## **Nesivos Hatorah Limited** Company limited by guarantee ## **Annual Report and Financial Statements** **For year ended 31 August 2021** Charity Registration Number 1172367 Company Number 10344435 **Accounts & Business Solutions Limited** 158 Cromwell Road Salford M6 6DE Page 2 ## **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS ## FOR YEAR ENDED 31 AUGUST 2021 ## **Contents** ||**Page**| |---|---| |Charity Information|3| |Report of the Directors/Trustees|4 - 6| |Independent Examiner's Report|7| |Statement of Financial Activities|8| |Balance Sheet|9| |Notes forming part of the financial statements|10 - 11| |Detailed profit and loss account and Statement|| |of financial activities|12| Page 3 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Charity Information** ## **Board of Trustees** Mr Michael Bodner - Trustee Mr Netanel Feiger - Director and Trustee Mr Simon Kaufman - Trustee ## **Administration Address** 50 Grasmere Street West Gateshead NE8 1TS ## **Charity Number** 1172367 ## **Company Registration Number** 10344435 (England and Wales) ## **Company registered office** 50 Grasmere Street West Gateshead NE8 1TS ## **Accountants** Accounts & Business Solutions 158 Cromwell Road Salford M6 6DE Page 4 ## **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Report of the Directors/Trustees** The Directors/Trustees have pleasure in presenting their Report and Financial Statements of the Company/Charity for the year ended 31 August 2021. ## **Reference and Administration** Reference and Administration details are shown in the schedule of members of the board and professional advisers on page 3 of the financial statements. ## **Trustees** The trustees who served throughout the year were: Mr Michael Bodner - Trustee Mr Netanel Feiger - Director and Trustee Mr Simon Kaufman - Trustee The above are still in post at the date of the approval of the accounts. All trustees serve at their post for this charity voluntarily. There are no trustees employed by, or have any beneficial interest in the charity. Details of any related party transactions are disclosed as applicable in the notes to the accounts. Trustees have been advised of any defects or omissions and have ensured that they are corrected. ## **Structure, governance and management** Nesivos Hatorah Ltd is a company limited by guarantee incorporated on 24 August 2016 and is governed by its memorandum and articles of association. The Director/Trustees are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full directors/ Trustees' meetings. Day to day management of activities is the responsibility of the manager, supported by administrative staff and a team of professionals and volunteers. ## **Charitable Objects** I. The advancement of the Orthodox Jewish Religion. II. The advancement of Orthodox Jewish religious education in particular but not exclusively by the management and maintenance of the Talmudical college known as Nesivos Hatorah Ltd in Gateshead, Tyne and Wear. III. The advancement of such other objects as are for the benefit of the public and are charitable according to the laws of England and Wales. Page 5 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Report of the Directors/Trustees (continued)** ## **Achievements** The Trustees are pleased to report Nesivos Hatorah Ltd successful accomplishments during the year. These include: - Receiving excellent feedback from the parents on the low teacher: student ratio we provide our students. thus ensuring every students needs are taken care of. ## **Public benefit** In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on fee-charging. Although we ask for a contribution towards the costs of our services, we have given careful consideration to enable individuals on low income to access our services. Since we are committed to enabling as many students as possible to benefit from the support that the charity offers, we welcome all children regardless of the students' personal financial circumstances. ## **Financials** This year's total incoming resources were £294,163 (2020: £159,327), the trustees are satisfied with the financial results for the year, with a net surplus for the year of £169,826 (2020: £60,673). Funds are available to permit the charity to continue in operation in the medium to long term and to continue to fund worthwhile projects. The staff and trustees have continued working hard to keep costs and overheads to a minimum without compromising on our high standard of service and professionalism. We give credit for our achievements to the remarkable effort made by the staff. Reserves as stated in the accounts are as follows: |Unrestricted funds
Restricted funds
Total|**_£_**
398,005
0
398,005| |---|---| Page 6 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS ## FOR YEAR ENDED 31 AUGUST 2021 ## **Report of the Directors/Trustees (continued)** ## **Investment policy and returns** Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit. ## **Reserves Policy** The trustees retain reserves as necessary and where appropriate, consolidate funds in order to enable the charity to meet future needs or to make more substantial grants which they feel to be appropriate. ## **Responsibilities of the Director/Trustees** Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the Balance Sheet Date, and of its incoming resources, including income and expenditure for the financial year. In preparing those financial statements, the Directors/Trustees should follow best practice and - **a.** Select suitable accounting policies and apply them consistently. - **b.** Make judgments and estimates that are reasonable and prudent. - **c.** Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements. - **d.** Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation. The Directors/Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them as Directors/Trustees to ensure that the financial statements comply with the Company Law. The Directors/Trustees are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other regularities. Approved by The Directors/Trustees on 27 April 2022 N Feiger Trustee and Director Page 7 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Independent Examiner's Report to the Trustees / Director** I report to the trustees on my examination of the financial statements of Nesivos Hatorah Ltd ('the charity') for the year ended 31 August 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** 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 the Association of Chartered Certified Accountants, 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: 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. H Davies FCCA Accounts & Business Solutions Limited 158 Cromwell Road Salford M6 6DE Date: 27 April 2022 Page 8 ## **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS ## FOR YEAR ENDED 31 AUGUST 2021 ## **Statement of Financial Activities** Income and expenditure account |**Incoming Resources**
**Direct costs**
**Gross Surplus**
**Overheads**
Support costs
Governance Costs
**Operating Surplus**
**Net Surplus for the year**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|_Notes_|**_2021_**
**_£_**
**39,242**
**2,869**|**_2021_**
**_£_**
**294,163**
**(82,226)**
**211,937**
**(42,111)**
**169,826**
**169,826**
**228,179**
**398,005**|_2020_
_£_
26,967
3,159|_2020_
_£_
159,327
(68,528)
90,799
(30,126)
60,673
60,673
167,506
228,179| |---|---|---|---|---|---| ||_6_
_7_
_8_
_9_||||| Page 9 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS ## FOR YEAR ENDED 31 AUGUST 2021 ## **Balance Sheet** ## **At 31 August 2021** |**eet Abbreviated Balance Sheet**|||||| |---|---|---|---|---|---| |**Fixed Assets**
Office equipment
**Current Assets**
Cash at Bank and in hand
**Creditors**
Amounts due within one year
**Net current assets**
**Net Assets**
**Accumulated Funds**
Restricted
Unrestricted|_Notes_|**_2021_**
**_£_**
**400,266**
**(3,153)**|**_2021_**
**_£_**
**892**
**397,113**
**398,005**
**0**
**398,005**
**398,005**|_2020_
_£_
230,988
(3,068)|_2020_
_£_
259
227,920
228,179
0
228,179
228,179| ||_5_
_4_||||| In approving these financial statements as directors of the company we hereby confirm: - a. that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006 ; - b. that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31 August 2021; and - c. that we acknowledge our responsibilities for: 1. ensuring that the company keeps accounting records which comply with Section 386; and 2. 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 profit or loss for the year then ended in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. Approved by the board and signed on behalf of them all. Date: 27 April 2022 N Feiger Trustee and Director The notes attached form part of the these accounts Page 10 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Notes To The Accounts** ## **1) Principal Accounting Policies** ## Basis of Accounting The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England & Wales (CCEW), effective January 2016, and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice. ## Cash Flow The accounts do not include a cash flow statement because the charity as a small reporting entity is exempt from the requirement to prepare such a statement. ## Donations and Fund Accounting Rental Income received for the general and main purposes of the Charity is included as unrestricted funds in the Statement of Financial Activities when receivable. Donations and Grants for activities restricted by the donors are taken to restricted funds if the wishes and conditions of the donor are legally binding on the Trustees. ## Resources Expended Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on estimated amount attributable to that activity in the year. These estimates are based on the time and level of activity as appropriate. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. The irrecoverable element of VAT is included with the item of expense to which it relates. ## **2) Taxation** The Charitable Company is exempt from taxation on its charitable activities. ## **3) Incoming Resources** The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK. |**4)**
**Creditors**
Accruals
Wages|**_2021_**
**_£_**
**1,300**
**1,853**
**3,153**|_2020_
_£_
650
2,418
3,068| |---|---|---| Page 11 **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Notes to the accounts (continued)** ## **5) Fixed assets** |**Fixed assets**
Cost
At 1 September 2020
Additions
Depreciation
At 1 September 2020
Charge for the year
Net Book Value
At 1 September 2020
**At 31 August 2021**
At 31 August 2021
At 31 August 2021|**Equipment**
**_£_**
433
975
1,408
172
344
516
261
**892**| |---|---| Page 12 ## **NESIVOS HATORAH LTD** Company limited by guarantee FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2021 ## **Detailed profit and loss account and Statement of financial activities** |**Incoming Resources**
_6_
Sponsorships & Donations
Grants
Parental contributions
**Resources Expended**
_7_
Charitable Activities
_Cost of Activities In Furtherance_
_of the Charity's Objects_
Books and Publications
Food and Consumables
Wages, staff recruitment and fees
**Support costs**
_8_
Cleaning expenses
Travel
Depreciation
Rent and Rates
Repairs and Renewals
Bank Charges
Miscellaneous
Printing, postage and stationery
Fundraising and incentives
Utilities
Telephone
**Governance Costs**
Independent Examiner Fees
_9_
Legal and Professional fees
**Total Funds Expended**
**Accumulated Funds**
Net surplus for the year
Balance brought forward
Balance carried forward||_2021_
_Unrestricted_
_£_
244,923
3,000
46,240
294,163
1,347
58,917
21,962
82,226
225
2,039
344
13,845
2,407
431
218
771
15,741
1,402
1,819
39,242
650
2,219
2,869
124,337
169,826
228,179
398,005|**_2021_**
**_Total_**
**_£_**
**244,923**
**3,000**
**46,240**
**294,163**
**1,347**
**58,917**
**21,962**
**82,226**
**225**
**2,039**
**344**
**13,845**
**2,407**
**431**
**218**
**771**
**15,741**
**1,402**
**1,819**
**39,242**
**650**
**2,219**
**2,869**
**124,337**
**169,826**
**228,179**
**398,005**|_2020_
_Unrestricted_
_£_
117,778
2,179
39,370
159,327
547
37,676
30,305
68,528
35
5,843
86
13,760
2,336
305
32
434
590
2,506
1,040
26,967
650
2,509
3,159
98,654
60,673
167,506
228,179| |---|---|---|---|---|