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 2023
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 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
TOLDOS AHARON TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES J Goldstein A Just L Reiner 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 2023
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
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 £338,420 (2022 - £375,690).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
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.
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 16 April 2024 and signed on its behalf by:
L Reiner - Trustee
Page 2
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 2023.
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:
-
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
-
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
-
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
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
16 April 2024
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TOLDOS AHARON TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 847,063 Other trading activities 3 94,864 Total 941,927 EXPENDITURE ON Raising funds 4 36,215 Charitable activities 5 Synagogue expenses 84,559 Grantmaking 855,283 Governance 3,140 Total 979,197 NET INCOME/(EXPENDITURE) (37,270) RECONCILIATION OF FUNDS Total funds brought forward 375,690 TOTAL FUNDS CARRIED FORWARD 338,420 |
Restricted fund £ - - - - - - - - - - - |
2023 Total funds £ 847,063 94,864 941,927 36,215 84,559 855,283 3,140 979,197 (37,270) 375,690 338,420 |
2022 Total funds £ 822,834 95,921 |
|---|---|---|---|
| 918,755 | |||
| 11,363 66,683 754,309 2,640 |
|||
| 834,995 | |||
| 83,760 291,930 |
|||
| 375,690 |
The notes form part of these financial statements
Page 4
TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295)
BALANCE SHEET 31 MARCH 2023
| 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 |
2023 £ 1,401,913 1,749 35,591 37,340 (289,158) (251,818) 1,150,095 (811,675) 338,420 338,420 338,420 |
2022 £ 1,364,163 51,354 37,388 88,742 (256,623) (167,881) 1,196,282 (820,592) 375,690 375,690 375,690 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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
Page 5
TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295)
BALANCE SHEET - continued 31 MARCH 2023
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 16 April 2024 and were signed on its behalf by:
L Reiner - Trustee
The notes form part of these financial statements
Page 6
TOLDOS AHARON TRUST LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing 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 Cash and cash equivalents at the end of the reporting period |
2023 £ 44,870 44,870 (37,750) (37,750) (8,917) (8,917) (1,797) 37,388 35,591 |
2022 £ 93,758 93,758 (35,277) (35,277) (27,228) (27,228) 31,253 6,135 37,388 |
|---|---|---|
The notes form part of these financial statements
Page 7
TOLDOS AHARON TRUST LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Decrease in debtors Increase/(decrease) in creditors Net cash provided by operations |
2023 £ (37,270) 49,605 32,535 44,870 |
2022 £ 83,760 10,000 (2) 93,758 |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET DEBT
| At 1.4.22 | Cash flow | At 31.3.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 37,388 | (1,797) | 35,591 |
| 37,388 | (1,797) | 35,591 | |
| Debt | |||
| Debts falling due within 1 year | (18,900) | - | (18,900) |
| Debts falling due after 1 year | (820,592) | 8,917 | (811,675) |
| (839,492) | 8,917 | (830,575) | |
| Total | (802,104) | 7,120 | (794,984) |
The notes form part of these financial statements
Page 8
TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 2023
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
|||||
|---|---|---|---|---|---|
| Unrestricted funds £ Donations 847,063 3. OTHER TRADING ACTIVITIES Unrestricted funds £ Rental income 94,864 4. RAISING FUNDS Raising donations and legacies Unrestricted funds £ Fundraising costs 26,960 Investment management costs Unrestricted funds £ Portfolio management 9,255 Aggregate amounts 36,215 5. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) £ Synagogue expenses 84,559 Grantmaking - Governance - 84,559 |
Restricted funds £ - Restricted funds £ - Restricted funds £ - Restricted funds £ - - Grant funding of activities (see note 7) £ - 855,283 - 855,283 |
2023 Total funds £ 847,063 2023 Total funds £ 94,864 2023 Total funds £ 26,960 2023 Total funds £ 9,255 36,215 Support costs (see note 8) £ - - 3,140 3,140 |
2022 Total funds £ 822,834 |
||
| 2022 Total funds £ 95,921 2022 Total funds £ 11,363 2022 Total funds £ - 11,363 Totals £ 84,559 855,283 3,140 |
2022 Total funds £ 95,921 |
||||
| 2022 Total funds £ 11,363 |
|||||
| 2022 Total funds £ - 11,363 |
2022 Total funds £ - |
||||
| 942,982 |
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Synagogue events Synagogue upkeep 7. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Relief of poverty Religious education Medical General purposes Congregation Mosdos Toldos Aharon Tzidkas Yoseph Vetapsk Neemot Israel Others under £15,000 The total grants paid to individuals during the year was as follows: Advancement of religion Relief of poverty Medical |
2023 £ 19,202 65,357 84,559 2023 £ 855,283 2023 £ 430,495 175,700 26,945 - 2,750 635,890 389,750 117,000 57,200 27,000 44,940 635,890 2023 £ - 219,393 - 219,393 |
2022 £ 10,500 56,183 66,683 2022 £ 754,309 |
2022 £ 10,500 56,183 |
|---|---|---|---|
| 66,683 | |||
| 2022 £ 459,766 8,987 8,025 1,610 1,297 |
|||
| 479,685 | |||
| 2022 £ 100 268,524 6,000 |
|||
| 274,624 |
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Governance | 3,140 | |
| Support costs, included in the above, are as follows: | ||
| 2023 | 2022 | |
| Total | ||
| Governance | activities | |
| £ | £ | |
| Independent examiner's fee | 1,080 | 960 |
| Independent examiner's other fees | 1,920 | 1,680 |
| General expenses | 140 | - |
| 3,140 | 2,640 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
10. STAFF NUMBERS
The average number of staff in the year was Nil (2022 - Nil).
11. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 Additions At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Freehold property £ 1,364,163 37,750 1,401,913 1,401,913 1,364,163 |
|---|---|
The charity's asset is held for for functional use and therefore has not been revalued and is shown at cost.
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Other creditors 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 |
2023 £ 1,749 2023 £ 18,900 266,899 3,359 289,158 2023 £ 811,675 2023 £ 18,900 18,900 56,700 38,525 95,225 697,550 2023 £ 830,575 |
2022 £ 51,354 2022 £ 18,900 234,865 2,858 |
2022 £ 51,354 |
|---|---|---|---|
| 256,623 | |||
| 2022 £ 820,592 |
|||
| 2022 £ 18,900 |
|||
| 18,900 | |||
| 56,700 41,667 |
|||
| 98,367 | |||
| 703,325 2022 £ 839,492 |
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 2023
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted fund £ Fixed assets 1,401,913 Current assets 37,340 Current liabilities (289,158) Long term liabilities (811,675) 338,420 18. 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 1.4.22 £ 375,690 375,690 Incoming resources £ 941,927 941,927 At 1.4.21 £ 291,930 291,930 |
2023 Total funds £ 1,401,913 37,340 (289,158) (811,675) 338,420 Net movement in funds £ (37,270) (37,270) Resources expended £ (979,197) (979,197) Net movement in funds £ 83,760 83,760 |
2022 Total funds £ 1,364,163 88,742 (256,623) (820,592) 375,690 At 31.3.23 £ 338,420 338,420 Movement in funds £ (37,270) (37,270) At 31.3.22 £ 375,690 375,690 |
|
|---|---|---|---|---|
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TOLDOS AHARON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
18. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 918,755 918,755 |
Resources Movement expended in funds £ £ (834,995) 83,760 (834,995) 83,760 |
|---|---|---|
19. RELATED PARTY DISCLOSURES
Creditors include £1,000 (2022 - £36,350 )owed to a charity in which a trustee of Toldos Aharon Trust Ltd has an interest.
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