reclaimed) 339,943 53.613 207,018 140,107 £442,083 £353,470 INVESTMENTS Other Interest Receivable and Similar In¢ome OTHER INCOME Renial Income Total Income £442.083 £353,470 ANAL YSIS OF RESOURCES EXPENDED 41SING FUND5 2024 2023 Other Operaiing ExFenses sd]es 10,243 5,023 £10,243 £5,023 CHARITABLE ACTIVITIES Youth Activities- Indoors Building Running Cosls Educaiional Aciiviiies & Programs Food Management Othcrs Wages and Salaries 141,736 8.010 98,034 1.150 16,736 89.194 115,388 5,440 70,663 3,875 17,-f55 105 727 354.860 318,448 Youth Activtties- Outdoors 388.358 343,179 Charitable Grants 137 720 Total Chan'tdble Activities £430,078 £480,899
Page 12 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compdni. Registrulion Number 03703762 Charil). Registration Number 1077198 NOTES TO THE UNAUDrfED STATLrroRY Accouwfs - 31 MAY 2024 (Continued) CHARITABLE AcfiviTIES (Coniiniied) Analysis of Granls/Donalions Payable 2024 2023 Grants 10 Instilutions Grants to Individuals Granis io Instilutions Grants io IndFvtduals Educaiion General Charitable Relief of Poverty Religious Organisations Welfarc 40.420 157. 720 £41.720 £137,720 Tothl £41.720 £137,720 Grants to particular Insiimiions thai are maierial in the context of Grants 10 Instiiutions were made 10 the following Inslitulions for thc following putposes= 2024 Total Number of Donations Paid Tothl Amouni of Donations Paid Name of Insiitution Purpise G¢n¢ral Charitable General Charitable Gcncral Charitable Congregaiion Shaarei Shalom Tchabe Limiied Revach Vehatzola Trnst Tchabe Kollel Limiied 29.0} Grants imTnaterial io tothl granis madc to Insiilulions Tothl granis made to Insiitlliions 17 £41.720 2023 Toial Nunther of DoitQlEons Paid Toial ApF7ouvl of DoitUlEons Paid Name of Jnsliiuiion Purpose General Chorituble Geiieral Cliariiable Chd5dei Aliurull LEriiited 56,8 Congregation Shaarei sI10M Tchabe Limited 15 129,(X15 Grt7nts immaterial io roial granis made io Insiiiiiiions Toial gmnis made ro Insiiiuiions £137.720
Page 13 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compan}. Registration Nuinber 03763762 Charits, Regislration Number 1077198 NOTES TO THE UNAUDITED STATUTORY ACCOUNTS - 31 MAY 2024 (Continued) OTHER 2024 2023 Governance Costs Accountancy Fees Legal and Professional Fees 1.680 1,680 £1,680 £1,680 Governance Costs include the following- Rew)rting Chartered Accountanl5' Fees, excluding VAT £1,400 £1,400 There were no other fees paid to the Reporting Chartered AccouT]tants or the Independent ExaTniT]er. TANGIBLE ASSETS HERITAGE ASSETS TANGIBLE ASSETS Fixiures Leasehold Propeny Improvements Moior Vehicle Office Equipment Fittings Total Torah Scroll Cost At l June 2023 Additions 35.211 67.414 32.81K) 7.011 142,436 29,916 At 31 May 2024 35.211 67.414 32.8(X) 7,011 142,436 29,916 Depreciation At l June 2023 Charge for the Year (32,811) (58.414) (29,(A)O) (6,161) (126,986) 5(K) 7(K) At 31 May 2024 (33,311) (59.314) (30.3(KI) (6,311) (129,236) Net Book Value At 31 May 2024 £1. £8.1(K) £2.51K) £71K) £13.200 £29.916 Ai 31 Ma) 2023 £3,2(K) £9,0(Kl £3,2C¥) £850 £15,450 £29,916
Page 14 HIGHER TALMUDICAL EDUCATION LIMITED (By Guarantee) Compan}. Registration Nuinber 03763762 Charits, Regislration Number 1077198 NOTES TO THE UNAUDITED STATUTORY ACCOUNTS - 31 MAY 2024 (Continued) DEB TORS 2024 2023 Other Debtors Prepayments and Accrued Income 27,117 30,041 £29,935 £32.704 Other Dcbtors comprise Charitable Loans made during the currcnt and a previous year. 10. CREDITORS.. Amounts falling due within one year 2024 2023 Trade Crediiors Other Creditors Taxaiion and Social Securiiy Accruals and tkfcrrcd Income 30,744 58,120 37,043 4.681 £85.764 £92,945 CREDITORS: Amounts falling duc aftcr more than one ycar Other Creditors CALLED UP SHARE CAPITAL The Charily has two Members. wh05c individual liability is limitrd by guaTantee follows.. Each £1 Euc.h £1 13. UNRESTRICTED FUNDS At l JuT]e 2023 At31 May 2024 Income Expendiwre General Reserve £487 442.083 1442,IK)I I £569 14. TRUSTEES, EXPENSES There were no expenses or remuneraiion paid to the Trusiees in the curreni or preceding year. 15. STAFF COSTS Details of staff costs are included within Notes 5 and 6 above. The Chariiy has 15 employees {2023.. J4) 16. REL4TED PARTY TR4NSACTIONS There were no Related Party Transactions during the Financial Year or the Previous Financial Year.