COMPANY REGISTRATION NUMBER: 04746202 CHARITY REGISTRATION NUMBER: 1098896
Beis Hamedrash Hechodosh Company Limited by Guarantee Unaudited Financial Statements
28 February 2023
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Beis Hamedrash Hechodosh
Company Limited by Guarantee
Financial Statements
Year ended 28 February 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
Beis Hamedrash Hechodosh
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 28 February 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 28 February 2023.
Reference and administrative details
Registered charity name Beis Hamedrash Hechodosh Charity registration number 1098896 Company registration number 04746202 Principal office and registered 2nd Floor Parkgates office Bury New Road Prestwich Manchester M25 0TL The trustees J Freifeld R Brunner A Schonberg Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Beis Hamedrash Hechodosh is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 28 April 2003 as a company and the company number is 04746202. It was registered as a charity on 7 August 2003 with a charity number 1098896.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee: What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 28 February 2023
Objectives and activities
The objectives of the charity are
a) The relief of poverty amongst the elderly or persons in condition of need, hardship and distress in the Jewish community. b) The advancement of the Orthodox Jewish religion. c) The advancement of education according to the tenets of the Orthodox Jewish faith.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to individuals, charitable institutions and organisations which accord with the objects of the charity.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year, the charity received donations of £357,398, and investment income of £1,631
During the year the charity spent £420,135 in furtherance of its objectives, including grants and support costs.
There was a net expenditure net and movement of funds of £61,106.
Financial review
As at 28 February 2023 the charity held unrestricted reserves, being the net current assets of the charity of £11,869 (2022: £74,599).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund has an acceptable level of reserves.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 28 February 2023
The trustees' annual report and the strategic report were approved on 26 December 2023 and signed on behalf of the board of trustees by:
J Freifeld Trustee
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Beis Hamedrash Hechodosh
Year ended 28 February 2023
I report to the trustees on my examination of the financial statements of Beis Hamedrash Hechodosh ('the charity') for the year ended 28 February 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
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the financial statements 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
-
the financial statements 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).
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Beis Hamedrash Hechodosh (continued)
Year ended 28 February 2023
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Howard Schwalbe ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
26 December 2023
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 28 February 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 357,398 | 357,398 | 385,466 |
| Investment income | 6 | 1,631 | 1,631 | 1,122 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 359,029 | 359,029 | 386,588 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | 420,135 | 420,135 | 335,298 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 420,135 | 420,135 | 335,298 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (61,106) | (61,106) | 51,290 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 106,502 | 106,502 | 55,212 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 45,396 | 45,396 | 106,502 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Statement of Financial Position
28 February 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 14 | 33,527 | 31,903 |
| Current assets | |||
| Debtors | 15 | – | 45,473 |
| Cash at bank and in hand | 12,769 | 30,026 | |
| ---------------------------- | ---------------------------- | ||
| 12,769 | 75,499 | ||
| Creditors: amounts falling due within one year | 16 | 900 | 900 |
| ---------------------------- | ---------------------------- | ||
| Net current assets | 11,869 | 74,599 | |
| ---------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 45,396 | 106,502 | |
| ---------------------------- | -------------------------------- | ||
| Net assets | 45,396 | 106,502 | |
| ============================ | ================================ | ||
| Funds of the charity | |||
| Unrestricted funds | 45,396 | 106,502 | |
| ---------------------------- | -------------------------------- | ||
| Total charity funds | 17 | 45,396 | 106,502 |
| ============================ | ================================ |
For the year ending 28 February 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 26 December 2023, and are signed on behalf of the board by:
J Freifeld
Trustee
The notes on pages 8 to 16 form part of these financial statements.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2nd Floor Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
3. Accounting policies (continued)
Investments (continued)
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
3. Accounting policies (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
3. Accounting policies (continued)
Financial instruments (continued)
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Beis Hamedrash Hechodosh is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 357,398 | 357,398 | 372,027 | 372,027 |
| Grants | ||||
| J R S | – | – | 13,439 | 13,439 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 357,398 | 357,398 | 385,466 | 385,466 | |
| ================================ | ================================ | ================================ | ================================ |
6. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from investment properties | 1,624 | 1,624 | 1,116 | 1,116 |
| Bank interest receivable | 7 | 7 | 6 | 6 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 1,631 | 1,631 | 1,122 | 1,122 | |
| ======================= | ======================= | ======================= | ======================= |
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable grants | 418,478 | 418,478 | 330,377 | 330,377 |
| Support costs | 1,657 | 1,657 | 4,921 | 4,921 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 420,135 | 420,135 | 335,298 | 335,298 | |
| ================================ | ================================ | ================================ | ================================ |
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
8. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Grant funding |
Support | Total funds | Total fund | |
| directly | of activities |
costs | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Charitable grants | 35,545 | 382,933 |
756 | 419,234 | 331,339 |
| Governance costs | – | – |
901 | 901 | 3,959 |
| ---------------------------- | -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 35,545 | 382,933 |
1,657 | 420,135 | 335,298 | |
| ============================ | ================================ | ======================= | ================================ | ================================ |
9. Analysis of support costs
| Analysis of | ||||
|---|---|---|---|---|
| support costs | Total 2023 | Total 2022 | ||
| £ | £ | £ | ||
| General office | 756 | 756 | 558 | |
| Governance costs | 901 | 901 | 900 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 1,657 | 1,657 | 1,458 | ||
| ======================= | ======================= | ======================= | ||
| 10. | Analysis of grants | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Grants to institutions | ||||
| Ahavas Torah | 4,500 | – | ||
| Beis Tefiloh | 76,752 | – | ||
| British Friends Of Tiferes Chaim | – | 1,800 | ||
| Grants under £1000 | 2,347 | – | ||
| Kollel Gaon Yaakov | 7,850 | 7,900 | ||
| M H Trust | – | 4,000 | ||
| Y A M F | 5,600 | – | ||
| ---------------------------- | ---------------------------- | |||
| 97,049 | 13,700 | |||
| Grants to individuals | ||||
| Grants to individuals | 285,884 | 269,619 | ||
| -------------------------------- | -------------------------------- | |||
| Total grants | 382,933 | 283,319 | ||
| ================================ | ================================ | |||
| 11. | Independent examination fees | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 900 | 900 | ||
| ============== | ============== |
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 35,545 | 47,058 |
| ============================ | ============================ | |
| The average head count of employees during the year was 6 (2022: 7). The average | number of | |
| full-time equivalent employees during the year is analysed as follows: | ||
| 2023 | 2022 | |
| No. | No. | |
| Number of staff - clergy & admin | 6 | 7 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received or expenses reimbursed by the trustees.
14. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 March 2022 | 31,903 |
| Additions | 1,624 |
| ---------------------------- | |
| At 28 February 2023 | 33,527 |
| ============================ | |
| Impairment | |
| At 1 March 2022 and 28 February 2023 | |
| Carrying amount | |
| At 28 February 2023 | 33,527 |
| ============================ | |
| At 28 February 2022 | 31,903 |
| ============================ |
Investment properties
Investment properties comprise a single investment made in a property syndicate in the UK. The trustees exert no significant influence over the investment syndicate.
The carrying value is per management valuation in conjunction with various valuation tools and is at fair value.
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
15. Debtors
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Other debtors | – | 45,473 | |||
| ============== | ============================ | ||||
| 16. | Creditors: amounts falling due within | one year | |||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Accruals and deferred income | 900 | 900 | |||
| ============== | ============== | ||||
| 17. | Analysis of charitable funds | ||||
| Unrestricted funds | |||||
| At 01 | At 28 | ||||
| Mar 2022 | Income | Expenditure | Feb 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 106,502 | 359,029 | (420,135) | 45,396 |
|
| ================================ | ================================ | ================================ | ============================ | ||
| At 01 | At 28 | ||||
| Mar 2021 | Income | Expenditure | Feb 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 55,212 | 386,588 | (335,298) | 106,502 |
|
| ============================ | ================================ | ================================ | ================================ | ||
| 18. | Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2023 | ||||
| £ | £ | ||||
| Tangible fixed assets | 33,527 | 33,527 | |||
| Current assets | 12,769 | 12,769 | |||
| Creditors less than 1 year | (900) | (900) |
|||
| ---------------------------- | ---------------------------- | ||||
| Net assets | 45,396 | 45,396 | |||
| ============================ | ============================ | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2022 | ||||
| £ | £ | ||||
| Tangible fixed assets | 31,903 | 31,903 | |||
| Current assets | 75,499 | 75,499 | |||
| Creditors less than 1 year | (900) | (900) |
|||
| -------------------------------- | -------------------------------- | ||||
| Net assets | 106,502 | 106,502 | |||
| ================================ | ================================ |
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Beis Hamedrash Hechodosh
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 28 February 2023
19. Taxation
Beis Hamedrash Hechodosh is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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