REGISTERED COMPANY NUMBER: 07703604 (England and Wales) REGISTERED CHARITY NUMBER: 1147131
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
FOR
YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | to | 7 |
| Statement of Cash Flows | 8 | ||
| Notes to the Statement of Cash Flows | 9 | ||
| Notes to the Financial Statements | 10 | to | 17 |
YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
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 principal objectives of the charity are: ->The Advancement of the Orthodox Jewish Faith
->The provision of educational services and facilities (Including without prejudice to the generality of foregoing the provision of instructed adventure and other activities.)
In order to achieve these charitable objectives, the charity provided activities based learning environment to under privileged Jewish children.
Aims, objective and activities for public benefit
The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year.
The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide.
The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basic necessities.
The income of the charity is derived from donations. The trustees continued their support of those organisations deemed to promote the objects of this charity.
Grantmaking
The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review, the charity provided activity based educational and learning environment to many under privileged Jewish children. The charity also provided donation to various institutions whose objective closely aligned with its own totalling £159,656 (2020 - £222,104).
FINANCIAL REVIEW
Principal funding sources
The charity is principally funded by donation from various local business and individual associated with the trustees.
Reserves policy
The trustees try to ensure that the charity retains sufficient funds to cover immediate anticipated outgoings. They have contacts at all times with potential donors who are able to assist with the charity's requirements.
Going concern
The trustees are confident that the charity will continue in operational existence for foreseeable future.
FUTURE PLANS
The charity plans to continue the activities in the coming years subject to incoming resources being maintained at a satisfactory level.
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.
Recruitment and appointment of new trustees
As set out in the Articles of Association the number of trustees shall be not less than three and not more than ten in number.
The charity may by ordinary resolution appoint a person who is willing to act, to be a trustee, either to fill a vacancy or as an additional trustee. A trustee shall cease to hold office by virtue of the Article 48 of Articles of Association.
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.
The quorum for the transaction of the business of the trustees may be fixed by the trustees but shall not be less than the majority of their number or two trustees, whichever is the greater.
None of the trustees have any beneficial interest in the charity.
Related parties
Related party transaction and balances are disclosed in the notes to the financial statements.
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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
07703604 (England and Wales)
Registered Charity number
1147131
Registered office
57 Jessam Avenue Clapton London E5 9DU
Trustees
E Tambur S Tambur Mrs M Tambur J Tambur
Independent Examiner
M A VENITT A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 31 May 2022 and signed on its behalf by:
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YESHIVA GELAH TORAH IEYIRAH SEVEN OAKS LDIITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 J[y 2021 S Tambur- Trnsiee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
Independent examiner's report to the trustees of Yeshiva Gedolah Torah Veyirah Seven Oaks Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of A.C.A which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M A VENITT A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
31 May 2022
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable Other Total NET INCOME Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.7.21 Unrestricted fund £ 997,993 - 997,993 678,902 51,087 729,989 268,004 - 268,004 1,335,080 1,603,084 |
31.7.20 Total funds £ 892,338 45,000 |
|---|---|---|
| 937,338 751,870 48,841 |
||
| 800,711 | ||
| 136,627 975,435 |
||
| 1,112,062 223,018 |
||
| 1,335,080 |
The notes form part of these financial statements
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
STATEMENT OF FINANCIAL POSITION 31 JULY 2021
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
31.7.21 Unrestricted fund £ 3,012,268 1,289 366,931 368,220 (903,481) (535,261) 2,477,007 (873,923) 1,603,084 1,603,084 1,603,084 |
31.7.20 Total funds £ 2,519,135 241,279 36,272 277,551 (597,477) (319,926) 2,199,209 (864,129) 1,335,080 1,335,080 1,335,080 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.
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.
The notes form part of these financial statements
Page 6
continued...
YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
STATEMENT OF FINANCIAL POSITION - continued 31 JULY 2021
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 and authorized for issue by the Board of Trustees and authorised for issue on 31 May 2022 and were signed on its behalf by:
M Tambur - Trustee
S Tambur - Trustee
The notes form part of these financial statements
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
STATEMENT OF CASH FLOWS 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 Rent received Net cash (used in)/provided by investing activities Cash flows from financing activities New loans in year Loan repayments 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 |
31.7.21 £ 835,978 (10,733) 825,245 (504,380) - (504,380) 9,794 - 9,794 330,659 36,272 366,931 |
31.7.20 £ (40,758) (21,224) (61,982) - 45,000 45,000 50,000 (28,727) 21,273 4,291 31,981 36,272 |
|---|---|---|
The notes form part of these financial statements
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 268,004 | 136,627 | |
| Adjustments for: | |||
| Depreciation charges | 11,247 | 3,377 | |
| Interest paid | 10,733 | 21,224 | |
| Rent received | - | (45,000) | |
| Decrease/(increase) in debtors | 239,990 | (199,069) | |
| Increase in creditors | 306,004 | 42,083 | |
| Net cash provided by/(used in) operations | 835,978 | (40,758) |
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.8.20 | Cash flow | At 31.7.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 36,272 | 330,659 | 366,931 |
| 36,272 | 330,659 | 366,931 | |
| Debt | |||
| Debts falling due after 1 year | (864,129) | (9,794) | (873,923) |
| (864,129) | (9,794) | (873,923) | |
| Total | (827,857) | 320,865 | (506,992) |
The notes form part of these financial statements
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS 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.
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and includes the independent examination fees and costs linked to the strategic management of the charity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided Improvements to property - not provided Fixtures and fittings - 15% on reducing balance
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
2. DONATIONS AND LEGACIES
| 31.7.21 £ Donations 993,989 Grants 4,004 997,993 Grants received, included in the above, are as follows: 31.7.21 £ Other grants 4,004 Grants receivable is the amount received under Coronavirus Job Retention Scheme (CJRS). INVESTMENT INCOME 31.7.21 £ Rents received - CHARITABLE ACTIVITIES COSTS Grant funding of activities Support Direct (see note costs (see Costs 5) note 6) £ £ £ Charitable 495,351 159,656 23,895 GRANTS PAYABLE 31.7.21 £ Charitable 159,656 |
31.7.20 £ 889,424 2,914 |
|---|---|
| 892,338 | |
| 31.7.20 £ 2,914 31.7.20 £ 45,000 Totals £ 678,902 |
|
| 31.7.20 £ 222,104 |
3. INVESTMENT INCOME
4. CHARITABLE ACTIVITIES COSTS
5. GRANTS PAYABLE
continued...
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
6. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Management £ Other resources expended 24,769 Charitable - 24,769 |
Information Governance Finance technology costs £ £ £ 11,471 - 14,847 - 23,895 - 11,471 23,895 14,847 |
Totals £ 51,087 23,895 |
| 74,982 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.7.21 | 31.7.20 | |
|---|---|---|
| £ | £ | |
| Independent examination fees | 3,600 | 3,600 |
| Depreciation - owned assets | 11,247 | 3,377 |
8. 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.
9. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.7.21 | 31.7.20 | |
| £ | £ | |
| Wages and salaries | 13,334 | 12,433 |
| 13,334 | 12,433 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.7.21 | 31.7.20 | |
| Admin | 2 | 2 |
No employees received emoluments in excess of £60,000.
continued...
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 892,338 |
| Investment income | 45,000 |
| Total | 937,338 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable | 751,870 |
| Other | 48,841 |
| Total | 800,711 |
| NET INCOME | 136,627 |
| Other recognised gains/(losses) | |
| Gains on revaluation of fixed assets | 975,435 |
| Net movement in funds | 1,112,062 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 223,018 |
| TOTAL FUNDS CARRIED FORWARD | 1,335,080 |
continued...
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
11. TANGIBLE FIXED ASSETS
| Improvements Freehold to property property £ £ COST At 1 August 2020 2,423,656 76,344 Additions - 448,532 At 31 July 2021 2,423,656 524,876 DEPRECIATION At 1 August 2020 - - Charge for year - - At 31 July 2021 - - NET BOOK VALUE At 31 July 2021 2,423,656 524,876 At 31 July 2020 2,423,656 76,344 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors VAT 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses |
Fixtures and fittings £ 53,714 55,848 109,562 34,579 11,247 45,826 63,736 19,135 31.7.21 £ - 1,289 1,289 31.7.21 £ 13,910 1,097 799,334 89,140 903,481 |
Totals £ 2,553,714 504,380 |
Totals £ 2,553,714 504,380 |
|
|---|---|---|---|---|
| 3,058,094 | ||||
| 34,579 11,247 |
||||
| 45,826 | ||||
| 3,012,268 | ||||
| 2,519,135 | ||||
| 31.7.20 £ 239,990 1,289 |
||||
| 241,279 | ||||
| 31.7.20 £ 6,615 1,097 573,325 16,440 |
||||
| 597,477 |
continued...
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YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 15) Other loans (see note 15) |
31.7.21 £ 824,862 49,061 873,923 |
31.7.20 £ 814,129 50,000 |
|---|---|---|
| 864,129 |
Other creditors includes £50,000 received under Bounceback Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.
15. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due between two and five years: Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.8.20 £ 1,335,080 1,335,080 Incoming resources £ 997,993 997,993 |
31.7.21 £ 49,061 824,862 Net movement in funds £ 268,004 268,004 Resources expended £ (729,989) (729,989) |
31.7.20 £ 50,000 814,129 At 31.7.21 £ 1,603,084 |
31.7.20 £ 50,000 |
|
|---|---|---|---|---|---|
| 1,603,084 | |||||
| Movement in funds £ 268,004 268,004 |
|||||
| 268,004 |
16. MOVEMENT IN FUNDS
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continued...
YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.8.19 £ Unrestricted funds General fund 223,018 TOTAL FUNDS 223,018 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 937,338 (800,711) TOTAL FUNDS 937,338 (800,711) |
Net movement in funds £ 1,112,062 1,112,062 Gains and losses £ 975,435 975,435 |
At 31.7.20 £ 1,335,080 |
|---|---|---|
| 1,335,080 | ||
| Movement in funds £ 1,112,062 1,112,062 |
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 £ 223,018 223,018 |
Net movement in funds £ 1,380,066 1,380,066 |
At 31.7.21 £ 1,603,084 |
|---|---|---|---|
| 1,603,084 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 1,935,331 (1,530,700) TOTAL FUNDS 1,935,331 (1,530,700) |
Gains and Movement losses in funds £ £ 975,435 1,380,066 975,435 1,380,066 |
|---|---|
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continued...
YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021
17. RELATED PARTY DISCLOSURES
There were no related party transactions or balances that required disclosure for the year ended 31 October 2021.
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