REGISTERED COMPANY NUMBER: 07089312 (England and Wales) REGISTERED CHARITY NUMBER: 1136378.
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
FOR
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
Venitt and Greaves Statutory Auditors Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Statement of Trustees' Responsibilities | 5 | ||
| Report of the Independent Auditors | 6 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | to | 11 |
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 21 |
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2021
TRUSTEES S Berkowitz Director M Freund Director A Langberg Director REGISTERED OFFICE 180 Bethune Road London N16 5DS REGISTERED COMPANY 07089312 (England and Wales) NUMBER REGISTERED CHARITY 1136378 NUMBER AUDITORS Venitt and Greaves Statutory Auditors Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Page 1
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT) 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 principal objectives of the charity are:
-
the advancement of the Orthodox Jewish faith,
-
the advancement of Orthodox Jewish religious education and education generally,
-
the relief of poverty, old age, disability, and illness, both mental and physical, and
-
other such charitable purposes as the association may, from time to time, authorise
Significant activities
Talmud Torah Torah Veyirah D'Satmar London is an independent boys school for boys aged 2 to 11. The curriculum covers all the required areas of learning in the early years, and English, mathematics, science, art and design, humanities, design and technology, and physical education for pupils of compulsory school age.
The school has an Orthodox Jewish ethos.
Kodesh is taught in the mornings in Yiddish; chol is taught in the afternoons in English. The school is well resourced and staffed.
Pupils' progress and attainment is identified using an evidence-based assessment system and tests. These are reviewed on a termly basis by teachers to plan lessons and any necessary interventions.
There is a suitably planned personal, social, health and economic (PSHE) education programme. It includes many opportunities for pupils to learn about British values, and to prepare them to respect others, paying regard to the protected characteristics.
Suitable arrangements are in place to develop and support staff, and to monitor the quality of education.
During prior year the school started to serve daily breakfast to year 3 and upwards and dinners for the whole school.
Public benefit
The trustees of the school confirm that they have considered the Charity Commission's general guidance on public benefit and the requirements of S4 of the Charities Act 2011 in this area.
The main purpose and objective of the charity is the provision of high quality education in a safe and supporting learning environment.
The charity's funds are utilised by its school to fund staff and activities to enable high quality education to be provided on an ongoing basis. When considering which pupils to admit, the school do not discriminate between them based upon the personal circumstances of their parents.
Volunteers
The majority of the charity's work is undertaken by paid employees. Occasional voluntary assistance is provided by Governors and Parents.
Page 2
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 AUGUST 2021
STRATEGIC REPORT
Achievement and performance
Charitable activities
During the financial period under review Talmud Torah Torah Veyirah D'Satmar London Ltd conducted religious, cultural and educational programmes for members of the Orthodox Jewish community in the London Borough of Hackney.
Pupils study Jewish religious studies (Kodesh) taught in Yiddish and a secular curriculum (Chol) taught in English. There are further classes also taught in Yiddish.
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 charitable activities, donations income, grant income and expenditure on charitable activities.
Principal funding sources
Talmud Torah Torah Veyirah D'satmar London Limited is currently financed by income generated from childcare activities, private donations and grants from various institutions.
Childcare income for the period was £984,050 (2020: £732,215), donations received totalled £166.223 (2020: £364,166) and grants received totalled £349,936 (2020: £429,172)
Investment policy and objectives
The charity's memorandum authorises the trustees to make and hold investments using the general funds of the charity.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. For this reason, the charity has adopted the going concern basis of accounting in preparing the annual financial statements.
Future plans
The trustees do no anticipate any significant changes in the forthcoming year.
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 three 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.
Page 3
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS REPORT) FOR THE YEAR ENDED 31 AUGUST 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT 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 loss of grants receivable or a decrease in donations received.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 29[th] June 2022 and signed on the board's behalf by:
M Freund - Trustee
Page 4
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021
The trustees (who are also the directors of TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON 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 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
Opinion
We have audited the financial statements of TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED (the 'charitable company') for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 of 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 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON 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.
for and on behalf of 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: 29[th] June 2022
Page 8
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Charitable Investment income 3 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Charitable Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 166,223 984,050 3 1,150,276 20,406 1,028,217 67,819 1,116,442 33,834 59,652 93,486 |
Restricted funds £ 349,936 - - 349,936 - 349,936 - 349,936 - - - |
31.8.21 Total funds £ 516,159 984,050 3 1,500,212 20,406 1,378,153 67,819 1,466,378 33,834 59,652 93,486 |
31.8.20 Total funds £ 793,338 732,215 5,968 1,531,521 30,027 1,328,115 69,717 1,427,859 103,662 (44,010) 59,652 |
|---|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities. The statement of financial activities includes all gains and losses in the year.
The notes form part of these financial statements
Page 9
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
BALANCE SHEET 31 AUGUST 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 13 136,856 CURRENT ASSETS Debtors 14 7,980 Cash at bank and in hand 101,734 109,714 CREDITORS Amounts falling due within one year 15 (107,629) NET CURRENT ASSETS 2,085 TOTAL ASSETS LESS CURRENT LIABILITIES 138,941 CREDITORS Amounts falling due after more than one year 16 (45,455) NET ASSETS 93,486 FUNDS 18 Unrestricted funds: General fund TOTAL FUNDS |
Restricted funds £ - - - - - - - - - |
31.8.21 Total funds £ 136,856 7,980 101,734 109,714 (107,629) 2,085 138,941 (45,455) 93,486 93,486 93,486 |
31.8.20 Total funds £ 87,657 30,872 68,460 99,332 (127,337) (28,005) 59,652 - 59,652 59,652 59,652 |
|---|---|---|---|
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The financial statements were approved by the Board of Trustees and authorised for issue on 29[th] June 2022 and were signed on its behalf by:
The notes form part of these financial statements
continued...
Page 10
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
BALANCE SHEET - continued 31 AUGUST 2021
M Freund - Trustee
S Berkowitz - Trustee
A Langberg - Trustee
The notes form part of these financial statements
Page 11
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash used in investing activities Cash flows from financing activities New loans in year Net cash 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 £ 50,674 50,674 (67,403) 3 (67,400) 50,000 50,000 33,274 68,460 101,734 |
31.8.20 £ 109,239 109,239 (81,116) 18 (81,098) - - 28,141 40,319 68,460 |
|---|---|---|
The notes form part of these financial statements
Page 12
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE CASH FLOW STATEMENT 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) | 33,834 | 103,662 | |
| Adjustments for: | |||
| Depreciation charges | 18,204 | 15,452 | |
| Interest received | (3) | (18) | |
| Decrease/(increase) in debtors | 22,892 | (30,872) | |
| (Decrease)/increase in creditors | (24,253) | 21,015 | |
| Net cash provided by operations | 50,674 | 109,239 | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.9.20 | Cash flow | At 31.8.21 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 68,460 | 33,274 | 101,734 |
| 68,460 | 33,274 | 101,734 | |
| Debt | |||
| Debts falling due within 1 year | - | (4,545) | (4,545) |
| Debts falling due after 1 year | - | (45,455) | (45,455) |
| - | (50,000) | (50,000) | |
| Total | 68,460 | (16,726) | 51,734 |
- ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
Page 13
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON 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 and grant income is recognised when there is evidence of entitlement to the gift unless performance or other conditions require deferral of the amount.
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.
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.
Improvements to property - 15% on reducing balance Plant and machinery - 15% on reducing balance Fixtures and fittings - 15% on reducing balance Motor vehicles - 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 14
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON 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.
2. DONATIONS AND LEGACIES
| Donations Grants Grants received, included in the above, are as follows: Other grants 3. INVESTMENT INCOME Rents received Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Childcare 5. RAISING FUNDS Raising donations and legacies Raising funds |
31.8.21 £ 166,223 349,936 516,159 31.8.21 £ 349,936 31.8.21 £ - 3 3 31.8.21 £ 984,050 31.8.21 £ 20,406 |
31.8.20 £ 364,166 429,172 |
|---|---|---|
| 793,338 | ||
| 31.8.20 £ 429,172 |
||
| 31.8.20 £ 5,950 18 5,968 31.8.20 £ 732,215 31.8.20 £ 30,027 |
continued...
Page 15
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
6. CHARITABLE ACTIVITIES COSTS
| Charitable 7. SUPPORT COSTS Other resources expended Support costs, included in the above, are as follows: Bank charges Legal and professional fees Insurance Utilities Telephone Auditors' remuneration |
Finance £ 1,211 |
Governance Other costs £ £ 57,008 9,600 31.8.21 Other resources expended £ 1,211 6,000 10,389 37,865 2,754 9,600 67,819 |
Direct Costs £ 1,378,153 |
Direct Costs £ 1,378,153 |
|---|---|---|---|---|
| Totals £ 67,819 31.8.20 Total activities £ 2,078 5,213 8,551 29,292 3,131 6,000 54,265 |
Totals £ 67,819 |
|||
| 54,265 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.8.21 | 31.8.20 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 9,600 | 6,000 |
| Depreciation - owned assets | 18,204 | 15,452 |
9. 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.
continued...
Page 16
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Charitable activities No employees received emoluments in excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 364,166 Charitable activities Charitable 732,215 Investment income 5,968 Total 1,102,349 EXPENDITURE ON Raising funds 30,027 Charitable activities Charitable 898,943 Other 69,717 Total 998,687 NET INCOME 103,662 RECONCILIATION OF FUNDS Total funds brought forward (44,010) TOTAL FUNDS CARRIED FORWARD 59,652 |
31.8.21 £ 662,173 3,235 1,228 666,636 31.8.21 103 Restricted funds £ 429,172 - - 429,172 - 429,172 - 429,172 - - - |
||||
|---|---|---|---|---|---|
continued...
Page 17
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
12. RESPONSE TO COVID-19
The Trustees have closely monitored the Government guidance in response to the Covid-19 Pandemic and have implemented measures in line with Governmental guidelines. The Trustees have assessed the impact of Covid19 on the entity and conclude that there are no items resulting from the Covid-19 Pandemic which require disclosure beyond those that have been disclosed elsewhere in the accounts.
13. TANGIBLE FIXED ASSETS
| Improvements to property £ COST At 1 September 2020 13,506 Additions 14,883 At 31 August 2021 28,389 DEPRECIATION At 1 September 2020 2,026 Charge for year 2,838 At 31 August 2021 4,864 NET BOOK VALUE At 31 August 2021 23,525 At 31 August 2020 11,480 |
Plant and machinery £ 20,688 - 20,688 3,103 2,638 5,741 14,947 17,585 |
Fixtures and fittings £ 61,556 8,732 70,288 11,085 8,226 19,311 50,977 50,471 |
Motor vehicles £ 11,240 43,788 55,028 3,119 4,502 7,621 47,407 8,121 |
Totals £ 106,990 67,403 |
|---|---|---|---|---|
| 174,393 | ||||
| 19,333 18,204 |
||||
| 37,537 | ||||
| 136,856 | ||||
| 87,657 |
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.8.21 | 31.8.20 | |
|---|---|---|
| £ | £ | |
| Other debtors | 7,980 | 30,872 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 17) Trade creditors Social security and other taxes Other creditors Pensions Net wages Accrued expenses |
31.8.21 £ 4,545 79,894 4,332 11,999 197 3,062 3,600 107,629 |
31.8.20 £ - 99,029 1,940 20,181 187 - 6,000 |
|---|---|---|
| 127,337 |
continued...
Page 18
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 17) 17. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 18. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Special educational needs Coronavirus job retention scheme TOTAL FUNDS |
At 1.9.20 £ 59,652 59,652 Incoming resources £ 1,150,276 309,014 40,922 349,936 1,500,212 |
31.8.21 £ 45,455 31.8.21 £ 4,545 9,995 29,984 5,476 Net movement in funds £ 33,834 33,834 Resources expended £ (1,116,442) (309,014) (40,922) (349,936) (1,466,378) |
31.8.20 £ - 31.8.20 £ - - - - At 31.8.21 £ 93,486 93,486 Movement in funds £ 33,834 - - - 33,834 |
|---|---|---|---|
continued...
Page 19
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.9.19 £ Unrestricted funds General fund (44,010) TOTAL FUNDS (44,010) Comparative net movement in funds, included in the above are as follows: |
Net movement in funds £ 103,662 103,662 |
At 31.8.20 £ 59,652 |
|---|---|---|
| 59,652 | ||
| Unrestricted funds General fund Restricted funds Special educational needs Coronavirus job retention scheme TOTAL FUNDS |
Incoming resources £ 1,102,349 306,854 122,318 429,172 1,531,521 |
Resources expended £ (998,687) (306,854) (122,318) (429,172) (1,427,859) |
Movement in funds £ 103,662 - - - 103,662 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.19 | in funds | 31.8.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (44,010) | 137,496 | 93,486 |
| TOTAL FUNDS | (44,010) | 137,496 | 93,486 |
continued...
Page 20
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
18. 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 Restricted funds Special educational needs Coronavirus job retention scheme TOTAL FUNDS |
Incoming resources £ 2,252,625 615,868 163,240 779,108 3,031,733 |
Resources expended £ (2,115,129) (615,868) (163,240) (779,108) (2,894,237) |
Movement in funds £ 137,496 - - - 137,496 |
|---|---|---|---|
19. RELATED PARTY DISCLOSURES
During the period ended 31 August 2021 the charity received donations totalling £25,218 from 3 entities which Mr S Berkowitz or Mr M Freund are Trustees. In addition a £595 payment was made to a supplier which Mr S Berkowitz is a Trustee.
Finally Mr M Freund (Trustee) paid £4,200 to the charity and Rabbi S Lew (Chair of Governors) paid £3,900 to the charity both for Childcare services provided in the period.
Page 21