2021-03-31-accounts - Tchabe Kollel Limited

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REGISTERED COMPANY NUMBER: 05947238 (England and Wales) REGISTERED CHARITY NUMBER: 1116598

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

TCHABE KOLLEL LIMITED

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

TCHABE KOLLEL LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2021

		Page
Report of the Trustees	1	to	4
Report of the Independent Auditors	5	to	8
Statement of Financial Activities		9
Balance Sheet		10
Cash Flow Statement		11
Notes to the Cash Flow Statement		12
Notes to the Financial Statements	13	to	21

TCHABE KOLLEL LIMITED (REGISTERED NUMBER: 05947238)

REPORT OF THE TRUSTEES for the year ended 31 March 2021

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 31 March 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 objectives of the Tchabe Kollel are to advance the Jewish Faith and Jewish Religious education for the benefit of the public and to manage the College of Higher Rabbinical Studies Tiferes Shalom known as the "Tchabe Kollel".

In furtherance of these objectives the charity:

Manages the College of Higher Rabbinical Studies Tiferes Shalom known as the "Tchabe Kollel";
Provides bursaries to full time and part time students of the Tchabe Kollel;
Provides grants to qualifying institutions who are involved in the furtherance of the Jewish Faith and in advancing Jewish Education;
Provides grants and bursaries to qualifying needy families and individuals who are members of the Jewish Faith.

Public benefit

The trustees have 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 planning the charity's future activities.The aims of the charitable company for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charitable company's aims for the public benefit are outlined under 'Achievements and Performance' below.

Grantmaking

In general the trustees support charities which are involved in the furtherance of the Jewish Faith and advancement of Jewish Education. 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

Charitable activities

Donations received during the year were less than those of the preceding year but exceeded £8.1m, which enabled the charity to continue its grant making activities to both institutions and individuals.

During the year the charity continued to manage and operate the College of Higher Rabbinical Studies Tiferes Shalom which is known as the "Tchabe Kollel". The Kollel is open to all mature students who are able to study at the advanced level that we aspire to achieve. Study sessions, both formal lectures and informal peer group study and tutorials run from early mornings until late evenings. Study is divided into three main groups;

Talmudic studies; Halacha (Jewish legal studies); and

Promoting the Jewish faith, including gatherings with both teenage youth and the elderly.

As a result of the covid-19 pandemic and in accordance with Government guidelines, the charity temporarily reduced the number of students in the Kollel. Direct costs represent bursaries paid to full time students in furtherance of this objective.

In addition to operating our Kollel we provide much needed financial support to needy families and individuals and grants to other qualifying Institutions that are involved in the furtherance of the Jewish Faith and Education.

FINANCIAL REVIEW

Investment policy and objectives

Under its Memorandum of Association the charity has power to invest in any way the trustees wish.

Page 1

TCHABE KOLLEL LIMITED (REGISTERED NUMBER: 05947238)

REPORT OF THE TRUSTEES for the year ended 31 March 2021

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 activities and receiving resources through voluntary donations. The trustees consider that the ideal level of reserves as at 31 March 2021 would be about three months of expenditure. However, Tchabe Kollel Limited is principally operated as a grant giving charity, and the trustees' policy is to distribute income arising in each financial year as it becomes available.

The actual reserves at 31 March 2021 were £68,441 which is significantly less than our target figure. The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility.

Financial results

The financial results for the year to 31 March 2021 are shown in the attached financial statements.

Total income for the year decreased from £8,445,562 to £8,168,088. Total expenditure alo decreased from £8,315,324 to £7,706,941 in comparison with the previous period. Grants paid during the year decreased from £7,257,712 in 2020 to £7,257,220. The charity, as indicated in the reserves policy, tries to distribute as much of the donations received as possible to institutions with similar charitable objectives and individuals.

There was a net increase in funds of £461,147 (2020 - £130,238) with total unrestricted funds carried forward of £68,441 (2020 - negative £392,706).

FUTURE PLANS

The charity plans to continue to manage and operate the Kollel and hopes to expand the number of full time mature students to pre covid levels. As a result of the pandemic the planned fundraising dinner in 2021 could not take place and alternative fundraising activities to help raise additional funds for the Kollel and for the much needed grants that the charity makes are being considered.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Tchabe Kollel is constituted as a company limited by guarantee and was incorporated on 26 September 2006. In the event of the company being wound up during the period of membership or within the year following, the company members are required to contribute an amount not exceeding £1. The company is registered under the Companies Act, England and Wales (Company Registration Number 5947238) and with the Charity Commission (Charity Registration Number 1116598) and is governed by its memorandum and articles of association.

Recruitment and appointment of new trustees

The Articles of Association stipulate that there must be a minimum of three trustees and there is no maximum number of trustees. All trustees must be members of the charitable company. Additional trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election. One third of the trustees are to retire by rotation at each Annual General Meeting.

No trustee had any beneficial interest in any contract with the charitable company during the year.

Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body.

Organisational structure

The board of trustees administers the charity. The board meets quarterly. The day to day management of Tchabe Kollel is delegated by the trustees to the Principal.

Induction and training of new trustees

The charitable company strives to ensure equal opportunities and diversity in both the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.

Page 2

TCHABE KOLLEL LIMITED (REGISTERED NUMBER: 05947238)

REPORT OF THE TRUSTEES for the year ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Key management remuneration

The chief executive and head of Kollel, Rabbi E Schwartz was paid a remuneration of £6,831 (2020 - £6,731).

Fundraising

The charity has a good reputation within the local community and has a large pool of regular donors who wish to have a part in the charitable activities of the charity. Existing donors often recommend and encourage other philanthropists to pledge their support to the success of the charity. As such, the trustees do not engage professional fundraisers nor do they undertake public collections or cold calls.

The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances.

The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities.

Wider network

At present Tchabel Kollel Limited does not consider itself part of a wider network.

Risk management

The trustees have examined the major strategic and operational risks which the charitable company faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

The charity has systems in place to ensure that any existing or potential trustees are not disqualified from acting as a trustee.

Covid 19

Since the beginning of 2020, the Covid 19 pandemic has developed rapidly, with significant social and economic impact. The trustees have taken a number of measures to monitor and ensure the health and safety of our employees, volunteers and end beneficiaries. At this stage the impact on the charity's ability to continue with its charitable activities is not significant. The trustees have adapted the charity's activities to comply with government's policies and guidance.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

05947238 (England and Wales)

Registered Charity number

1116598

Registered office

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

Trustees

Mr G R Conrad Mr S Kraushar Mrs R Devries

Company Secretary

Mr G R Conrad

Page 3

TCHABE KOLLEL LIMITED (REGISTERED NUMBER: 05947238)

REPORT OF THE TRUSTEES for the year ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

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

Principal bankers

Metro Bank One Waterhouse Square EC1N 2ST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Tchabe Kollel Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Raffingers LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 23 December 2021 and signed on its behalf by:

Mr G R Conrad - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TCHABE KOLLEL LIMITED

Opinion

We have audited the financial statements of Tchabe Kollel Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TCHABE KOLLEL LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TCHABE KOLLEL LIMITED

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charitable company through discussions with management and from our commercial knowledge and experience of the charity sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the association, including the Companies Act 2006, Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019), Trustees Act, Bribery Act, Health and safety legislation and data protection;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence if available; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations, including the ones that ensure that the grants are used for intended purposes.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested donations received and grant paid for accuracy and completeness;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TCHABE KOLLEL LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor) for and on behalf of Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

23 December 2021

Page 8

TCHABE KOLLEL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Relief of poverty, advancement of education and furtherance of religion Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2021 Unrestricted fund £ 8,168,088 18,289 7,688,652 7,706,941 461,147 (392,706) 68,441	2020 Total funds £ 8,445,562 26,826 8,288,498 8,315,324 130,238 (522,944) (392,706)

The notes form part of these financial statements

Page 9

TCHABE KOLLEL LIMITED (REGISTERED NUMBER: 05947238)

BALANCE SHEET

31 March 2021

2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 1,856 CURRENT ASSETS Debtors 11 5,200 Cash at bank 77,685 82,885 CREDITORS Amounts falling due within one year 12 (16,300) NET CURRENT ASSETS/(LIABILITIES) 66,585 TOTAL ASSETS LESS CURRENT LIABILITIES 68,441 NET ASSETS/(LIABILITIES) 68,441 FUNDS 13 Unrestricted funds 68,441 TOTAL FUNDS 68,441	2020 Total funds £ 2,506 - 60,584 60,584 (455,796) (395,212) (392,706) (392,706) (392,706) (392,706)

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 23 December 2021 and were signed on its behalf by:

Mr G R Conrad - Trustee

The notes form part of these financial statements

Page 10

TCHABE KOLLEL LIMITED

CASH FLOW STATEMENT

for the year ended 31 March 2021

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by/(used in) operating 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	2021 £ 17,204 (103) 17,101 17,101 60,584 77,685	2020 £ (40,788) (2,470) (43,258) (43,258) 103,842 60,584

The notes form part of these financial statements

Page 11

TCHABE KOLLEL LIMITED

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2021

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
	2021	2020
	£	£
Net income for the reporting period (as per the Statement of Financial
Activities)	461,147	130,238
Adjustments for:
Depreciation charges	650	867
Interest paid	103	2,470
(Increase)/decrease in debtors	(5,200)	800
Decrease in creditors	(439,496)	(175,163)
Net cash provided by/(used in) operations	17,204	(40,788)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.20 Cash flow At £ £ Net cash Cash at bank 60,584 17,101 60,584 17,101 Total 60,584 17,101	31.3.21 £ 77,685
	77,685
	77,685

The notes form part of these financial statements

Page 12

TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021

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.

The charitable company constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Assessment of going concern

The trustees, in their consideration of going concern, have reviewed the charity's future cash flow forecasts and income projects which they believe are based on market data and past experience of similar charities. The charity is subject to a number of significant risks and uncertainties, which could affect the charity's ability to meet these forecasts. The trustees believe that the charity is adequately placed to manage its business risks.

After making enquiries, and taking into account the above, the trustees have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial statements.

The trustees, having made appropriate enquiries, consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the period ended 31 March 2020. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet the liabilities as they fall due. In arriving at the conclusion, the trustees have considered the potential implications of the effects of Covid 19 on the charity. The figures for the period under consideration have not been impacted by Covid 19 and the trustees are confident that no adjustments are necessary to the carrying value of the assets held at the balance sheet date.

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 year end date are noted as a commitment but not accrued as expenditure.

Raising funds

continued...

Page 13

TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

1. ACCOUNTING POLICIES - continued

Raising funds

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.

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 audit fees and costs linked to the strategic management of the charity.

Allocation and apportionment of costs

Overhead and support costs relating to charitable activities have been apportioned based on usage.

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 - 25% on reducing balance Computer equipment - 25% on reducing balance

Taxation

The charity is exempt from corporation 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.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Debtors more than one year are included in the accounts at their carrying value.

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.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

continued...

Page 14

TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2021

1. ACCOUNTING POLICIES - continued

Creditors 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 settlement can be estimated reliably.

Critical accounting estimates and areas of judgement

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include

assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge.

2. DONATIONS AND LEGACIES

Donations 3. RAISING FUNDS Fundraising Office and fundraising costs 4. CHARITABLE ACTIVITIES COSTS	2021 £ 8,168,088 2021 £ 18,289	2020 £ 8,445,562	2020 £ 8,445,562
			2020 £ 26,826

Relief of poverty, advancement of education and furtherance of religion Grant funding of activities	Grant funding of activities (see note 5) £ 7,257,220	Support costs (see note 6) £ 76,156	Totals £ 7,688,652

		2021	2020
		£	£
Grants to institutions (see note 6)	6,919,562		6,911,287
Grants to individuals (see note 6)	337,658		346,425


	7,257,220		7,257,712

continued...

Page 15

TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

5. GRANTS PAYABLE

GRANTS PAYABLE
	2021	2020
	£	£
Relief of poverty, advancement of education and furtherance of religion	7,257,220	7,257,712

continued...

Page 16

TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

5. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

	2021	2020
	£	£
Ateres Bonois	-	320,550
Ateret Yerushalayim	-	125,405
Bais Hamedrash Yeshias Israel	171,501	-
Beis Medrash Hagadol Slonim	195,273	-
Beis Rachel School	-	232,400
Beis Yakov Hayushun	265,403	311,239
Biale Institutions - Chelkot Yehoshua	-	304,838
Camp Kiryas Yoel	-	103,057
Chasday David Institutions	230,558	-
Chasdei Aharon Limited	-	162,453
Chased L'abraham	214,755	111,475
Chinuch Jerushalaim	218,094	99,975
Chochmat Yaakov Beit Shemesh	-	247,459
Cong. Kahal Chareidem	333,034	-
Cong. Mosdos Toldos Aharon	646,900	-
Cong. Neta Sorak	-	102,897
Cong. Talmud Torah Breslev Jerusalem	-	145,551
Imohos Hayashivah	-	177,813
Irgun Haysomim Boneini	169,350	-
Kehal Beis Moshe V'aharon	287,103	-
Kehal Ohel Menachem Vitepsk	269,160	149,850
Keren Ezer Chasanim	214,605	50,000
Keren Yesomim Fund	273,452	107,249
Khal Chasidei Yerushalayim	-	180,440
Kolel Talmudie Mesifta	-	146,490
Kolel Tifereth Meshilem D'Tosh	211,250	-
Kollel Noam Eliezer	143,420	-
Kupas Yishuv Hayashan	-	115,000
Mesifta Ziv Hatorah	180,120	-
Mifal Hachesed Keren Ose Choyil	214,829	-
Mifal Hachnasas Orchim Machse L'Avyon	106,000	-
Mifal Keren Hachesed	296,303	-
Mikva Ramu	-	181,280
Mishkanos Chifah	-	154,940
Mosdos Chesed L'Avraham	-	100,000
Mosdos Tiferes Yochanan	-	190,817
Ohr Yakov Kollel Avreichim	-	226,630
Shem Olam	-	138,340
Start Upright	140,602	-
Talmud Torah Beit Yosef	100,640	-
Talmud Torah Derech Hakodesh	-	181,975
Talmud Torah Oor Hmair	-	277,870
Tiferes Yerushalayim	-	153,962
Yeshiva Darchei Noam	-	221,573
Yeshiva Emek Halacha	-	229,200
Yeshiva Lezeirim Mivtzar Hatorah Elad	211,688	-

Yeshivas Meirim

135,500

continued...

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TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

135,978 215,165 - 1,309,416	135,978 215,165 - 1,309,416	135,978 215,165 - 1,309,416
6,911,287
	2020 £ 346,425
		Totals £ 76,156
		2020 £ 15,000 867

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

continued...

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TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

9. STAFF COSTS

2021 £ Wages and salaries 47,716 47,716 The average monthly number of employees during the year was as follows: 2021 Charitable activities 9 No employees received emoluments in excess of £60,000. 10. TANGIBLE FIXED ASSETS Fixtures and Computer fittings equipment £ £ COST At 1 April 2020 and 31 March 2021 7,179 515 DEPRECIATION At 1 April 2020 4,741 447 Charge for year 633 17 At 31 March 2021 5,374 464 NET BOOK VALUE At 31 March 2021 1,805 51 At 31 March 2020 2,438 68 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors 5,200	2020 £ 42,208	2020 £ 42,208
	42,208
	2020 9 Totals £ 7,694 5,188 650 5,838 1,856 2,506 2020 £ -
		5,188 650
		5,838
		1,856
		2,506
		2020 £ -

continued...

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TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors 13. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS	At 1.4.20 £ (392,706) (392,706) Incoming resources £ 8,168,088 8,168,088 At 1.4.19 £ (522,944) (522,944) follows: Incoming resources £ 8,445,562 8,445,562	2021 £ 16,300 Net movement in funds £ 461,147 461,147 Resources expended £ (7,706,941) (7,706,941) Net movement in funds £ 130,238 130,238 Resources expended £ (8,315,324) (8,315,324)	2020 £ 455,796 At 31.3.21 £ 68,441 68,441 Movement in funds £ 461,147 461,147 At 31.3.20 £ (392,706) (392,706) Movement in funds £ 130,238 130,238

continued...

Page 20

TCHABE KOLLEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2021

14. RELATED PARTY DISCLOSURES

During the year, Tchabe Kollel Limited received net donations from Start Upright of £460,792, a charity of which Mr G R Conrad and Mrs R Devries are trustees.

During the year, Tchabe Kollel Limited received net donations from the College for Higher Rabbinical Studies of £695,316, a charity of which Mr G R Conrad is a trustee.

During the current and previous periods, rents for the use of the study hall were paid to College for Higher Rabbinical Studies, a charity of which Mr G R Conrad is a trustee.

Page 21