CHARITY REGISTRATION NUMBER: 1167420
Professionals Beis Medrash North Unaudited Financial Statements
31 March 2022
Professionals Beis Medrash North
Financial Statements
Year ended 31 March 2022
| Page | |
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| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
Professionals Beis Medrash North
Trustees' Annual Report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name Professionals Beis Medrash North Charity registration number 1167420 Principal office 2 Harrogate Avenue Prestwich Manchester M25 0LT
The trustees
Mr M Seitler Mr B Levey Mr J Dover (resigned July 2021)
Structure, governance and management
Professionals Beis Medrash North is a Charitable Incorporated Organisation registered on 2 June 2016 and is a registered charity, number 1167420. The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Objectives and activities
The objectives of the charity are;
1) The advancement of education of members of the public in classical hebrew texts. 2) To promote any other exclusively charitable objects and purposes as the trustees see fit, provided that they are regarded as charitable by the law of England and Wales.
Public benefit policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
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Professionals Bels Medrash North "rrustees. Annuxl Keport Y¥ar 31 March 2022 Achievements and perfornanct During the penthl the rhatity STDt £15.72) furtbe¥anre of its ¥iertives. PBM pwviikb il fr%Ull¥WVTk tv faFiliial¢ and prDvith both inf(vwnal Ining fAprfiEllfC5. A5 independent charitable Otganisatl. PBM works botli separately wid OI7j]ctin with of the Ial Mhnthe8Èer synagogue.s in (>rgani8ing- wcekly educaiinnAI wÉth oycr fjo rcgular mcmlvs, oNc4rprnc disthnce leamiDg (via teleconferencing softwore) artd lor8e bÈ-attnual ero&s Icornifts cvcning5 of insptrdiio PBM also arranges themed social events and large one-Dff ¥ueqi speaker eYenin&s- often relatsl to upcoming J¢wT51i holiday, Th¢5¢ providE a mix of both u(all017al und social conienL Addiiionolly. PBM h05t5 a WklY leconferencing parenung workshop, adapiing traditional Jewish wisdorn (o inforni prdaical parenting stra(eRitb. Finan¢tsl revlew As ai i l March 2022 lh¢ ¢h&riry held reserves of £5.106 {2021".£7J%8). R£qervts Polhry The Unresfficted Fund rewesents the unrektrtcted funds ttrising from p45t Dpernting rewlls. The m]5tee5 are ¥a(isfi¥d thai lh¥ bdli¥llL¢ Dr th¢ Fund ib iln 3¥¥Yp(4blr l¢v¢l o(r¢rvE5. li T5 th¢ £hdrit} s poll lo mainlain reserve5 of approximately two months of their average alUa1 expenditure. to enable the charity to Continue with its octiYiti&s. Ihe trustees, winuaI repwl wL% apptovtyl 01130 Janudry 21)23 Jn¢J bigt]ed tsii brhthfvf thr (Wb15 by: Mr B Levey Trus*
Professionals Beis Medrash North
Independent Examiner's Report to the Trustees of Professionals Beis Medrash North
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Professionals Beis Medrash North ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Lee Reisman ACA Independent Examiner
Berkmead Limited 63 High Road Bushey WD23 1EE
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Professionals Beis Medrash North
Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 13,439 | 14,439 | 19,617 |
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| Total income | 13,439 | 14,439 | 19,617 | |
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| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Expenditure on charitable activities | 5,6 | 15,721 | 15,721 | 22,133 |
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| Total expenditure | 15,721 | 15,721 | 22,133 | |
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| Net (expenditure)/income and net movement in funds | (2,282) | (2,282) | (2,516) | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 7,388 | 7,388 | 9,904 | |
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| Total funds carried forward | 5,106 | 5,106 | 7,388 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 10 form part of these financial statements.
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Professionals Bels M¢drh North Stateellt of b'illxncixl Position 31 March 2022 2922 2021 rlote Fixcd 455tts Tangible fixed assets 12 131 175 Currenl $5sets Cash at bank aiid in 10,551 &173 Creditor5: falling dne wtthln L¥iie yvar 13 5.576 960 4.975 To¢al a55ets le55 curr¢nt I1bilitIES 5.106 7.388 Iyet Jssets 5.106 7J88 Fund.4 knf Ihe eh*rity Unr¢stricf¢4I funds 5.106 7J88 Tothl ehariry funds 14 5,106 7J88 Thc5c fiBancial 5thttnlts were approved by the Ixwd of trustees 8iid authortsed for issue 30 J8llu 2023, and arc 5ign¢d b¢half of th¢ board by- Aal• Mr B Lryey TTUStee Th¢ ttotC5 on p8gc5 6 to 10 form part of th¢s¢ fiThall¢ial slat¢m¢nts.
Professionals Beis Medrash North
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2 Harrogate Avenue, Prestwich, Manchester, M25 0LT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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Professionals Beis Medrash North
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Resources expended (continued)
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
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Professionals Beis Medrash North
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 13,439 | 13,439 | 19,617 | 19,617 |
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5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Charitable activity | 15,241 | 15,241 | 21,653 | 21,653 |
| Support costs | 480 | 480 | 480 | 480 |
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| 15,721 | 15,721 | 22,133 | 22,133 | |
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6. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Grant funding | Total funds | Total fund | ||
| directly | of activities Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | |
| Charitable activity | 11,437 | 3,804 | – | 15,241 | 21,653 |
| Governance costs | – | – | 480 | 480 | 480 |
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| 11,437 | 3,804 | 480 | 15,721 | 22,133 | |
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Professionals Beis Medrash North
Notes to the Financial Statements (continued)
Year ended 31 March 2022
7. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
| Net (expenditure)/income is stated after charging/(crediting): | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 44 | 59 | |
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| 8. | Independent examination fees | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 480 | 480 | |
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| 9. | Staff costs | ||
| The total staff costs and employee benefits for the reporting period are analysed as follows: | |||
| 2022 | 2021 | ||
| £ | £ |
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
10. Trustee remuneration and expenses
No salaries or wages have been paid to trustees during the year.
The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 11. Tangible fixed assets
| Equipment | ||
|---|---|---|
| £ | ||
| Cost | ||
| At 1 April 2021 and 31 March 2022 | 742 | |
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| Depreciation | ||
| At 1 April 2021 | 567 | |
| Charge for the year | 44 | |
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| At 31 March 2022 | 611 | |
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| Carrying amount | ||
| At 31 March 2022 | 131 | |
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| At 31 March 2021 | 175 | |
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| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 480 | 480 |
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12. Creditors: amounts falling due within one year
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Professionals Beis Medrash North
Notes to the Financial Statements (continued)
Year ended 31 March 2022
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At 31 March | |||
| 1 April 2021 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| General funds | 7,388 | 13,439 | (15,721) | 5,106 |
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| At | At | |||
| 1 April 2020 | Income | Expenditure | 31 March 2021 | |
| £ | £ | £ | £ | |
| General funds | 9,904 | 19,617 | (22,133) | 7,388 |
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| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2022 | |||
| £ | £ | |||
| Tangible fixed assets | 131 | 131 | ||
| Current assets | 10,551 | 10,551 | ||
| Creditors less than 1 year | (5,576) | (5,576) |
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| Net assets | 5,106 | 5,106 | ||
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| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Tangible fixed assets | 175 | 175 | ||
| Current assets | 8,173 | 8,173 | ||
| Creditors less than 1 year | (960) | (960) |
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| Net assets | 10,147 | 10,147 | ||
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14. Analysis of net assets between funds
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