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 2023
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 2023
| 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 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 31 January 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 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 2023 are fully reflected in the attached financial statements together with notes thereon.
The charity raised £216,992 (2022: £197,337) and paid donations that amounted to £36,860 (2022: £16,100).
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.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity received investment income in the form of rent that amounted to £161,991 (2022: £144,426).
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.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
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.
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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06071791 (England and Wales)
Page 1
TALMUD TORAH BEIS SHLOMO LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2023
Registered Charity number 1119165
Registered office
115 Craven Park Road South Tottenham London N15 6BL
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 7 November 2023 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 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.
Malcolm Venitt, ACA
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
7 November 2023
Page 3
TALMUD TORAH BEIS SHLOMO LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2023
| 31.1.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 216,992 Investment income 2 161,991 Total 378,983 EXPENDITURE ON Raising funds 3 326,421 Charitable activities 4 Donations and grants 36,860 Other 2,340 Total 365,621 NET INCOME/(EXPENDITURE) 13,362 RECONCILIATION OF FUNDS Total funds brought forward 75,602 TOTAL FUNDS CARRIED FORWARD 88,964 |
31.1.22 Total funds £ 197,337 144,426 341,763 360,183 16,100 5,407 381,690 (39,927) 115,529 75,602 |
|---|---|
The notes form part of these financial statements
Page 4
TALMUD TORAH BEIS SHLOMO LTD
STATEMENT OF FINANCIAL POSITION 31 JANUARY 2023
| 31.1.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 29,969 Investment property 10 436,040 466,009 CURRENT ASSETS Debtors 11 13,762 Cash at bank 35,961 49,723 CREDITORS Amounts falling due within one year 12 (108,435) NET CURRENT ASSETS (58,712) TOTAL ASSETS LESS CURRENT LIABILITIES 407,297 CREDITORS Amounts falling due after more than one year 13 (318,333) NET ASSETS 88,964 FUNDS 15 Unrestricted funds 88,964 TOTAL FUNDS 88,964 |
31.1.22 Total funds £ 33,687 436,040 469,727 26,793 28,084 54,877 (120,669) (65,792) 403,935 (328,333) 75,602 75,602 75,602 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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
Page 5
continued...
TALMUD TORAH BEIS SHLOMO LTD
STATEMENT OF FINANCIAL POSITION - continued 31 JANUARY 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 7 November 2023 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 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.
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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
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
| INVESTMENT INCOME | ||
|---|---|---|
| 31.1.23 | 31.1.22 | |
| £ | £ | |
| Rents received | 161,991 | 144,426 |
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.1.23 | 31.1.22 | |
| £ | £ | |
| Property repairs | 23,135 | 18,382 |
| Commission paid | 3,305 | - |
| Support costs | - | 13,308 |
| 26,440 | 31,690 |
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | Support | ||
| activities | costs | Totals | |
| £ | £ | £ | |
| Donations and grants | 20,000 | 16,860 | 36,860 |
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.1.23 | 31.1.22 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 3,718 | 4,200 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.1.23 | 31.1.22 | |
|---|---|---|
| Staff members | 35 | 35 |
No employees received emoluments in excess of £60,000.
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment 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 TANGIBLE FIXED ASSETS Improvements to property £ COST At 1 February 2022 and 31 January 2023 119,412 DEPRECIATION At 1 February 2022 92,723 Charge for year 2,669 At 31 January 2023 95,392 NET BOOK VALUE At 31 January 2023 24,020 At 31 January 2022 26,689 |
Unrestricted fund £ 197,337 144,426 341,763 360,183 16,100 5,407 381,690 (39,927) 115,529 75,602 Fixtures and fittings Totals £ £ 52,302 171,714 45,304 138,027 1,049 3,718 46,353 141,745 5,949 29,969 6,998 33,687 |
|---|---|
9. TANGIBLE FIXED ASSETS
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
10. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 February 2022 and 31 January 2023 NET BOOK VALUE At 31 January 2023 At 31 January 2022 |
£ 436,040 |
| 436,040 | |
| 436,040 |
Included in investment property is freehold land valued at £436,040 (2022 - £436,040).
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.23 £ Trade debtors - Other debtors 13,762 13,762 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.23 £ Trade creditors - Social security and other taxes - Other creditors 89,267 Accrued expenses 19,168 108,435 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.1.23 £ Bank loans (see note 14) 318,333 14. LOANS An analysis of the maturity of loans is given below: 31.1.23 £ Amounts falling due between two and five years: Bank loans - 2-5 years 33,333 Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 285,000 |
31.1.22 £ 12,931 13,862 26,793 31.1.22 £ 12,460 6,676 89,265 12,268 |
|---|---|
| 120,669 | |
| 31.1.22 £ 328,333 |
|
| 31.1.22 £ 43,333 |
|
| 285,000 |
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
15. MOVEMENT IN FUNDS
| At 1.2.22 £ Unrestricted funds General fund 75,602 TOTAL FUNDS 75,602 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 378,983 TOTAL FUNDS 378,983 Comparatives for movement in funds At 1.2.21 £ Unrestricted funds General fund 115,529 TOTAL FUNDS 115,529 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 341,763 TOTAL FUNDS 341,763 |
Net movement At in funds 31.1.23 £ £ 13,362 88,964 13,362 88,964 Resources Movement expended in funds £ £ (365,621) 13,362 (365,621) 13,362 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) |
|---|---|
continued...
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TALMUD TORAH BEIS SHLOMO LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2023
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.2.21 | in funds | 31.1.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 115,529 | (26,565) | 88,964 |
| TOTAL FUNDS | 115,529 | (26,565) | 88,964 |
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 £ 720,746 720,746 |
Resources Movement expended in funds £ £ (747,311) (26,565) (747,311) (26,565) |
Resources Movement expended in funds £ £ (747,311) (26,565) (747,311) (26,565) |
|---|---|---|---|
| (26,565) |
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2023.
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