CHARITY REGISTRATION NUMBER: 1169555 Satmar Kolel Unaudited Financial Statements 31 July 2024 BRINDLEY GOLDSTEIN LIMITED Chartered accountanls 103 High Street Waltham Cross Herts Satmar Kolel Financlal Ststements Year ended 31 July 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements Satmar Kolel Trustees. Annual Report Year ended 31 July 2024 The trustees presenl their report and the unaudlted financial statements of the charty for the year ended 31 July 2024. Reference and admlnlslratlve delalls Registered charty name Satmar Kolel Charity regI￿ration number 1169555 Prlncipal office 23 St. Kildas Road London N165BS The trU￿ee$ Mr M. Ekstein Mr E. Berger Mr P. Benedikt Mr M. Taub Independent examiner Charles Goldsiein FCA 103 High Street Waltham Cross Herts EN8 7AN Structure? governance and management Satmar Kolel is a Charitable Incorporaled Organisation. registered with the Charity Commission and governed by its constitution dated 10 October 2016. Objectives and actlvltles The strategic aim of the charty is the advancement of the Orthodox Jewish Faith, Orthodoox Jewish Education, in particular, but not exclusisvely by supporting the charitable activities of the institute and also the advancement of such other purposes as a￿ charitable aC￿rding to English Law. AchEevements and performance During the year under re￿iew, the charity received donations amounting to £380,837 {2023: £841,283) and made contributions to charitable activities and other costs totalling £318,393 (2023: £1,025,441), resulting in a surplus of Income over expenditure of £62,444 (2023: Deficit £184,158>. Financial review The Iru*8es retain reseNes as necessary and where appropriate and consolidate funds in order to make more subslantial grants which they feel to be appropriate. Satmar Kolel Trustees, Annual Report {conNn￿d) Year ended 31 July 2024 The trustees, annual report was approved on 22 May 2025 and signed on behalf of the board of trustees by.. Mr M. Ekstein Trustee Satmar Kolel Independent Examlner's Report to the Trustees of Satmar Kolel Year ended 31 July 2024 I report to the trustees on my examination of the financial statements of Satmar Kolel ('the charrv) for the year ended 31 July 2024. Responslbllltles and basls of report As the truslees of the charity you are responsible for the preparation of the financial statements in accordance wilh the requirements of the Charities Act 2011 (Ihe Acl'>. I report in rèspect of my examination of the charitys financial siatements carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charty Commission under section 145{5){b) of the Act. Independent examlner's gtatement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirm that l am qualrfied to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales (ICAEW}, which is one of the listed bodles. I have completed my examination. I confirm that no material matters have come to my attention in connection wlth the examination giving me cause to believe that in any material respeci: accounting records were not kept in respe￿ of the charity as required by section 130 of the Act., or the financial statèments do not accord with those records: or the financial statements do not comply with the appltcable requirements concerning the form and content of accounts set out in the Charilies (Accounts and Reports) Regulations 21)08 olher than any requirement that the accounts give a 'lrue and fairf vFew which is not a matter considered as part of an independent examination. I have no concerns and have come across no olher matters in connection with Ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Charles Goldstein FCA Independent Examiner 103 High Street Waltham Cross Herts EN8 7AN 22 May 2025 Satmar Kolel Statement of Financial Activities Year ended 31 July 2024 2024 Unrestrict8d funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Tthal Income 380,837 380,837 380,837 380,837 841 ,283 841,283 Expendlture Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Total expenditure 2,861 315,532 2,861 315,532 11,683 1.013,758 1,025,441 318,393 318,393 Net Incomel{expendllure) and net movement In funds 62,444 62,444 (184,158) Rewnclllatlon of funds Total funds brought forward Total funds carrled forward (146,138) 1146,138) 38,020 {83,694} (83,694) (146,138) 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 7 to 12 torni part of these flnanclal statements. Satmar Kolel Statement of Flnanclal Posltlon 31 July 2024 2024 2023 Note Current assets Debiors Cash at bank and in hand 11 87,179 50.665 74.680 137.844 74,680 Creditors: amounts falling due withln one year Net current Ilabllltles 12 202,001 201,281 64,157 126.601 (64,157> (126,601) Total assets less current Ilabllltles Credltors: amoun18 falling due after more than one year Net Ilabllltles 13 19,537 19.537 183,694) (146.138) Funds of the charity Unrestricted funds {83,694) {146,138) {83,694) (146,138) Totsl ¢harlty funds 14 These financial slatements were approved by the board of Irustees and authorised for issue on 22 May 2025, and are signed on behalf of the board by: Mr M. Ekstein Trustee The notes on pages 7 to 12 form part of Ihese Ilnanclal ststements. Satmar Kolel Statement of Cash Flows Year ended 31 July 2024 2024 2023 Cash Ilows from operatlng a￿1vItIeS Net Income1(expe￿IitUre) 62,444 (184,158) Adjustments for." Interest payable and similar charges Accrued expenses 370 720 2.848 Changes in." Trade and other debtors Trade and Other creditors {12,4991 (74,680) 175.300 Cash generated from operalions 51,035 (80,690) Interest paid Nel cash froml(used in) operating activities (370) 50.665 (2,848) {83,538) Cash flows from financing a￿1VilIeS Proceeds from borrowings Net cash frorn financing activities 45.518 45,518 Nei Increasel{decrease) In Cash and cash equlvalents Cash and cash equlvalents ai beginnlng of year Cash and cash equlvalents ai end of year 50,665 {38,020) 50,685 (38,020) The notes on pages 7 to 12 forni part of these Ilnanclal statement5. Satmar Kolel Notes to the Financial Statemenls Year ended 31 July 2024 General Informatlon The charity is a public benefit entlty arKI a registered charity in England and Wales and is unincorporated. The address of the prlnclpal offlce Is 23 Klldas Road, Clapton, London. E5 9AZ. ststement of compllance 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 prèparing 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. Accounting policies Basls ot preparatlon 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. Golng concern There are no material uncertainties about the charitys ability to continue. Judgements and key sources of e￿imation uncertalnty There are no judgements and e￿ImateS. Fund ac¢ountlng Unrestricted funds are available for use al the discreiion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds 8armarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on Iheir expenditure declared by the donor or through the terms of an appeal, and lall into one of two sub-classes: restricted income funds or endowment funds. Satmar Kolel Notes to the Financial Statements {witlnu•d) Year ended 31 July 2024 Accounting polici88 (￿ntInued) Incomlng resources All incoming resources are 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, rec8lPt is probable and its amounl can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair valu8 of the goods unless this is Impraciical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received If the value can be reliably measured, No amounts are included for the contribution of general volunteers. income frorn contracts for the supply of services Is recognlsed with the delrvery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expendrture is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and Is classlfled under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraislng activities, events. non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charlty In undertaking activities that further its charitable aims for Ihe benefii of its beneficiaries, Including thos8 support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expgnditure that is neither related io raising funds for Ihe charity nor part of its expenditure on charitable activities. All costs are allocated to exp8ndtture categories reflecting ihe use of the resource, Direct costs attributable to a single activity are allocated direciiy io that aclivity. Shared costs are apportlon6d between the activilies they contribute to on a reasonable, justifiable and consistent basis. Finaneial Insirumenls A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are inttially recognised at the amount receivabl8 or payable including any relaled transaction costs. Satmar Kolel Noles to the Financial Stalements (eonNnu Year ended 31 July 2024 Accountlng policles (￿ntInued) Financial instruments (c(pnIln￿dj Current assets and currenl liabilities are subsequently measured at the cash or other consideration expected to be paid or received and noi discounted, Debt instruments a￿ subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequenlly measured at fair value with changes in fair value recognised in income and extEndilure. All other such investments are subsequently measured at cost less impairment. Other financial inslruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rale, in which case the asset is measured at the present value of Ihe future payments discounted at a mark8t rate of interesi for a similar debt instrument. Other financial instruments are subsequently measured at fair value, wilh any changes recognised in Ihe statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets thai are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of flnancial activities in which th8 initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impaimient. Other financial assets are either assessed indtVKlually or grouped on the basis of similar credil risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset thal exceeds what the carying amount would have been had the impairment not previously been recognised. Donatlons and legacies Unrestricted Total Funds Unreslricted Tolal Funds Funds 2024 Funds 2023 Donations Donations 380,837 380.837 841,283 841,283 Costs of ralslng donatlons and legacles Unrestricted Total Fundg Unrestricied Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies Donations 2,861 2,861 11,683 11,683 Satmar Kolel Notes to the Financial Statements (eonHnued) Year ended 31 July 2024 Expendlture on charitable a￿1VItIeS by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable activities Surport costs 313,602 1.930 313,602 1.930 1,010.410 3.348 1,010.410 3.348 315,532 315,532 1,013.758 1.013.758 Expendltur8 on eharitsble activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable activities Governance cosis 313,602 313,602 1,930 1,010,410 3,348 1,930 313,602 1.930 315.532 1,013.758 & Independent examlnaiion fees 2024 2023 Fees payable10 the independent examiner for: Independent examination of the financial statements 720 Staff costs Th8 average head count of employees during the year was Nil (2023: Nil). No employee received employee benefits of more than £60,000 during ihe year (2023: Nil). 10. Trustee remuneratlon and expenses There were no trustees. remuneration or other benefits during the year ended 31 July 2024. There were no trustees, expenses paid for during the year ended 31 July 2024. 11. Debtors 2024 2023 Other debtors 87,179 74,680 Satmar Kolel Notes to the Flnancial Stalements (contlnued) Year ended 31 July 2024 12. Crgdltors: amount8 falllng duo wllhln one year 2024 2023 Bank loans and overdrafts Accruals and deferred income Other creditors 25,981 720 175,300 202,001 25,981 175,300 201,281 13. Credltor8: amounts falllng due after mor8 than one year 2024 2023 Bank loans and overdrafts 19,537 19.537 14. Analysi5 of charitable tunds Unr8strlcted funds At 1 Augusl 202 At Income Expenditure 31 July 2024 General furKIs {146,138) 380,837 1318,393) (83,694) At 1 August 202 At Income Expenditure 31 July 2023 General funds 38,020 841,283 11,025,441) (146,138) 15. Analysls of net asset8 between funds Unrestrithed Tthal Funds Funds 2024 Current assets Creditors less than 1 year Creditors greater than 1 year 137,844 137,844 (202,001) (202,001) (19,537) 119,537) 183,694) {83,694) Unrestricted Total Funds Funds 2023 Current assets Creditors less than 1 year CredEtors greater than 1 year Net Ilabllltles 74,680 74,680 (201,281) (201,281) 119.537) 119,537) (146,138) (146,138) Satmar Kolel Notes to the Flnanclal Statements (Gonthx*d} Year ended 31 July 2024 16. Analysis of changes In net debt At Al 1 Aug 2023 Cash flows 31 Jul 2024 Cash at bank and in hand Debt due within one year Debt due after one year 50,665 50,665 {25,981) (19,537) 5,147 (25,981) (19,537) {45,518) 50,665 17. Related partles There were no related party transactions during the year ended 31 July 2024.