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 2024
FOR
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
Venitt and Greaves 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 2024
| 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 | ||
| Statement of Financial Position | 10 | ||
| Statement of Cash Flows | 11 | ||
| Notes to the Statement of Cash Flows | 12 | ||
| Notes to the Financial Statements | 13 | to | 20 |
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2024
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 INDEPENDENT AUDITORS Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
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 2024. 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:
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the advancement of the Orthodox Jewish faith,
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the advancement of Orthodox Jewish religious education and education generally,
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the relief of poverty, old age, disability, and illness, both mental and physical, and
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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 the period ending 31.08.24 the charity has continued to provide high quality education and work towards 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 aims and objectives and in planning the charity's future activities.
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.
The charity also utilises its funds in furtherance of its other objectives.
Grantmaking
The charity provides donations to various institutions whose objectives align closely with its own.
Volunteers
The majority of the charity's work is undertaken by paid employees. Occasional voluntary assistance is provided by Governors and Parents.
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
STRATEGIC REPORT Achievement and performance
Charitable activities
During the year the charity generated £935,365 (2023: £941,013) from the provision of childcare services. The charity also received funding in the form of donations and grants totalling £1,256,827 (2023: £1,379,175). These funds were spent in their entirety to further the charity’s objectives and support the running of the school.
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 entity's 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.
For the period ending 31.08.24 the charity is in a deficit position. The trustees have put plans in place to remediate this going forwards.
Principal funding sources
The major sources of income during the year were donations from various institutions, income from the provision of childcare services and various Government education grants to support the school.
Reserves policy
It is the policy of the charity to try and maintain unrestricted funds at a level which the trustees think appropriate after considering the future commitments of the charity, unplanned emergency expenditure and the likely administrative costs of the charity for the next year.
As at 31.08.2024 the charity’s unrestricted funds were £107,103 (2023: £145,800).
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
There are no current plans to change the activities or modus operandi of the charity for the foreseeable 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 three trustees who also act as directors. The Trustees are deemed to be Key Management Personnel. 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 where required.
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
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.
STREAMLINED ENERGY AND CARBON REPORTING
The trustees ensure that the activities of the charity are performed in a way that has as little damaging effect on the environment as possible.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 23 May 2025 and signed on the board's behalf by:
M Freund - Trustee
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS 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 2024 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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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
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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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:
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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. These included but were not limited to FRS 102, Charities Act 2011, Companies Act 2006, Employment law, Data protection legislation, Health & Safety laws and Safeguarding Regulations as they affect the direct charitable activities of the charity.
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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.
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We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
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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. Specific areas identified were the completeness of income and going concern.
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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 and management’s assessment of going concern.
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.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Malcolm Venitt (Senior Statutory Auditor) for and on behalf of Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
23 May 2025
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Charitable Investment income 3 Total EXPENDITURE ON Raising funds Raising donations and legacies 5 Charitable activities 6 Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 887,582 935,365 210 1,823,157 17,049 17,049 1,760,859 83,946 1,861,854 (38,697) 145,800 107,103 |
Restricted funds £ 369,245 - - 369,245 - - 369,245 - 369,245 - - - |
31.8.24 Total funds £ 1,256,827 935,365 210 2,192,402 17,049 17,049 2,130,104 83,946 2,231,099 (38,697) 145,800 107,103 |
31.8.23 Total funds £ 1,379,175 941,013 122 2,320,310 34,776 34,776 2,267,816 81,357 2,383,949 (63,639) 209,439 145,800 |
|---|---|---|---|---|
The notes form part of these financial statements
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
STATEMENT OF FINANCIAL POSITION 31 AUGUST 2024
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 13 118,783 CURRENT ASSETS Debtors 14 19,975 Cash at bank and in hand 38,424 58,399 CREDITORS Amounts falling due within one year 15 (70,079) NET CURRENT ASSETS (11,680) TOTAL ASSETS LESS CURRENT LIABILITIES 107,103 NET ASSETS 107,103 FUNDS 17 Unrestricted funds: General fund TOTAL FUNDS |
Restricted funds £ - - - - - - - - |
31.8.24 Total funds £ 118,783 19,975 38,424 58,399 (70,079) (11,680) 107,103 107,103 107,103 107,103 |
31.8.23 Total funds £ 139,744 17,581 68,011 85,592 (79,536) 6,056 145,800 145,800 145,800 145,800 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 May 2025 and were signed on its behalf by:
M Freund - Trustee
S Berkowitz - Trustee
A Langberg - Trustee
The notes form part of these financial statements
Page 10
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024
| 31.8.24 | 31.8.23 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (29,797) | 33,062 |
| Net cash (used in)/provided by operating activities | (29,797) | 33,062 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | - | (6,796) | |
| Interest received | 210 | 122 | |
| Net cash provided by/(used in) investing activities | 210 | (6,674) | |
| Cash flows from financing activities | |||
| Loan repayments in year | - | (435) | |
| Net cash provided by/(used in) financing activities | - | (435) | |
| Change in cash and cash equivalents in | |||
| the reporting period | (29,587) | 25,953 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 68,011 | 42,058 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 38,424 | 68,011 |
The notes form part of these financial statements
Page 11
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| Net expenditure for the reporting period (as per the Statement of | ||
| Financial Activities) | (38,697) | (63,639) |
| Adjustments for: | ||
| Depreciation charges | 20,961 | 24,061 |
| Interest received | (210) | (122) |
| (Increase)/decrease in debtors | (2,394) | 71,685 |
| (Decrease)/increase in creditors | (9,457) | 1,077 |
| Net cash (used in)/provided by operations | (29,797) | 33,062 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.9.23 Cash flow At £ £ Net cash Cash at bank and in hand 68,011 (29,587) 68,011 (29,587) Total 68,011 (29,587) |
31.8.24 £ 38,424 |
|---|---|
| 38,424 | |
| 38,424 |
The notes form part of these financial statements
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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 initially recognised at cost and then 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.
continued...
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 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.
Donated services and facilities
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably.
Donated professional services and facilities are included in income at the estimated value of the gift to the charity when received, based on the amount that the charity would have been prepared to pay for these services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assets are similarly taken to income at the value to the charity with the other entry being capitalised in fixed assets.
The value of the services provided by volunteers is not incorporated into these financial statements. Further details of their contribution is provided in the trustees’ report.
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 AND LEGACIES | ||
|---|---|---|
| Donations Grants |
31.8.24 £ 1,037,583 219,244 1,256,827 |
31.8.23 £ 391,814 987,361 |
| 1,379,175 |
Included within the donation income total for the period ending 31st August 2024 is £150,000 relating to donated facilities.
Grants received, included in the above, are as follows:
| Special Education Grants Education Grants Government Grants |
31.8.24 £ 111,490 77,276 30,478 219,244 |
31.8.23 £ 113,770 873,591 - |
|---|---|---|
| 987,361 |
continued...
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
| 3. INVESTMENT INCOME Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Childcare Charitable 5. RAISING DONATIONS AND LEGACIES Raising funds 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 £ 678 |
31.8.24 £ 210 31.8.24 £ 935,365 31.8.24 £ 17,049 Governance Other costs £ £ 73,068 10,200 31.8.24 Other resources expended £ 678 20,749 12,597 36,984 2,738 10,200 83,946 |
31.8.23 £ 122 31.8.23 £ 941,013 31.8.23 £ 34,776 Direct Costs £ 2,130,104 |
31.8.23 £ 122 31.8.23 £ 941,013 |
31.8.23 £ 122 31.8.23 £ 941,013 |
|---|---|---|---|---|---|
| Totals £ 83,946 31.8.23 Total activities £ 777 22,012 11,557 34,415 2,396 10,200 81,357 |
Totals £ 83,946 |
||||
| 81,357 |
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continued...
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
9.
| 31.8.24 | 31.8.23 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 20,961 | 24,062 |
| AUDITORS' REMUNERATION | ||
| 31.8.24 | 31.8.23 | |
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the charity's financial | ||
| statements | 10,200 | 10,200 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
11. 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 |
31.8.24 £ 946,331 10,246 2,634 959,211 31.8.24 102 |
31.8.23 £ 861,689 6,571 2,150 |
|---|---|---|
| 870,410 | ||
| 31.8.23 104 |
No employees received emoluments in excess of £60,000.
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continued...
TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
| 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable Investment income Total EXPENDITURE ON Raising funds Raising donations and legacies Charitable activities Charitable Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
ACTIVITIES Unrestricted funds £ 241,814 941,013 122 1,182,949 34,776 34,776 1,130,455 81,357 1,246,588 (63,639) 209,439 145,800 |
Restricted funds £ 1,137,361 - - 1,137,361 - - 1,137,361 - 1,137,361 - - - |
Total funds £ 1,379,175 941,013 122 2,320,310 34,776 34,776 2,267,816 81,357 2,383,949 (63,639) 209,439 145,800 |
|---|---|---|---|
continued...
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
13. TANGIBLE FIXED ASSETS
| Improvements Fixtures to Plant and and property machinery fittings £ £ £ COST At 1 September 2023 and 31 August 2024 31,796 20,688 88,177 DEPRECIATION At 1 September 2023 12,120 9,889 36,338 Charge for year 2,952 1,620 7,775 At 31 August 2024 15,072 11,509 44,113 NET BOOK VALUE At 31 August 2024 16,724 9,179 44,064 At 31 August 2023 19,676 10,799 51,839 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Pensions Net wages Accrued expenses |
Motor vehicles £ 84,508 27,078 8,614 35,692 48,816 57,430 31.8.24 £ 19,975 31.8.24 £ 25,794 11,231 22,365 103 386 10,200 70,079 |
Totals £ 225,169 |
Totals £ 225,169 |
|---|---|---|---|
| 85,425 20,961 |
|||
| 106,386 | |||
| 118,783 | |||
| 139,744 | |||
| 31.8.23 £ 17,581 31.8.23 £ 33,381 16,364 18,198 414 979 10,200 79,536 |
|||
| 79,536 |
16. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 31.8.24 | 31.8.23 | |
|---|---|---|
| £ | £ | |
| Within one year | 1,289 | 1,289 |
| Between one and five years | 2,578 | 3,867 |
| 3,867 | 5,156 |
continued...
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
17. MOVEMENT IN FUNDS
| At 1.9.23 £ Unrestricted funds General fund 145,800 TOTAL FUNDS 145,800 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,823,157 Restricted funds Restricted Fund 369,245 TOTAL FUNDS 2,192,402 Comparatives for movement in funds At 1.9.22 £ Unrestricted funds General fund 209,439 TOTAL FUNDS 209,439 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,182,949 Restricted funds Restricted Fund 1,137,361 TOTAL FUNDS 2,320,310 |
Net movement in funds £ (38,697) (38,697) Resources expended £ (1,861,854 ) (369,245) (2,231,099 ) Net movement in funds £ (63,639) (63,639) Resources expended £ (1,246,588 ) (1,137,361 ) (2,383,949 ) |
At 31.8.24 £ 107,103 107,103 Movement in funds £ (38,697) - (38,697) At 31.8.23 £ 145,800 145,800 Movement in funds £ (63,639) - (63,639) |
|---|---|---|
continued...
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TALMUD TORAH TORAH VEYIRAH D'SATMAR LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.22 £ 209,439 209,439 |
Net movement in funds £ (102,336) (102,336) |
At 31.8.24 £ 107,103 |
|---|---|---|---|
| 107,103 |
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 Restricted Fund TOTAL FUNDS |
Incoming resources £ 3,006,106 1,506,606 4,512,712 |
Resources expended £ (3,108,442 ) (1,506,606 ) (4,615,048 ) |
Movement in funds £ (102,336) - |
|---|---|---|---|
| (102,336) |
18. RELATED PARTY DISCLOSURES
During the period ending 31 August 2024 a nephew of Mr M Freund (Trustee) donated £1,134 to the charity, a nephew of Mr A Langberg (Trustee) also donated £3,360 to the charity in the period. The charity also received £6,900 from the nephews of Mr A Langberg (Trustee) for childcare services provided in the period.
In addition, during the period the charity received donations totalling £240,000 from The Bais Rochel DSatmar Charitable Trust, an entity which shares a Trustee with the charity (Mr S Berkowitz). The charity also made donations totalling £400 to Just Kidding, a charity which also shares a Trustee with the charity (Mr S Berkowitz).
Payments totalling £161 were made to Satmar Meats & Poultry Ltd in the period, a supplier which shares a Director with the charity (Mr M Freund). Payments were also made to Bakerlow Limited totalling £4,605, a supplier which Mr M Freund is the registered Secretary.
During the period the charity received a donation in kind from Yizal Education Limited for the rent of premises, the value of which totals £150,000 per annum. One of the Directors of Yizal Education Limited is the son of Mr M Freund (Trustee). Yizal Education Limited also reimbursed the charity £5,287 in the period for building insurance paid for those premises.
No other related party transactions have been noted during the period ended 31 August 2024.
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