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← Yeshivas Toras Chesed

2024-02-29-accounts

Company Number 07954378 Charity Number 1168328

YESHIVAS TORAS CHESED Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 29 FEBRUARY 2024

YESHIVAS TORAS CHESED

FINANCIAL STATEMENTS

YEAR ENDED 29 FEBRUARY 2024

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

- 1 -

YESHIVAS TORAS CHESED

TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 29 FEBRUARY 2024

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 29 February 2024.

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.

- 2 -

YESHIVAS TORAS CHESED TRUSTEES ANNUAL REPORT (continued) YEAR ENDED 29 FEBRUARY 2024

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

25[th] November 2024

- 3 -

YESHIVAS TORAS CHESED INDEPENDENT EXAMINER`S REPORT TO THE TRUSTEES OF YESHIVAS TORAS CHESED YEAR ENDED 29 FEBRUARY 2024

I report to the trustees on my examination of the financial statements of Yeshivas Toras Chesed ('the charity') for the year ended 29 February 2024.

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 FCCA Chartered accountant

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

25[th] November 2024

- 4 -

YESHIVAS TORAS CHESED

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 29 February 2024

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 2024
Total 2023
810,041
810,041
856,326
810,041
810,041
856,326
2,068
2,068
8,433
779,229
779,229
825,708
21,949
21,949
36,670
803,246
803,246
870,811
6,796
6,796
-14,485
-6,932
-6,932
7,553
-136
-136
-6,932

-5-

YESHIVAS TORAS CHESED

2024
Notes
£
£
FIXED ASSETS
Fixtures & Fittings
6
19,543
19,543
CURRENT ASSETS:
Cash at bank and in hand
7,004
7,004
CREDITORS: Amounts falling
due within one year
7
-3,540
Net Current assets/(liabilities)
23,007
CREDITORS: Amounts falling d
8
after more than one year
-23,143
NET ASSETS:
-136
FUNDS
9
Unrestricted funds
-136
TOTAL FUNDS
-136
BALANCE SHEET
29-Feb-24		 2023
£
£
22,992
22,992
15,208
15,208
-13,280
24,920
-31,852
-6,932
-6,932
-6,932		 2023
£
£
22,992
22,992
15,208
15,208
-13,280
24,920
-31,852
-6,932
-6,932
-6,932
-31,852
-6,932
-6,932
-6,932

The Charitable company is entitled to exemption from audit under section 477 of Companies Act 2006 for the year ended 29 February 2024.

The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 29 February 2024 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: And signed on their behalf by:

25 November 2024

Rabbi C Babad - Trustee

-6-

YESHIVAS TORAS CHESED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 29 February 2024

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 29 February 2024 or 28 February 2023.

Trustees Expenses

There were no trustees expenses paid for the year ended 29 February 2024 or 28 February 2023.

3 DONATIONS AND LEGACIES

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

-7-

YESHIVAS TORAS CHESED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 29 February 2024

INCOMING RESOURCES

INCOMING RESOURCES
Incoming resources from generated funds
3
Donations and legacies
Total incoming resources
4
Expenditure on charitable activities by fund type
Unrestricted
Funds
£
College expenditure
494,975
Fundraising costs
2,068
Camp
115,115
Support costs
53,634
Grants to Institutions
41,290
Grants to Individuals
96,164
TOTAL
803,246
Activities
undertaken
directly
Grant
funding of
activities
College expenditure
494,975
Fundraising costs
2,068
Camp
115,115
Governance costs
Grants to Institutions
41,290
Grants to Individuals
96,164
747,544
2,068
5
Analysis of support costs
Communications and IT
General office
Accountancy fee
Publicity costs
Paperware and toileteries
Depreciation
Governance cost -Motor and travel cost
Governance cost -Legal and professional fees
Governance cost -Printing postage and stationery
Governance cost -Other finance costs		 Unrestricted
funds
£
810,041
810,041
Total Funds
2024
£
494,975
2,068
115,115
53,634
41,290
96,164
803,246
Support
costs
31,685
21,949
53,634
College
Costs
£
3,941
1,474
2,040
22,821
3,449
1,309
103
6,488
12,010
53,634		 Total 2024
£
810,041
810,041
Unrestricted
Funds
£
460,103
8,433
82,803
105,996
103,158
110,317
870,810
Total 2024
£
526,660
2,068
115,115
21,949
41,290
96,164
803,246
Total 2024
£
3,941
1,474
2,040
0
22,821
3,449
1,309
103
6,488
12,010
53,634		 Total 2023
£
856,326
856,326
Total Funds
2023
£
460,103
8,433
82,803
105,996
103,158
110,317
870,810
Total 2023
£
529,429
8,433
82,803
36,670
103,158
110,317
870,810
Total 2023
£
5,301
1,071
1,920
17,647
41,250
4,057
1,125
4,182
14,750
14,693
105,996

-8-

YESHIVAS TORAS CHESED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 29 February 2024

for the year ended 29 February 2024
College costs
Food
Wages
L&H
Repairs
Camp
Rent
Rates
Books		 Unrestricted
Total 2024
£
£
208,264
208,264
188,224
188,224
18,174
18,174
22,826
22,826
115,115
115,115
27,500
27,500
3,252
3,252
12,303
12,303
595,658
595,658		 Total 2023
£
185,325
163,971
1,824
78,916
82,803
27,500
3,020
858
544,217

Average number of employees, including directors, during the year was: 24 (2023: 20)

6
FIXED ASSETS
COST:
At 1 March 2023
Additions
At 29 February 2024
DEPRECIATION:
At 1 March 2023
Charge for year
At 29 February 2024
NET BOOK VALUE:
At 29 February 2024
At 28 February 2023
7
CREDITORS
DUE WITHIN ONE YEAR
Accruals
Other creditors
8
CREDITORS
DUE AFTER ONE YEAR
Repayable by instalments: Bank loans more 5 yr by instal
At 1.3.23
£
9
Unrestricted funds
General fund
-6,933
TOTAL FUNDS
-6,933
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
810,041
TOTAL FUNDS
810,041		 6
FIXED ASSETS
COST:
At 1 March 2023
Additions
At 29 February 2024
DEPRECIATION:
At 1 March 2023
Charge for year
At 29 February 2024
NET BOOK VALUE:
At 29 February 2024
At 28 February 2023
7
CREDITORS
DUE WITHIN ONE YEAR
Accruals
Other creditors
8
CREDITORS
DUE AFTER ONE YEAR
Repayable by instalments: Bank loans more 5 yr by instal
At 1.3.23
£
9
Unrestricted funds
General fund
-6,933
TOTAL FUNDS
-6,933
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
810,041
TOTAL FUNDS
810,041		 Fixture and
fittings
£
37,481
37,481		 Totals
£
37,481
0
37,481
14,489
3,449
17,938
19,543
22,992		 14,489
3,449
17,938
19,543
22,992
2024
£
2,040
1,500
3,540
2024
£
23,143
23,143
Net movement
in funds
£
6,796
6,796
Rescources
expended
£
803,246
803,246		 2023
£
1,920
11,360
13,280
2023
£
31,852
31,852
At 29.02.24
£
-136
-6,933 -136
re as follows:
Incoming
resources
£
810,041		 Movement in
funds
£
6,796
810,041 6,796

-9-