Satmar Kolel Trustees' Report and Unaudited Accounts 31 July 2022 Satmar Kolel Contents ||Pages| |---|---| |Trustees'AnnualReport|2 to 3| |IndependentExaminer'sReport|4| |Statement of FinancialActivities|5| |BalanceSheet|6| |Notesto the Accounts|7 to 9| |DetailedStatement of FinancialActivities|10 to 11| Page 1 Satmar Kolel Trustees Annual Report The trustees present their report with the unaudited financial statements of the charity for the year ended 31 July 2022. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 1169555 Principal Office 23 Kildas Road Clapton London E5 9AZ Trustees The following trustees served during the year: P. Benedikt E. Berger M. Eckstein M. Taub Accountants S J Sheldon Ltd 20 Clarence Road Hale Cheshire WA15 8SG ## OBJECTIVES AND ACTIVITIES The charity was constituted by trust deed dated 10th October 2016 and is a registered charity The strategic aim of the charity is the advancement of the Orthodox Jewish faith, Orthodox Jewish education, in particular, but not exclusively by supporting the charitable activities of the institute and also the advancement of such other purposes as are charitable according to English Law. During the year, the charity made grants and donations of £167,413 (2021: £178,503) ## FINANCIAL REVIEW The trustees retain reserves as necessary and where appropriate and consolidate funds in order to make more substantial grants which they feel to be appropriate. Statement of trustees' responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 2 Satmar Kolel Trustees Annual Report The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees M. Eckstein Trustee 24 May 2023 Page 3 Satmar Kolel Independent Examiners Report Independent Examiner's Report to the trustees of Satmar Kolel I report to the trustees on my examination of the financial statements of Satmar Kolel for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. ## Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed. 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 As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of Institute of Financial Accountants. I have completed my examination. I can 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: - the accounting records were not kept in respect of the charity as required by section 130 of the Act; or - the financial statements do not accord with those records; or - the financial statements do not comply with the applicable requirements concerning the form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached. Simon Sheldon Institute of Financial Accountants S J Sheldon Ltd 20 Clarence Road Hale Cheshire WA15 8SG 24 May 2023 Page 4 Satmar Kolel Statement of Financial Activities for the year ended 31 July 2022 |for the year ended 31July 2022||||| |---|---|---|---|---| |Notes
Income and endowments
from:
Donationsandlegacies
3
Total
Expenditure on:
Raisingfunds
4
Charitableactivities
5
Other
6
Total
Netgainsoninvestments
Netincome/(expenditure)
Transfersbetweenfunds
Netincome/(expenditure)
before othergains/(losses)
Othergainsandlosses
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward||Unrestricted
funds|Totalfunds|Totalfunds| |||2022|2022|2021| |||£|£|£| |||||| |||812,761|812,761|764,439| |||812,761|812,761|764,439| |||||| |||4,848|4,848|3,748| |||762,444|762,444|788,995| |||7,324|7,324|8,923| |||774,616|774,616|801,666| |||-|-|-| |||38,145|38,145|(37,227)| |||-|-|-| |||38,145|38,145|(37,227)| |||||| |||38,145|38,145|(37,227)| |||||| |||(125)|(125)|37,102| |||38,020|38,020|(125)| |||||| |||||| |||||| Page 5 Satmar Kolel Balance Sheet at 31 July 2022 |at 31July 2022||| |---|---|---| |Charity No.1169555
Current assets
Debtors
8
Cashat bankandin hand
Creditors: Amountfallingdue within one year
9
Netcurrent assets
Totalassets lesscurrentliabilities
Creditors: Amountsfallingdueafter more than one year
10
Net assets/(liabilities)excludingpension asset orliability
Totalnet assets/(liabilities)
Thefundsofthecharity
Restrictedfunds
11
Unrestrictedfunds
11
Generalfunds
Reserves
11
Totalfunds
Approved by the trusteeson 24 May 2023|2022
£
48,225
33,332
81,557
(14,000)
67,557
67,557
(29,537)
38,020
38,020
38,020
38,020
38,020|2021
£
48,225
1,513| |||49,738
(10,750)| |||38,988
38,988
(39,113)| |||(125)| |||(125)| |||(125)| |||(125)| |||(125)| |||| And signed on their behalf by: ## M. Eckstein Trustee 24 May 2023 Page 6 Satmar Kolel Notes to the Accounts for the year ended 31 July 2022 - 1 Accounting policies ## Basis of preparation The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## Fund accounting - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## Income - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. - Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. ## assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 7 Satmar Kolel Notes to the Accounts ## Expenditure - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## Taxation The charity is exempt from tax on its charitable activities. ## Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other - short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## Receipt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 8 Satmar Kolel Notes to the Accounts 2 Statement of Financial Activities - prior year |2
Statement ofFinancialActivities-prior year|||| |---|---|---|---| |Income and endowmentsfrom:
Donationsandlegacies
Total
Expenditure on:
Raisingfunds
Charitableactivities
Other
Total
Netincome
Netincome before other
gains/(losses)
Othergainsandlosses:
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward
3
Incomefrom donationsandlegacies
Donations
4
Expenditure on raising funds
Costsofgenerating voluntary
income
Donations|Unrestricted
£
812,761
812,761
Unrestricted
£
4,848
4,848|Unrestricted
funds
2021
£
764,439
764,439
3,748
788,995
8,923
801,666
(37,227)
(37,227)
(37,227)
37,102
(125)
Total
2022
£
812,761
812,761
Total
2022
£
4,848
4,848|Totalfunds
2021
£
764,439| ||||764,439
3,748
788,995
8,923| ||||801,666| ||||(37,227)| ||||(37,227)| ||||(37,227)
37,102| ||||(125)| ||||Total
2021
£
764,439| ||||764,439| ||||Total
2021
£
3,748| ||||3,748| Page 9 Satmar Kolel Notes to the Accounts - 5 Expenditure on charitable activities |5
Expenditure oncharitable activities|||| |---|---|---|---| |Expenditureoncharitable
activities
Donationstoindividualsand
communities
KolMevaser
Reliefofproverty
Weddingtotal
Grantsmade
Governancecosts
Accounting
Bankchargesandinterest
6
Other expenditure
Operationalcosts
7
Staffcosts
No employee received emolumentsin excessof£60,000.
8
Debtors
Other debtors
9
Creditors:
amountsfallingdue within one year
Bankloansand overdrafts
Othercreditors
Accruals
10 Creditors:
amountsfallingdueafter more than one year
Bankloansand overdrafts|Unrestricted
£
167,413
23,254
154,954
122,800
291,810
-
2,213
762,444
Unrestricted
£
7,324
7,324
2022
£
48,225
48,225
2022
£
10,000
4,000|Total
2022
£
167,413
23,254
154,954
122,800
291,810
-
2,213
762,444
Total
2022
£
7,324
7,324|Total
2021
£
178,503
20,833
159,160
74,700
353,310
350
2,139| ||||788,995| ||||Total
2021
£
8,923| ||||8,923| ||||2021
£
48,225| ||||48,225| ||||2021
£
10,000
400| ||-||350| ||14,000
2022
£
29,537
29,537||10,750| ||||2021
£
39,113| ||||39,113| Page 10 Satmar Kolel Notes to the Accounts ## 11 Movement in funds |11 Movementinfunds||||| |---|---|---|---|---| |Restrictedfunds:
Unrestrictedfunds:
Generalfunds
Totalfunds
12 Analysisofnet assetsbetweenfunds
Netcurrentassets
Creditorsduein more than one yearand
provisions
13 Reconciliation ofnet debt
Cashandcash equivalents|At 1 August
2021
(125)
(125)|Incoming
resources
(including
other
gains/losses
)
£
812,761
812,761
At 1 August
2021
£|Resources
expended
£
(774,616)
(774,616)
Unrestricted
funds
£
67,557
(29,537)
38,020
Cashflows
£|At 31July
2022
£
38,020| |||||38,020| |||||Total
£
67,557
(29,537)| |||||38,020| |||||At 31July
2022
£| |||1,513|31,819|33,332| |||1,513
(49,113)|31,819|33,332
(39,537)| |Bankloans|||9,576|| |Net debt||(49,113)
(47,600)|9,576
41,395|(39,537)| |||||(6,205)| |||||| Page 11 Satmar Kolel Statement of Cash flows for the year ended 31 July 2022 |Cashflowsfrom operatingactivities
Netincome/(expenditure)perStatement ofFinancialActivities
Adjustmentsfor:
Increasein tradeand other payables
Netcash provided by/(usedin)operatingactivities
Netcashfrominvestingactivities
Cashflowsfromfinancingactivities
Repayment ofborrowings
Netcash usedinfinancingactivities
Netincrease/(decrease)incash andcash equivalents
Cash andcash equivalentsat the beginningofthe year
Cash andcash equivalentsat the end ofthe year|2022
£
38,145
3,250
41,395
-
(9,576)
(9,576)
31,819
1,513
33,332|2021
£
(36,339)
750| |---|---|---| |||(35,589)| |||-| |||-| |||-| |||| |||(35,589)| |||-| |||(35,589)| |||| |Componentsofcash andcash equivalents||| |Cashand bankbalances|33,332|1,513| |||| ||33,332|1,513| Page 12 Satmar Kolel Detailed Statement of Financial Activities ## for the year ended 31 July 2022 |for the year ended 31July 2022|||| |---|---|---|---| |Income and endowmentsfrom:
Donationsandlegacies
Donations
Total income and endowments
Expenditure on:
Costsofgeneratingdonationsand
legacies
Donations
Totalofexpenditure on raising
funds
Charitableactivities
Donationstoindividualsand
communities
KolMevaser
Reliefofproverty
Weddingtotal
Grantsmade
Governancecosts
Accounting
Bankchargesandinterest
Totalofexpenditure oncharitable
activities
Other expenditure
Operationalcosts
Totalofexpenditure ofothercosts
Totalexpenditure
Netgainsoninvestments
Netincome/(expenditure)
Netincome/(expenditure)before
othergains/(losses)
Other Gains|Unrestricted
funds
2022
£
812,761
812,761
812,761
4,848
4,848
4,848
167,413
23,254
154,954
122,800
291,810
760,231
-
2,213
2,213
762,444
7,324
7,324
7,324
774,616
-
38,145
38,145
-|Totalfunds
2022
£
812,761
812,761
812,761
4,848
4,848
4,848
167,413
23,254
154,954
122,800
291,810
760,231
-
2,213
2,213
762,444
7,324
7,324
7,324
774,616
-
38,145
38,145
-|Totalfunds
2021
£
764,439| ||||764,439| ||||764,439
3,748| ||||3,748| ||||3,748
178,503
20,833
159,160
74,700
353,310| ||||786,506| ||||350
2,139| ||||2,489| ||||788,995
8,923| ||||8,923| ||||8,923| ||||801,666
-| ||||(37,227)| ||||(37,227)
-| Page 13 Satmar Kolel Detailed Statement of Financial Activities |Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward|38,145
(125)
38,020|38,145
(125)
38,020|(37,227)| |---|---|---|---| ||||37,102| ||||(125)| Page 14