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2021-03-31-accounts

BAIS MALKA LIMITED

LIMITED BY GUARANTEE

DIRECTORS’ AND TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021

COMPANY NUMBER 06407566(England and Wales) CHARITY NUMBER 1125696

B Olsberg & Co

Chartered Accountants & Statutory Auditor Enterprise House 3 Middleton Road Manchester M8 5DT

BAIS MALKA LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021

Page
Legal and Administrative Information 1
Report of the trustees 2
Statement of financial activities 4
Statement of financial position 5
Statement of Cash Flows 6
Notes to the financial statements 7
Auditor’s report
 9

BAIS MALKA LIMITED

Legal and Administrative Information

Directors and Trustees H Herczl
Y I Luftig
J Moskovits
Secretary and Trustee Y I Luftig
Company Number 06407566
Charity Number 1125696
Registered Office C/o B Olsberg & Co
Room 9 Enterprise House
3 Middleton Road
Manchester
M8 5DT
Auditor B Olsberg & Co
Chartered Accountants and
registered Auditor
Enterprise House
3 Middleton Road
Manchester
M8 5DT

BAIS MALKA LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

The trustees, who are also directors and secretary of the Charity for the purpose of the Companies Act have pleasure in presenting their report and financial statements of the charitable company for the year ended 31 March 2021.

OBJECTIVES OF BAIS MALKA LIMITED

Bais Malka Limited is governed by its Memorandum and Articles of Association. The charity’s objects and its principal activities are:

  1. To advance education and religion in accordance with Orthodox Judaism.

  2. To relieve poverty and carry out other charitable activities.

The charity is organised so that the trustees meet regularly to manage its affairs. The charity does not use voluntary assistance. Administration of the charity is dealt with by the trustees.

LEGAL STATUS

The company is limited by guarantee and is governed by its memorandum and articles of association dated 24th October 2007. The company is a registered charity - number 1125696.

PRINCIPAL ACTIVITY AND REVIEW OF THE YEAR

The principal activity of the Charity in the period under review was supporting the running of a school.

ORGANISATION

The charity is managed by a committee of the trustees which is composed of the directors and secretary of the Charity.

INVESTMENT POWERS AND RESTRICTIONS

The trustees have wide-ranging investment powers to invest the Charity's assets as they see fit in the furtherance of the Charity's objectives.

REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS

The financial statements for the year show a net income (including revaluation) of £743,692 (2020 - £70,334). The trustees consider the financial position of the charity to be satisfactory.

The financial statements conform to current statutory requirements and comply with the Charity's governing documents.

PUBLIC BENEFIT

The trustees have referred to the guidance contained in the charity commissioners general guidance on public benefit when reviewing the charity’s aims and objectives, and in planning future activities.

RESERVES POLICY

All reserves are held for the running of the school and for maintenance of the properties.

CORONAVIRUS

The charity was virtually unaffected by the pandemic during the accounting period.

RISK MANAGEMENT

The trustees actively review the major risks which the charity faces on a regular basis and believe that continuous vetting and review of the controls over key financial systems will be a sufficient safeguard to alleviate risks. The trustees have also examined other operational and business risks faced by the charity and confirm that they are satisfied. The major risks faced by the charity are the operational risks from ineffective running of the school. The directors manage this risk by ensuring the right staff are utilised and supervised.

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

Bais Malka Limited continued to support the running of a school. This is funded by income from donations, government grants and childcare fees.

THE TRUSTEES

The trustees who served the charitable company during the year were: -

H HERCZL

Y.I. LUFTIG

J MOSKOVITS

BAIS MALKA LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

PLANS FOR FUTURE PERIODS

The trustees plan to continue raising funds for projects in line with the memorandum and articles of association and to pursue those educational objectives and projects by operating and maintaining the school with all the resources available to the charity.

RESPONSIBILITIES OF THE TRUSTEES

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report 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 the charitable company’s affair at the end of the year and of the net incoming or outgoing resources for the year then ended.

In preparing these financial statements, the trustees are required to:

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

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

SIGNED ON BEHALF OF THE TRUSTEES:

…………………………………………………

TRUSTEE

Dated 25 January 2022

BAIS MALKA LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021

Note
INCOME AND EXPENDITURE
Incoming Resources
Childcare
Council Grants
Sundry Income
JRS - Furlough Scheme
Resources Expended
Direct Charitable Expenditure
3
Governance Costs
Professional Fees
Accountancy and Audit
Sundry
Bank Charges and Fees
Total Resources Expended
Net Income Resources for the year
Revaluation of property
Net movement in Funds
Balance Brought Forward
Balance Carried Forward		 2021
£
933,783
175,079
101,140
348,470
1,558,472
1,471,595
1,200
6,000
-
914
8,114
1,479,709
78,763
664,929
743,692
949,154
1,692,846		 2020
£
885,309
184,959
266,297
-
1,336,565
1,256,609
2,506
6,000
43
1,073
9,622
1,266,231
70,334
-
70,334
878,820
949,154

There were no recognised gains and losses for 2021 and 2020 other than those included in the above Statement of Financial Activities.

There are no restricted funds. All income and expenditure derive from continuing activities.

The notes form part of these accounts

BAIS MALKA LIMITED

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021

Fixed Assets
Note
Property at Valuation
6
Fixtures Fittings and Equipment
Current Assets
Debtors
7
Stock of Requisites
Bank
Creditors: Payable within one year
8
Net Current Assets/(Liabilities)
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: due beyond one year
9
Net assets
REPRESENTED BY:
Unrestricted Funds		 2021
£
2,000,000
34,390
2,034,390
235,672
20,000
18,641
274,313
276,258
-1,945
2,032,445
339,599
1,692,846
1,692,846
1,692,846		 2020
£
1,295,321
34,390
1,329,711
28,780
20,000
4,172
52,952
70,104
-17,152
1,312,559
363,405
949,154
949,154
949,154

The financial statements were approved by the Board on 25 January 2022 and signed on its behalf.

Director

BAIS MALKA LIMITED

STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2021

CASH FLOW STATEMENT
Net movement in funds
(Increase)/Decrease in debtors
(Decrease) in creditors
Net cash (outflow)/inflow from operations
Net cash (outflow)
Property Additions
Property Revaluation
(Decrease)/Increase in cash
Balances brought forward
Balances carried forward		 2021
£
743,692
(206,892)
182,348

719,148
719,148
(39,750)
(664,929)
4,172
18,641		 2020
£
70,334
46,000
(107,495)
8,839
8,839
(41,558)
-
36,891
4,172

BAIS MALKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 MARCH 2021

1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

2. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of the Land and Buidings.

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

There are no designated or restricted funds in relation to the activities of the charitable company.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the fair value of the land and buildings.

Incoming Resources

All incoming resources are included in the SOFA when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources Expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

There is no depreciation charged on land and buildings owing to it being kept to a high standard.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

BAIS MALKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 MARCH 2021 (Cont…)

3.
Direct Charitable Expenditure
School Salaries
Professional
School Requisites
Rent & Rates
Heat, Light & General Maintenance
Insurance
Travel, Outings, Functions & Food
Telephone and System
Security
Loan Interest
Promotion & Advertising
Printing, postage and stationery
Sundry
4.
Auditors Remuneration
Fee payable to B Olsberg & Co
5.
Staff Costs
Teachers		 2021
£
911,517
157,258
115,038
9,719
92,908
10,814
90,367
12,678
22,747
21,208
10,831
16,510		 2020
£
828,183
119,583
75,151
7,247
71,962
11,645
57,782
15,376
22,093
24,724
6,764
15,184
915
1,256,609
6,000
1,471,595
6,000
911,517
210
828,183
200

The trustees received no remuneration and no expenses were reimbursed to them. No employee received benefits of more than £60,000 during the year or previous year.

6 .

Fixed Assets
As at 1 April 2020
Additions
Disposals
Revaluation
As at 31st March 2021		 Freehold
Fixtures &
Property
Equipment
£
£
1,295,321
34,390
39,750
-
-
664,929
-
2,000,000
34,390

This is the value placed on the property by professional valuers..

BAIS MALKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 MARCH 2021 (Cont…)

7.
Debtors
Prepayments & Accrued Income
Loans (repayable after 12 months)
8.
Creditors Due Within One Year
Wages and Paye accrued
Accruals
Loan
Mortgage
9.
Creditors Payable Beyond One Year
Mortgage secured on the freehold property		 2021
£
30,959
204,713
235,672
2021
£
87,218
11,040
162,000
16,000
276,258
339,959		 2020
£
28,780
-
28,780
2020
£
48.104
6,000
-
16,000
70,104
363,405

10. Controlling Interest

The company is controlled by the directors and trustees.

11. Taxation

The company is registered as a charity by the HM Revenue & Customs and therefore benefits from certain exemptions from taxation on income and gains to the extent that they are applied for charitable purposes.

BAIS MALKA LTD

(Registered Charity Number 1125696)

Independent Auditors Report to the members of Bais Malka Ltd

Opinion

We have audited the financial statements of Bais Malka Ltd for the year ended 31 March 2021, which comprise the Company Statement of Financial Activities (including income & expenditure account), the Company statement of financial position and the related notes including a summary of significant account 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) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

This report is made solely to the 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 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 Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the Financial Statements:

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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

BAIS MALKA LTD

(Registered Charity Number 1125696) Independent Auditors Report to the members of Bais Malka Ltd

Cont…

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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

Responsibilities of Trustees

As explained in the Trustees Responsibilities Statement set out on page 6, 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 the financial statements that are free from material misstatement, whether due to fraud or error.

BAIS MALKA LTD

(Registered Charity Number 1125696)

Independent Auditors Report to the members of Bais Malka Ltd

Cont…

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report 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 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.

A part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

BAIS MALKA LTD

(Registered Charity Number 1125696)

Independent Auditors Report to the members of Bais Malka Ltd

Cont…

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditor's 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Bernard Olsberg (Senior Statutory Auditor) for and behalf of B Olsberg & Co Chartered Accountants & Statutory Auditor Enterprise House 3 Middleton Road Manchester M8 5DT

25 January 2022

B Olsberg & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006