2023-02-27-accounts - Vista Education And Training Limited

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REGISTERED COMPANY NUMBER: 05041479 (England and Wales) REGISTERED CHARITY NUMBER: 1115840

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

VISTA EDUCATION AND TRAINING LIMITED

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

VISTA EDUCATION AND TRAINING LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 28 February 2023

		Page
Report of the Trustees	1	to	3
Independent Examiner's Report		4
Statement of Financial Activities		5
Balance Sheet	6	to	7
Notes to the Financial Statements	8	to	14

VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)

REPORT OF THE TRUSTEES for the year ended 28 February 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 28 February 2023. 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 objects of the charity are the advancement of education to advance the Jewish faith and the relief of poverty, both in the United Kingdom and overseas.

The charity aims to:-

Enable the hard-to-reach people we serve to achieve qualifications and acquire skills;
Meet the training needs of the community in a culturally sensitive environment;
Ensure members of the community do not have to go to mainstream providers in order to gain qualifications;
Promote employability and building confidence and self-esteem; and
Impact on the community, families and parents through education and accessibility to resources and training.

Public benefit

The board referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aim and objectives and in in planning the charity's future activities. In particular, the trustees consider how the planned activities will contribute to the aims and objectives set.

Grantmaking

The charity also provided grants to qualifying institutions and individuals. During the period, the charity made grants totalling £41,407 (2022 - £188,349).

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Vista Education and Training Limited is the leading, most experienced and longest established accredited vocational training centre in Stamford Hill, North London.

Vista Education and Training Limited provided vocational training programmes which provided courses for over 300 beneficiaries. Funding from the London Borough of Hackney continued during the period.

FINANCIAL REVIEW

Financial position

The financial results for the period to 28 February 2023 are shown in the attached financial statements.

Total income decreased from £495,274 to £431,621 and total expenditure decreased from £451,628 to £290,708 in comparison with the previous period. The previous period was an 18 month period, which affects the comparability of these financial figures.

There was a net increase in funds of £140,913 (2022 - £43,646) and the charity had reserves of £194,176 (2022 - £53,263) at the period end.

Investment policy and objectives

Under its trust deed the charity has the powers to invest in any way the trustees wish.

Page 1

VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)

REPORT OF THE TRUSTEES

for the year ended 28 February 2023

FINANCIAL REVIEW

Reserves policy

The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on educational and grant activities and receiving resources through voluntary donations and grants. The trustees consider that the ideal level of reserves for the period ended 28 February 2023 would be three months of resources expended which approximates to £72,000 (2022 - £113,000). The actual reserves at 28 February 2023 were £194,176, which the trustees consider as an adequate level to continue theirwork.

FUTURE PLANS

Vista Education and Training Limited will continue to expand and develop its training and educational programmes and grant making activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Vista Education and Training Limited was incorporated on 11 February 2004 as amended by special resolution dated on 20 July 2006.

Recruitment and appointment of new trustees

New trustees will be appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further the work of the charity.

Organisational structure

The board of Trustees administers the charity. The Board meets regularly.

Induction and training of new trustees

Any new trustee will be fully briefed on the history of the trust, and its objectives and plans, as well as the management and operational processes. Trustees can retire when they wish as they do not serve under a fixed term of tenure.

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.

The trustees have a risk management strategy which comprises:

an annual review of the risks the charity may face;
the establishment of systems and procedures to mitigate those risks identified in the plan;
the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

05041479 (England and Wales)

Registered Charity number

1115840

Registered office

19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Page 2

VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)

REPORT OF THE TRUSTEES

for the year ended 28 February 2023

Trustees

Rabbi S Lew Dr H J T C Loewenthal Mr J H Korer

Company Secretary Rabbi S Lew

Independent Examiner

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Approved by order of the board of trustees on 10 August 2023 and signed on its behalf by:

Rabbi S Lew - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VISTA EDUCATION AND TRAINING LIMITED

Independent examiner's report to the trustees of Vista Education and Training Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 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 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 Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
the accounts 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 accounts 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)).

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 Yedidya Zaiden

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

10 August 2023

Page 4

VISTA EDUCATION AND TRAINING LIMITED

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 28 February 2023

Year Ended 28.2.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations, grants and legacies 2 61,843 Charitable activities 3 Grants, vocational training and advice 369,778 Total 431,621 EXPENDITURE ON Charitable activities 4 Grants, vocational training and advice 290,708 NET INCOME 140,913 RECONCILIATION OF FUNDS Total funds brought forward 53,263 TOTAL FUNDS CARRIED FORWARD 194,176	Period 1.9.20 to 28.2.22 Total funds £ 93,901 401,373
	495,274
	451,628
	43,646 9,617
	53,263

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)

BALANCE SHEET

28 February 2023

2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 4,244 CURRENT ASSETS Debtors 12 113,500 Cash at bank 88,436 201,936 CREDITORS Amounts falling due within one year 13 (12,004) NET CURRENT ASSETS 189,932 TOTAL ASSETS LESS CURRENT LIABILITIES 194,176 NET ASSETS 194,176 FUNDS 14 Unrestricted funds 194,176 TOTAL FUNDS 194,176	2022 Total funds £ 8,404 - 84,650 84,650 (39,791) 44,859 53,263 53,263 53,263 53,263

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

continued...

Page 6

VISTA EDUCATION AND TRAINING LIMITED (REGISTERED NUMBER: 05041479)

BALANCE SHEET - continued

28 February 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 10 August 2023 and were signed on its behalf by:

Rabbi S Lew - Trustee

The notes form part of these financial statements

Page 7

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 28 February 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Exemption from preparing cash flow statement

The financial statements do not include a cash flow statement because the charitable company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Charities SORP (FRS 102) Update Bulletin 1, Module 14.

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 payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.

Grants offered subject to conditions which have not been met at the period end date are noted as a commitment but not accrued as expenditure.

Charitable activities

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the costs linked to the strategic management of the charity.

Allocation and apportionment of costs

Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to charitable activities have been apportioned based on staff time and usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% on reducing balance

continued...

Page 8

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 28 February 2023

1. ACCOUNTING POLICIES - continued

Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provision

Creditors and provision are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

Government grants

Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:

(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

continued...

Page 9

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 28 February 2023

2. DONATIONS, GRANTS AND LEGACIES

Year Ended 28.2.23 £ Donations, grants and training 61,843 Coronavirus job retention scheme grant - 61,843 INCOME FROM CHARITABLE ACTIVITIES Year Ended 28.2.23 Activity £ Income from charitable activities Grants, vocational training and advice 369,778 CHARITABLE ACTIVITIES COSTS Grant funding of activities Support Direct (see note costs (see Costs 5) note 6) £ £ £ Grants, vocational training and advice 201,658 41,407 47,643	Period 1.9.20 to 28.2.22 £ 51,491 42,410 93,901 Period 1.9.20 to 28.2.22 £ 401,373
	Totals £ 290,708

Year Ended
28.2.23
£
Donations, grants and training
61,843
Coronavirus job retention scheme grant
-
61,843
INCOME FROM CHARITABLE ACTIVITIES
Year Ended
28.2.23
Activity
£
Income from charitable
activities
Grants, vocational training and advice
369,778
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Support
Direct
(see note
costs (see
Costs
5)
note 6)
£
£
£
Grants, vocational training and advice
201,658
41,407
47,643

Period
1.9.20
to
28.2.22
£
51,491
42,410
93,901
Period
1.9.20
to
28.2.22
£
401,373

Totals
£
290,708

3. INCOME FROM CHARITABLE ACTIVITIES

4. CHARITABLE ACTIVITIES COSTS

5. GRANTS PAYABLE

	2023 £

Lubavitch Education Trust	12,560
Peninim Charity Trust	3,180 25,667 41,407
Various smaller grants

The above grants were made to institutions whose objects are in line with the objects of the charity and to individuals in furtherance of the objects of the charity.

continued...

Page 10

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 28 February 2023

6. SUPPORT COSTS

SUPPORT COSTS
		Governance
	Management	costs	Totals
	£	£	£
Grants, vocational training and advice	39,384	8,259	47,643

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

		Period
		1.9.20
	Year Ended	to
	28.2.23	28.2.22
	£	£
Depreciation - owned assets	4,160	8,237

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 28 February 2023 nor for the period ended 28 February 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 28 February 2023 nor for the period ended 28 February 2022.

9. STAFF COSTS

The average monthly number of employees during the year was as follows:

		Period
		1.9.20
	Year Ended	to
	28.2.23	28.2.22
Administration	2	2
Charitable	8	8
	10	10

No employees received emoluments in excess of £60,000.

continued...

Page 11

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 28 February 2023

10. INDEPENDENT EXAMINERS FEES

The Independent Examiners fees for the period were £3,000.

11. TANGIBLE FIXED ASSETS

COST At 1 March 2022 and 28 February 2023 DEPRECIATION At 1 March 2022 Charge for year At 28 February 2023 NET BOOK VALUE At 28 February 2023 At 28 February 2022 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accruals and deferred income	2023 £ 113,500 2023 £ - 2,160 6,844 3,000 12,004	Computer equipment £ 49,137 40,733 4,160 44,893 4,244 8,404 2022 £ - 2022 £ 10,979 2,978 6,421 19,413 39,791

continued...

Page 12

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 28 February 2023

14. MOVEMENT IN FUNDS

At 1.3.22
£
Unrestricted funds
General fund
53,263
TOTAL FUNDS
53,263
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
431,621
TOTAL FUNDS
431,621
Comparatives for movement in funds
At 1.9.20
£
Unrestricted funds
General fund
9,617
TOTAL FUNDS
9,617
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
495,274
TOTAL FUNDS
495,274

Net
movement
At
in funds
28.2.23
£
£
140,913
194,176
140,913
194,176
Resources
Movement
expended
in funds
£
£
(290,708)
140,913
(290,708)
140,913
Net
movement
At
in funds
28.2.22
£
£
43,646
53,263
43,646
53,263
Resources
Movement
expended
in funds
£
£
(451,628)
43,646
(451,628)
43,646

continued...

Page 13

VISTA EDUCATION AND TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 28 February 2023

15. RELATED PARTY DISCLOSURES

During the period the charity employed several individuals who were related to the trustee, Rabbi S Lew. Salaries paid to these individuals were as follows:

	Current	Previous
	£	£
Mrs H Lew	30,000	45,000
Mrs R Lew	285	3,420
Mrs Z Vogel	19,240	16,410

Page 14