2023-08-31-accounts

COMPANY REGISTRATION NUMBER: 10344435 CHARITY REGISTRATION NUMBER: 1172367

NESIVOS HATORAH LIMITED Company Limited by Guarantee Unaudited Financial Statements 31 August 2023

WHITESIDE AND DAVIES LTD

Chartered Certified Accountants 158 Cromwell Road Salford M6 6DE

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Financial Statements

Year ended 31 August 2023

	Page
Trustees' annual report (incorporating the director's report)	1
Independent examiner's report to the trustees	4
Statement of financial activities (including income and
expenditure account)	5
Statement of financial position	6
Notes to the financial statements	7

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 August 2023

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2023.

Reference and administrative details

Registered charity name NESIVOS HATORAH LIMITED

Charity registration number 1172367 Company registration number 10344435 Principal office and registered 50 Grasmere Street West office Gateshead NE8 1TS

The trustees

A Falk M Bodner S Kaufman Independent examiner David Pollak 158 Cromwell Road Salford M6 6DE

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.

Objectives and activities

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.

1

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2023

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

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.

Financial review

This year's total incoming resources were £231,719 (2022: £173,623), the trustees are satisfied with the financial results for the year, with a net surplus for the year of £104,333 (2022: £49,135). 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.

2

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2023

The trustees' annual report and the strategic report were approved on 18 June 2024 and signed on behalf of the board of trustees by:

S Kaufman Trustee

3

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of NESIVOS HATORAH LIMITED

Year ended 31 August 2023

I report to the trustees on my examination of the financial statements of NESIVOS HATORAH LIMITED ('the charity') for the year ended 31 August 2023.

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.

David Pollak Independent Examiner 158 Cromwell Road Salford M6 6DE

4

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 August 2023

		2023	2023	2022
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	5	192,002	192,002	139,711
Charitable activities	6	37,359	37,359	33,868
Investment income	7	2,358	2,358	44
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total income		231,719	231,719	173,623
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies	8	401	401	–
Expenditure on charitable activities	9,10	126,985	126,985	124,488
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total expenditure		127,386	127,386	124,488
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net income and net movement in funds		104,333	104,333	49,135
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Reconciliation of funds
Total funds brought forward		447,140	447,140	398,005
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total funds carried forward		551,473	551,473	447,140
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

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 14 form part of these financial statements.

5

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Statement of Financial Position

31 August 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible fixed assets	16	–	548
Current assets
Cash at bank and in hand		554,462	449,162
Creditors: amounts falling due within one year	17	(2,989)	(2,570)
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net current assets		551,473	446,592
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total assets less current liabilities		551,473	447,140
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net assets		551,473	447,140
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
Funds of the charity
Unrestricted funds		551,473	447,140
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Total charity funds	18	551,473 ৶৶৶৶৶৶৶৶৶	447,140 ৶৶৶৶৶৶৶৶৶

For the year ending 31 August 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• 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;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

These financial statements were approved by the board of trustees and authorised for issue on 18 June 2024, and are signed on behalf of the board by:

S Kaufman Trustee

The notes on pages 7 to 14 form part of these financial statements.

6

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 August 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 50 Grasmere Street West, Gateshead, NE8 1TS.

2. Statement of compliance

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 preparing 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 Companies Act 2006.

3. Accounting policies

Basis of preparation

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.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

7

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

3. Accounting policies (continued)

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:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount 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 value of the goods unless this is impractical 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 from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

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:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

8

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment - 25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

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 initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

9

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, 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 rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that 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 financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit 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 that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The organisation is a charitable company limited by guarantee, in the event of the company being wound up members are required to contribute an amount not exceeding £1.

5. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Donations
Donations	190,362	190,362	136,731	136,731
Grants
Grants receivable	1,640	1,640	2,980	2,980
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
	192,002	192,002	139,711	139,711
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

10

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

6. Charitable activities

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Parental contributions	37,359	37,359	33,868	33,868
		৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶
7.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Bank interest receivable	2,358	2,358	44	44
		৶৶৶৶৶৶৶	৶৶৶৶৶৶৶	৶৶৶৶	৶৶৶৶
8.	Costs of raising donations and legacies
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Costs of raising donations and legacies
	- Donations	401	401	–	–
		৶৶৶৶	৶৶৶৶	৶৶৶৶	৶৶৶৶
9.	Expenditure on charitable activities by fund type
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Provision of religious education and
	college facilities	82,825	82,825	81,925	81,925
	Support costs	44,160	44,160	42,563	42,563
		ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
		126,985	126,985	124,488	124,488
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
10.	Expenditure on charitable activities by activity type
		Activities
		undertaken		Total funds	Total fund
		directly Support costs		2023	2022
		£	£	£	£
	Provision of religious education and
	college facilities	82,825	43,200	126,025	123,738
	Governance costs	–	960	960	750
		ৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
		82,825	44,160	126,985	124,488
		৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

11

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

11. Analysis of support costs

		Analysis of
		support costs	Total 2023	Total 2022
		£	£	£
	Staff costs	–	–	4,030
	Premises	28,526	28,526	35,225
	Communications and IT	2,036	2,036	1,067
	General office	4,646	4,646	1,010
	Finance costs	–	–	481
	Governance costs	960	960	750
	Depreciation	548	548	–
	Legal and professional	2,638	2,638	–
	Travel and subsistence	4,806	4,806	–
		ৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄ
		44,160	44,160	42,563
		৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶
12.	Net income
	Net income is stated after charging/(crediting):
			2023	2022
			£	£
	Depreciation of tangible fixed assets		548	344
			৶৶৶৶	৶৶৶৶
13.	Independent examination fees
			2023	2022
			£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements		960	750
			৶৶৶৶	৶৶৶৶
14.	Staff costs
	The total staff costs and employee benefits for the reporting period are		analysed as	follows:
			2023	2022
			£	£
	Wages and salaries		24,557	22,831
			৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶
	The average head count of employees during the year	was 3 (2022: 2).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees

12

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

16. Tangible fixed assets

		Equipment
		£
Cost
At 1 September 2022 and 31 August 2023		1,408
		৶৶৶৶৶৶৶
Depreciation
At 1 September 2022		860
Charge for the year		548
		ৄৄৄৄৄৄৄ
At 31 August 2023		1,408
		৶৶৶৶৶৶৶
Carrying amount
At 31 August 2023		–
		৶৶৶৶৶৶৶
At 31 August 2022		548
		৶৶৶৶৶৶৶
Creditors: amounts falling due within one year
	2023	2022
	£	£
Accruals and deferred income	2,989	2,570
	৶৶৶৶৶৶৶	৶৶৶৶৶৶৶

17. Creditors: amounts falling due within one year

18. Analysis of charitable funds Unrestricted funds

Unrestricted funds
		At				At
	1	September		31 August		20
		2022	Income	Expenditure		23
		£	£	£	£
General funds		447,140	231,719	(127,386)	551,473
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
		At				At
	1	September			31 August	20
		2021	Income	Expenditure		22
		£	£	£	£
General funds		398,005	173,623	(124,488)	447,140
		৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

13

NESIVOS HATORAH LIMITED

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2023

19. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2023
	£	£
Tangible fixed assets	–	–
Current assets	554,462	554,462
Creditors less than 1 year	(2,989)	(2,989)
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net assets	551,473	551,473
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶
	Unrestricted	Total Funds
	Funds	2022
	£	£
Tangible fixed assets	548	548
Current assets	449,162	449,162
Creditors less than 1 year	(2,570)	(2,570)
	ৄৄৄৄৄৄৄৄৄ	ৄৄৄৄৄৄৄৄৄ
Net assets	447,140	447,140
	৶৶৶৶৶৶৶৶৶	৶৶৶৶৶৶৶৶৶

14