REGISTERED COMPANY NUMBER: 09496295 (England and Wales) REGISTERED CHARITY NUMBER: 1162774
TOLDOS AHARON TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
TOLDOS AHARON TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 16 |
TOLDOS AHARON TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021
TRUSTEES J Goldstein A Just C Reiner (resigned 12.10.21) L Reiner (appointed 12.10.21) REGISTERED OFFICE 137 Wargrave Avenue London N16 6TX REGISTERED COMPANY 09496295 (England and Wales) NUMBER REGISTERED CHARITY 1162774 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS HSBC Bank plc 312 Seven Sisters Road Finsbury Park London N4 2AW
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TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The object of the charity is the advancement of the Orthodox Jewish Faith.
The trustees confirm that they have given regard to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in advancement of religion, education and the relief of poverty. The synagogue continues to be used daily for prayer and for study about the Orthodox Jewish Faith and way of life. There are lectures and facilities for personal study. Social gatherings are held on the Sabbath and festivals. The charity also raises money for the Grand Rabbi of Toldos Aharon's network of schools and talmudical colleges.
FINANCIAL REVIEW
Financial position
The trustees are pleased to report that donation increased by about 8% in spite of the Covid 19 crisis, and there was also an increase in rental income. Grantmaking was reduced by about 8% with other expenses being kept lower than previous. There was a surplus for the year.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that the activities of the charity can continue. Reserves at the year end were £291,930 (2020 - £134,879) being net assets.
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income. However the outbreak of the COVID-19 during 2020 has presented the charity with uncertainty as to the revenue of the charity in the next 12 months which cannot presently be quantified.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as limited company and is governed by its Memorandum and Articles of Association dated 18 March 2015.
Organisational structure
The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustee will apply suitable recruitment induction and training procedures.
Risk management
The trustees have confirmed that there are no major risks to which the charity is exposed.
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TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 9 March 2022 and signed on its behalf by:
L Reiner - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOLDOS AHARON TRUST LIMITED
Independent examiner's report to the trustees of Toldos Aharon Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
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 registered member of Institute of Chartered Accountants in England & 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
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.
E Meyer FCA BSc Institute of Chartered Accountants in England & Wales Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
9 March 2022
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TOLDOS AHARON TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 914,093 Other trading activities 3 73,894 Total 987,987 EXPENDITURE ON Raising funds 4 1,195 Charitable activities 5 Charitable activities 783,595 Synagogue expenses 46,146 Total 830,936 NET INCOME/(EXPENDITURE) 157,051 RECONCILIATION OF FUNDS Total funds brought forward 134,879 TOTAL FUNDS CARRIED FORWARD 291,930 |
Restricted fund £ - - - - - - - - - - |
2021 Total funds £ 914,093 73,894 987,987 1,195 783,595 46,146 830,936 157,051 134,879 291,930 |
2020 Total funds £ 846,347 3,814 850,161 9,845 845,296 51,059 906,200 (56,039) 190,918 134,879 |
|---|---|---|---|
The notes form part of these financial statements
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TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295)
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 18 Unrestricted funds: General fund TOTAL FUNDS |
2021 £ 1,328,886 61,354 6,135 67,489 (251,125) (183,636) 1,145,250 (853,320) 291,930 291,930 291,930 |
2020 £ 1,328,886 60,761 9,285 70,046 (454,575) (384,529) 944,357 (809,478) 134,879 134,879 134,879 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(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
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TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295)
BALANCE SHEET - continued 31 MARCH 2021
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 by the Board of Trustees and authorised for issue on 9 March 2022 and were signed on its behalf by:
L Reiner - Trustee
The notes form part of these financial statements
Page 7
TOLDOS AHARON TRUST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from financing activities Loan repayments in year Net cash provided by/(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 Cash and cash equivalents at the end of the reporting period |
2021 £ (39,792) (39,792) 36,642 36,642 (3,150) 9,285 6,135 |
2020 £ 4,060 4,060 (20,604) (20,604) (16,544) 25,829 9,285 |
|---|---|---|
The notes form part of these financial statements
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations |
2021 £ 157,051 (593) (196,250) (39,792) |
2020 £ (56,039) (50,000) 110,099 4,060 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.4.20 | Cash flow | At 31.3.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 9,285 | (3,150) | 6,135 |
| 9,285 | (3,150) | 6,135 | |
| Debt | |||
| Debts falling due within 1 year | (20,600) | 7,200 | (13,400) |
| Debts falling due after 1 year | (809,478) | (43,842) | (853,320) |
| (830,078) | (36,642) | (866,720) | |
| Total | (820,793) | (39,792) | (860,585) |
The notes form part of these financial statements
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
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, as modified by the revaluation of certain assets.
Going concern
The outbreak of the COVID-19 during 2020 has presented the charity with uncertainty as to the revenue of the charity in the next 12 months which cannot presently be quantified.. The trustees have the ability to exercise control over the charity's expenditure and therefore believe the charity will continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
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.
Income received from donations and other income is accounted for when received.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Costs of raising funds comprise the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
|||||
|---|---|---|---|---|---|
| Unrestricted funds £ Donations 914,093 3. OTHER TRADING ACTIVITIES Unrestricted funds £ Rental income 73,894 4. RAISING FUNDS Raising donations and legacies Unrestricted funds £ Fundraising costs 1,195 5. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) £ Charitable activities 3,498 Synagogue expenses 46,146 49,644 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Synagogue events Synagogue upkeep |
Restricted funds £ - Restricted funds £ - Restricted funds £ - Grant funding of activities (see note 7) £ 776,647 - 776,647 |
2021 Total funds £ 914,093 2021 Total funds £ 73,894 2021 Total funds £ 1,195 Support costs (see note 8) £ 3,450 - 3,450 2021 £ - 49,644 49,644 |
2020 Total funds £ 846,347 |
||
| 2020 Total funds £ 3,814 2020 Total funds £ 9,845 Totals £ 783,595 46,146 |
2020 Total funds £ 3,814 |
||||
| 2020 Total funds £ 9,845 |
|||||
| 829,741 | |||||
| 2020 £ 4,978 46,081 |
|||||
| 51,059 |
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. GRANTS PAYABLE
| 2021 £ Charitable activities 776,647 The total grants paid to institutions during the year was as follows: 2021 £ Advancement of religion 588,080 Relief of poverty 121,600 Religious education 222 Medical - 709,902 Congregation Mosdos Toldos Aharon 546,380 Shaarei Rachamim 37,000 Tova Uvracha 32,000 Wlodowa 30,000 Mosdot Maalot Hatorah 25,950 Others under £20,000 38,572 709,902 The total grants paid to individuals during the year was as follows: 2021 £ Advancement of religion - Relief of poverty 66,745 66,745 8. SUPPORT COSTS Governance Other costs £ £ Charitable activities 516 2,934 |
2020 £ 840,862 |
2020 £ 840,862 |
|---|---|---|
| 2020 £ 716,377 81,670 9,800 13,000 |
||
| 820,847 | ||
| 2020 £ 3,930 16,085 |
||
| 20,015 | ||
| Totals £ 3,450 |
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
8. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| SUPPORT COSTS - continued Support costs, included in the above, are as follows: |
||
|---|---|---|
| 2021 | 2020 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Sundries | 516 | 1,154 |
| Independent examiner's fee | 960 | 1,140 |
| Independent examiner's other fees | 1,680 | 1,920 |
| General expenses | 294 | 220 |
| 3,450 | 4,434 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
10. STAFF NUMBERS
The average number of staff in the year was Nil (2019-Nil).
11. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Freehold property £ 1,328,886 1,328,886 1,328,886 |
|---|---|
The charity's asset is held for for functional use and therefore has not been revalued and is shown at cost.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Other debtors | 61,354 | 60,761 |
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Other creditors PPC Trust Accruals and deferred income 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Bank loan Amounts falling due in more than five years: Repayable by instalments: Unity Bank 16. SECURED DEBTS The following secured debts are included within creditors: Bank loans |
2021 £ 13,400 198,515 36,350 2,860 251,125 2021 £ 853,320 2021 £ 13,400 13,400 40,200 50,000 90,200 749,720 2021 £ 866,720 |
2020 £ 20,600 428,676 950 4,349 |
|---|---|---|
| 454,575 | ||
| 2020 £ 809,478 |
||
| 2020 £ 20,600 |
||
| 20,600 | ||
| 61,800 - |
||
| 61,800 | ||
| 727,078 2020 £ 830,078 |
The bank loan is secured by legal charges over the charity's property.
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted fund £ Fixed assets 1,328,886 Current assets 67,489 Current liabilities (251,125) Long term liabilities (853,320) 291,930 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 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Restricted fund £ - - - - - At 1.4.20 £ 134,879 134,879 Incoming resources £ 987,987 987,987 At 1.4.19 £ 190,918 190,918 |
2021 Total funds £ 1,328,886 67,489 (251,125) (853,320) 291,930 Net movement in funds £ 157,051 157,051 Resources expended £ (830,936) (830,936) Net movement in funds £ (56,039) (56,039) |
2020 Total funds £ 1,328,886 70,046 (454,575) (809,478) 134,879 At 31.3.21 £ 291,930 291,930 Movement in funds £ 157,051 157,051 At 31.3.20 £ 134,879 134,879 |
|
|---|---|---|---|---|
18. MOVEMENT IN FUNDS
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
Incoming resources £ 571,702 278,459 850,161 |
Resources Movement expended in funds £ £ (627,741) (56,039) (278,459) - (906,200) (56,039) |
|---|---|---|
19. RELATED PARTY DISCLOSURES
Creditors include £36,350 to PPC Trust and a donation of £30,000 was made to Wlodowa Charity, various Trustees of Toldos Aharon Trust Lt have an interest in these charities.
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