REGISTERED COMPANY NUMBER: 06673948 (England and Wales) REGISTERED CHARITY NUMBER: 1125997
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
FOR
KOLLEL TORAH VEYIRAH LIMITED
Venitt and Greaves Statutory Auditors Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
KOLLEL TORAH VEYIRAH LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Trustees' Responsibility Statement | 4 | ||
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Statement of Financial Position | 9 | to | 10 |
| Statement of Cash Flows | 11 | ||
| Notes to the Statement of Cash Flows | 12 | ||
| Notes to the Financial Statements | 13 | to | 19 |
KOLLEL TORAH VEYIRAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 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 August 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 objective of the charity is that of advancement of Orthodox Jewish religious education, the relief of poverty sickness and infirmity among members of the Jewish faith and advancement of such other objects as are charitable according to English Law.
The main activity undertaken by the charity to achieve this objective was to provide grants to various charitable institutions with similar charitable objectives.
Significant activities
During the year under review, the charity raised £1,383,198 (2020 - £951,547) to support its charitable objectives.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit 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 the report.
Grantmaking
The charity provides donations and grants to various institutions and individuals whose objectives align closely with its own.
STRATEGIC REPORT
Achievement and performance
Charitable activities
As stated above in the significant activities paragraph, the charity had a successful year raising funds which were utilized by providing donations and grants to various institutions and individuals to help achieve its overall charitable objectives.
In the period ending 31.08.21 the charity also employed a number of staff members who's sole role is to support the community and further the charity's objectives. This support comes in various forms such as working for local education institutions and helping local charities.
Financial review
Key Performance Indicators
The trustees are satisfied with the results and activities of the charity for the financial year.
The trustees monitor the entities performance against its charitable objectives on a regular basis. Performance is assessed against the objectives and expectations using financial and non-financial indicators. The key financial performance indicators used by the charity are income from donations and expenditure on charitable activities.
Principal funding sources
The entity is currently financed solely by donations received from individuals and institutions.
Reserves policy
The charity has a policy of maintaining "Unrestricted Funds", which is the free reserve of the charity, at a level which the trustees think appropriate after considering the future commitments and the likely operational cost for the next year.
Going concern
The trustees are satisfied after taking into consideration the financial position and commitments that the charity will continue its operational existence for foreseeable future.
Page 1
KOLLEL TORAH VEYIRAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
STRATEGIC REPORT
Principal risks and uncertainties
The principal risk and uncertainty to the charity identified by the trustees is lack of secured funding source for the long term.
Future plans
No change is envisaged in the charity's objective and activity for the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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.
Organisational structure
There are four trustees who also act as directors. They meet on a regular basis to discuss the affairs of the charity. All decisions are based on a majority decision of the directors but in almost all cases the votes are unanimous.
Related parties
Details of transactions with related parties are disclosed in the notes to the financial statements.
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. Systems of internal controls are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
The trustees pay particular attention to the financial sustainability. The trustees regularly review the available funding sources to ensure that the charity has sufficient liquid funds to meet its short term working capital needs and sustainable funding sources to meet its mid to long term obligations.
The principle risks are financial including items such as a decrease in donations received.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06673948 (England and Wales)
Registered Charity number
1125997
Registered office
57 Jessam Avenue Clapton Common London E5 9DU
Trustees
S Tambur Company Director S Cik Company Director A M Fogel Company Director M Zafir Company Director
Company Secretary
S Tambur
Page 2
KOLLEL TORAH VEYIRAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
REFERENCE AND ADMINISTRATIVE DETAILS Auditors
Malcolm Venitt A.C.A Venitt and Greaves Statutory Auditors Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 20[th] October 2022 and signed on the board's behalf by:
S Tambur - Trustee
Page 3
KOLLEL TORAH VEYIRAH LIMITED
TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021
The trustees (who are also the directors of Kollel Torah Veyirah 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
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;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF KOLLEL TORAH VEYIRAH LIMITED
Opinion
We have audited the financial statements of Kollel Torah Veyirah Limited (the 'charitable company') for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 August 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF KOLLEL TORAH VEYIRAH LIMITED
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, 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.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements.
-
We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
-
We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
-
We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. The susceptibility to such material misstatement was determined to be low. - Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. - We performed appropriate audit testing on the recognition and completeness of income.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF KOLLEL TORAH VEYIRAH LIMITED
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Venitt and Greaves Statutory Auditors Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 115 Craven Park Road South Tottenham London N15 6BL
Date: 20[th] October 2022
Page 7
KOLLEL TORAH VEYIRAH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Charitable activities 3 Charitable Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD CONTINUING OPERATIONS |
31.8.21 Unrestricted fund £ 1,383,198 1,374,321 6,900 1,381,221 1,977 195,844 197,821 |
31.8.20 Total funds £ 951,547 |
|---|---|---|
| 809,912 2,122 |
||
| 812,034 | ||
| 139,513 56,331 |
||
| 195,844 | ||
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 8
KOLLEL TORAH VEYIRAH LIMITED
STATEMENT OF FINANCIAL POSITION 31 AUGUST 2021
| 31.8.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 1,071 CURRENT ASSETS Debtors 11 209,892 Cash at bank 42,151 252,043 CREDITORS Amounts falling due within one year 12 (18,100) NET CURRENT ASSETS 233,943 TOTAL ASSETS LESS CURRENT LIABILITIES 235,014 CREDITORS Amounts falling due after more than one year 13 (37,193) NET ASSETS 197,821 FUNDS 15 Unrestricted funds 197,821 TOTAL FUNDS 197,821 |
31.8.20 Total funds £ 1,261 199,450 47,053 246,503 (1,920) 244,583 245,844 (50,000) 195,844 195,844 195,844 |
|---|---|
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
Page 9
KOLLEL TORAH VEYIRAH LIMITED
STATEMENT OF FINANCIAL POSITION - continued 31 AUGUST 2021
The financial statements were approved and authorized for issue by the Board of Trustees and authorised for issue on 20[th] October 2022 and were signed on its behalf by:
S Tambur - Trustee
S Cik - Trustee
A M Fogel - Trustee
M Zafir - Trustee
The notes form part of these financial statements
Page 10
KOLLEL TORAH VEYIRAH LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/provided by financing 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 |
31.8.21 £ (2,095) (2,095) - (2,807) (2,807) (4,902) 47,053 42,151 |
31.8.20 £ (24,745) (24,745) 50,000 - 50,000 25,255 21,798 47,053 |
|---|---|---|
The notes form part of these financial statements
Page 11
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.8.21 | 31.8.20 | |
| £ | £ | |
| Net income for the reporting period (as per the Statement of Financial | ||
| Activities) | 1,977 | 139,513 |
| Adjustments for: | ||
| Depreciation charges | 190 | 223 |
| Increase in debtors | (10,442) | (107,450) |
| Increase/(decrease) in creditors | 6,180 | (57,031) |
| Net cash used in operations | (2,095) | (24,745) |
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.9.20 | Cash flow | At 31.8.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 47,053 | (4,902) | 42,151 |
| 47,053 | (4,902) | 42,151 | |
| Debt | |||
| Debts falling due within 1 year | - | (10,000) | (10,000) |
| Debts falling due after 1 year | (50,000) | 12,807 | (37,193) |
| (50,000) | 2,807 | (47,193) | |
| Total | (2,947) | (2,095) | (5,042) |
The notes form part of these financial statements
Page 12
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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. Donations income is recognised on receipt.
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 costs of Trustee meetings and the preparation of the statutory accounts.
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 - 15% on reducing balance
All categories of fixed assets are held on the balance sheet at historic cost less accumulated depreciation. If an event occurs which indicates a material reduction in a fixed asset's carrying value, an impairment review will be carried out. Any impairment charge is recognised in the statement of financial activities.
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.
continued...
Page 13
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
Financial instruments
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2. DONATIONS AND LEGACIES
| Donations 3. CHARITABLE ACTIVITIES COSTS Direct Costs £ Charitable 585,667 4. GRANTS PAYABLE Charitable The total grants paid to institutions during the year was as follows: Chomas Yehoshua Kollel Yetev Lev Kupas Taharas Hakodesh Mishkan Soreh Amud Hatzdokoh Trust Other Grants |
Direct Costs £ 585,667 |
31.8.21 £ 1,383,198 Grant funding of activities (see note 4) £ 788,654 |
31.8.21 £ 1,383,198 Grant funding of activities (see note 4) £ 788,654 |
31.8.20 £ 951,547 |
31.8.20 £ 951,547 |
|---|---|---|---|---|---|
| Totals £ 1,374,321 31.8.20 £ 788,287 31.8.20 £ 16,100 31,650 14,600 - - 654,201 716,551 |
|||||
| 31.8.21 £ 788,654 31.8.21 £ 33,750 28,550 26,200 11,300 15,592 190,513 305,905 |
|||||
| 31.8.20 £ 16,100 31,650 14,600 - - 654,201 |
|||||
| 716,551 |
continued...
Page 14
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 300 | 6,600 | 6,900 |
| NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.8.21 | 31.8.20 | ||
| £ | £ | ||
| Auditors' remuneration | 6,600 | - | |
| Independent examination fees | - | 1,920 | |
| Depreciation - owned assets | 190 | 223 |
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
8. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.8.21 | 31.8.20 | |
| £ | £ | |
| Wages and salaries | 96,461 | - |
| Social security costs | 540 | - |
| 97,001 | - | |
| The average monthly number of employees during the year was as follows: | ||
| 31.8.21 | 31.8.20 | |
| Charitable activities | 29 | - |
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.
continued...
Page 15
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 951,547 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable | 809,912 | |
| Other | 2,122 | |
| Total | 812,034 | |
| NET INCOME | 139,513 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 56,331 | |
| TOTAL FUNDS CARRIED FORWARD | 195,844 | |
| 10. | TANGIBLE FIXED ASSETS | |
| Fixtures | ||
| and | ||
| fittings | ||
| £ | ||
| COST | ||
| At 1 September 2020 and 31 August 2021 | 6,925 | |
| DEPRECIATION | ||
| At 1 September 2020 | 5,664 | |
| Charge for year | 190 | |
| At 31 August 2021 | 5,854 | |
| NET BOOK VALUE | ||
| At 31 August 2021 | 1,071 | |
| At 31 August 2020 | 1,261 |
continued...
Page 16
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.21 £ Other debtors 209,892 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.21 £ Bank loans and overdrafts (see note 14) 10,000 Other creditors 1,500 Accrued expenses 6,600 18,100 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.21 £ Bank loans (see note 14) 37,193 14. LOANS An analysis of the maturity of loans is given below: 31.8.21 £ Amounts falling due within one year on demand: Bank loans 10,000 Amounts falling between one and two years: Bank loans - 1-2 years 10,000 Amounts falling due between two and five years: Bank loans - 2-5 years 27,193 |
31.8.20 £ 199,450 |
31.8.20 £ 199,450 |
|---|---|---|
| 31.8.20 £ - - 1,920 1,920 31.8.20 £ 50,000 31.8.20 £ - - 50,000 |
||
| - | ||
| 50,000 |
Creditors include a Bounceback loan totalling £47,193. The loan is interest free for the first year, then capped at 2.5% going forward. The loan is also 100% guaranteed by UK Government.
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.20 £ 195,844 195,844 |
Net movement in funds £ 1,977 1,977 |
At 31.8.21 £ 197,821 |
|---|---|---|---|
| 197,821 |
continued...
Page 17
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,383,198 1,383,198 |
Resources expended £ (1,381,221) (1,381,221) |
Movement in funds £ 1,977 |
|---|---|---|---|
| 1,977 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.19 £ 56,331 56,331 |
Net movement in funds £ 139,513 139,513 |
At 31.8.20 £ 195,844 |
|---|---|---|---|
| 195,844 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 951,547 951,547 |
Resources Movement expended in funds £ £ (812,034) 139,513 (812,034) 139,513 |
Resources Movement expended in funds £ £ (812,034) 139,513 (812,034) 139,513 |
|---|---|---|---|
| 139,513 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.19 £ 56,331 56,331 |
Net movement in funds £ 141,490 141,490 |
At 31.8.21 £ 197,821 |
|---|---|---|---|
| 197,821 |
continued...
Page 18
KOLLEL TORAH VEYIRAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
15. MOVEMENT IN FUNDS - continued
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 £ 2,334,745 2,334,745 |
Resources expended £ (2,193,255) (2,193,255) |
Movement in funds £ 141,490 141,490 |
|---|---|---|---|
16. RELATED PARTY DISCLOSURES
During the period the charity received a donation totalling £10,000 from UTry. The charity and UTry share a common trustee.
As at 31.08.21 Trustee S Tambur is owed £1,500 from Kollel Torah Veyirah Ltd.
Finally as at 31.08.21 Kollel Torah Veyirah Ltd is owed a total of £202,160 from various entities which share a common trustee with Kollel Torah Veyirah Ltd (S Tambur). These entities include Binyen Torah Limited, Yeshiva Gedolah Torah Veyirah Seven Oaks Limited, Machsikei Yeshive, Friends of Yeshiva Gedolah Sevenoaks and Kollel Voyoel Moshe.
Page 19