Yeshiva Gedolah Torah Veyirah Seven Oaks Limited
Charity No. 1147131
Company No. 07703604
Trustees' Report and Unaudited Accounts
31 July 2023
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 1 to 4 | |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Summary Income and Expenditure Account | 7 | |
| Balance Sheet | 8 | |
| Statement of Cash flows | 9 | |
| Notes to the Accounts | 10 to | 16 |
| Detailed Statement of Financial Activities | 17 to | 18 |
Page 1
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Trustees Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 July 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 07703604
Charity No. 1147131
Principal Office
57 Jessam Avenue Clapton London E5 9DU
Registered Office
57 Jessam Avenue Clapton London E5 9DU
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
E. Tambur
J. Tambur
M. Tambur
S. Tambur
Accountants
S J Sheldon Ltd 20 Clarence Road
Hale Cheshire WA15 8SG
OBJECTIVES AND ACTIVITIES
The principal objectives of the charity are the advancement of the Orthodox Jewish Faith, the provision of educational services and facilities( including and 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.
Page 2
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Trustees Annual Report
The trustees confirm that they have referred to the guidance contained in the Charity 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 or basic necessities. The income of the charity is derived from donations. The trustees continues to support those organisations deemed to promote the objectives of this charity.
The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.
ACHIEVEMENTS AND PERFORMANCE
During the year under review, the charity provided activity based educational and learning environment to many under privileged Jewish children. The charity also provided donations to various institutions whose objectives closely aligned with it own, totalling £1,241,176 (2022: £822,250)
FINANCIAL REVIEW
The charity is principally funded by donations from various local businesses and individuals associated with the trustees.
The trustees try to ensure that the charity retains sufficient funds to cover immediate anticipated outgoings. They have contact at all times with potential donors who are able to assist with the charity's requirements.
The trustees are confident that the charity will continue in operational existence for the foreseeable future.
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud or error.
PLANS FOR FUTURE PERIODS
The charity plans to continue the activities in the coming years subject to incoming resources being maintained at a satisfactory level.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.
As set out in its Articles of Association the trustees shall not be less than three and not more than ten in number.
The quorum for the transaction of the business or 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.
Page 3
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Trustees Annual Report
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.
None of the trustees have any beneficial interest in the charity. Related party transactions and balances are disclosed in the notes to the financial statements.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
S. Tambur Trustee 15 August 2023
Page 4
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Independent Examiners Report
Independent Examiner's Report to the trustees of Yeshiva Gedolah Torah Veyirah Seven Oaks Limited
I report to the charity trustees on my examination of the financial statements of Yeshiva Gedolah Torah Veyirah Seven Oaks Limited for the year ended 31 July 2023.
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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the 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 financial statements to be reached.
Simon Sheldon Institute of Financial Accountants S J Sheldon Ltd 20 Clarence Road Hale Cheshire
WA15 8SG 15 August 2023
Page 5
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Statement of Financial Activities
for the year ended 31 July 2023
| Notes Income and endowments from: Donations and legacies 4 Other 5 Total Expenditure on: Charitable activities 6 Total Net gains on investments Net expenditure Transfers between funds Net expenditure before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 158,212 - |
Total funds 2023 £ 158,212 - |
Total funds 2022 £ 731,174 25,000 |
|---|---|---|---|
| 158,212 1,080,428 |
158,212 1,080,428 |
756,174 1,709,768 |
|
| 1,080,428 - |
1,080,428 - |
1,709,768 - |
|
| (922,216) - |
(922,216) - |
(953,594) - |
|
| (922,216) | (922,216) | (953,594) | |
| (922,216) 649,490 |
(922,216) 649,490 |
(953,594) 1,603,084 |
|
| (272,726) | (272,726) | 649,490 |
Page 6
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Summary Income and Expenditure Account
for the year ended 31 July 2023
| Income Gross income for the year Expenditure Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year |
2023 £ 158,212 158,212 1,080,428 1,080,428 (922,216) (922,216) |
2022 £ 756,174 |
|---|---|---|
| 756,174 | ||
| 1,709,768 | ||
| 1,709,768 | ||
| (953,594) | ||
| (953,594) |
Page 7
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Balance Sheet
at 31 July 2023
| Company No. 07703604 Notes 2023 £ Fixed assets Tangible assets 8 55,832 Investments 9 - 55,832 Current assets Debtors 10 324,452 Cash at bank and in hand 9,975 334,427 Creditors:Amount falling due within one year 11 (629,341) Net current liabilities (294,914) Total assets less current liabilities (239,082) Creditors:Amounts falling due after more than one year 12 (33,644) Net (liabilities)/assets excluding pension asset or liability (272,726) Total net (liabilities)/assets (272,726) The funds of the charity Restricted funds 13 Unrestricted funds 13 General funds (272,726) (272,726) Reserves 13 Total funds (272,726) |
2022 £ 584,608 190,000 |
|---|---|
| 774,608 398,075 334,792 |
|
| 732,867 (819,341) |
|
| (86,474) 688,134 (38,644) |
|
| 649,490 | |
| 649,490 | |
| 649,490 | |
| 649,490 | |
| 649,490 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 15 August 2023
And signed on its behalf by:
S. Tambur Trustee 15 August 2023
Page 8
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Statement of Cash flows for the year ended 31 July 2023
| Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Decrease/(Increase) in trade and other receivables Decrease in trade and other payables Net cash used in operating activities Cash flows from investing activities Proceeds from sales of property, plant and equipment Proceeds from sale of investments Net cash from investing activities Cash flows from financing activities Repayment of borrowings Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances Bank overdrafts |
2023 £ (922,216) 9,853 73,623 (190,000) (1,028,740) 518,923 190,000 708,923 (5,000) (5,000) (324,817) 329,792 4,975 9,975 (5,000) 4,975 |
2022 £ (953,594) 11,592 (396,786) - |
|---|---|---|
| (1,363,788) 76,344 |
||
| 2,423,656 | ||
| 2,441,068 | ||
| (835,279) | ||
| (835,279) | ||
| 242,001 | ||
| 366,931 | ||
| 608,932 | ||
| 334,792 | ||
| (5,000) | ||
| 329,792 |
Page 9
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Notes to the Accounts
for the year ended 31 July 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 10
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures and fittings 15% Reducing balance
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 11
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Notes to the Accounts
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Other Total Expenditure on: Charitable activities Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Donations |
Unrestricted £ 158,212 158,212 |
Unrestricted funds 2022 £ 731,174 25,000 756,174 1,709,768 1,709,768 (953,594) (953,594) (953,594) 1,603,084 649,490 Total 2023 £ 158,212 158,212 |
Total funds 2022 £ 731,174 25,000 |
|---|---|---|---|
| 756,174 1,709,768 |
|||
| 1,709,768 | |||
| (953,594) | |||
| (953,594) | |||
| (953,594) 1,603,084 |
|||
| 649,490 | |||
| Total 2022 £ 731,174 |
|||
| 731,174 |
Page 12
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Notes to the Accounts
5 Other income
| 6 Expenditure on charitable activities Expenditure on charitable activities Direct costs Grant funding of activites Governance costs Depreciation-owned assets 7 Staff costs No employee received emoluments in excess of £60,000. 8 Tangible fixed assets Cost or revaluation At 1 August 2022 Disposals At 31 July 2023 Depreciation and impairment At 1 August 2022 Depreciation charge for the year At 31 July 2023 Net book values At 31 July 2023 At 31 July 2022 |
Unrestricted £ 19,399 1,051,176 9,853 1,080,428 Land and buildings £ 518,923 (518,923) - - - - - 518,923 |
Total 2023 £ - - |
Total 2022 £ 25,000 |
|---|---|---|---|
| 25,000 | |||
| Total 2023 £ 19,399 1,051,176 9,853 1,080,428 Fixtures and fittings £ 123,103 - 123,103 57,418 9,853 67,271 55,832 65,685 |
Total 2022 £ 875,926 822,250 11,592 |
||
| 1,709,768 | |||
| Total £ 642,026 (518,923) |
|||
| 123,103 | |||
| 57,418 9,853 |
|||
| 67,271 | |||
| 55,832 | |||
| 584,608 |
Page 13
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Notes to the Accounts
9 Investments
| Cost or revaluation At 1 August 2022 Disposals At 31 July 2023 Net book values At 31 July 2023 At 31 July 2022 10 Debtors VAT recoverable Other debtors 11 Creditors: amounts falling due within one year Bank loans and overdrafts Trade creditors Other taxes and social security Other creditors 12 Creditors: amounts falling due after more than one year Bank loans and overdrafts |
2023 £ - 324,452 324,452 2023 £ 5,000 13,910 1,097 609,334 629,341 2023 £ 33,644 33,644 |
Freehold Investment Property £ 190,000 (190,000) - - 190,000 |
Total £ 190,000 (190,000) |
|---|---|---|---|
| - | |||
| - | |||
| 190,000 | |||
| 2022 £ 1,289 396,786 |
|||
| 398,075 | |||
| 2022 £ 5,000 13,910 1,097 799,334 |
|||
| 819,341 | |||
| 2022 £ 38,644 |
|||
| 38,644 |
Page 14
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Notes to the Accounts
13 Movement in funds
| Restricted funds: Unrestricted funds: General funds Total funds 14 Analysis of net assets between funds Fixed assets Net current assets Creditors due in more than one year and provisions 15 Reconciliation of net debt Cash and cash equivalents Bank overdrafts Bank loans Net debt |
At 1 August 2022 649,490 649,490 |
Incoming resources (including other gains/losses ) £ 158,212 158,212 At 1 August 2022 £ |
Resources expended £ (1,080,428) (1,080,428) Unrestricted funds £ 55,832 (294,914) (33,644) (272,726) Cash flows £ |
At 31 July 2023 £ (272,726) |
|---|---|---|---|---|
| (272,726) | ||||
| Total £ 55,832 (294,914) (33,644) |
||||
| (272,726) | ||||
| At 31 July 2023 £ |
||||
| 334,792 | (324,817) | 9,975 | ||
| (5,000) | - | (5,000) | ||
| 329,792 (38,644) (38,644) 291,148 |
(324,817) 5,000 5,000 (319,817) |
4,975 (33,644) |
||
| (33,644) | ||||
| (28,669) | ||||
| 16 Related party disclosures Controlling party |
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 15
Yeshiva Gedolah Torah Veyirah Seven Oaks Limited Detailed Statement of Financial Activities
for the year ended 31 July 2023
| Income and endowments from: Donations and legacies Donations Other Total income and endowments Expenditure on: Charitable activities Direct costs Grant funding of activites Governance costs Depreciation-owned assets Total of expenditure on charitable activities General administrative costs, including depreciation and amortisation Depreciation of Fixtures and fittings Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 158,212 158,212 - - 158,212 19,399 1,051,176 1,070,575 9,853 9,853 1,080,428 - 1,080,428 - (922,216) (922,216) - (922,216) 649,490 (272,726) |
Total funds 2023 £ 158,212 158,212 - - 158,212 19,399 1,051,176 1,070,575 9,853 9,853 1,080,428 - 1,080,428 - (922,216) (922,216) - (922,216) 649,490 (272,726) |
Total funds 2022 £ 731,174 |
|---|---|---|---|
| 731,174 | |||
| 25,000 | |||
| 25,000 | |||
| 756,174 875,926 822,250 |
|||
| 1,698,176 | |||
| 11,592 | |||
| 11,592 | |||
| 1,709,768 - 1,709,768 - |
|||
| (953,594) | |||
| (953,594) - |
|||
| (953,594) | |||
| 1,603,084 | |||
| 649,490 |
Page 16