**REGISTERED CHARITY NUMBER: 1178879** ## **Report of the Trustees and** **Financial Statements FOR THE YEAR ENDED 30 September 2023** **for** ## **FRIENDS OF ORCHOS TORAH** Lopian Gross Barnett & Co Statutory Auditors 1st Floor Cloister House Riverside, New Bailey Street Salford Manchester M3 5FS **FRIENDS OF ORCHOS TORAH** **Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2023** ||**Page**| |---|---| |**Report of the Trustees**|1 to 2| |**Report of the Independent Auditors**|3 to 5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Cash Flow Statement**|8| |**Notes to the Cash Flow Statement**|9| |**Notes to the Financial Statements**|10 to 11| **FRIENDS OF ORCHOS TORAH** ## **Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023** The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of 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** ## **Objectives and aims** The objective of the charity is the advancement of Orthodox Jewish Religious Education, particularly by assisting the Yeshivas Orchos Torah in Israel. ## **Public benefit** The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grantmaking policy. ## **Grantmaking** The charity raises funds in order to make grants to Yeshivas Orchos Hatorah in Israel. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the year the charity received donations from individuals which totalled £1,599,768 (2022:179,551) and made grants of £1,589,722 (2022: £204,300) to Yeshivas Orchos Torah in Israel. This left the charity with unrestricted funds of £14,396 (2022: £11,483) at the year end. The trustees do not consider it necessary to keep excess money in reserves due to the grantmaking nature of its operation. ## **Internal and external factors** There are no specific factors to report. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **Risk management** 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 major risks. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1178879 ## **Principal address** First Floor Winston House 349 Regents Park Road London N3 1DH ## **Trustees** Mr L Levison Mr D T Klein Mr A Y Melinek Mr M Silber ## **Auditors** Lopian Gross Barnett & Co Statutory Auditors 1[st] Floor Cloister House Riverside, New Bailey Street Salford Manchester M3 5FS Page 1 FIUENDS OF ORCHOS TORAH Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2023 STATEMENT OF TRVSTeES' RESPONSIBILITIES The trustees are r&5ponsible for preparittg the Report of the Ttwstees and the flnanckl ststements In accordan￿ with applicable law and UnSted Kingdorn Accounting Standards (United Kingdom Generalty Accepted Accoun￿￿ Practice). The law applIca￿e to charltles In England and Wales, the Charlties Act 2011, Charity {Acctsunts and Reports) Regulatlons 2008 and the provisbnsof the trustdeed requlre5 thetrustee5to prepare flnancial staternents for each financlal year whlch glve a true and fair view of the State of affair5 gf the charity and of the inco¥Ning r￿ourceS and applicatlon of resour￿, including the iTtcorne and expenditure, of the chartty for that pertod. In preparing those flnancial statements, the trustees are requlred to selett sultable accotsntlng pollcles and then apply them conslstentlyi observe the methods and prlnclples In the Charity SORP., make judgements and estimate5 that are rea50natAe and prudent- state whether applicable accounting stsndards have been followed, subject to any materlal departures dlsclosed and ex￿aIned In the flnancial statements; prepare the flnancial statements on the golng concern basls unles5 it is inapproprlate to presutne that the charity will contlnue In bUsIn￿5. The trUStee%a￿ responsible for keeplng properaccounting ￿e0rd$ which disclose with reasonable accuracyatany tlmethe financial position of the tharity and to enabPe them lo ensure that the financial statements comply wlth the Charltles Art 2011, the Charity (Accounts and Reports) Regulatloiis 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charlty and hence for taking reasonab￿ step5 for the preventlon and detettion of fraud and other Irregularliles. Approved by order of the board tsf trustees on ... ............................ and signed on Its behalf by.. 14r A Y MellDek- Trustee Page 2 **Report of the Independent Auditors to the Trustees of Friends of Orchos Torah** ## **Opinion** We have audited the financial statements of Friends of Orchos Torah (the 'charity') for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 30 September 2023 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. The prior period figures in the financial statements are unaudited. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. Page 3 **Report of the Independent Auditors to the Trustees of Friends of Orchos Torah** ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the Charity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of trustees minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 4 **Report of the Independent Auditors to the Trustees of Friends of Orchos Torah** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Lopian Gross Barnett & Co Statutory Auditors 1[st] Floor Cloister House Riverside New Bailey Street Salford Manchester M3 5FS 30/07/2024 Date: ............................................. Page 5 **FRIENDS OF ORCHOS TORAH** ## **Statement of Financial Activities** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Grants made to Yeshivas Orchos Torah
Other charitable activities
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2023
Unrestricted
fund
£
1,599,768
7,101
1,589,722
32
1,596,855
2,913
11,483
14,396|2022
Total
funds
£
179,551
6,704
204,300
11
211,015
(31,464)
42,947
11,483| |---|---|---| The notes form part of these financial statements Page 6 FRIENDS OF ORCHOS TORAH Balance Sheet 30 SEPTEMBER 2023 2023 Unrestricted fund 2022 Total funds Nrtes CURRENT ASSErs Cash at bank 14,396 11,483 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILThIES 14,396 11,483 NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS The financial statements were approved by the Board of Trustee5 and authorésal for [￿ue on ..l..e.1. 1.It.l.W.......... and were slgned on its tEhalf by.. Mr A Y Melinek- Trustee The notes form part of these financial statements Page 7 **FRIENDS OF ORCHOS TORAH** ## **Cash Flow Statement** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2023** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2023
£
2,913
2,913
2,913
11,483
14,396|2022
£
(31,464)
(31,464)
(31,464)
42,947
11,483| |---|---|---| The notes form part of these financial statements Page 8 **FRIENDS OF ORCHOS TORAH** ## **Notes to the Cash Flow Statement** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2023** |**1.**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING**|**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING**| |---|---|---|---| ||**ACTIVITIES**||| |||2023|2022| |||£|£| ||**Net income/(expenditure) for the reporting period (as per the**||| ||**Statement of Financial Activities)**|2,913|(31,464)| ||**Adjustments for:**||| ||**Net cash provided by/(used in) operations**|2,913|(31,464)| **2. ANALYSIS OF CHANGES IN NET FUNDS** |At
**Net cash**
Cash at bank
**Total**|1.10.22
Cash flow
At
£
£
11,483
2,913
11,483
2,913
11,483
2,913|30.9.23
£
14,396| |---|---|---| |||14,396| |||14,396| The notes form part of these financial statements Page 9 **FRIENDS OF ORCHOS TORAH** **Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** |Donations
**3.**
**RAISING FUNDS**
**Raising donations and legacies**
Fundraising|2023
£
1,599,768
2023
£
7,101|2022
£
179,551| |---|---|---| |||2022
£
6,704| continued... Page 10 **FRIENDS OF ORCHOS TORAH** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023** ## **4. CHARITABLE ACTIVITIES COSTS** |Grants made to Yeshivas Orchos Torah
Other charitable activities
**5.**
**GRANTS PAYABLE**
Grants made to Yeshivas Orchos Torah
**6.**
**SUPPORT COSTS**
Other charitable activities|Grant
funding of
activities
(see note
5)
£
1,589,722
-
1,589,722|Support
costs (see
note 6)
£
-
32
32
2023
£
1,589,722|Totals
£
1,589,722
32
1,589,754
2022
£
204,300
Finance
£
32| |---|---|---|---| ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022. ## **8. STAFF COSTS** There were no staff costs for the year ended 30 September 2023 nor for the year ended 301 September 2022. ## **9. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 September 2023. Page 11