Charity Registration No. 1180607
TOMCHEI TORAH VUCHESED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
TOMCHEI TORAH VUCHESED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr E D Gubbay Mr M Knopfelmacher Mr M Chersky
(Appointed 1 September 2022)
Charity number 1180607
Principal address 132 Gladesmore Road London N15 6TH
Independent examiner
Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
TOMCHEI TORAH VUCHESED
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 |
TOMCHEI TORAH VUCHESED
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 the prevention and relief of poverty, to provide relief for disabled people, the advancement of the Orthodox Jewish Religion, and the advancement of Orthodox Jewish education, in particular but not limited to people living in Israel. In order to achieve these objectives the charity provides grants to educational institutions, charities, individuals in need and other organisations working to prevent or relieve poverty.
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 £ 185,716 in donations during the year and £ 198,857 was paid out by way of grants and support costs. Grants over £ 4 ,000 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
During the year, the charity's incoming resources were exceeded by the outgoing resources by a small sum, as detailed in the financial statements. The trustees are satisfied with the results for the year, but intend to further their fund-raising efforts to recover the shortfall in funds in the short term .
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.
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 8 November 2018 .
The trustees who served during the year and up to the date of signature of the financial statements were: Mr E D Gubbay
Mr M Knopfelmacher
Mr M Chersky
(Appointed 1 September 2022)
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 company .
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The trustees' r eport was approved by the Board of Trustees.
.............................. .............................. Mr E D Gubbay Mr M Knopfelmacher Trustee Trustee Dated: ......................... Dated:.........................
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TOMCHEI TORAH VUCHESED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOMCHEI TORAH VUCHESED
I report to the trustees on my examination of the financial statements of Tomchei Torah Vuchesed (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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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: .........................
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TOMCHEI TORAH VUCHESED
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 | 185,716 | 70,209 |
| Expenditure on: | |||
| Raising funds | 4 | 7,043 | 257 |
| Charitable activities | 5 | 191,814 | 68,731 |
| Total resources expended | 198,857 | 68,988 | |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (13,141) | 1,221 | |
| Fund balances at 1 January 2021 | 7,830 | 6,609 | |
| Fund balances at 31 December 2021 | (5,311) | 7,830 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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TOMCHEI TORAH VUCHESED
BALANCE SHEET
AS AT 31 DECEMBER 2021
| 2021 Notes £ Current assets Cash at bank and in hand 7,694 Creditors: amounts falling due within one year 10 (13,005) Net current (liabilities)/assets Income funds Unrestricted funds The financial statements were approved by the Trustees on ........................ .............................. .............................. Mr E D Gubbay Mr M Knopfelmacher Trustee Trustee |
£ (5,311) (5,311) (5,311) . |
2020 £ 14,741 (6,911) |
£ 7,830 7,830 7,830 |
|---|---|---|---|
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TOMCHEI TORAH VUCHESED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
Tomchei Torah Vuchesed 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 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.
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TOMCHEI TORAH VUCHESED
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 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.
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.
1.7 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.
2 Critical accounting estimates and judgements
The preparation of the se financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
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TOMCHEI TORAH VUCHESED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 3 4 5 |
Donations and legacies UnrestrictedUnrestricted funds funds 2021 2020 £ £ Donations and gifts 185,716 70,209 Raising funds UnrestrictedUnrestricted funds funds 2021 2020 £ £ Fundraising and publicity Other fundraising costs 7,043 257 7,043 257 Charitable activities Charitable Expenditure Charitable Expenditure 2021 2020 £ £ Staff costs 5,520 6,685 Grant funding of activities (see note 6) 168,292 57,840 Share of support costs (see note 7) 12,848 2,417 Share of governance costs (see note 7) 5,154 1,789 191,814 68,731 |
|---|---|
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TOMCHEI TORAH VUCHESED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
6 Grants payable
| Charitable Expenditure | |
|---|---|
| 2021 | |
| £ | |
| Grants to institutions: | |
| Taharat Hamishpacha IL | 33,000 |
| Mosdot Migdal Oiz | 10,000 |
| Kiryat Yeshivath Chidushei Harim | 120,843 |
| Other | 4,449 |
| 168,292 |
7 Support costs
| Support costs Governance costs £ £ General Office expenses 12,848 - Accountancy - 1,560 Legal and professional - 3,161 Bank Charges and other fees - 433 12,848 5,154 Analysed between Charitable activities 12,848 5,154 |
2021 £ 12,848 1,560 3,161 433 18,002 18,002 |
Support costs Governance costs £ £ 2,417 - - 780 - 864 - 145 2,417 1,789 2,417 1,789 |
2020 £ 2,417 780 864 145 4,206 4,206 |
|---|---|---|---|
Governance costs includes fees to the independent examiner of £ 1,560 for the independent examination of the financial statements.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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TOMCHEI TORAH VUCHESED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
9 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 5,520 | 6,685 |
There were no employees whose annual remuneration was more than £60,000.
10 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ 11,445 1,560 13,005 |
2020 £ 5,351 1,560 6,911 |
|---|---|---|
11 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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