REGISTERED COMPANY NUMBER: 06071791 (England and Wales) REGISTERED CHARITY NUMBER: 1119165
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
FOR
TALMUD TORAH BEIS SHLOMO LTD
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
TALMUD TORAH BEIS SHLOMO LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
TALMUD TORAH BEIS SHLOMO LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022
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 January 2022. 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 advancement of the Orthodox Jewish Faith, the advancement of Orthodox Jewish Religious Education, and such other purposes as are considered charitable in English Law. And to provide and manage a community centre with facilities for Jewish religious studies and activities, for the local Orthodox Jewish community.
Significant activities
The financial results of the company's activities for the year ended 31st January 2021 are fully reflected in the attached financial statements together with notes thereon.
The charity raised £312,174 (2020: £303,790) and received investment income of £25,250 (2020: £25,905).
The trustees are satisfied with the results and activities of the company for the year and do not anticipate any significant changes in the forthcoming year.
Public benefit
The trustees of the charity confirm that they have considered the Charity Commission's general guidance on public benefit and the requirements of s4 of the Charities Act 2011 in this area.
The purpose and objective of the charity is the provision of a safe environment for those using the facilities of the Torah Centre. The charity's funds are utilised to fund staff and activities at the Torah Centre on an ongoing basis.
FINANCIAL REVIEW
Principal funding sources
The major source of income during the year was donations from various institutions and from private individuals.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the working capital of the school.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06071791 (England and Wales)
Registered Charity number
1119165
Registered office
115 Craven Park Road South Tottenham London N15 6BL
Page 1
TALMUD TORAH BEIS SHLOMO LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2022
Trustees
D Fisher Property Management B Stern Food Importer Mrs R Stern Office Assistant
Company Secretary
B Katz
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 30 October 2022 and signed on its behalf by:
D Fisher - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TALMUD TORAH BEIS SHLOMO LTD
Independent examiner's report to the trustees of TALMUD TORAH BEIS SHLOMO LTD ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2022.
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 registered member of A.C.A 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
-
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.
Malcolm Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
30 October 2022
Page 3
TALMUD TORAH BEIS SHLOMO LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022
| 31.1.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 197,337 Investment income 2 144,426 Other income - Total 341,763 EXPENDITURE ON Raising funds 3 360,183 Charitable activities 4 Donations and grants 16,100 Other 5,407 Total 381,690 NET INCOME/(EXPENDITURE) (39,927) RECONCILIATION OF FUNDS Total funds brought forward 115,529 TOTAL FUNDS CARRIED FORWARD 75,602 |
31.1.21 Total funds £ 312,174 25,250 31,156 368,580 308,729 105,100 14,352 428,181 (59,601) 175,130 115,529 |
|---|---|
The notes form part of these financial statements
Page 4
TALMUD TORAH BEIS SHLOMO LTD
STATEMENT OF FINANCIAL POSITION 31 JANUARY 2022
| 31.1.22 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 33,687 Investment property 10 436,040 469,727 CURRENT ASSETS Debtors 11 26,793 Cash at bank 28,084 54,877 CREDITORS Amounts falling due within one year 12 (120,669) NET CURRENT ASSETS (65,792) TOTAL ASSETS LESS CURRENT LIABILITIES 403,935 CREDITORS Amounts falling due after more than one year 13 (328,333) NET ASSETS 75,602 FUNDS 15 Unrestricted funds 75,602 TOTAL FUNDS 75,602 |
31.1.21 Total funds £ 37,887 436,040 473,927 25,102 69,987 95,089 (118,487) (23,398) 450,529 (335,000) 115,529 115,529 115,529 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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
Page 5
continued...
TALMUD TORAH BEIS SHLOMO LTD
STATEMENT OF FINANCIAL POSITION - continued 31 JANUARY 2022
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 30 October 2022 and were signed on its behalf by:
B Stern - Trustee
The notes form part of these financial statements
Page 6
TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
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.
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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance Fixtures and fittings - 15% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
2. INVESTMENT INCOME
Rents received
31.1.22 31.1.21 £ £ 144,426 25,250
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.1.22 | 31.1.21 | |
| £ | £ | |
| Property repairs | 18,382 | 14,276 |
| Commission paid | - | 2,727 |
| Support costs | 13,308 | - |
| 31,690 | 17,003 |
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | ||
|---|---|---|
| Grant | ||
| funding of | ||
| activities | ||
| £ | ||
| Donations and grants | 16,100 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.1.22 | 31.1.21 | |
| £ | £ | |
| Depreciation - owned assets | 4,200 | 4,748 |
5. NET INCOME/(EXPENDITURE)
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2022 nor for the year ended 31 January 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2022 nor for the year ended 31 January 2021.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.1.22 | 31.1.21 | |
|---|---|---|
| Staff members | 35 | 33 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Donations and grants Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. TANGIBLE FIXED ASSETS Improvements to property £ COST At 1 February 2021 and 31 January 2022 119,412 DEPRECIATION At 1 February 2021 89,758 Charge for year 2,965 At 31 January 2022 92,723 NET BOOK VALUE At 31 January 2022 26,689 At 31 January 2021 29,654 |
Unrestricted fund £ 312,174 25,250 31,156 368,580 308,729 105,100 14,352 428,181 (59,601) 175,130 115,529 Fixtures and fittings Totals £ £ 52,302 171,714 44,069 133,827 1,235 4,200 45,304 138,027 6,998 33,687 8,233 37,887 |
|---|---|
continued...
Page 9
TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
10. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 February 2021 and 31 January 2022 NET BOOK VALUE At 31 January 2022 At 31 January 2021 |
£ 436,040 |
| 436,040 | |
| 436,040 |
Included in investment property is freehold land valued at £436,040 (2021 - £436,040).
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.22 £ Trade debtors 12,931 Other debtors 13,862 26,793 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.22 £ Trade creditors 12,459 Social security and other taxes 6,676 Other creditors 89,266 Accrued expenses 12,268 120,669 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.1.22 £ Bank loans (see note 14) 328,333 14. LOANS An analysis of the maturity of loans is given below: 31.1.22 £ Amounts falling due between two and five years: Bank loans - 2-5 years 43,333 Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 285,000 |
31.1.21 £ 10,099 15,003 25,102 31.1.21 £ 13,350 3,603 89,266 12,268 |
|---|---|
| 118,487 | |
| 31.1.21 £ 335,000 |
|
| 31.1.21 £ 50,000 |
|
| 285,000 |
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
15. MOVEMENT IN FUNDS
| At 1.2.21 £ Unrestricted funds General fund 115,529 TOTAL FUNDS 115,529 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 341,763 TOTAL FUNDS 341,763 Comparatives for movement in funds At 1.2.20 £ Unrestricted funds General fund 175,130 TOTAL FUNDS 175,130 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 368,580 TOTAL FUNDS 368,580 |
Net movement At in funds 31.1.22 £ £ (39,927) 75,602 (39,927) 75,602 Resources Movement expended in funds £ £ (381,690) (39,927) (381,690) (39,927) Net movement At in funds 31.1.21 £ £ (59,601) 115,529 (59,601) 115,529 Resources Movement expended in funds £ £ (428,181) (59,601) (428,181) (59,601) |
|---|---|
continued...
Page 11
TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2022
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.2.20 £ 175,130 175,130 |
Net movement in funds £ (99,528) (99,528) |
At 31.1.22 £ 75,602 |
|---|---|---|---|
| 75,602 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 710,343 710,343 |
Resources Movement expended in funds £ £ (809,871) (99,528) (809,871) (99,528) |
Resources Movement expended in funds £ £ (809,871) (99,528) (809,871) (99,528) |
|---|---|---|---|
| (99,528) |
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2022.
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