Binyen Torah Limited
Charity No. 1151892
Company No. 08393109
Trustees' Report and Unaudited Accounts
28 February 2022
Binyen Torah Limited Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 to 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Statement of Cash flows | 8 | |
| Notes to the Accounts | 9 to | 13 |
| Detailed Statement of Financial Activities | 14 to | 15 |
Page 1
Binyen Torah 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 28 February 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 08393109
Charity No. 1151892
Principal Office
69 Lordship Road Stoke Newington London N16 0QX
Registered Office
69 Lordship Road Stoke Newington London N16 0QX
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:
M. Tambur
S. Tambur
Accountants
S J Sheldon Ltd 20 Clarence Road Hale
Cheshire WA15 8SG
OBJECTIVES AND ACTIVITIES
The strategic aim of the charity is the advancement of Orthodox Jewish religion, Orthodox Jewish education and education in general, as well as the relief of poverty, sickness and infirmity for the public benefit.
To achieve this objective, the charity collected donations and distributed them to various charitable organisations whose aim closely aligns with the set objective.
The trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The trustees are satisfied that they meet their obligations.
Page 2
Binyen Torah Limited Trustees Annual Report
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company.
ACHIEVEMENTS AND PERFORMANCE
During the year under review, the charity received donations of £990,271 (£909,263 - 2021) and made donations totalling £834,525 (£964,283 - 2021) to various charitable organisations and individuals.
FINANCIAL REVIEW
The charity is mainly funded by donations received from various entities and individuals associated to the trustees.
The charity aims to hold cash reserves equivalent to 3 months of working capital
After making enquiries and assessing the future funding opportunities, the trustees are confident that the charity will continue to operate in the foreseeable future without curtailing the operation significantly
PLANS FOR FUTURE PERIODS
The charity will continue to operate in the current model for the foreseeable future; no change in the modus operandi is envisaged
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee, registered with Companies House in the UK. The charity is governed by its Memorandum of Association and Articles of Association.
The trustees do not envisage change in the trustees in the near future
Related party transactions and balances are disclosed in the notes to the financial statements wherever necessary.
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 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 or error.
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 23 February 2023
Page 3
Binyen Torah Limited Independent Examiners Report
Independent Examiner's Report to the trustees of Binyen Torah Limited
I report to the charity trustees on my examination of the financial statements of Binyen Torah Limited for the year ended 28 February 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (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
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Financial Accountants.
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 that:
-
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 Charities SORP (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 23 February 2023
Page 4
Binyen Torah Limited Statement of Financial Activities
for the year ended 28 February 2022
| Notes Income and endowments from: Donations and legacies 4 Total Expenditure on: Charitable activities 5 Other 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 2022 £ 990,271 |
Total funds 2022 £ 990,271 |
Total funds 2021 £ 909,263 |
|---|---|---|---|
| 990,271 834,525 305,078 |
990,271 834,525 305,078 |
909,263 964,283 1,320 |
|
| 1,139,603 - |
1,139,603 - |
965,603 - |
|
| (149,332) - |
(149,332) - |
(56,340) - |
|
| (149,332) | (149,332) | (56,340) | |
| (149,332) (41,545) |
(149,332) (41,545) |
(56,340) 14,795 |
|
| (190,877) | (190,877) | (41,545) |
Page 5
Binyen Torah Limited Summary Income and Expenditure Account for the year ended 28 February 2022
| Income Gross income for the year Expenditure Interest payable Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year |
2022 £ 990,271 990,271 1,138,695 908 1,139,603 (149,332) (149,332) |
2021 £ 909,263 |
|---|---|---|
| 909,263 | ||
| 965,603 - |
||
| 965,603 | ||
| (56,340) | ||
| (56,340) |
Page 6
Binyen Torah Limited Balance Sheet
at 28 February 2022
| Company No. 08393109 Notes 2022 £ Current assets Debtors 8 165,083 Cash at bank and in hand 7,660 172,743 Creditors:Amount falling due within one year 9 (10,090) Net current assets 162,653 Total assets less current liabilities 162,653 Creditors:Amounts falling due after more than one year 10 (353,530) Net liabilities excluding pension asset or liability (190,877) Total net liabilities (190,877) The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds (190,877) (190,877) Reserves 11 Total funds (190,877) |
2021 £ 5,400 7,148 |
|---|---|
| 12,548 (4,093) |
|
| 8,455 8,455 (50,000) |
|
| (41,545) | |
| (41,545) | |
| (41,545) | |
| (41,545) | |
| (41,545) |
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 28 February 2022 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 23 February 2023
And signed on its behalf by:
S. Tambur Trustee 23 February 2023
Page 7
Binyen Torah Limited Statement of Cash flows for the year ended 28 February 2022
| Cash flows from operating activities Net expenditure per Statement of Financial Activities Adjustments for: Increase in trade and other receivables Increase in trade and other payables Net cash provided by/(used in) operating activities Net cash from investing activities Cash flows from financing activities Repayment of borrowings Net cash (used in)/from financing activities Net increase/(decrease) 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 |
2022 £ (149,332) (159,683) 316,037 7,022 - (3,750) (3,750) 3,272 7,148 10,420 7,660 7,660 |
2021 £ (56,340) (5,400) 1,333 |
|---|---|---|
| (60,407) | ||
| - | ||
| 50,000 | ||
| 50,000 | ||
| (10,407) | ||
| - | ||
| (10,407) | ||
| 7,148 | ||
| 7,148 |
Page 8
Binyen Torah Limited Notes to the Accounts
for the year ended 28 February 2022
- 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 9
Binyen Torah Limited Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which 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.
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.
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.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 10
Binyen Torah Limited Notes to the Accounts
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Total Expenditure on: Charitable activities Other 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 £ 990,271 990,271 |
Unrestricte d funds 2021 £ 909,263 909,263 964,283 1,320 965,603 (56,340) (56,340) (56,340) 14,795 (41,545) Total 2022 £ 990,271 990,271 |
Total funds 2021 £ 909,263 |
| 909,263 964,283 1,320 |
|||
| 965,603 | |||
| (56,340) | |||
| (56,340) | |||
| (56,340) 14,795 |
|||
| (41,545) | |||
| Total 2021 £ 909,263 |
|||
| 909,263 | |||
| Donated goods, facilities and services received | |||
| Donations received 1 | Total 2022 £ 990,271 990,271 |
Total 2021 £ 909,263 |
|
| 909,263 | |||
Page 11
Binyen Torah Limited Notes to the Accounts
5 Expenditure on charitable activities
| Expenditure on charitable activities Donations Governance costs 6 Other expenditure Computer costs Charitable food costs Charity rent costs Charity travel and accommodation costs Bank loan and overdraft interest payable Legal and professional costs 7 Staff costs No employee received emoluments in excess of £60,000. 8 Debtors Other debtors 9 Creditors: amounts falling due within one year Bank loans and overdrafts Other creditors Accruals 10 Creditors: amounts falling due after more than one year Bank loans and overdrafts Other creditors |
Unrestricted £ 834,525 834,525 Unrestricted £ 21,378 213,252 7,020 62,520 908 - 305,078 2022 £ 165,083 165,083 2022 £ 5,000 5,090 - 10,090 2022 £ 41,250 312,280 353,530 |
Total 2022 £ 834,525 834,525 Total 2022 £ 21,378 213,252 7,020 62,520 908 - 305,078 |
Total 2021 £ 964,283 |
|---|---|---|---|
| 964,283 | |||
| Total 2021 £ - - - - - 1,320 |
|||
| 1,320 | |||
| 2021 £ 5,400 |
|||
| 5,400 | |||
| 2021 £ - 1,333 2,760 |
|||
| 4,093 | |||
| 2021 £ 50,000 - |
|||
| 50,000 |
Page 12
Binyen Torah Limited Notes to the Accounts
11 Movement in funds
| Restricted funds: Unrestricted funds: General funds Total funds 12 Analysis of net assets between funds Net current assets Creditors due in more than one year and provisions 13 Reconciliation of net debt Cash and cash equivalents Bank loans Net debt |
At 1 March 2021 (41,545) (41,545) |
Incoming resources (including other gains/losses ) £ 990,271 990,271 At 1 March 2021 £ |
Resources expended £ (1,139,603) (1,139,603) Unrestricte d funds £ 162,653 (353,530) (190,877) Cash flows £ |
At 28 February 2022 £ (190,877) |
|---|---|---|---|---|
| (190,877) | ||||
| Total £ 162,653 (353,530) |
||||
| (190,877) | ||||
| At 28 February 2022 £ |
||||
| 7,148 | 512 | 7,660 | ||
| 7,148 (50,000) (50,000) (42,852) |
512 3,750 3,750 4,262 |
7,660 (46,250) |
||
| (46,250) | ||||
| (38,590) |
14 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 13
Binyen Torah Limited Detailed Statement of Financial Activities
for the year ended 28 February 2022
| Income and endowments from: Donations and legacies Donations Total income and endowments Expenditure on: Charitable activities Donations Total of expenditure on charitable activities Other expenditure Computer costs Charitable food costs Charity rent costs Charity travel and accommodation costs Bank loan and overdraft interest payable Legal and professional costs Audit/Independent examination fees Total of expenditure of other costs 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 2022 £ 990,271 990,271 990,271 834,525 834,525 834,525 21,378 213,252 7,020 62,520 908 305,078 - - 305,078 1,139,603 - (149,332) (149,332) - (149,332) (41,545) (190,877) |
Total funds 2022 £ 990,271 990,271 990,271 834,525 834,525 834,525 21,378 213,252 7,020 62,520 908 305,078 - - 305,078 1,139,603 - (149,332) (149,332) - (149,332) (41,545) (190,877) |
Total funds 2021 £ 909,263 |
|---|---|---|---|
| 909,263 | |||
| 909,263 964,283 |
|||
| 964,283 | |||
| 964,283 - - - - - |
|||
| - | |||
| 1,320 | |||
| 1,320 | |||
| 1,320 | |||
| 965,603 - |
|||
| (56,340) | |||
| (56,340) - |
|||
| (56,340) | |||
| 14,795 | |||
| (41,545) |
Page 14
Binyen Torah Limited Detailed Statement of Financial Activities
Page 15