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