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← T.d Seminary Ltd

2023-09-30-accounts

Charity registration number 1172027

Company registration number 10380826 (England and Wales)

T. D SEMINARY LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

T. D SEMINARY LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr D Saurymper Mr I Traube Mr A Zonszajn Charity number 1172027 Company number 10380826 Registered office 43 Durley Road London N16 5JR Independent examiner Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW

T. D SEMINARY LTD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Statement of cash flows 6
Notes to the financial statements 7 - 15

T. D SEMINARY LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees who are also the directors for the purposes of company law, present their report and financial statements for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: 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)" (effective 1 January 2019).

Objectives and activities

The objects of the charity

The charity achieves these objectives primarily through operating a college and nursery and providing grants to educational institutions.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance issued by the Charity Commission when reviewing the Charity's aims and objectives and in deciding what future activities the charity should undertake.

Achievements and performance

The charity continued operating the College and Nursery and provided grants to institutions to promote the advancement of orthodox Jewish religious education.

In the year under review the charity generated income of £565,860 and incurred expenses of £561,111 resulting in net incoming resources of £4,749.

Financial review

The trustees are satisfied with the progress made this year, in increasing the charity's income and reducing the deficit.

The trustees do not seek to maintain reserves of the charity in regard to unrestricted funds which have not been designated for a specific use other than to ensure that they can continue the activities of the charity.

The trustees intend to further their fund-raising efforts to recover the shortfall in funds in the short term and meet

the above reserves policy.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr D Saurymper Mr I Traube Mr A Zonszajn

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

T. D SEMINARY LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. The trustees administer the day to day running of the charity.

The trustees' report was approved by the Board of Trustees.

..............................

Mr I Traube

Trustee Dated: .........................

T. D SEMINARY LTD

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF T. D SEMINARY LTD

I report to the trustees on my examination of the financial statements of T. D Seminary Ltd (the charity) for the year ended 30 September 2023.

Responsibilities and basis of report

As the trustees of the charity (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 financial statements of the charity 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 financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since 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 because I am a member of ACCA, which is one of the listed bodies.

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 that in any material respect:

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.

==> picture [97 x 38] intentionally omitted <==

Mr J Silver FCCA Independent Examiner Precision Ltd

Dated: .........................

T. D SEMINARY LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and
legacies
3
380,857
-
Charitable activities
4
112,448
72,555
Other income
5
-
-
Total income
493,305
72,555
Expenditure on:
Raising funds
6
2,472
-
Charitable activities
7
486,084
72,555
Total expenditure
488,556
72,555
Net income/(expenditure)
for the year/
Net movement in funds
4,749
-
Fund balances at 1 October
2022
(39,654)
-
Fund balances at 30
September 2023
(34,905)
-		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
380,857
346,649
-
185,003
103,878
66,083
-
3,000
-
565,860
453,527
66,083
2,472
8,414
-
558,639
477,094
66,083
561,111
485,508
66,083
4,749
(31,981)
-
(39,654)
(7,673)
-
(34,905)
(39,654)
-		 Total
2022
£
346,649
169,961
3,000
519,610
8,414
543,177
551,591
(31,981)
(7,673)
(39,654)
Donations and
legacies
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income/(expenditure)
for the year/
Net movement in funds
Fund balances at 1 October
2022
Fund balances at 30
September 2023

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

T. D SEMINARY LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 11,529 14,811
Current assets
Cash at bank and in hand 8,134 18,547
Creditors: amounts falling due within
one year 15 (28,264) (42,425)
Net current liabilities (20,130) (23,878)
Total assets less current liabilities (8,601) (9,067)
Creditors: amounts falling due after
more than one year 16 (26,304) (30,587)
Net liabilities (34,905) (39,654)
Income funds
Unrestricted funds (34,905) (39,654)
(34,905) (39,654)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

Mr I Traube Trustee

Company Registration No. 10380826

T. D SEMINARY LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
19
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(5,698)
(562)
-
(562)
(4,153)
(4,153)
(10,413)
18,547
8,134		 2022
£
(6,376)
3,000
(4,051)		 £
(1,489)
(3,376)
(4,051)
(8,916)
27,463
18,547

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Charity information

T. D Seminary Ltd is a private company limited by guarantee incorporated in England and Wales and is a registered charity in England and Wales. The registered office is 43 Durley Road, London, N16 5JR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, notwithstanding that the company has net liabilities, due to the ongoing support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming 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:

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.5 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:

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% on Reducing Balance Computers 25% on Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There have been no material adjustments based on estimations and assumptions during the financial year.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 230,457 205,373
Parental Contributions & Other Voluntary Contributions 150,400 141,276

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

3 Donations and legacies

(Continued)

4 Charitable activities

Charitable
Charitable
Income
Income
2023 2022
£ £
Provision of Educational courses and Early years nursery 185,003 169,961
Analysis by fund
Unrestricted funds 112,448 103,878
Restricted funds 72,555 66,083
185,003 169,961
5 Other income
**Total ** Unrestricted
funds
2023 2022
£ £
Net gain on disposal of tangible fixed assets - 3,000
6 Raising funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Other fundraising costs 1,657 7,497
Interest payable 815 917
2,472 8,414

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

7 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2023 2022
£ £
Staff costs 277,546 265,350
Depreciation and impairment 3,844 4,938
Nursery & College Expenses 225,366 243,790
506,756 514,078
Grant funding of activities (see note 8) 28,725 22,950
Share of support costs (see note 9) 13,680 -
Share of governance costs (see note 9) 9,478 6,149
558,639 543,177
Analysis by fund
Unrestricted funds 486,084 477,094
Restricted funds 72,555 66,083
558,639 543,177
For the year ended 30 September 2022
Unrestricted funds 477,094
Restricted funds 66,083
543,177

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

8 Grants payable

Charitable Charitable
Expenditure Expenditure
2023 2022
£ £
Grants to institutions:
Kupat Ezer Lenisuin Beis Yisroel 3,500 -
Inspirations - 11,740
Friends of Wiznitz Limited 1,600 -
Amud Hatzdoko Trust 1,000 -
VHLT Ltd 1,350 2,200
Kollel D'chasidei Belz Ltd 325
Chasdei Aharon Limited 1,200 -
Chasdei Yoel Charitable Trust 500 -
British Friends of Chatzer Hakodesh Viznitz 250 -
Kehal Chareidim Trust 14,000 6,000
Other 5,000 -
28,725 22,950

9 Support costs

Support costs
Support
costs
Governance
costs
£
£
Support costs
13,680
-
Accountancy
-
5,070
Legal and professional
-
2,965
Bank Charges
-
1,443
13,680
9,478
Analysed between
Charitable activities
13,680
9,478		 2023
£
13,680
5,070
2,965
1,443
23,158
23,158		 2022
£
-
2,340
2,767
1,042
6,149
6,149

10 Trustees

None of the trustees received any remuneration or benefits from the charity during the year.

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2023
Number
42
2023
£
276,842
704
277,546		 2022
Number
34
2022
£
264,414
936
265,350

No employees received emoluments in excess of £60,000.

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Tangible fixed assets
Plant and
equipment
Computers
£
£
Cost
At 1 October 2022
24,241
10,076
Additions
562
-
At 30 September 2023
24,803
10,076
Depreciation and impairment
At 1 October 2022
12,645
6,861
Depreciation charged in the year
3,040
804
At 30 September 2023
15,685
7,665
Carrying amount
At 30 September 2023
9,118
2,411
At 30 September 2022
11,596
3,215		 Total
£
34,317
562
34,879
19,506
3,844
23,350
11,529
14,811

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

14 Loans and overdrafts

2023
£
Bank loans
30,454
Payable within one year
4,150
Payable after one year
26,304
The above bank loan is guaranteed by the government under the Bounce back loan scheme.
The loan accrues interest at 2.5% per annum.		 2022
£
34,607
4,020
30,587

15 Creditors: amounts falling due within one year

Notes
Bank loans
14
Other taxation and social security
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Bank loans
14		 2023
£
4,150
2,353
19,601
2,160
28,264
2023
£
26,304		 2022
£
4,020
1,877
34,728
1,800
42,425
2022
£
30,587

16 Creditors: amounts falling due after more than one year

17

Movement in funds Movement in funds Movement in funds
Incoming Resources Balance at Incoming Resources Balance at
resources expended 1 October 2022 resources expended 30 September 2023
£ £ £ £ £ £
66,083 (66,083) - 72,555 (72,555) -

T. D SEMINARY LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

18 Related party transactions

During the year the college and nursery paid rent of £96,000 (2022:£101,000), for the use of its leased premises to Talmud Torah D'Chasidei Gur Ltd, a charity with one common Trustee being Mr I Traube.

During the year, the charity employed the following close family members of the trustees;

Mr A Traube, a son of a trustee. Remuneration for the year totalled £8,286 (2022:£7,694). Mrs M Saurymper a daughter of a trustee. Remuneration for the year totalled £4,992 (2022:£9,984). Mrs N Saurymper a daughter of a trustee. Remuneration for the year totalled £441 (2022:£5,289). Mrs R Weinberg a daughter of a trustee. Remuneration for the year totalled £7,978 (2022:£5.783).

Other than the above there were no disclosable related party transactions during the year (2022 - none).

19 Cash generated from operations 2023 2022
£ £
Surplus/(deficit) for the year 4,749 (31,981)
Adjustments for:
Gain on disposal of tangible fixed assets - (3,000)
Depreciation and impairment of tangible fixed assets 3,844 4,938
Movements in working capital:
(Increase)/decrease in debtors - 12,200
(Decrease)/increase in creditors (14,291) 16,354
Cash absorbed by operations (5,698) (1,489)
20 Analysis of changes in net (debt)/funds
At 1 October Cash flows At 30 September
2022 2023
£ £ £
Cash at bank and in hand 18,547 (10,413) 8,134
Loans falling due within one year (4,020) (130) (4,150)
Loans falling due after more than one year (30,587) 4,283 (26,304)
(16,060) (6,260) (22,320)