Binyen Torah Limited
Charity No. 1151892
Company No. 08393109
Trustees' Report and Unaudited Accounts
25 February 2023
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 | 14 |
| Detailed Statement of Financial Activities | 15 to | 16 |
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 period ended 25 February 2023.
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
A large charity must provide an explanation of its aims, including details of the issues it seeks to tackle and the changes or differences it seeks to make through its activities...
A large charity must provide an explanation how the achievement of its aims will further its legal purposes...
A large charity must provide an explanation of its strategies for achieving its stated aims and objectives...
A large charity must provide an explanation of its criteria or measures it uses to assess success in the reporting period...
A large charity should provide a more detailed explanation of its short-term and long-term aims and objectives...
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 £969,579 (£990,271 - 2022) and made donations totalling £715,168 (£834,525 - 2022) to various charitable organisations and individuals.
A large charity must review its charitable activities undertaken, explaining performance achieved against objectives set ...
A large charity must include an explanation when material fundraising activities are undertaken, details of the performance achieved against fundraising objectives set ...
A large charity must provide an explanation when material investments are held, details of investment performance achieved against objectives set ...
A large charity must provide an explanation of any material expenditure occurred to raise income in the future...
A large charity must provide commentary on those significant positive and negative factors within and outside the charity's control which are relevant to the achievement of its objectives ...
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
A large charity's report should explain the trustees perspective of the future direction of the charity...
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
Page 3
Binyen Torah Limited Trustees Annual Report
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
31 March 2023
Page 4
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 period ended 25 February 2023 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 31 March 2023
Page 5
Binyen Torah Limited Statement of Financial Activities
for the period ended 25 February 2023
| Notes Income and endowments from: Donations and legacies 4 Total Expenditure on: Charitable activities 5 Other 6 Total Net gains on investments Net income/(expenditure) Transfers between funds Net income/(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 £ 969,579 |
Total funds 2023 £ 969,579 |
Total funds 2022 £ 990,271 |
|---|---|---|---|
| 969,579 715,168 101,638 |
969,579 715,168 101,638 |
990,271 834,525 305,078 |
|
| 816,806 - |
816,806 - |
1,139,603 - |
|
| 152,773 - |
152,773 - |
(149,332) - |
|
| 152,773 | 152,773 | (149,332) | |
| 152,773 (190,877) |
152,773 (190,877) |
(149,332) (41,545) |
|
| (38,104) | (38,104) | (190,877) |
Page 6
Binyen Torah Limited Summary Income and Expenditure Account for the period ended 25 February 2023
| Income Gross income for the period Expenditure Interest payable Total expenditure for the period Net income/(expenditure) before tax for the period Net income /(expenditure )for the period |
2023 £ 969,579 969,579 815,595 1,211 816,806 152,773 152,773 |
2022 £ 990,271 |
|---|---|---|
| 990,271 | ||
| 1,138,695 908 |
||
| 1,139,603 | ||
| (149,332) | ||
| (149,332) |
Page 7
Binyen Torah Limited Balance Sheet
at 25 February 2023
| Company No. 08393109 Notes 2023 £ Current assets Debtors 8 3,670 Cash at bank and in hand 4,566 8,236 Creditors:Amount falling due within one year 9 (10,090) Net current (liabilities)/assets (1,854) Total assets less current liabilities (1,854) Creditors:Amounts falling due after more than one year 10 (36,250) Net liabilities excluding pension asset or liability (38,104) Total net liabilities (38,104) The funds of the charity Restricted funds 11 Unrestricted funds 11 General funds (38,104) (38,104) Reserves 11 Total funds (38,104) |
2022 £ 165,083 7,660 |
|---|---|
| 172,743 (10,090) |
|
| 162,653 162,653 (353,530) |
|
| (190,877) | |
| (190,877) | |
| (190,877) | |
| (190,877) | |
| (190,877) |
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 period ended 25 February 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 31 March 2023
And signed on its behalf by:
S. Tambur Trustee
31 March 2023
Page 8
Binyen Torah Limited Statement of Cash flows for the period ended 25 February 2023
| Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Decrease/(Increase) in trade and other receivables (Decrease)/Increase in trade and other payables Net cash provided by operating activities 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 period Cash and cash equivalents at the end of the period Components of cash and cash equivalents Cash and bank balances |
2023 £ 152,773 161,413 (312,280) 1,906 - (5,000) (5,000) (3,094) 7,660 4,566 4,566 4,566 |
2022 £ (149,332) (159,683) 316,037 |
|---|---|---|
| 7,022 | ||
| - | ||
| (3,750) | ||
| (3,750) | ||
| 3,272 | ||
| 7,148 | ||
| 10,420 | ||
| 7,660 | ||
| 7,660 |
Page 9
Binyen Torah Limited Notes to the Accounts
for the period ended 25 February 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
Binyen Torah 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.
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.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 11
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 £ 969,579 969,579 |
Unrestricted funds 2022 £ 990,271 990,271 834,525 305,078 1,139,603 (149,332) (149,332) (149,332) (41,545) (190,877) Total 2023 £ 969,579 969,579 |
Total funds 2022 £ 990,271 |
| 990,271 834,525 305,078 |
|||
| 1,139,603 | |||
| (149,332) | |||
| (149,332) | |||
| (149,332) (41,545) |
|||
| (190,877) | |||
| Total 2022 £ 990,271 |
|||
| 990,271 | |||
| Donated goods, facilities and services received | |||
| Donations received 1 | Total 2023 £ - - |
Total 2022 £ 990,271 |
|
| 990,271 | |||
Page 12
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 General administrative costs 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 10 Creditors: amounts falling due after more than one year Bank loans and overdrafts Other creditors |
Unrestricted £ 715,168 715,168 Unrestricted £ - 35,515 7,020 54,458 1,211 124 3,310 101,638 2023 £ 3,670 3,670 2023 £ 5,000 5,090 10,090 2023 £ 36,250 - 36,250 |
Total 2023 £ 715,168 715,168 Total 2023 £ - 35,515 7,020 54,458 1,211 124 3,310 101,638 |
Total 2022 £ 834,525 |
|---|---|---|---|
| 834,525 | |||
| Total 2022 £ 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 |
Page 13
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 2022 (190,877) (190,877) |
Incoming resources (including other gains/losses ) £ 969,579 969,579 At 1 March 2022 £ |
Resources expended £ (816,806) (816,806) Unrestricted funds £ (1,854) (36,250) (38,104) Cash flows £ |
At 25 February 2023 £ (38,104) |
|---|---|---|---|---|
| (38,104) | ||||
| Total £ (1,854) (36,250) |
||||
| (38,104) | ||||
| At 25 February 2023 £ |
||||
| 7,660 | (3,094) | 4,566 | ||
| 7,660 (46,250) (46,250) (38,590) |
(3,094) 5,000 5,000 1,906 |
4,566 (41,250) |
||
| (41,250) | ||||
| (36,684) | ||||
| 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 14
Binyen Torah Limited Detailed Statement of Financial Activities
for the period ended 25 February 2023
| 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 General administrative costs, including depreciation and amortisation Bank charges Legal and professional costs Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains |
Unrestricted funds 2023 £ 969,579 969,579 969,579 715,168 715,168 715,168 - 35,515 7,020 54,458 1,211 98,204 124 124 3,310 3,310 101,638 816,806 - 152,773 152,773 - |
Total funds 2023 £ 969,579 969,579 969,579 715,168 715,168 715,168 - 35,515 7,020 54,458 1,211 98,204 124 124 3,310 3,310 101,638 816,806 - 152,773 152,773 - |
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) - |
Page 15
Binyen Torah Limited Detailed Statement of Financial Activities
| Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
152,773 (190,877) (38,104) |
152,773 (190,877) (38,104) |
(149,332) |
|---|---|---|---|
| (41,545) | |||
| (190,877) |
Page 16