**Charity Registration No. 1175766**
## **TIFERES YOCHANAN TOLNA**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **TIFERES YOCHANAN TOLNA**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr I Goldenberg|
|---|---|
||Mr M Goldman|
||Mr N Knobloch|
|**Charity number**|1175766|
|**Principal address**|130 Wargrave Avenue|
||London|
||England|
||N15 6UA|
|**Independent examiner**|Mr J Silver FCCA|
||Precision Ltd|
||32 Castlewood Road|
||N16 6DW|
## **TIFERES YOCHANAN TOLNA**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1|
|Independent examiner's report|2|
|Statement of financial activities|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 9|
## **TIFERES YOCHANAN TOLNA**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees present their annual report and financial statements for the year ended 31 December 2021.
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 Charities Act 2011 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 charity's objects are the advancement of the Orthodox Jewish Religion, the advancement of Orthodox Jewish education and the relief of poverty amongst the sick and infirm.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
The charity is funded by donations. Grants are made to charitable institutions and organisations both in Great Britain and abroad which accords with the objects of the charity. The trustees consider all requests which they receive and make donations based on the level of funds available.
## **Achievements and performance**
The charity received £ 28,752 in donations and grants during the year and £ 39,149 was paid out by way of grants and support costs. Grants over £ 1,0 00 made during the year to institutions are as detailed in the accounts. These grants were made in line with the stated objects of the charity and were for educational and relief of poverty purposes.
## **Financial review**
The charity's statement of financial activities shows a deficit of £8,516. Taking into account the difficulties in raising funds due to Covid-19 the trustees are satisfied with the progress made this year, and will further their fundraising efforts in the coming year.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which will not impinge on its ability to support Charitable institutions .
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.
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on 16 November 201 7 .
The trustees who served during the year and up to the date of signature of the financial statements were: Mr I Goldenberg
Mr M Goldman
Mr N Knobloch
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 trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity. None of the trustees has any beneficial interest in the charity.
The trustees' r eport was approved by the Board of Trustees.
..............................
## **Mr N Knobloch**
Trustee Dated: .........................
- 1 -
## **TIFERES YOCHANAN TOLNA**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF TIFERES YOCHANAN TOLNA**
I report to the trustees on my examination of the financial statements of Tiferes Yochanan Tolna (the charity) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
**J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW**
Dated: .........................
- 2 -
## **TIFERES YOCHANAN TOLNA**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2021**|**2020**|
||**Notes**|
**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|28,752|61,855|
|**Expenditure on:**||||
|Charitable activities|**4**|39,149|74,530|
|**Net expenditure for the year/**||||
|**Net movement in funds**||(10,397)|(12,675)|
|Fund balances at 1 January 2021||1,881|14,556|
|**Fund balances at 31 December 2021**||(8,516)|1,881|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 3 -
## **TIFERES YOCHANAN TOLNA**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**10**
Net current assets
**Creditors: amounts falling due after**
**more than one year**
**11**
**Net (liabilities)/assets**
**Income funds**
Unrestricted funds|**2021**
**£**
**£**
6,904
(4,920)
1,984
(10,500)
(8,516)
(8,516)
(8,516)|**2020**
**£**
**£**
17,841
(960)
16,881
(15,000)
1,881
1,881
1,881|
|---|---|---|
The financial statements were approved by the Trustees on .........................
.............................. Mr N Knobloch **Trustee**
- 4 -
## **TIFERES YOCHANAN TOLNA**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **Charity information**
Tiferes Yochanan Tolna is a Charitable Incorporated Organisation .
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, 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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
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 the current deficit in the charity's funds, due to the continued 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 5 -
## **TIFERES YOCHANAN TOLNA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
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:
E xpenditure 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.
## **1.6 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.
## _**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 p aymen ts 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.
## **2 Critical accounting estimates and judgements**
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
- 6 -
## **TIFERES YOCHANAN TOLNA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Donations and gifts|28,577|61,667|
|Government grant|175|188|
||28,752|61,855|
The government grant relates to the charity's loan interest and fees that have been covered by the governments Business Interruption Payments under the Bounce Back Loan Scheme .
## **4 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|
**Expenditure**|
||**2021**|
**2020**|
||**£**|
**£**|
|Grant funding of activities (see note 5)|37,774|
73,262|
|Share of governance costs (see note 6)|1,375|
1,268|
||39,149|
74,530|
## **5 Grants payable**
||**Charitable**|
Charitable|
|---|---|---|
||**Expenditure**|
Expenditure|
||**2021**|
2020|
||**£**|
£|
|Grants to institutions:|||
|V.H.L.T Ltd|-|
30,000|
|Yad Tolna|5,535|
21,622|
|Mifal Tzedoko V'chesed Ltd|9,600|
16,400|
|Amud Hatzdoko Trust|1,000|
2,000|
|Friends of Shekel Hakodesh Ltd|1,000|
1,500|
|Higher Talmudical Education Ltd|1,080|
720|
|Kollel Gur Trust|5,000|
-|
|Shir Chesed Beis Yisroel|3,500|
-|
|The Friends of the Yeshivat Shaar Hashamayim|10,000|
-|
|Other|1,059|
1,020|
||37,774|
73,262|
- 7 -
## **TIFERES YOCHANAN TOLNA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **6 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Accountancy
-
960
Bank Charges
-
60
Bank loan interest
-
355
-
1,375
Analysed between
Charitable activities
-
1,375|**2021**
Support
costs
Governance
costs
**£**
£
£
960
-
960
60
-
120
355
-
188
1,375
-
1,268
1,375
-
1,268|2020
£
960
120
188
1,268
1,268|
|---|---|---|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2021**|**2020**|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||
|**Loans and overdrafts**|||
||**2021**|**2020**|
||**£**|**£**|
|Bank loans|13,500|15,000|
|Payable within one year|3,000|-|
|Payable after one year|10,500|15,000|
## **9 Loans and overdrafts**
The above long-term loan is guaranteed by the government under the Bounce back loan scheme.
The loan accrues interest at 2.5% p.a.
- 8 -
## **TIFERES YOCHANAN TOLNA**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**10**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**9**
Trade creditors
Accruals and deferred income
**11**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**9**
**12**
**Related party transactions**|**2021**
**£**
3,000
960
960
4,920
**2021**
**£**
10,500|**2020**
**£**
-
-
960
960
**2020**
**£**
15,000|
|---|---|---|
There were no disclosable related party transactions during the year .
- 9 -