COMPANY REGISTRATION NUMBER: 09704183 CHARITY REGISTRATION NUMBER: 1184597
Sharei Chaim Company Limited by Guarantee Unaudited Financial Statements
31 July 2022
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Sharei Chaim
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 7 |
| Statement of financial activities (including income and | |
| expenditure account) | 9 |
| Statement of financial position | 10 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 |
Sharei Chaim
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2022
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 July 2022.
Reference and administrative details
Registered charity name Sharei Chaim Charity registration number 1184597 Company registration number 09704183 Principal office and registered 2nd Floor - Parkgates office Bury New Road Prestwich Manchester M25 0TL England The trustees D Weisfish I I Kaufman M Z Kaufman Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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Sharei Chaim
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2022
Structure, governance and management
Governing Document
Sharei Chaim is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 27 July 2015 as a company and the company number is 09704183. It was registered as a charity on 25 July 2019 with a charity number being 1184597.
Governing Body
The trustees of the Charity are legally responsible for the overall management of the college. The day to day running of the college is undertaken by the Principal and the senior teaching staff. The Principal is aware of the need to follow best practice and is actively reviewing the organisational structure of the college and the method by which new trustees are appointed. This ongoing review has concluded that the organisational structures in place are sufficient and robust to take the college into the future. The Trustees are kept informed of the running of the college and new Trustees will be appointed when and if the need arises.
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by the administrator on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity's employees are the sole domain of the trustees.
Training and induction of trustees is applied as applicable.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective running of the college. These risks are managed by the trustees ensuring the right staff are utilised and the right policies are implemented.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all aspects of the college management.
Risk Management
The process of examining the risks to which the Charity is exposed is ongoing and the trustees are planning to further develop systems to monitor and control these risks in order to lessen their potential impact on the Charity.
Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities.
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Sharei Chaim
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2022
Objectives and activities
Charitable Objects
The Charity's objects, as set out in the Memorandum and Articles of Association, are the advancement of Jewish religious education, Talmudic research and education generally.
Aims
The main aim of the Charity continued to be the provision of educational facilities to Jewish boys post high school age.
Objectives for the year
This year, the focus has been on the continued achievement of academic performance.
Principal Activities of the year
The college provided education to 74 boys aged 16 to 19.
Grant making policy
The charity would give out grants in line with the above objects.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
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Sharei Chaim
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2022
Achievements and performance
The charity recorded £669,359 in donations receivable in the year.
Grants receivable during the year amounted to £79,876, a detailed analysis can be found in the notes to the accounts.
Charitable activities income relating to trips income amounted to £2,180 in the year.
Other income during the year relating to the rental of premises and voluntary contributions amounted to £161,572.
Fundraising costs incurred during the year amounted to £83,898.
The charity paid out £617,470 on running costs of the college including instruction & other direct management costs.
Support and governance costs for the year were £3,998, comprising professional fees.
The charity had grants payable during the year amounting to £15,639, a detailed analysis can be found in he notes to the accounts.
All the above expenditure were in line with the stated objects of the charity.
There were no investments made during the year.
There were no related party transactions during the year.
There was net income in the year of £191,982.
The trustees revalued the property of the charity during the year following a professional valuation. The unrealised gain resulting from this revaluation amounted to £187,936.
The net movement in funds for the year amounted to £379,918.
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Sharei Chaim
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2022
Financial review
During the year the charity carried out renovations of a capital nature on its properties amounting to £50,275, and the details can be found in the notes to the accounts.
Reserves Policy
The trustees have reviewed the level of reserves held by the Charity. The review has concluded that to allow the Charity to be managed efficiently and to provide a buffer for uninterrupted services the level of free reserves, being those not tied up in fixed assets, needs to be maintained at not less than three months expenditure.
The free reserves, comprising of net current liabilities stand at £16,982 all of which are unrestricted.
The trustees are of the opinion that the net current liabilities do not indicate a going concern issue, as the majority of the current liabilities can be attributed to loans of which the lenders have stated will not be called in to the detriment of the cash flow of the charity.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Coronavirus
The charity has not been materially affected by the coronavirus.
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Sharei Chaim
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2022
The trustees' annual report and the strategic report were approved on 24 April 2023 and signed on behalf of the board of trustees by:
I I Kaufman Trustee
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Sharei Chaim
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Sharei Chaim
Year ended 31 July 2022
I report to the trustees on my examination of the financial statements of Sharei Chaim ('the charity') for the year ended 31 July 2022.
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 Institute of Chartered Accountants in England and Wales (ICAEW), 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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
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
-
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).
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Sharei Chaim
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Sharei Chaim (continued)
Year ended 31 July 2022
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.
Mr Howard Schwalbe ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
24 April 2023
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Sharei Chaim
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 July 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 669,359 | 79,876 | 749,235 | 631,808 |
| Charitable activities | 6 | 2,180 | – | 2,180 | 3,426 |
| Investment income | 7 | – | – | – | 11 |
| Other income | 8 | 161,572 | – | 161,572 | 143,626 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 833,111 | 79,876 | 912,987 | 778,871 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 9 | 83,898 | – | 83,898 | 39,015 |
| Expenditure on charitable activities | 10,11 | 557,232 | 79,876 | 637,107 | 533,650 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 641,130 | 79,876 | 721,005 | 572,665 | |
| ================================ | ============================ | ================================ | ================================ | ||
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net income | 191,981 | – | 191,982 | 206,206 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Other recognised gains and losses | |||||
| Gains from revaluation of fixed assets | 187,936 | – | 187,936 | – | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net movement in funds | 379,917 | – | 379,918 | 206,206 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 558,761 | – | 558,761 | 352,555 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 938,678 | – | 938,678 | 558,761 | |
| ================================ | ============================ | ================================ | ================================ |
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 13 to 23 form part of these financial statements.
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Sharei Chaim
Company Limited by Guarantee
Statement of Financial Position
31 July 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 18 | 1,590,059 | 1,382,304 |
| Current assets | |||
| Debtors | 19 | – | 4,730 |
| Cash at bank and in hand | 56,611 | 23,625 | |
| ---------------------------- | ---------------------------- | ||
| 56,611 | 28,355 | ||
| Creditors: amounts falling due within one year | 20 | 73,593 | 53,462 |
| ---------------------------- | ---------------------------- | ||
| Net current liabilities | 16,982 | 25,107 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total assets less current liabilities | 1,573,077 | 1,357,197 | |
| Creditors: amounts falling due after more than one year | 21 | 634,398 | 798,436 |
| ----------------------------------------- | ----------------------------------------- | ||
| Net assets | 938,679 | 558,761 | |
| ========================================= | ========================================= | ||
| Funds of the charity | |||
| Unrestricted funds: | |||
| Revaluation reserve | 187,936 | – | |
| Other unrestricted income funds | 750,742 | 558,761 | |
| -------------------------------- | -------------------------------- | ||
| Total unrestricted funds | 938,678 | 558,761 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 23 | 938,678 | 558,761 |
| ================================ | ================================ |
For the year ending 31 July 2022 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.
The statement of financial position continues on the following page.
The notes on pages 13 to 23 form part of these financial statements.
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Sharei Chaim
Company Limited by Guarantee
Statement of Financial Position (continued)
31 July 2022
These financial statements were approved by the board of trustees and authorised for issue on 24 April 2023, and are signed on behalf of the board by:
I I Kaufman Trustee
The notes on pages 13 to 23 form part of these financial statements.
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Sharei Chaim
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 July 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 191,982 | 206,206 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 30,456 | 29,650 |
| Other interest receivable and similar income | – | (11) |
| Interest payable and similar charges | 24,487 | 15,301 |
| Accrued expenses | 300 | 1,200 |
| Changes in: | ||
| Trade and other debtors | 4,730 | (4,730) |
| Trade and other creditors | (114,895) | 160,340 |
| -------------------------------- | -------------------------------- | |
| Cash generated from operations | 137,060 | 407,956 |
| Interest paid | (24,487) | (15,301) |
| Interest received | – | 11 |
| -------------------------------- | -------------------------------- | |
| Net cash from operating activities | 112,573 | 392,666 |
| ================================ | ================================ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (50,275) | (968,968) |
| -------------------------------- | -------------------------------- | |
| Net cash used in investing activities | (50,275) | (968,968) |
| ================================ | ================================ | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | (29,312) | 593,107 |
| -------------------------------- | -------------------------------- | |
| Net cash (used in)/from financing activities | (29,312) | 593,107 |
| ================================ | ================================ | |
| Net increase in cash and cash equivalents | 32,986 | 16,805 |
| Cash and cash equivalents at beginning of year | 23,625 | 6,820 |
| ---------------------------- | ---------------------------- | |
| Cash and cash equivalents at end of year | 56,611 | 23,625 |
| ============================ | ============================ |
The notes on pages 13 to 23 form part of these financial statements.
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2022
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 2nd Floor - Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL, England.
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 is a net current liability at the year end of £16,982.
The trustees are of the opinion that the net current liabilities do not indicate a going concern issue, as the majority of the current liabilities can be attributed to loans of which the lenders have stated will not be called in to the detriment of the cash flow of the charity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
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.
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
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, non-charitable 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.
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
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:
| Freehold property | - | 2% straight line |
|---|---|---|
| Fixtures and fittings | - | 15% 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 cash-generating 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.
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Sharei Chaim is a company limited by guarantee and does not have a share capital. In the event of the company being wound up, members are required to contribute an amount not exceeding £10.
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 669,359 | – | 669,359 | ||
| Grants | |||||
| CST grants receivable | – | 69,906 | 69,906 | ||
| National lottery grant | – | 9,970 | 9,970 | ||
| HMRC covid response grant | – | – | – | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 669,359 | 79,876 | 749,235 | |||
| ================================ | ============================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 550,732 | – | 550,732 | ||
| Grants | |||||
| CST grants receivable | – | 71,076 | 71,076 | ||
| National lottery grant | – | – | – | ||
| HMRC covid response grant | 10,000 | – | 10,000 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 560,732 | 71,076 | 631,808 | |||
| ================================ | ============================ | ================================ | |||
| 6. | Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Other income from charitable activities | 2,180 | 2,180 | 3,426 | 3,426 | |
| ======================= | ======================= | ======================= | ======================= | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | – | – | 11 | 11 | |
| ============== | ============== | ============== | ============== |
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
8. Other income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| JRS income | – | – | 4,603 | 4,603 |
| Other income | 31,668 | 31,668 | 18,900 | 18,900 |
| Voluntary contributions | 129,904 | 129,904 | 120,123 | 120,123 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 161,572 | 161,572 | 143,626 | 143,626 | |
| ================================ | ================================ | ================================ | ================================ |
9. Costs of raising donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Sundry fundraising expenses | 83,898 | 83,898 | 39,015 | 39,015 |
| ============================ | ============================ | ============================ | ============================ |
10. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| College running costs | 553,233 | 79,876 | 633,109 |
| Support costs | 3,999 | – | 3,998 |
| -------------------------------- | ---------------------------- | -------------------------------- | |
| 557,232 | 79,876 | 637,107 | |
| ================================ | ============================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| College running costs | 454,212 | 71,076 | 525,288 |
| Support costs | 8,362 | – | 8,362 |
| -------------------------------- | ---------------------------- | -------------------------------- | |
| 462,574 | 71,076 | 533,650 | |
| ================================ | ============================ | ================================ |
11. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Grant funding |
Support | Total funds | Total fund | |
| directly | of activities |
costs | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| College running costs | 617,470 | 15,639 |
2,498 | 635,607 | 532,204 |
| Governance costs | – | – |
1,500 | 1,500 | 1,446 |
| -------------------------------- | ---------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 617,470 | 15,639 |
3,998 | 637,107 | 533,650 | |
| ================================ | ============================ | ======================= | ================================ | ================================ |
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
12. Analysis of support costs
| Analysis of | ||||
|---|---|---|---|---|
| support costs | Total 2022 | Total 2021 | ||
| £ | £ | £ | ||
| General office | 2,498 | 2,498 | 916 | |
| Finance costs | – | – | 6,000 | |
| Governance costs | 1,500 | 1,500 | 1,447 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 3,998 | 3,998 | 8,363 | ||
| ======================= | ======================= | ======================= | ||
| 13. | Analysis of grants | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Grants to institutions | ||||
| OY Foundation | 15,000 | 7,900 | ||
| Grants under £1,000 | 639 | – | ||
| ---------------------------- | ----------------------- | |||
| 15,639 | 7,900 | |||
| ---------------------------- | ----------------------- | |||
| Total grants | 15,639 | 7,900 | ||
| ============================ | ======================= | |||
| 14. | Net income | |||
| Net income is stated after charging/(crediting): | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 30,456 | 29,650 | ||
| ============================ | ============================ | |||
| 15. | Independent examination fees | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,500 | 1,200 | ||
| ======================= | ======================= |
16. Staff costs
| The average head count of employees during the year was 20 (2021: 17). The average | The average head count of employees during the year was 20 (2021: 17). The average | number |
|---|---|---|
| of full-time equivalent employees during the year is analysed as follows: | ||
| 2022 | 2021 | |
| No. | No. | |
| Teaching staff | 19 | 16 |
| Admin Staff | 1 | 1 |
| -------------- | -------------- | |
| 20 | 17 | |
| ============== | ============== |
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Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
16. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
17. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
18. Tangible fixed assets
| Freehold | Fixtures and | ||
|---|---|---|---|
| property | fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 August 2021 | 1,414,248 | 7,770 | 1,422,018 |
| Additions | 50,275 | – | 50,275 |
| Revaluations | 187,936 | – | 187,936 |
| ----------------------------------------- | ----------------------- | ----------------------------------------- | |
| At 31 July 2022 | 1,652,459 | 7,770 | 1,660,229 |
| ========================================= | ======================= | ========================================= | |
| Depreciation | |||
| At 1 August 2021 | 37,459 | 2,255 | 39,714 |
| Charge for the year | 29,290 | 1,166 | 30,456 |
| ----------------------------------------- | ----------------------- | ----------------------------------------- | |
| At 31 July 2022 | 66,749 | 3,421 | 70,170 |
| ========================================= | ======================= | ========================================= | |
| Carrying amount | |||
| At 31 July 2022 | 1,585,710 | 4,349 | 1,590,059 |
| ========================================= | ======================= | ========================================= | |
| At 31 July 2021 | 1,376,789 | 5,515 | 1,382,304 |
| ========================================= | ======================= | ========================================= |
Revaluation
The investment property has been revalued professionally by a RICS accredited surveyor in July 2022 at the behest of the trustees.
19. Debtors
Other debtors
| 2022 | 2021 |
|---|---|
| £ | £ |
| – | 4,730 |
| ============== | ======================= |
- 20 -
Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
20. Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 30,151 | 20,425 |
| Accruals and deferred income | 2,700 | 2,400 |
| Social security and other taxes | 779 | 791 |
| Other creditors | 39,963 | 29,846 |
| ---------------------------- | ---------------------------- | |
| 73,593 | 53,462 | |
| ============================ | ============================ | |
| Creditors: amounts falling due after more than one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | 584,398 | 623,436 |
| Other creditors | 50,000 | 175,000 |
| -------------------------------- | -------------------------------- | |
| 634,398 | 798,436 | |
| ================================ | ================================ |
21. Creditors: amounts falling due after more than one year
The bank loan included in creditors due within one year and after more than one year is secured by way of a fixed legal charge over the freehold land and buildings.
22. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,125 (2021: £1,198).
- 21 -
Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
23. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 01 | Gains and | At 31 | |||
| Aug 2021 | Income | Expenditure | losses | Jul 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 558,761 | 833,111 | (641,130) | – | 750,742 |
| Revaluation reserve | – | – | – | 187,936 | 187,936 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 558,761 | 833,111 | (641,130) | 187,936 | 938,678 | |
| ================================ | ================================ | ================================ | ================================ | ================================ | |
| At 01 | Gains and | At 31 | |||
| Aug 2020 | Income | Expenditure | losses | Jul 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 352,555 | 707,795 | (501,589) | – | 558,761 |
| Revaluation reserve | – | – | – | – | – |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------- | -------------------------------- | |
| 352,555 | 707,795 | (501,589) | – | 558,761 | |
| ================================ | ================================ | ================================ | ============== | ================================ | |
| Restricted funds | |||||
| At 01 | Gains and | At 31 | |||
| Aug 2021 | Income | Expenditure | losses | Jul 2022 | |
| £ | £ | £ | £ | £ | |
| Restricted fund - grants | |||||
| receivable | – | 79,876 | (79,876) | – | – |
| ============== | ============================ | ============================ | ============== | ============== | |
| At 01 | Gains and | At 31 | |||
| Aug 2020 | Income | Expenditure | losses | Jul 2021 | |
| £ | £ | £ | £ | £ | |
| Restricted fund - grants | |||||
| receivable | – | 71,076 | (71,076) | – | – |
| ============== | ============================ | ============================ | ============== | ============== |
- 22 -
Sharei Chaim
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2022
24. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 1,590,059 | 1,590,059 |
| Current assets | 56,611 | 56,611 |
| Creditors less than 1 year | (73,593) | (73,593) |
| Creditors greater than 1 year | (634,398) | (634,398) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 938,679 | 938,679 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 1,382,304 | 1,382,304 |
| Current assets | 28,355 | 28,355 |
| Creditors less than 1 year | (53,462) | (53,462) |
| Creditors greater than 1 year | (798,436) | (798,436) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 558,761 | 558,761 |
| ========================================= | ========================================= |
25. Analysis of changes in net debt
| At | At | ||
|---|---|---|---|
| 1 Aug 2021 | Cash flows | 31 Jul 2022 | |
| £ | £ | £ | |
| Cash at bank and in hand | 23,625 | 32,986 | 56,611 |
| Debt due within one year | (20,425) | (9,726) | (30,151) |
| Debt due after one year | (623,436) | 39,038 | (584,398) |
| -------------------------------- | ---------------------------- | -------------------------------- | |
| (620,236) | 62,298 | (557,938) | |
| ================================ | ============================ | ================================ |
26. Taxation
Sharei Chaim is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
- 23 -