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2021-02-28-accounts

Company Number 07954378 Charity Number 1168328

YESHIVAS TORAS CHESED Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 28 FEBRUARY 2021

YESHIVAS TORAS CHESED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2021

CONTENTS PAGE
Trustees and professional advisers 1
Trustees Annual Report
 2-3
Independent examiner`s report to the trustees 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7-9

YESHIVAS TORAS CHESED

TRUSTEES AND PROFESSIONAL ADVISERS

Registered charity name
YESHIVAS TORAS CHESED
Charity number 1168328
Company reg number 07954378
Principal office 118 Cazenove Road
London
N16 6AD
Trustees Rabbi C Babad
Mrs C Babad
Mr S Friedman
Mr O Schreiber
Company Secretary Mr Moshe Kornbluh
Accountant Js& Co Accountants Ltd
26 Theydon Road
London
E5 9NA

- 1 -

YESHIVAS TORAS CHESED

TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 28 FEBRUARY 2021

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 28 February 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shown in the schedule of trustees and professional advisers on page 1 of the financial statements.

THE TRUSTEES

The trustees who served the company during the period were as follows:

Rabbi C Babad Mrs C Babad Mr S Friedman Mr O Schreiber

All major decisions are taken collectively by the trustees.

The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was constituted by Memorandum and Articles of Association dated 17th February 2012.

Organisational structure

The charity is controlled by local trustees who are very familiar with all the charitable causes that the charity supports. Regular meetings are held to review and discuss the charity's activities

RISK REVIEW

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

OBJECTIVES AND ACTIVITIES

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. The charity acts as a college for young men of the Orthodox Jewish faith.

RISK MANAGEMENT

The trustees have put in place systems to identify risks and review the systems regularly.

ACHIEVEMENTS AND PERFORMANCES

The charity continued its activities in this year and the trustees are satisfied with the results

FINANCIAL REVIEW

The charity relied on donations received and outgoings were in line with the funds available.

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YESHIVAS TORAS CHESED TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 28 FEBRUARY 2021

RESERVES

The trustees try to ensure that the charity retains sufficient funds to cover immediate anticipated outgoings. They have contacts at all times with potential donors who are able to assist with the charity's requirements.

PLANS FOR THE FUTURE

The charity plans to continue its activities subject to satisfactory incoming resources.

Signed on behalf of the trustees

Trustee

5[th] May 2021

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ESHIVAS TORAS CHESED INDEPENDENT EXAMINER`S REPORT TO THE TRUSTEES OF YESHIVAS TORAS CHESED YEAR ENDED 28 FEBRUARY 2021

I report to the trustees on my examination of the financial statements of Yeshivas Toras Chesed ('the charity') for the year ended 28 February 2021.

Responsibilities and basis of report

As the trustees of the company (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 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 the 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

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:

  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 accounts to be reached

Balazs Nezmi ACCA Chartered accountant

Js& Co Accountants Ltd 26 Theydon Road London E5 9NA

5 May 2021

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YESHIVAS TORAS CHESED

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 28 February 2021

Notes
INCOMING RESOURCES
Incoming resources from generated funds
Donations and legacies
3
Government grants
Total Incoming resources
RESOURCES EXPENDED
Fundraising costs
Expenditure on charitable activities
4,5
Governance costs
Total resources expended
NET INCOMING/(OUTGOING)
RESOURCES
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 £
£
£
Unrestricted
funds
Total 2021
Total 2020
580,303
580,303
468,498
27,843
27,843
608,146
608,146
468,498
4,075
4,075
13,031
621,621
621,621
415,503
14,121
14,121
17,123
639,817
639,817
445,657
-31,671
-31,671
22,841
35,207
35,207
12,366
3,536
3,536
35,207

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YESHIVAS TORAS CHESED

2021
Notes
£
£
FIXED ASSETS
Fixtures & Fittings
6
16,483
16,483
CURRENT ASSETS:
Cash at bank and in hand
41,565
41,565
CREDITORS: Amounts falling
due within one year
7
-4,512
Net Current assets/(liabilities)
53,536
CREDITORS: Amounts falling d
8
after more than one year
-50,000
NET ASSETS:
3,536
FUNDS
9
Unrestricted funds
3,536
TOTAL FUNDS
3,536
BALANCE SHEET
28-Feb-21		 2020
£
£
8,884
8,884
29,636
29,636
-3,313
35,207
35,207
35,207
35,207		 2020
£
£
8,884
8,884
29,636
29,636
-3,313
35,207
35,207
35,207
35,207
35,207
35,207
35,207

The Charitable company is entitled to exemption from audit under section 477 of Companies Act 2006 for the year ended 28 February 2021

The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with section 476 of Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial reporting Standard for smaller entities (effective April 2008)

Approved by the board of Trustees on: 05 May 2021 And signed on their behalf by:

Rabbi C Babad - Trustee

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YESHIVAS TORAS CHESED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 28 February 2021

1 ACCOUNTING POLICIES

Accounting convention

These accounts have been prepared in accordance with the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective January 2015). In preparing the accounts, the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP) issued in March 2005. Where there is a conflict between the FRSSE and the SORP, the SORP has been adopted in accordance with paragraph 419ff of the SORP.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Expenditure is accounted for on 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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost residual value of each asset over its expected useful life, as follows:

Fixture and fittings -15% reducing balance

2 TRUSTEES REMUNERATION AND BENEFITS

There were no trustees remuneration or other benefits for the year ended 28 February 2021 or 29 February 2020

Trustees Expenses

There were no trustees expenses paid for the year ended 28 February 2021 or 29 February 2020

3 DONATIONS AND LEGACIES

A list of donations and legacies received are available from the office upon request in writing.

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YESHIVAS TORAS CHESED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 28 February 2021

INCOMING RESOURCES

INCOMING RESOURCES
Unrestricted
funds
£
Incoming resources from generated funds
3
Donations and legacies
580,304
Government grants
27,843
Total incoming resources
608,146
4
Expenditure on charitable activities by fund type
Unrestricted Total Funds
Funds
2021
£
£
College expenditure
372,062
372,062
Fundraising costs
4,075
4,075
Camp
51,943
51,943
Support costs
51,615
51,615
Grants to Institutions
69,530
69,530
Grants to Individuals
90,593
90,593
TOTAL
639,818
639,818
Activities
undertaken
directly
Grant
funding of
activities
Support
costs
College expenditure
372,062
37,494
Fundraising costs
4,075
Camp
51,943
Governance costs
14,121
Grants to Institutions
69,530
Grants to Individuals
90,593
584,128
4,075
51,615
College
Costs
5
Analysis of support costs
£
Communications and IT
3,711
General office
5,145
Accountancy fee
1,200
Publicity costs
4,198
Paperware and toileteries
21,531
Depreciation
2,909
Governance cost -Motor and travel cost
1,875
Governance cost -Legal and professional fees
192
Governance cost -Printing postage and stationery
3,817
Governance cost -Other finance costs
7,037
51,615		 Total 2021
£
580,304
27,843
608,146
Unrestricted
Funds
£
305,818
13,031
66,925
59,882
445,657
Total 2021
£
409,555
4,075
51,943
14,121
69,530
90,593
639,818
Total 2021
£
3,711
5,145
1,200
4,198
21,531
2,909
1,875
192
3,817
7,037
51,615		 Total 2020
£
468,498
0
468,498
Total Funds
2020
£
305,818
13,031
66,925
59,882
445,657
Total 2020
£
348,578
13,031
66,925
17,123
445,657
Total 2020
£
941
2,448
1,200
17,730
20,073
1,568
6,415
2,078
3,545
3,884
59,882

-8-

YESHIVAS TORAS CHESED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 28 February 2021

Unrestricted
£
College costs
Food
139,017
Wages
113,680
L&H
8,164
Repairs
63,436
Commission & tips
7,250
Camp
51,943
Rent
30,000
Rates
3,042
Books
7,473
424,005
6
FIXED ASSETS
COST:
At 1 March 2020
Additions
At 28 February 2021
DEPRECIATION:
At 1 March 2019
Charge for year
At 28 February 2021
NET BOOK VALUE:
At 28 February 2021
At 29 February 2020
7
CREDITORS
DUE WITHIN ONE YEAR
Accruals
Social security and other taxes
Other creditors
8
CREDITORS
DUE AFTER ONE YEAR
Repayable by instalments: Bank loans more 5 yr by instal
At 1.3.20
£
9
Unrestricted funds
General fund
35,207
TOTAL FUNDS
35,207
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
608,146
TOTAL FUNDS
608,146		 Unrestricted
£
139,017
113,680
8,164
63,436
7,250
51,943
30,000
3,042
7,473		 Total 2021
£
139,017
113,680
8,164
63,436
7,250
51,943
30,000
3,042
7,473
424,005
Fixture and
fittings
£
11,634
10,508
22,142		 Total 2020
£
137,570
84,609
8,264
36,971
5,250
66,925
30,000
0
3,154
424,005 372,743
Totals
£
11,634
10,508
22,142
2,750
2,909
5,659
16,483
8,884		 2,750
2,909
5,659
16,483
8,884
2021
£
3,744
168
600
4,512
2021
£
50,000
50,000
Net movement
in funds
£
-31,671
-31,671
Rescources
expended
£
639,818
639,818		 2020
£
2,544
169
600
3,313
2020
£
0
At 28.02.21
£
3,536
35,207 3,536
re as follows:
Incoming
resources
£
608,146		 Movement in
funds
£
-31,671
608,146 -31,671

-9-