REGISTERED CHARITY NUMBER: 1090040
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
FOR
BEIS YAAKOV LONDON SEMINARY
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
BEIS YAAKOV LONDON SEMINARY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
BEIS YAAKOV LONDON SEMINARY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
The trustees present their report with the financial statements of the charity for the year ended 30 April 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
The charity was established over 15 years ago in order to provide training and general Jewish ethical and moral education to girls of the Orthodox Jewish faith. It has an intake from both the UK and abroad and caters for students both during the day and for after hour activities.
Public benefit
The trustees confirm their compliance with the duty to have due regards to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
The charity continues to meet its objectives. The educational achievements during the period were satisfactory.
FINANCIAL REVIEW
Principal funding sources
The majority of income received by the charity during the year under review was received from donations and grants from various institutions and from private individuals.
Reserves policy
The trustees are satisfied with the results for the period.
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
Going concern
The trustees are confident that are charity will be able to continue operating for the forseeable future.
FUTURE PLANS
There are no plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures.
Organizational structure
The charity trustees are actively involved in its affairs on a regular basis. It also has rabbinical advisors as well as both full and part time teaching staffs.
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
1090040
Principal address
198 Lordship Road London N16 5ES
Page 1
BEIS YAAKOV LONDON SEMINARY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
Trustees
Y M Cohen A Schechter Mrs L Orzel
Independent Examiner Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 25 February 2022 and signed on its behalf by:
A Schechter - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BEIS YAAKOV LONDON SEMINARY
Independent examiner's report to the trustees of Beis Yaakov London Seminary
I report to the charity trustees on my examination of the accounts of Beis Yaakov London Seminary (the Trust) for the year ended 30 April 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 A.C.A 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.
M A Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
25 February 2022
Page 3
BEIS YAAKOV LONDON SEMINARY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021
| 30.4.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 202,691 Charitable activities 4 Charitable activities 252,504 Investment income 3 1,602 Other income 57,075 Total 513,872 EXPENDITURE ON Charitable activities 5 Charitable activities 452,083 Donations paid - Other 1,320 Total 453,403 NET INCOME 60,469 RECONCILIATION OF FUNDS Total funds brought forward (1,933) TOTAL FUNDS CARRIED FORWARD 58,536 |
30.4.20 Total funds £ 307,657 229,521 - - 537,178 465,290 12,550 3,990 481,830 55,348 (57,281) (1,933) |
|---|---|
The notes form part of these financial statements
Page 4
BEIS YAAKOV LONDON SEMINARY
STATEMENT OF FINANCIAL POSITION 30 APRIL 2021
| 30.4.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 26,091 CURRENT ASSETS Debtors 12 147,874 Cash at bank 22,313 170,187 CREDITORS Amounts falling due within one year 13 (87,742) NET CURRENT ASSETS/(LIABILITIES) 82,445 TOTAL ASSETS LESS CURRENT LIABILITIES 108,536 CREDITORS Amounts falling due after more than one year 14 (50,000) NET ASSETS/(LIABILITIES) 58,536 FUNDS 16 Unrestricted funds 58,536 TOTAL FUNDS 58,536 |
30.4.20 Total funds £ 11,088 71,350 3,207 74,557 (87,578) (13,021) (1,933) - (1,933) (1,933) (1,933) |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 February 2022 and were signed on its behalf by:
A Schechter - Trustee
The notes form part of these financial statements
Page 5
BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 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.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
-
the requirements of Section 7 Statement of Cash Flows;
-
the requirement of paragraph 3.17(d).
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.
Fixtures and fittings - 15% on reducing balance Computer equipment - 25% on reducing balance
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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 2. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: Other grants 3. INVESTMENT INCOME Rents received Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Fee received Charitable activities 5. CHARITABLE ACTIVITIES COSTS Charitable activities 6. GRANTS PAYABLE Donations paid |
Direct Costs £ 444,443 |
30.4.21 £ 186,022 16,669 202,691 30.4.21 £ 16,669 30.4.21 £ 1,350 252 1,602 30.4.21 £ 252,504 Support costs (see note 7) £ 7,640 30.4.21 £ - |
30.4.20 £ 307,657 - |
|---|---|---|---|
| 307,657 | |||
| 30.4.20 £ - 30.4.20 £ - - - 30.4.20 £ 229,521 |
|||
| Totals £ 452,083 |
|||
| 30.4.20 £ 12,550 |
continued...
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BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Other resources expended | - | - | 1,320 | 1,320 |
| Charitable activities | 6,157 | 1,483 | - | 7,640 |
| 6,157 | 1,483 | 1,320 | 8,960 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
9. STAFF COSTS
10.
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Office administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities Total EXPENDITURE ON Charitable activities Charitable activities Donations paid Other Total |
30.4.21 30.4.20 £ £ 196,697 192,903 1,093 1,284 197,790 194,187 30.4.21 30.4.20 15 15 Unrestricted fund £ 307,657 229,521 537,178 465,290 12,550 3,990 481,830 |
30.4.21 30.4.20 £ £ 196,697 192,903 1,093 1,284 197,790 194,187 30.4.21 30.4.20 15 15 Unrestricted fund £ 307,657 229,521 537,178 465,290 12,550 3,990 481,830 |
|
|---|---|---|---|
| 537,178 465,290 12,550 3,990 |
|||
| 481,830 |
continued...
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BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 May 2020 Additions At 30 April 2021 DEPRECIATION At 1 May 2020 Charge for year At 30 April 2021 NET BOOK VALUE At 30 April 2021 At 30 April 2020 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors |
Fixtures and fittings £ 8,380 18,375 26,755 1,836 3,738 5,574 21,181 6,544 |
Unrestricted fund £ 55,348 (57,281) (1,933) Computer equipment Totals £ £ 6,776 15,156 2,785 21,160 9,561 36,316 2,232 4,068 2,419 6,157 4,651 10,225 4,910 26,091 4,544 11,088 30.4.21 30.4.20 £ £ 72,958 - 74,916 71,350 147,874 71,350 |
|---|---|---|
continued...
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BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|
| 30.4.21 | 30.4.20 | |||
| £ | £ | |||
| Trade creditors | 31,450 | 40,753 | ||
| Other creditors | 56,292 | 46,825 | ||
| 87,742 | 87,578 | |||
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||
| 30.4.21 | 30.4.20 | |||
| £ | £ | |||
| Bank loans (see note 15) | 50,000 | - | ||
| 15. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 30.4.21 | 30.4.20 | |||
| £ | £ | |||
| Amounts falling due between two and five years: | ||||
| Bank loans - 2-5 years | 50,000 | - | ||
| 16. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.5.20 | in funds | 30.4.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (1,933) | 60,469 | 58,536 | |
| TOTAL FUNDS | (1,933) | 60,469 | 58,536 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 513,872 | (453,403) | 60,469 | |
| TOTAL FUNDS | 513,872 | (453,403) | 60,469 |
continued...
Page 10
BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.5.19 | in funds | 30.4.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (57,281) | 55,348 | (1,933) |
| TOTAL FUNDS | (57,281) | 55,348 | (1,933) |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 537,178 537,178 |
Resources Movement expended in funds £ £ (481,830) 55,348 (481,830) 55,348 |
Resources Movement expended in funds £ £ (481,830) 55,348 (481,830) 55,348 |
|---|---|---|---|
| 55,348 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.5.19 | in funds | 30.4.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (57,281) | 115,817 | 58,536 |
| TOTAL FUNDS | (57,281) | 115,817 | 58,536 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 1,051,050 TOTAL FUNDS 1,051,050 |
Resources Movement expended in funds £ £ (935,233) 115,817 (935,233) 115,817 |
Resources Movement expended in funds £ £ (935,233) 115,817 (935,233) 115,817 |
|---|---|---|
| 115,817 |
continued...
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BEIS YAAKOV LONDON SEMINARY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
17. RELATED PARTY DISCLOSURES
Included within income from charitable activities is the amount of £252,504 (2020: £229,521) which represents the amounts received from Get Set Girls. The charity and Get Set Girls share common trustees.
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