REGISTERED COMPANY NUMBER: 08393109 (England and Wales) REGISTERED CHARITY NUMBER: 1151892
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
FOR
BINYEN TORAH LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
BINYEN TORAH LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Trustees' Responsibilities | 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 | 15 |
BINYEN TORAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024
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 29 February 2024. 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 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.
Public benefit
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.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review, the charity received donations totalling £890,834 (2023 - £969,579) and made donations totalling £751,069 (2023 - £715,168) to various charitable organisations and individuals.
FINANCIAL REVIEW
Principal funding sources
The charity is mainly funded by donations received from various entities and individuals associated to the trustees.
Reserves policy
The charity aims to hold cash reserve equivalent to 3 months of working capital.
Going concern
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.
FUTURE PLANS
The charity will continue to operate in the current model for foreseeable future. No change in the modus operandi is envisaged.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is an company limited by guarantee, registered with the Companies House in the UK. The charity is governed by its Memorandum of Association and Article of Association.
Recruitment and appointment of new trustees
The trustees do not envisage change in the trustees in near future.
Related parties
Related party transaction and balances are disclosed in the Notes to the financial statement wherever necessary.
Page 1
BINYEN TORAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
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
08393109 (England and Wales)
Registered Charity number
1151892
Registered office
69 Lordship Road Stoke Newington London N16 0QX
Trustees
S Tambur Mrs M Tambur (resigned 14.12.23) E Friedman (appointed 15.9.24) C Rosenberg (appointed 15.9.24)
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 19 December 2024 and signed on its behalf by:
S Tambur - Trustee
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BINYEN TORAH LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 29 FEBRUARY 2024
The trustees (who are also the directors of Binyen Torah 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BINYEN TORAH LIMITED
Independent examiner's report to the trustees of Binyen Torah Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 February 2024.
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 member of the Institute of Chartered Accountants in England and Wales, 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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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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
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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.
Malcolm Venitt, A. C. A
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
19 December 2024
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BINYEN TORAH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024
| 29.2.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 890,834 EXPENDITURE ON Charitable activities 3 Charitable activities 829,929 Other 2,956 Total 832,885 NET INCOME 57,949 RECONCILIATION OF FUNDS Total funds brought forward (38,104) TOTAL FUNDS CARRIED FORWARD 19,845 |
28.2.23 Total funds £ 969,579 814,121 2,685 816,806 152,773 (190,877) (38,104) |
|---|---|
The notes form part of these financial statements
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BINYEN TORAH LIMITED
STATEMENT OF FINANCIAL POSITION 29 FEBRUARY 2024
| 29.2.24 | 28.2.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 9 | - | 3,670 |
| Cash at bank | 58,893 | 4,566 | |
| 58,893 | 8,236 | ||
| CREDITORS | |||
| Amounts falling due within one year | 10 | (7,002) | (10,090) |
| NET CURRENT ASSETS/(LIABILITIES) | 51,891 | (1,854) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 51,891 | (1,854) | |
| CREDITORS | |||
| Amounts falling due after more than one year | 11 | (32,046) | (36,250) |
| NET ASSETS/(LIABILITIES) | 19,845 | (38,104) | |
| FUNDS | 13 | ||
| Unrestricted funds | 19,845 | (38,104) | |
| TOTAL FUNDS | 19,845 | (38,104) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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...
BINYEN TORAH LIMITED
STATEMENT OF FINANCIAL POSITION - continued 29 FEBRUARY 2024
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 authorised for issue by the Board of Trustees and authorised for issue on 19 December 2024 and were signed on its behalf by:
S Tambur - Trustee
The notes form part of these financial statements
Page 7
BINYEN TORAH LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
29.2.24 £ 59,421 (972) 58,449 (4,204) (4,204) 54,245 4,566 58,811 |
28.2.23 £ 1,679 (1,211) 468 (3,562) (3,562) (3,094) 7,660 4,566 |
|---|---|---|
The notes form part of these financial statements
Page 8
BINYEN TORAH LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | |
|---|---|---|---|---|---|---|
| 29.2.24 | 28.2.23 | |||||
| £ | £ | |||||
| Net income for the reporting period (as per the Statement of Financial | ||||||
| Activities) | 57,949 | 152,773 | ||||
| Adjustments for: | ||||||
| Interest paid | 972 | 1,211 | ||||
| Decrease in debtors | 3,670 | 13,310 | ||||
| Decrease in creditors | (3,170) | (165,615) | ||||
| Net cash provided by operations | 59,421 | 1,679 | ||||
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||||
| 29.2.24 | 28.2.23 | |||||
| £ | £ | |||||
| Notice deposits (less than 3 months) | 58,893 | 4,566 | ||||
| Overdrafts included in bank loans and overdrafts falling due within one year | (82) | - | ||||
| Total cash and cash equivalents | 58,811 | 4,566 | ||||
| 3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS | |||||
| At 1.3.23 | Cash flow | At 29.2.24 | ||||
| £ | £ | £ | ||||
| Net cash | ||||||
| Cash at bank | 4,566 | 54,327 | 58,893 | |||
| Bank overdraft | - | (82) | (82) | |||
| 4,566 | 54,245 | 58,811 | ||||
| Debt | ||||||
| Debts falling due within 1 year | (5,000) | - | (5,000) | |||
| Debts falling due after 1 year | (36,250) | 4,204 | (32,046) | |||
| (41,250) | 4,204 | (37,046) | ||||
| Total | (36,684) | 58,449 | 21,765 |
The notes form part of these financial statements
Page 9
BINYEN TORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
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.
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.
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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
2. DONATIONS AND LEGACIES
| 29.2.24 | 28.2.23 | |
|---|---|---|
| £ | £ | |
| Donations | 890,834 | 969,579 |
continued...
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BINYEN TORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
3. CHARITABLE ACTIVITIES COSTS
| Charitable activities 4. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Grant 5. SUPPORT COSTS Other resources expended 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examination fees Other operating leases |
Grant funding of activities Direct (see note Costs 4) £ £ 78,861 751,068 29.2.24 £ 751,068 29.2.24 £ 131,813 Governance Finance costs £ £ 64 1,920 29.2.24 £ 1,920 7,502 |
Totals £ 829,929 |
|---|---|---|
| 28.2.23 £ 715,168 |
||
| 28.2.23 £ 715,168 |
||
| Totals £ 1,984 28.2.23 £ 1,350 7,020 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.
continued...
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BINYEN TORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 969,579 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities | 814,121 | ||
| Other | 2,685 | ||
| Total | 816,806 | ||
| NET INCOME | 152,773 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | (190,877) | ||
| TOTAL FUNDS CARRIED FORWARD | (38,104) | ||
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 29.2.24 | 28.2.23 | ||
| £ | £ | ||
| Other debtors | - | 3,670 | |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 29.2.24 | 28.2.23 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note 12) | 5,082 | 5,000 | |
| Other creditors | - | 3,740 | |
| Accrued expenses | 1,920 | 1,350 | |
| 7,002 | 10,090 |
continued...
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BINYEN TORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 29.2.24 | 28.2.23 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans (see note | 12) | 32,046 | 36,250 |
Other creditors includes Bounceback loan of £37,046 [2023 - £41,250]. The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.
12. LOANS
An analysis of the maturity of loans is given below:
| 29.2.24 | 28.2.23 | |
|---|---|---|
| £ | £ | |
| Amounts falling due within one year on demand: | ||
| Bank overdrafts | 82 | - |
| Bank loans | 5,000 | 5,000 |
| 5,082 | 5,000 | |
| Amounts falling due between two and five years: | ||
| Bank loans - 2-5 years | 32,046 | 36,250 |
13. 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 1.3.23 £ (38,104) (38,104) Incoming resources £ 890,834 890,834 |
Net movement At in funds 29.2.24 £ £ 57,949 19,845 57,949 19,845 Resources Movemen expended in funds £ £ (832,885) 57,949 (832,885) 57,949 |
Net movement At in funds 29.2.24 £ £ 57,949 19,845 57,949 19,845 Resources Movemen expended in funds £ £ (832,885) 57,949 (832,885) 57,949 |
|---|---|---|---|
| 57,949 |
continued...
Page 13
BINYEN TORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.3.22 £ Unrestricted funds General fund (190,877) TOTAL FUNDS (190,877) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 969,579 TOTAL FUNDS 969,579 A current year 12 months and prior year 12 months combined position is as follows: At 1.3.22 £ Unrestricted funds General fund (190,877) TOTAL FUNDS (190,877) |
Net movement At in funds 28.2.23 £ £ 152,773 (38,104) 152,773 (38,104) Resources Movement expended in funds £ £ (816,806) 152,773 (816,806) 152,773 Net movement At in funds 29.2.24 £ £ 210,722 19,845 210,722 19,845 |
At 28.2.23 £ (38,104) |
At 28.2.23 £ (38,104) |
|---|---|---|---|
| (38,104) | |||
| 152,773 | |||
| At 29.2.24 £ 19,845 19,845 |
|||
| 19,845 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,860,413 | (1,649,691 ) | 210,722 |
| TOTAL FUNDS | 1,860,413 | (1,649,691 ) | 210,722 |
continued...
Page 14
BINYEN TORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
14. RELATED PARTY DISCLOSURES
Donations totalling £15,070 were paid to charities which share common trustees.
Page 15