REGISTERED CHARITY NUMBER: 1109192
YGS YESHIVA GEDOLA SEMINAR
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
YGS YESHIVA GEDOLA SEMINAR
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 | |
| Cash Flow Statement | 6 | |
| Notes to the Cash Flow Statement | 7 | |
| Notes to the Financial Statements | 8 to | 12 |
YGS YESHIVA GEDOLA SEMINAR
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES S Seidenfeld B Berger L Weiss PRINCIPAL ADDRESS 167 Kyverdale Road London N16 6PS REGISTERED CHARITY 1109192 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS SECRETARY O Y Herzog
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YGS YESHIVA GEDOLA SEMINAR
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and activities
The objective of the charity are the advancement of the Orthodox Jewish Religion and Orthodox and Orthodox Jewish education; the relief of the poor sick and feeble throughout the world, in particular but not exclusively amongst members of the Jewish Faith residing in New York USA.
The charity's principal activity throughout the year was that of grantmaking to institutions and organisations. The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
There was a increase in income of some 3% with grantmaking a similar level to the previous year There was a deficit for the year which was funded from funded from reserves held.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £(366) deficit, (2022- £49,166).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity Constitution
The charity is constituted and governed by Declaration of Trust dated 18 March 2005.
Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
Approved by order of the board of trustees on 25 January 2024 and signed on its behalf by:
L Weiss - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YGS YESHIVA GEDOLA SEMINAR
Independent examiner's report to the trustees of YGS Yeshiva Gedola Seminar
I report to the charity trustees on my examination of the accounts of YGS Yeshiva Gedola Seminar (the Trust) for the year ended 31 March 2023.
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 member of the Institute of Chartered Accountants in England and Wales, 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.
E Meyer FCA Bsc
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
25 January 2024
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YGS YESHIVA GEDOLA SEMINAR
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 784,050 EXPENDITURE ON Raising funds 11,306 Charitable activities 2 Grantmaking 819,158 Support 3,118 Total 833,582 NET INCOME/(EXPENDITURE) (49,532) RECONCILIATION OF FUNDS Total funds brought forward 49,166 TOTAL FUNDS CARRIED FORWARD (366) |
2022 Total funds £ 741,666 395 822,905 3,107 826,407 (84,741) 133,907 49,166 |
|---|---|
The notes form part of these financial statements
Page 4
YGS YESHIVA GEDOLA SEMINAR
BALANCE SHEET 31 MARCH 2023
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 7 NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2023 Total funds £ 105,874 (6,240) 99,634 99,634 (100,000) (366) (366) (366) |
2022 Total funds £ 55,406 (6,240) 49,166 49,166 - 49,166 49,166 49,166 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2024 and were signed on its behalf by:
L Weiss - Trustee
The notes form part of these financial statements
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YGS YESHIVA GEDOLA SEMINAR
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from financing activities New loans in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ (49,532) (49,532) 100,000 100,000 50,468 55,406 105,874 |
2022 £ (84,549) (84,549) - - (84,549) 139,955 55,406 |
|---|---|---|
The notes form part of these financial statements
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YGS YESHIVA GEDOLA SEMINAR
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Net expenditure for the reporting period (as per | the Statement | |||
| of Financial Activities) | (49,532) | (84,741) | ||
| Adjustments for: | ||||
| Increase in creditors | - | 192 | ||
| Net cash used in operations | (49,532) | (84,549) | ||
| ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At 1.4.22 | Cash flow | At 31.3.23 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 55,406 | 50,468 | 105,874 | |
| 55,406 | 50,468 | 105,874 | ||
| Debt | ||||
| Debts falling due after 1 year | - | (100,000) | (100,000) | |
| - | (100,000) | (100,000) | ||
| Total | 55,406 | (49,532) | 5,874 |
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
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YGS YESHIVA GEDOLA SEMINAR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
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.The following specific policies are applied to particular categories of income:
Donations are accounted for when received. All other income is recognised on a receivable basis.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Raising funds comprise the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. CHARITABLE ACTIVITIES COSTS
| Grantmaking Support |
Direct Costs £ - 200 200 |
Grant funding of activities (see note 3) £ 819,158 - 819,158 |
Support costs (see note 4) £ - 2,918 2,918 |
Totals £ 819,158 3,118 |
|---|---|---|---|---|
| 822,276 |
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YGS YESHIVA GEDOLA SEMINAR
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. GRANTS PAYABLE
| Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Relief of poverty Avancement of education Social welfare General |
||
|---|---|---|
| United Talmudical Seminary | ||
| Keren Habinyan Hachodosh | ||
| Tzidkas Remo | ||
| Mosdos Vayoel Moshe | ||
| Rookwood Foundation Ltd | ||
| Others under £11,000 | ||
| The total grants paid to individuals during the year was as follows: Medical SUPPORT COSTS Finance Other £ £ Support 138 500 Support costs, included in the above, are as follows: Finance Bank charges |
4. SUPPORT COSTS
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YGS YESHIVA GEDOLA SEMINAR
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
4. SUPPORT COSTS - continued Other
| SUPPORT COSTS - continued Other |
||
|---|---|---|
| 2023 | 2022 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Sundries | 500 | - |
| Governance costs | ||
| 2023 | 2022 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Independent examiner's fee | 1,140 | 1,140 |
| Independent examiner's other fees | 1,140 | 1,140 |
| General expenses | - | 72 |
| 2,280 | 2,352 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Other creditors | 6,240 | 6,240 | |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other creditors | 100,000 | - | |
| 8. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Amounts falling due between two and five years: | |||
| Other loans - 2-5 years | 100,000 | - |
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YGS YESHIVA GEDOLA SEMINAR
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.4.22 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 49,166 | (49,532) | (366) |
| TOTAL FUNDS | 49,166 | (49,532) | (366) |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 784,050 | (833,582) | (49,532) |
| TOTAL FUNDS | 784,050 | (833,582) | (49,532) |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.4.21 | in funds | 31.3.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 133,907 | (84,741) | 49,166 |
| TOTAL FUNDS | 133,907 | (84,741) | 49,166 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 741,666 | (826,407) | (84,741) |
| TOTAL FUNDS | 741,666 | (826,407) | (84,741) |
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YGS YESHIVA GEDOLA SEMINAR
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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