**Charity Registration No. 1161668**
**Company Registration No. 08428638 (England and Wales)**
## **TALMUD TORAH LONDON LIMITED**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **TALMUD TORAH LONDON LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr M S Geldzahler Mr A J Halpert Mrs D Geldzahler Mr S Lew
(Appointed 18 May 2020)
**Charity number** 1161668 **Company number** 08428638 **Registered office** 35 Moresby Road London E5 9LE **Independent examiner** J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
## **TALMUD TORAH LONDON LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Statement of cash flows|6|
|Notes to the financial statements|7 - 14|
## **TALMUD TORAH LONDON LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
## **Objectives and activities**
The charity was established for the advancement of the orthodox Jewish faith and does this through operating a school to provide Jewish religious education and education generally.
The school ensures that even those in difficult financial situations are able to send their children to school. To achieve this reductions in parental contributions are offered where required, and in certain instances contributions are waived all together.
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.
## **Achievements and performance**
## **Charitable activities**
Talmud Torah London is an Orthodox Jewish school based in Hackney, North London. The school currently ha s 119 children enrolled in Early Years Foundation Stage , Key Stage One and Key Stage Two between the ages of 3 - 11 .
In the year under review the charity generated income of £ 733,881 (20 20 : £ 612,687 ) and incurred expenses in running the school of £729,183 (2020: £612,580) resulting in net income of £4,698 . The school and nursey were rated good in their most recent Ofsted reports.
## **Financial review**
During the year, the charity's incoming resources exceeded the outgoing resources. The trustees are satisfied with the results for the year.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that the charity can fund the day to day running costs of the school. The net incoming funds have been used to reduce the reserves fund deficit. The trustees intend to continue their fundraising efforts to cover the shortfall in funds.
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems
are in place to mitigate exposure to the major risks.
The charity plans to continue to support the school and fund its activities for the foreseeable future subject to satisfactory income.
## **Structure, governance and management**
The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association .
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr M S Geldzahler
Mr A J Halpert Mrs D Geldzahler Mr S Lew (Appointed 18 May 2020)
- 1 -
## **TALMUD TORAH LONDON LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The power to appoint new trustees is vested in the current board. Induction of new trustees is mainly through discussion with the current board , supplemented, as required, by specific training relating to the responsibilities and duties of trustees .
The trustees administer the day to day running of the charity .
The trustees' r eport was approved by the Board of Trustees.
..............................
## **Mr M S Geldzahler**
Trustee Dated: .........................
- 2 -
## **TALMUD TORAH LONDON LIMITED**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF TALMUD TORAH LONDON LIMITED**
I report to the trustees on my examination of the financial statements of Talmud Torah London Limited (the Charity) for the year ended 31 March 2021.
## **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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since 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 ACCA, 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 that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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
- 4 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.
J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
- 3 -
## **TALMUD TORAH LONDON LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
648,722
85,133
Investments
**4**
26
-
**Total income**
648,748
85,133
**Expenditure on:**
Raising funds
**5**
22,374
-
Charitable activities
**6**
621,676
85,133
**Total resources expended**
644,050
85,133
**Net income for the year/**
**Net movement in funds**
4,698
-
Fund balances at 1 April 2020
(10,269)
-
**Fund balances at 31 March**
**2021**
(5,571)
-|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
733,855
530,662
81,992
26
33
-
733,881
530,695
81,992
22,374
33,369
-
706,809
497,219
81,992
729,183
530,588
81,992
4,698
107
-
(10,269)
(10,376)
-
(5,571)
(10,269)
-|**Total**
**2020**
**£**
612,654
33
612,687
33,369
579,211
612,580
107
(10,376)
(10,269)|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
## **TALMUD TORAH LONDON LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2021**_
||||**2021**||**2020**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Fixed assets**|||||||
|Tangible assets|**10**|||25,108||19,520|
|**Current assets**|||||||
|Cash at bank and in hand||25,265|||3,633||
|**Creditors: amounts falling due within**|||||||
|**one year**|**12**|(13,444)|||(33,422)||
|Net current assets/(liabilities)||||11,821||(29,789)|
|**Total assets less current liabilities**||||36,929||(10,269)|
|**Creditors: amounts falling due after**|||||||
|**more than one year**|**13**|||(42,500)||-|
|**Net liabilities**||||(5,571)||(10,269)|
|**Income funds**|||||||
|Unrestricted funds||||(5,571)||(10,269)|
|||||(5,571)||(10,269)|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
Mr M S Geldzahler
**Trustee**
## **Company Registration No. 08428638**
- 5 -
## **TALMUD TORAH LONDON LIMITED**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
||||**2021**||**2020**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Cash flows from operating activities**|||||||
|Cash absorbed by operations|**15**|||(18,130)||(3,833)|
|**Investing activities**|||||||
|Purchase of tangible fixed assets||(10,264)|||(18,722)||
|Investment income received||26|||20||
|**Net cash used in investing activities**||||(10,238)||(18,702)|
|**Financing activities**|||||||
|Repayment of bank loans||50,000|||-||
|**Net cash generated from/(used in)**|||||||
|**financing activities**||||50,000||-|
|**Net increase/(decrease) in cash and cash**|||||||
|**equivalents**||||21,632||(22,535)|
|Cash and cash equivalents at beginning of year||||3,633||26,168|
|**Cash and cash equivalents at end of year**||||25,265||3,633|
- 6 -
**TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **Charity information**
Talmud Torah London Limited is a public benefit entity and a private company limited by guarantee incorporated in England and Wales. The registered office is 35 Moresby Road, London, E5 9LE.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity will continue for the foreseeable future based upon the net incoming resources and the continued financial support from the community . Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. Details of t he purposes and uses of the restricted funds can be obtained from the company's registered office upon request.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
I ncome from voluntary contributions are credited to the statement of financial activities on a cash received basis .
- 7 -
## **TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts.
## **1.5 Expenditure**
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.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 15% RBM Computers 25% RBM
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
## **1.7 Impairment of fixed assets**
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 8 -
## **TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.
## **1.9 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.10 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The preparation of the se financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Donations and gifts
237,373
-
Grants from local
authority and
government funding.
135,591
85,133
Parental Contributions
275,758
-
648,722
85,133|**Total**Unrestricted
Restricted
funds
funds
**2021**
2020
2020
**£**
£
£
237,373
223,715
-
220,724
87,324
81,992
275,758
219,623
-
733,855
530,662
81,992|Total
2020
£
223,715
169,316
219,623
612,654|
|---|---|---|
During the year the charity received £57,514 under the Coronavirus Job Retention Scheme and the government has covered the charity's loan interest and fees under the Bounce Back Loan Scheme in the sum of £938.
- 9 -
## **TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **4 Investments**
|**5**|**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Interest receivable
26
33
**Raising funds**
**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising and publicity
Advertising
12,486
29,498
Other fundraising costs
9,888
3,871
Fundraising and publicity
22,374
33,369
22,374
33,369|
|---|---|
- 10 -
## **TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **6 Charitable activities**
|Staff costs
Depreciation and impairment
Charitable expenditure
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds
**For the year ended 31 March 2020**
Unrestricted funds
Restricted funds
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy
-
1,440
Legal and professional
-
627
Bank Charges
-
129
-
2,196
Analysed between
Charitable activities
-
2,196|**2021**
**£**
1,440
627
129
2,196
2,196|**Charitable**
**Expenditure**
**Charitable**
**Expenditure**
**2021**
**2020**
**£**
**£**
277,092
171,833
4,676
3,773
422,845
401,245
704,613
576,851
2,196
2,360
706,809
579,211
621,676
497,219
85,133
81,992
706,809
579,211
497,219
81,992
579,211
Support
costs
Governance
costs
2020
£
£
£
-
1,500
1,500
-
696
696
-
164
164
-
2,360
2,360
-
2,360
2,360|
|---|---|---|
## **7 Support costs**
- 11 -
**TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
## **9 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2021**
**Number**
40
**2021**
**£**
274,590
2,363
139
277,092|**2020**
**Number**
29
**2020**
**£**
171,208
502
123
171,833|
|---|---|---|
There were no employees whose annual remuneration was more than £60,000.
## **10 Tangible fixed assets**
|**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**Cost**
At 1 April 2020
21,262
3,641
Additions
10,264
-
At 31 March 2021
31,526
3,641
**Depreciation and impairment**
At 1 April 2020
3,831
1,552
Depreciation charged in the year
4,154
522
At 31 March 2021
7,985
2,074
**Carrying amount**
At 31 March 2021
23,541
1,567
At 31 March 2020
17,431
2,089|**Total**
**£**
24,903
10,264
35,167
5,383
4,676
10,059
25,108
19,520|
|---|---|
- 12 -
## **TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **11 Loans and overdrafts**
|Bank loans
Payable within one year
Payable after one year|**2021**
**£**
50,000
7,500
42,500|**2020**
**£**
-
-
-|
|---|---|---|
The above long-term loan is guaranteed by the government under the Bounce back loan scheme. The loan accrues interest at 2.5% p.a.
## **12 Creditors: amounts falling due within one year**
|**12**|**Creditors: amounts falling due within one year**||||
|---|---|---|---|---|
||||**2021**|**2020**|
|||**Notes**|**£**|**£**|
||Bank loans|**11**|7,500|-|
||Other taxation and social security||(14,771)|(14,889)|
||Trade creditors||-|5,000|
||Other creditors||19,215|41,811|
||Accruals and deferred income||1,500|1,500|
||||13,444|33,422|
|**13**|**Creditors: amounts falling due after more than one year**||||
||||**2021**|**2020**|
|||**Notes**|**£**|**£**|
||Bank loans|**11**|42,500|-|
## **14 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none) .
- 13 -
## **TALMUD TORAH LONDON LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**15**|**Cash generated from operations**||**2021**|**2020**|
|---|---|---|---|---|
||||**£**|**£**|
||Surplus for the year||4,698|107|
||Adjustments for:||||
||Investment income recognised in statement of financial|activities|(26)|(33)|
||Depreciation and impairment of tangible fixed assets||4,676|3,773|
||Movements in working capital:||||
||(Increase)/decrease in debtors||-|1,600|
||(Decrease) in creditors||(27,478)|(9,280)|
||**Cash absorbed by operations**||(18,130)|(3,833)|
|**16**|**Analysis of changes in net debt**||||
|||**At 1 April 2020**|**Cash flows At 31 March 2021**||
|||**£**|**£**|**£**|
||Cash at bank and in hand|3,633|21,632|25,265|
||Loans falling due within one year|-|(7,500)|(7,500)|
||Loans falling due after more than one year|-|(42,500)|(42,500)|
|||3,633|(28,368)|(24,735)|
- 14 -