Kollel Torah Veyirah Limited
Trustees' Report and Unaudited Accounts
31 August 2022
Kollel Torah Veyirah Limited Contents
| Pages | |
|---|---|
| Trustees'AnnualReport | 2 to 4 |
| IndependentExaminer'sReport | 5 |
| Statement of FinancialActivities | 6 |
| SummaryIncomeandExpenditure Account | 7 |
| BalanceSheet | 8 |
| Statement ofCashflows | 9 |
| Notesto the Accounts | 10 to 14 |
| DetailedStatement of FinancialActivities | 15 |
Page 1
Kollel Torah Veyirah Limited Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 August 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 06673948
Charity No. 1125997
Principal Office
57 Jessam Avenue
Clapton Common London E5 9DU Registered Office
57 Jessam Avenue
London
E5 9DU
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law.
The following Directors and Trustees served during the year:
S. Cik
A.M. Fogel
S. Tambur
M. Zafir
Accountants
S J Sheldon Ltd
20 Clarence Road
Hale
Cheshire WA15 8SG
OBJECTIVES AND ACTIVITIES
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.
- During the year under review, the charity raised £964,541 (2021 £1,383,198) to support its charitable objectives.
Page 2
Kollel Torah Veyirah Limited
Trustees Annual Report
The trustees have referred to the guidelines 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 this report.
The charity provides donations and grants to various institutions and individuals whose objectives align closely with its own.
ACHIEVEMENTS AND PERFORMANCE
As stated above in the significant activities paragraph, the charity had a successful year raising funds which were utilised by providing donations and grants to various institutions and individuals to help achieve its overall charitable objectives.
In the period ending 31.08.2022, the charity also employed a number of staff who's sole role is to support the community and further the charities objectives. This support comes in various forms such as working for local education institutions and helping local charities.
FINANCIAL REVIEW
The trustees are satisfied with the results and activities of the charity for the financial year. The trustees - monitor the entities performance 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.
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.
The trustees are satisfied after taking into consideration the financial position and commitments that the charity will continue its operational existence for the foreseeable future.
The principal risk and uncertainty to the charity identified by the trustees is a lack of secured funding source for the long term.
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 or internal controls are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The trustees pay particular attention to 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 principal risks are financial, including items such as a decrease in donations received.
The entity is currently financed solely by donations received from individuals and institutions.
PLANS FOR FUTURE PERIODS
No change is envisaged in the charity's objective and activity for the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
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.
Page 3
Kollel Torah Veyirah Limited Trustees Annual Report
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.
Details or transactions with related parties are disclosed in the notes to the financial statements.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
S. Tambur
Trustee 28 March 2023
Page 4
Kollel Torah Veyirah Limited
Independent Examiners Report
Independent Examiner's Report to the trustees of Kollel Torah Veyirah Limited
I report to the charity trustees on my examination of the financial statements of Kollel Torah Veyirah Limited for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ' ( the 2006 Act.
Having satisfied myself that the financial statements of the charity 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 financial statements 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
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Financial Accountants.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the Charities SORP (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 financial statements to be reached.
Simon Sheldon
Institute of Financial Accountants
S J Sheldon Ltd
20 Clarence Road
Hale
Cheshire
WA15 8SG 28 March 2023
Page 5
Kollel Torah Veyirah Limited Statement of Financial Activities
for the year ended 31 August 2022
| for the year ended 31 August 2022 | |||
|---|---|---|---|
| Notes Income and endowments from: Donationsandlegacies 4 Other 5 Total Expenditure on: Charitableactivities 6 Other 7 Total Netgainsoninvestments Net(expenditure)/income 8 Transfersbetweenfunds Net(expenditure)/income before othergains/(losses) Othergainsandlosses Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
Unrestricted funds 2022 £ 964,541 4,422 |
Totalfunds 2022 £ 964,541 4,422 |
Totalfunds 2021 £ 1,383,198 - |
| 968,963 1,060,908 162,601 |
968,963 1,060,908 162,601 |
1,383,198 1,380,921 300 |
|
| 1,223,509 - |
1,223,509 - |
1,381,221 - |
|
| (254,546) - |
(254,546) - |
1,977 - |
|
| (254,546) | (254,546) | 1,977 | |
| (254,546) 197,821 |
(254,546) 197,821 |
1,977 195,844 |
|
| (56,725) | (56,725) | 197,821 |
Page 6
Kollel Torah Veyirah Limited Summary Income and Expenditure Account
for the year ended 31 August 2022
| Income Gross incomefor the year Expenditure Depreciationandchargesfor impairment of fixedassets Totalexpenditurefor the year Net(expenditure)/income before tax for the year Net(expenditure)/incomefor the year |
2022 £ 968,963 968,963 1,223,348 161 1,223,509 (254,546) (254,546) |
2021 £ 1,383,198 |
|---|---|---|
| 1,383,198 | ||
| 1,381,221 - |
||
| 1,381,221 | ||
| 1,977 | ||
| 1,977 |
Page 7
Kollel Torah Veyirah Limited Balance Sheet
at 31 August 2022
| at 31 August 2022 | |
|---|---|
| Company No. 06673948 Notes 2022 £ Fixed assets Tangibleassets 10 910 910 Current assets Debtors 11 212,892 Cashat bankandin hand 670 213,562 Creditors: Amountfallingdue within one year 12 (244,004) Netcurrent(liabilities)/assets (30,442) Totalassets lesscurrentliabilities (29,532) Creditors: Amountsfallingdueafter more than one year 13 (27,193) Net(liabilities)/assetsexcludingpension asset orliability (56,725) Totalnet(liabilities)/assets (56,725) Thefundsofthecharity Restrictedfunds 14 Unrestrictedfunds 14 Generalfunds (56,725) (56,725) Reserves 14 Totalfunds (56,725) |
2021 £ 1,071 |
| 1,071 209,892 42,151 |
|
| 252,043 (18,100) |
|
| 233,943 235,014 (37,193) |
|
| 197,821 | |
| 197,821 | |
| 197,821 | |
| 197,821 | |
| 197,821 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 August 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 28 March 2023
And signed on its behalf by:
S. Tambur
Trustee 28 March 2023
Page 8
Kollel Torah Veyirah Limited Statement of Cash flows for the year ended 31 August 2022
| Cashflowsfrom operatingactivities Net(expenditure)/income perStatement ofFinancialActivities Adjustmentsfor: Depreciation ofproperty,plantand equipment Dividends,interestand rentsfrominvestments Increasein tradeand other receivables Increasein tradeand other payables Netcash usedin operatingactivities Cashflowsfrominvestingactivities Dividends,interestand rentsfrominvestments Netcashfrominvestingactivities Cashflowsfromfinancingactivities Repayment ofborrowings Netcash(usedin)/fromfinancingactivities Net decreaseincash andcash equivalents Cash andcash equivalentsat the beginningofthe year Cash andcash equivalentsat the end ofthe year Componentsofcash andcash equivalents Cashand bankbalances |
2022 £ (254,546) 161 (4,422) (3,000) 232,504 (29,303) 4,422 4,422 (10,000) (10,000) (34,881) 42,151 7,270 670 670 |
2021 £ 1,977 190 - (209,892) 1,500 |
|---|---|---|
| (206,225) - |
||
| - | ||
| 47,193 | ||
| 47,193 | ||
| (159,032) | ||
| - | ||
| (159,032) | ||
| 42,151 | ||
| 42,151 |
Page 9
Kollel Torah Veyirah Limited Notes to the Accounts
for the year ended 31 August 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 10
Kollel Torah Veyirah Limited Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other - short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 11
Kollel Torah Veyirah Limited Notes to the Accounts
3 Statement of Financial Activities - prior year
| 3 Statement ofFinancialActivities-prior year |
|||
|---|---|---|---|
| Income and endowmentsfrom: Donationsandlegacies Total Expenditure on: Charitableactivities Other Total Netincome Netincome before other gains/(losses) Othergainsandlosses: Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward 4 Incomefrom donationsandlegacies 5 Otherincome |
Unrestricted £ 964,541 964,541 Unrestricted £ 4,422 4,422 |
Unrestricted funds 2021 £ 1,383,198 1,383,198 1,380,921 300 1,381,221 1,977 1,977 1,977 195,844 197,821 Total 2022 £ 964,541 964,541 Total 2022 £ 4,422 4,422 |
Totalfunds 2021 £ 1,383,198 |
| 1,383,198 1,380,921 300 |
|||
| 1,381,221 | |||
| 1,977 | |||
| 1,977 | |||
| 1,977 195,844 |
|||
| 197,821 | |||
| Total 2021 £ 1,383,198 |
|||
| 1,383,198 | |||
| Total 2021 £ - |
|||
| - |
Page 12
Kollel Torah Veyirah Limited Notes to the Accounts
| KollelTorah VeyirahLimited Notesto the Accounts |
|||
|---|---|---|---|
| 6 Expenditure oncharitable activities Expenditureoncharitable activities Directcosts Grantfunding Governancecosts 7 Other expenditure Finance Employeecosts Amortisation,depreciation, impairment,profit/losson disposalof fixedassets 8 Net(expenditure)/income before transfers Thisis statedaftercharging: Depreciation ofownedfixedassets 9 Staffcosts Salariesand wages Socialsecuritycosts |
Unrestricted £ 448,601 612,307 - 1,060,908 Unrestricted £ - 162,440 161 162,601 2022 £ 161 2022 161,728 712 162,440 |
Total 2022 £ 448,601 612,307 - 1,060,908 Total 2022 £ - 162,440 161 162,601 |
Total 2021 £ 585,667 788,654 6,600 |
| 1,380,921 | |||
| Total 2021 £ 300 - - |
|||
| 300 | |||
| 2021 £ - 2021 - - |
|||
| - |
No employee received emoluments in excess of £60,000.
Page 13
Kollel Torah Veyirah Limited Notes to the Accounts
10 Tangible fixed assets
| 10 Tangiblefixed assets | |||
|---|---|---|---|
| Cost or revaluation At 1September 2021 At 31 August 2022 Depreciation and impairment At 1September 2021 Depreciationchargefor the year At 31 August 2022 Net bookvalues At 31 August 2022 At 31 August 2021 11 Debtors Other debtors 12 Creditors: amountsfallingdue within one year Bankloansand overdrafts Othercreditors Accruals 13 Creditors: amountsfallingdueafter more than one year Bankloansand overdrafts |
2022 £ 212,892 212,892 2022 £ 10,000 234,004 - 244,004 2022 £ 27,193 27,193 |
£ 6,925 6,925 5,854 161 6,015 910 1,071 |
£ 6,925 |
| 6,925 | |||
| 5,854 161 |
|||
| 6,015 | |||
| 910 | |||
| 1,071 | |||
| 2021 £ 209,892 |
|||
| 209,892 | |||
| 2021 £ 10,000 1,500 6,600 |
|||
| 18,100 | |||
| 2021 £ 37,193 |
|||
| 37,193 |
Page 14
Kollel Torah Veyirah Limited Notes to the Accounts
14 Movement in funds
| 14 Movementinfunds | ||||
|---|---|---|---|---|
| Restrictedfunds: Unrestrictedfunds: Generalfunds Totalfunds 15 Analysisofnet assetsbetweenfunds Fixedassets Netcurrentassets Creditorsduein more than one yearand provisions 16 Reconciliation ofnet debt Cashandcash equivalents Bankloans Net debt |
At 1 September 2021 197,821 197,821 |
Incoming resources (including other gains/losses ) £ 968,963 968,963 At 1 September 2021 £ |
Resources expended £ (1,223,509) (1,223,509) Unrestricted funds £ 910 (30,442) (27,193) (56,725) Cashflows £ |
At 31 August 2022 £ (56,725) |
| (56,725) | ||||
| Total £ 910 (30,442) (27,193) |
||||
| (56,725) | ||||
| At 31 August 2022 £ |
||||
| 42,151 | (41,481) | 670 | ||
| 42,151 (47,193) (47,193) (5,042) |
(41,481) 10,000 10,000 (31,481) |
670 (37,193) |
||
| (37,193) | ||||
| (36,523) |
17 Related party disclosures Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 15
Kollel Torah Veyirah Limited Detailed Statement of Financial Activities
for the year ended 31 August 2022
| for the year ended 31 August 2022 | |||
|---|---|---|---|
| Income and endowmentsfrom: Donationsandlegacies Other Total income and endowments Expenditure on: Charitableactivities Directcosts Grantfunding Governancecosts Totalofexpenditure oncharitable activities Other expenditure Finance Employeecosts Salaries/wages Employer'sNIC Generaladministrativecosts, includingdepreciationand amortisation Depreciation of Totalofexpenditure ofothercosts Totalexpenditure Netgainsoninvestments Net(expenditure)/income Net(expenditure)/income before othergains/(losses) Other Gains |
Unrestricted funds 2022 £ 964,541 964,541 4,422 4,422 968,963 448,601 612,307 1,060,908 - - 1,060,908 - - 161,728 712 162,440 161 161 162,601 1,223,509 - (254,546) (254,546) - |
Totalfunds 2022 £ 964,541 964,541 4,422 4,422 968,963 448,601 612,307 1,060,908 - - 1,060,908 - - 161,728 712 162,440 161 161 162,601 1,223,509 - (254,546) (254,546) - |
Totalfunds 2021 £ 1,383,198 |
| 1,383,198 | |||
| - | |||
| - | |||
| 1,383,198 585,667 788,654 |
|||
| 1,374,321 | |||
| 6,600 | |||
| 6,600 | |||
| 1,380,921 300 |
|||
| 300 | |||
| - - |
|||
| - | |||
| - | |||
| - | |||
| 300 | |||
| 1,381,221 - |
|||
| 1,977 | |||
| 1,977 - |
Page 16
Kollel Torah Veyirah Limited Detailed Statement of Financial Activities
| Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
(254,546) 197,821 (56,725) |
(254,546) 197,821 (56,725) |
1,977 |
|---|---|---|---|
| 195,844 | |||
| 197,821 |
Page 17