Charity Registration No. 1108790
FRIENDS OF YESHIVAS TORAH OHR
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
FRIENDS OF YESHIVAS TORAH OHR
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Philip Weinstein Mr Jack Emanuel (Appointed 15 October 2020) Mr Jonathan Sanger (Appointed 17 February 2021)
Charity number 1108790 Registered office 37 The Ridgeway London NW11 8QP Independent examiner Michael, Pasha & Co. 220 The Vale London NW11 8SR Bankers CAF Bank 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4JQ
FRIENDS OF YESHIVAS TORAH OHR
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 9 |
FRIENDS OF YESHIVAS TORAH OHR
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed , the Charities Act 2011 and "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
The charity's objects are the advancement of Orthodox Jewish religious education throughout the world and in particular by supporting the charitable activities of the college Yeshivas Torah Ohr, Rechov Sorotzkin, Mattersdorf.
Public benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The Trustees are satisfied that their fundraising and grant-making activities are at a suitable level for the charity. Funds remitted to the College in Israel have been used as part of the College's running costs. The College instructs and teaches Orthodox Judaism.
Grants made (£484,150) were again more than in the prior year. The trustees are grateful to the donors contributing to the charity, which has enabled them to reach this level of activity.
There are no current plans to change the activities or modus operandi in the foreseeable future.
Financial review
In the period under review, the charity made a deficit of £941 (2020:deficit of £108,143).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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.
Structure, governance and management
The charity is a legally registered charity no.1108790 constituted by a deed of trust.
The Trustees record with deep regret the passing of Mr David Chontow and Mr Ivor Smith, founding Trustees of the Charity
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr Ivor Smith (Deceased 15 January 2021) Mr Philip Weinstein Mr Jack Emanuel (Appointed 15 October 2020) Mr David Chontow (Deceased 9 September 2020) Mr Jonathan Sanger (Appointed 17 February 2021)
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FRIENDS OF YESHIVAS TORAH OHR
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
The Charity's elected Trustees are appointed at an Annual General Meeting of the Charity on the basis of the Board's specifications concerning eligibility, personal competence, specialist skills, business and community knowledge and local availability.
The Trustees r eport was approved by the Board of Trustees.
Mr Philip Weinstein
Trustee Dated: 1 December 2021
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FRIENDS OF YESHIVAS TORAH OHR
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF YESHIVAS TORAH OHR
I report to the Trustees on my examination of the financial statements of FRIENDS OF YESHIVAS TORAH OHR (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable 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 ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Michael Weissbraun, FCA Michael, Pasha & Co.
220 The Vale London NW11 8SR
Dated: 24 November 2021
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FRIENDS OF YESHIVAS TORAH OHR
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Donations and legacies | 2 | 485,030 | 283,442 |
| Expenditure on: | |||
| Charitable activities | 3 | 485,971 | 393,768 |
| Net expenditure for the year/ | |||
| Net outgoing resources | (941) | (110,326) |
|
| Other recognised gains and losses | |||
| Other gains or losses | 7 | - | 2,183 |
| Net movement in funds | (941) | (108,143) |
|
| Fund balances at 1 April 2020 | 11,334 | 119,477 | |
| Fund balances at 31 March 2021 | 10,393 | 11,334 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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FRIENDS OF YESHIVAS TORAH OHR
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Income funds Unrestricted funds |
2021 £ 11,013 (620) |
£ 10,393 10,393 10,393 |
2020 £ 11,885 (551) |
£ 11,334 11,334 11,334 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 1 December 2021
Mr Philip Weinstein Trustee
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FRIENDS OF YESHIVAS TORAH OHR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
Friends of Yeshivas Torah Ohr is a legally registered charity no. 1108790 constituted by a deed of trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 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 settlement will be required and the amount of the obligation can be reliably measured.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
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FRIENDS OF YESHIVAS TORAH OHR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.7 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 485,030 | 283,442 |
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FRIENDS OF YESHIVAS TORAH OHR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
3 Charitable activities
| Charitable payments Share of support costs (see note 4) Share of governance costs (see note 4) Support costs Support costs Governance costs £ £ Bank charges 376 - Bookkeeping fees - - Advertising costs 585 - Admin costs 240 - Accountancy - 620 1,201 620 Analysed between Charitable activities 1,201 620 |
2021 £ 376 - 585 240 620 1,821 1,821 |
Charitable Expenditure Heading 1 Charitable Expenditure Heading 1 2021 2020 £ £ 484,150 391,851 1,201 1,367 620 550 485,971 393,768 Support costs Governance costs 2020 £ £ £ 827 - 827 540 - 540 - - - - - - - 550 550 1,367 550 1,917 1,367 550 1,917 |
|---|---|---|
4 Support costs
Governance costs includes payments to the auditors of £ 620 (2020- £ 550 ) for audit fees.
5 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Trustees' Expenses
None of the Trustees (or any person connected with them) were repaid for any expenses incurred during the year.
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FRIENDS OF YESHIVAS TORAH OHR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | ||
|---|---|---|---|
| Number | Number | ||
| Total | - | - | |
| 7 | Other gains or losses | ||
| Unrestricted | |||
| funds | |||
| 2020 | |||
| £ | |||
| Foreign exchange gains | (2,183) | ||
| 8 | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 620 | 551 | |
| 9 | Related party transactions |
There were no disclosable related party transactions during the year (2020 - none).
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