REGISTERED COMPANY NUMBER: 07321432 (England and Wales) REGISTERED CHARITY NUMBER: 1138791
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
FOR
TALMUD TORAH D'CHASIDEI GUR LIMITED
Raffingers LLP, Statutory Auditor 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
TALMUD TORAH D'CHASIDEI GUR LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 July 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 22 |
TALMUD TORAH D'CHASIDEI GUR LIMITED (REGISTERED NUMBER: 07321432)
REPORT OF THE TRUSTEES for the year ended 31 July 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 July 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 objectives of the charity are as follows:
a) The advancement of education and training.
- b) The relief of poverty sickness and infirmity.
c) The provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship, social or economic circumstances or in the interests of social welfare and with the object of improving the condition of life of such individuals.
d) Such other objects are as for the benefit of the public and are charitable according to the laws of England and Wales.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities.The aims of the charity for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charity's aims for the public benefit are outlined under 'Achievements and Performance' below.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The School was founded in 2010 as an independent primary school for boys primarily servicing the local orthodox Jewish community. It is proud of its ethos of instilling in its pupils a value system that helps them flourish in the wider society. The number of pupils registered with the school has been growing steadily year on year. This reflects the growth of the community the school serves and is testament to the success of the school. Measures implemented in the school during the Covid 19 pandemic allowed the school to build its resilience and the school has emerged in a strong position. The trustees and senior leadership teams continue to seek innovative and creative methods to enhance the education of the children both within and outside of formal lessons and have ambitious plans for the future.
The Covid 19 pandemic highlighted the importance of making the physical and mental wellbeing of the student body a priority. Many within the student body are reliant on the daily meals provided by the school, and the trustees have continued to provide regular meals and other assistance to those identified as most vulnerable.
Grant making policy
The Covid-19 pandemic directly affected many in the wider community who found themselves without their regular sources of income and faced with increased medical and other expenses. The trustees were able to respond to the applications made to them and provided much needed assistance. The trustees assessed each of the applications made to them and considered their response based on the individual circumstances, the funds available, and the impact of the grant in achieving the charity's goals. Where grants are made to charities and other organisations, consideration is given to the operational efficiency and reputation of the recipient charity and the ability of the donation to 'make a difference'.
FINANCIAL REVIEW Financial position
The financial results for the year to 31 July 2021 are shown in the attached financial statements.
Total income increased from £1,336,922 to £1,930,871 and total expenditure increased from £965,135 to £1,479,631.
There was a net increase in income of £79,452 with total unrestricted funds carried forward of £764,031 (2020 - £312,792).
Page 1
TALMUD TORAH D'CHASIDEI GUR LIMITED (REGISTERED NUMBER: 07321432)
REPORT OF THE TRUSTEES for the year ended 31 July 2021
FINANCIAL REVIEW
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary income. The trustees consider that the ideal level of reserves as at 31 July 2021 would be three months of resources expended which is approximately £370,000.
The actual free reserves as at 31 July 2021 were £826,811 in deficit which is below our target figure. In calculating the reserves, the trustees have excluded from total funds, fixed assets, related loan obligations and any restricted funds. The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide for future financial stability and flexibility to help with the growth of the school.
FUTURE PLANS
Talmud Torah D'Chasidei Gur Limited will continue to expand and develop its activities to provide an excellent standard of education in both religious studies and the national curriculum and to develop the skills students require so that they make a positive contribution to their communities and society.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Talmud Torah D'Chasidei Gur Limited is a company limited by guarantee without share capital, incorporated on 21 July 2010 and registered with the Charity commission on 3 November 2010.
The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
Recruitment and appointment of new trustees
Trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to theexisting trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election.
Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body.
Organisational structure
The board of trustees administers the charity. The board meets regularly. The day to day management of Talmud Torah D'Chasidei Gur is delegated by the trustees to the senior leadership team.
Induction and training of new trustees
The charitable entity strives to ensure equal opportunities and diversity in the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.
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.
The trustees regularly undertake a review of the major risks to which the charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
The trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves.This means that the trustees, employees of the school and all those who work or volunteer for the school and work with children must obtain clearance from the Disclosure and Barring Service. The school has developed a safeguarding policy and one of the trustees is responsible for ensuring this policy is adhered to. Safeguarding training is compulsory for all staff.
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TALMUD TORAH D'CHASIDEI GUR LIMITED (REGISTERED NUMBER: 07321432)
REPORT OF THE TRUSTEES for the year ended 31 July 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Fundraising
The charity has a good reputation within the local community and has the support of regular donors who wish to have a part in the charitable activities of the charity. As such, the trustees do not engage professional fundraisers nor do they undertake public collections or cold calls. The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances. The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07321432 (England and Wales)
Registered Charity number
1138791
Registered office
142 Holmleigh Road London N16 5PY
Trustees
A Schreiber Secretary I Traube Building Supervison A Goldman Company Director
Auditors
Raffingers LLP, Statutory Auditor 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Talmud Torah D'Chasidei Gur 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).
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;
-
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.
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TALMUD TORAH D'CHASIDEI GUR LIMITED (REGISTERED NUMBER: 07321432)
REPORT OF THE TRUSTEES for the year ended 31 July 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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.
AUDITORS
The auditors, Raffingers LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 20 December 2022 and signed on its behalf by:
A Schreiber - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TALMUD TORAH D'CHASIDEI GUR LIMITED
Opinion
We have audited the financial statements of Talmud Torah D'Chasidei Gur Limited (the 'charitable company') for the year ended 31 July 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 July 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; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
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
-
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 D'CHASIDEI GUR 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; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Other matter
In the previous accounting period, the trustees (who are also the directors of the charitable company for the purposes of company law) of the charity took advantage of audit exemption under s477 of the Companies Act. Therefore, the prior period financial statements were not subject to 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 D'CHASIDEI GUR 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); Employment Law; Data Protection Legislation; The Code of Fundraising Practice; and Safeguarding Regulations as they affect the direct charitable activities of the charity;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected transactions;
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tested the appropriateness of journal entries;
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tested authorisation of expenditure;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TALMUD TORAH D'CHASIDEI GUR LIMITED
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.
Mr Thurairatnam Sudarshan, FCCA (Senior Statutory Auditor) for and on behalf of Raffingers LLP, Statutory Auditor 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
20 December 2022
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TALMUD TORAH D'CHASIDEI GUR LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities Provision of education and relief of poverty Investment income 3 Other income Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Provision of education and relief of poverty Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 13 As restated TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 209,719 1,210,942 82,002 366,786 1,869,449 3,961 1,414,249 1,418,210 451,239 19,489 293,303 312,792 764,031 |
Restricted fund £ - 61,421 - - 61,421 - 61,421 61,421 - - - - - |
2021 Total funds £ 209,719 1,272,363 82,002 366,786 1,930,870 3,961 1,475,670 1,479,631 451,239 19,489 293,303 312,792 764,031 |
2020 Total funds as restated £ 403,949 932,970 3 - 1,336,922 12,419 952,716 965,135 371,787 (58,995) - (58,995) 312,792 |
|---|---|---|---|---|
The notes form part of these financial statements
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TALMUD TORAH D'CHASIDEI GUR LIMITED (REGISTERED NUMBER: 07321432)
BALANCE SHEET 31 July 2021
| Notes FIXED ASSETS Tangible assets 15 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 17 NET ASSETS FUNDS 20 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 1,966,674 47,033 (873,844) (826,811) 1,139,863 (375,832) 764,031 |
Restricted fund £ - - - - - - - |
2021 Total funds £ 1,966,674 47,033 (873,844) (826,811) 1,139,863 (375,832) 764,031 764,031 764,031 |
2020 Total funds as restated £ 1,616,264 11,362 (924,814) (913,452) 702,812 (390,020) 312,792 312,792 312,792 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2022 and were signed on its behalf by:
A Schreiber - Trustee
The notes form part of these financial statements
Page 10
TALMUD TORAH D'CHASIDEI GUR LIMITED
CASH FLOW STATEMENT
for the year ended 31 July 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by/(used in) 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 Loan repayments in year Capital repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 a £ 72,213 (17,526) 54,687 (3,605) 2 (3,603) (11,588) (3,825) (15,413) 35,671 11,362 47,033 |
2020 s restated £ 9,450 (16,947) (7,497) (9,959) 3 (9,956) 20,238 4,676 24,914 7,461 3,901 11,362 |
|---|---|---|
The notes form part of these financial statements
Page 11
TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 July 2021
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|---|
| 2021 | 2020 | |||
| as restated | ||||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of Financial | ||||
| Activities) | 451,239 | 371,787 | ||
| Adjustments for: | ||||
| Depreciation charges | 19,980 | 17,160 | ||
| Interest received | (2) | (3) | ||
| Interest paid | 17,526 | 16,947 | ||
| Gain on revaluation of asset | (366,786) | - | ||
| Decrease in creditors | (49,744) | (396,441) | ||
| Net cash provided by operations | 72,213 | 9,450 | ||
| 2. | ANALYSIS OF CHANGES IN NET DEBT | |||
| Net cash | At 1.8.20 £ |
Cash flow £ |
At 31.7.21 £ |
|
| Cash at bank | 11,362 | 35,671 | 47,033 | |
| 11,362 | 35,671 | 47,033 | ||
| Debt | ||||
| Finance leases | (15,206) | 3,825 | (11,381) | |
| Debts falling due within 1 year | (31,200) | (2,600) | (33,800) | |
| Debts falling due after 1 year | (390,020) | 14,188 | (375,832) | |
| (436,426) | 15,413 | (421,013) | ||
| Total | (425,064) | 51,084 | (373,980) |
The notes form part of these financial statements
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TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 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, as modified by the revaluation of certain assets.
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.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost Fixtures and fittings - 15% on cost Motor vehicles - 15% on cost Computer equipment - 25% on cost
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.
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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Grants Provision of education and relief of poverty Parental contributions Provision of education and relief of poverty Fundraising income Provision of education and relief of poverty Grants received, included in the above, are as follows: London Borough of Hackney Council London Borough of Haringey Council Community Security Trust JRS grant |
2021 £ 209,719 2021 £ 82,000 2 82,002 2021 £ 533,449 738,914 - 1,272,363 2021 £ 281,435 40,532 61,421 150,061 533,449 |
a a a a |
2020 s restated £ 403,949 2020 s restated £ - 3 3 2020 s restated £ 396,201 485,357 51,412 932,970 2020 s restated £ 262,427 32,785 46,098 54,891 396,201 |
|---|---|---|---|
continued...
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TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
5. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| 2021 | 2020 | |
| as restated | ||
| £ | £ | |
| Fundraising costs | 3,961 | 12,419 |
| Raising donations and legacies | Raising donations and legacies | Raising donations and legacies | Raising donations and legacies | Raising donations and legacies | Raising donations and legacies | Raising donations and legacies | Raising donations and legacies | Raising donations and legacies |
|---|---|---|---|---|---|---|---|---|
| 2021 2020 as restated £ £ Fundraising costs 3,961 12,419 |
||||||||
| CHARITABLE ACTIVITIES COSTS Provision of education and relief of poverty GRANTS PAYABLE Provision of education and relief of poverty |
Direct Costs £ 699,655 |
Grant funding of activities (see note 7) £ 447,093 |
Support costs (see note 8) £ 328,922 2021 £ 447,093 |
Totals £ 1,475,670 2020 as restated £ 117,912 |
||||
| Care All Limited Edupoor Limited Keren Chochmas Shloma Trust Keren Hatzolas Doros Alei Siach Shir Chesed Beis Yisroel Support the Charity Worker Other grants less than £30,000 |
2021 £ 53,250 74,250 32,100 35,500 37,700 55,900 158,393 447,093 |
2020 £ - - - - - - 117,912 117,912 |
6. CHARITABLE ACTIVITIES COSTS
7. GRANTS PAYABLE
Grants were paid to charities whose objects are in line with the objects of this charity and include the advancement of education and training, and the relief of poverty.
continued...
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TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
8. SUPPORT COSTS
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Governance|
|Management|Finance|costs|Totals|
|£|£|£|£|
|Provision of education and relief of poverty|300,521|17,526|10,875|328,922|
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9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
----- Start of picture text -----
||||
|---|---|---|
|2021|2020|
|as restated|
|£|£|
|Depreciation - owned assets|19,981|17,160|
|Auditors remuneration|10,875|10,800|
----- End of picture text -----
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
11. STAFF COSTS
----- Start of picture text -----
||||
|---|---|---|
|2021|2020|
|as restated|
|£|£|
|Wages and salaries|394,524|352,728|
|-|
|Social security costs|3,187|
|-|
|Other pension costs|4,664|
|402,375|352,728|
|The average monthly number of employees during the year was as follows:|
|2021|2020|
|as restated|
|Charitable activities|86|72|
|Administration|8|6|
|94|78|
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No employees received emoluments in excess of £60,000.
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Page 16
TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2021
| 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 403,949 Charitable activities Provision of education and relief of poverty 932,970 Investment income 3 Total 1,336,922 EXPENDITURE ON Raising funds 12,419 Charitable activities Provision of education and relief of poverty 952,716 Total 965,135 NET INCOME 371,787 RECONCILIATION OF FUNDS Total funds brought forward (58,995) TOTAL FUNDS CARRIED FORWARD 312,792 |
Restricted fund £ - - - - - - - - - - |
Total funds as restated £ 403,949 932,970 3 1,336,922 12,419 952,716 965,135 371,787 (58,995) 312,792 |
|---|---|---|
13. PRIOR YEAR ADJUSTMENT
Donations received were increased by £293,303 to reflect certain loans made to the charity in prior years which had been released by the lenders and were incorrectly included within creditors.
14. RESTRICTED LIABILITY
The mortgage is secured by way of a fixed and floating charge over the property held by the company.
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TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
15. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1 August 2020 Additions Revaluations At 31 July 2021 DEPRECIATION At 1 August 2020 Charge for year At 31 July 2021 NET BOOK VALUE At 31 July 2021 At 31 July 2020 COST OR VALUATION At 1 August 2020 Additions Revaluations At 31 July 2021 DEPRECIATION At 1 August 2020 Charge for year At 31 July 2021 NET BOOK VALUE At 31 July 2021 At 31 July 2020 |
Freehold property £ 1,583,214 - 366,786 1,950,000 - - - 1,950,000 1,583,214 Motor vehicles £ 23,500 - - 23,500 17,000 3,525 20,525 2,975 6,500 |
Plant and machinery £ 8,356 - - 8,356 7,256 1,100 8,356 - 1,100 Computer equipment £ 30,264 - - 30,264 27,614 2,650 30,264 - 2,650 |
Fixtures and fittings £ 87,720 3,605 - 91,325 64,920 12,706 77,626 13,699 22,800 Totals £ 1,733,054 3,605 366,786 2,103,445 116,790 19,981 136,771 1,966,674 1,616,264 |
|---|---|---|---|
Included in cost or valuation of land and buildings is freehold land of £1,950,000 which is not depreciated.
Cost or valuation at 31 July 2021 is represented by:
| Valuation in 2022 Cost |
Freehold property £ 366,786 1,583,214 1,950,000 |
Plant and machinery £ - 8,356 8,356 |
Fixtures and fittings £ - 91,325 91,325 |
|---|---|---|---|
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Page 18
TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
15. TANGIBLE FIXED ASSETS - continued
| Valuation in 2022 Cost |
Motor vehicles £ - 23,500 23,500 |
Computer equipment £ - 30,264 30,264 |
Totals £ 366,786 1,736,659 2,103,445 |
|---|---|---|---|
If the property had not been revalued it would have been included at the following historical cost:
| 2021 £ Cost 1,583,214 The property was valued on an open market basis on 30 November 2022 by the trustees. |
2020 as restated £ 1,583,214 |
|---|---|
| 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 a £ Bank loans and overdrafts (see note 18) 33,800 Hire purchase (see note 19) 11,381 Social security and other taxes 705 Other creditors 790,583 Accrued expenses 37,375 873,844 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 a £ Bank loans (see note 18) 375,832 18. LOANS An analysis of the maturity of loans is given below: 2021 a £ Amounts falling due within one year on demand: Bank loans 33,800 Amounts falling between one and two years: Bank loans 33,800 Amounts falling due between two and five years: Bank loans 342,032 |
2020 s restated £ 31,200 15,206 705 851,128 26,575 924,814 2020 s restated £ 390,020 2020 s restated £ 31,200 31,200 358,820 |
|---|---|
continued...
Page 19
TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
19. LEASING AGREEMENTS
Minimum lease payments under hire purchase fall due as follows:
| Gross obligations repayable: Within one year Finance charges repayable: Within one year Net obligations repayable: Within one year MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund Restricted funds School TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.8.20 £ 19,489 19,489 s follows: |
Prior year adjustment £ 293,303 293,303 Incoming resources £ 1,869,449 61,421 1,930,870 At 1.8.19 £ (58,995) (58,995) |
2021 £ 8,519 (2,862) 11,381 Net movement in funds £ 451,239 451,239 Resources expended £ (1,418,210) (61,421) (1,479,631) Net movement in funds £ 371,787 371,787 |
2020 as restated £ 11,393 (3,813) 15,206 At 31.7.21 £ 764,031 764,031 Movement in funds £ 451,239 - 451,239 At 31.7.20 £ 312,792 312,792 |
|---|---|---|---|---|
20. MOVEMENT IN FUNDS
continued...
Page 20
TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
20. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,336,922 1,336,922 |
Resources expended £ (965,135) (965,135) |
Movement in funds £ 371,787 371,787 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.19 £ (58,995) (58,995) |
Prior year adjustment £ 293,303 293,303 |
Net movement At in funds 31.7.21 £ £ 823,026 1,057,334 823,026 1,057,334 |
|---|---|---|---|
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 School TOTAL FUNDS |
Incoming resources £ 3,206,371 61,421 3,267,792 |
Resources expended £ (2,383,345) (61,421) (2,444,766) |
Movement in funds £ 823,026 - 823,026 |
|---|---|---|---|
21. RELATED PARTY DISCLOSURES
During the year, the charity received donations of £900 from Palmpark Estates Limited, a company of which one of the trustees of this charity is a director.
Included in other creditors are interest free loans totalling £714,380 due to companies of which one of the trustees of this charity is a director.
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Page 21
TALMUD TORAH D'CHASIDEI GUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2021
22. AUDITOR LIABILITY LIMITATION AGREEMENT
The charity has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 July 2021. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements.
Page 22