REGISTERED COMPANY NUMBER: 11236806 (England and Wales) REGISTERED CHARITY NUMBER: 1190843
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
FOR
SHIRAS DEVORAH LIMITED
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
SHIRAS DEVORAH LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
SHIRAS DEVORAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2022. 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 Charity's object and its principal activities are:
The advancement of the orthodox Jewish religion and education by the provision of a day school for girls known as Shiras Devorah High School.
The ancillary / incidental educational , religious activities and other associated activities for the benefit of the community.
The Charity is organised so that the Directors and Trustees meet regularly to manage its affairs.
Public benefit
The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them.
They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.
The trustees continue to operate within the confines of the charity objectives namely in the respect of the advancement of Orthodox Jewish religion and education by providing day school for girls known as Shiras Devorah High School and by ancillary/ incidental educational and religious activities and associated activities for the benefit of the community.
ACHIEVEMENT AND PERFORMANCE
The trustees are pleased with the performance of the Charity during the past year.
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities shows a deficit of £18,525 (2021: £13,419) . As at the year end, our reserves stand at a deficit of £67,821 (2021: £49,296).
Reserves policy
The Trustees have been concentrating on building up the reserves of the charity to a level that will ensure that operation of the charity is not affected by any significant downturns in donation levels caused by the vagaries of the economy. They feel that a cash reserve level equivalent to two years operational expenses would allow them to achieve the required safety margin.
FUTURE PLANS
Looking to the future, the Charity would like to be in the position to expand into larger premises, once the economic climate is right for such a move. The trustees feel that such a measure can only be realistically contemplated from a position of financial stability.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The trust is constituted under the Memorandum and Articles of Association and incorporated on 6th March 2018 as amended by special resolution dated 20th July 2019.
The trustees are appointed by the Board of Trustees who would normally appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee.
Page 1
SHIRAS DEVORAH LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
All directors of the company are also trustees of the charity.
All of the trustees named on page 1 served throughout the year.
The Board has the power to appoint additional trustees as it considers fit to do so.
Risk management
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
11236806 (England and Wales)
Registered Charity number
1190843
Registered office
9 Limes Avenue Golders Green London NW11 9TJ
Trustees
A J Adler A Grosskopf L M Isaacs
Independent Examiner
Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 21st March 2023 and signed on its behalf by:
A J Adler - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHIRAS DEVORAH LIMITED
Independent examiner's report to the trustees of Shiras Devorah Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA 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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
Date: March 2023
Page 3
SHIRAS DEVORAH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Charitable activities 4 Educational services Governance costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 440,707 15 6,932 447,654 282,993 183,186 466,179 (18,525) (49,296) (67,821) |
Restricted fund £ - - - - - - - - - - |
2022 Total funds £ 440,707 15 6,932 447,654 282,993 183,186 466,179 (18,525) (49,296) (67,821) |
2021 Total funds £ 263,044 6 16,356 279,406 291,585 1,240 292,825 (13,419) (35,877) (49,296) |
|---|---|---|---|---|
The notes form part of these financial statements
Page 4
SHIRAS DEVORAH LIMITED
STATEMENT OF FINANCIAL POSITION 31ST AUGUST 2022
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 9 10,002 - CURRENT ASSETS Debtors 10 - - Cash at bank 3,668 - 3,668 - CREDITORS Amounts falling due within one year 11 (81,491) - NET CURRENT ASSETS/(LIABILITIES) (77,823) - TOTAL ASSETS LESS CURRENT LIABILITIES (67,821) - NET ASSETS/(LIABILITIES) (67,821) - FUNDS 13 Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 10,002 - 3,668 3,668 (81,491) (77,823) (67,821) (67,821) (67,821) (67,821) |
2021 Total funds £ 8,296 7,433 3,619 11,052 (68,644) (57,592) (49,296) (49,296) (49,296) (49,296) |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
SHIRAS DEVORAH LIMITED
STATEMENT OF FINANCIAL POSITION - continued 31ST AUGUST 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21st March 2023 and were signed on its behalf by:
A J Adler - Trustee
The notes form part of these financial statements
Page 6
SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The Financial Statements have been prepared on the going concern basis, on the understanding that the creditors will not be calling in their loans at short notice.
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.
Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.
Depreciation is provided on the following basis:
Fixtures and fittings - 25% Reducing balance Computer equipment - 25% Reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Taxation
The charity is exempt from corporation 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.
Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022
1. ACCOUNTING POLICIES - continued
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
||
|---|---|---|
| Gift aid Fees & Donations Receivable 3. INVESTMENT INCOME Deposit account interest |
2022 £ 1,156 439,551 440,707 2022 £ 15 |
2021 £ - 263,044 |
| 263,044 | ||
| 2021 £ 6 |
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SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022
4. CHARITABLE ACTIVITIES COSTS
| Educational services Governance costs NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
Direct Costs £ 282,993 139,238 422,231 |
Support costs £ - 43,948 43,948 2022 £ 3,333 |
Totals £ 282,993 183,186 |
|---|---|---|---|
| 466,179 | |||
| 2021 £ 2,765 |
5. NET INCOME/(EXPENDITURE)
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st August 2022 nor for the year ended 31st August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st August 2022 nor for the year ended 31st August 2021.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Members of staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 263,044 Investment income 6 Other income 16,356 Total 279,406 EXPENDITURE ON Charitable activities Educational services 291,585 Governance costs 1,240 |
2022 23 Restricted fund £ - - - - - - |
2021 22 Total funds £ 263,044 6 16,356 |
|---|---|---|
| 279,406 | ||
| 291,585 1,240 |
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted Restricted fund fund £ £ Total 292,825 - NET INCOME/(EXPENDITURE) (13,419) - RECONCILIATION OF FUNDS Total funds brought forward (35,877) - TOTAL FUNDS CARRIED FORWARD (49,296) - 9. TANGIBLE FIXED ASSETS Fixtures, Fittings and Computer Equipment equipment £ £ COST At 1st September 2021 8,007 7,836 Additions 5,039 - At 31st August 2022 13,046 7,836 DEPRECIATION At 1st September 2021 2,784 4,763 Charge for year 2,565 768 At 31st August 2022 5,349 5,531 NET BOOK VALUE At 31st August 2022 7,697 2,305 At 31st August 2021 5,223 3,073 |
Total funds £ 292,825 (13,419) (35,877) (49,296) Totals £ 15,843 5,039 20,882 7,547 3,333 10,880 10,002 8,296 |
|---|---|
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SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Social security and other taxes Other creditors Accruals and deferred income 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans 13. MOVEMENT IN FUNDS At 1/9/21 £ Unrestricted funds General fund (49,296) TOTAL FUNDS (49,296) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 447,654 TOTAL FUNDS 447,654 |
2022 2021 £ £ - 7,433 2022 2021 £ £ 35,433 40,303 23,682 9,155 20,486 15,486 1,890 3,700 81,491 68,644 2022 2021 £ £ 35,433 40,303 Net movement At in funds 31/8/22 £ £ (18,525) (67,821) (18,525) (67,821) Resources Movement expended in funds £ £ (466,179) (18,525) (466,179) (18,525) |
|---|---|
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SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1/9/20 in funds £ £ (35,877) (13,419) (35,877) (13,419) |
At 31/8/21 £ (49,296) (49,296) |
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 279,406 279,406 |
Resources Movement expended in funds £ £ (292,825) (13,419) (292,825) (13,419) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1/9/20 in funds £ £ (35,877) (31,944) (35,877) (31,944) |
At 31/8/22 £ (67,821) (67,821) |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 727,060 727,060 |
Resources Movement expended in funds £ £ (759,004) (31,944) (759,004) (31,944) |
|---|---|---|
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SHIRAS DEVORAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST AUGUST 2022
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st August 2022.
Page 13
SHIRAS DEVORAH LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2022
| INCOME AND ENDOWMENTS Donations and legacies Gift aid Fees & Donations Receivable Investment income Deposit account interest Other income CJRS Furlough Scheme Grant Covid-19 grants Total incoming resources EXPENDITURE Charitable activities Staff costs Educational, books and Resources Insurance Premises costs Travelling Event costs Office supplies, sundries and consumables Repairs,renewals and cleaning Security costs Training courses Depreciation of Fixtures, fittings and equipment Computer equipment Bank loan interest Support costs Management Consulting fees Telephone Postage and stationery Advertising IT Consulting Subscriptions |
2022 £ 1,156 439,551 440,707 15 932 6,000 6,932 447,654 227,471 73,860 2,321 59,471 32,523 8,083 5,799 6,923 663 1,092 2,566 768 691 422,231 17,625 1,361 14,753 2,812 4,405 - 40,956 |
2021 £ - 263,044 |
|---|---|---|
| 263,044 6 16,356 - |
||
| 16,356 | ||
| 279,406 168,367 15,738 - 36,364 22,211 1,674 2,199 10,933 67 1,849 1,741 1,024 - |
||
| 262,167 3,189 136 10,995 2,303 12,072 311 |
||
| 29,006 |
This page does not form part of the statutory financial statements
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SHIRAS DEVORAH LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2022
| Management Finance Bank charges Governance costs Independent examiners fees Legal and professional fees Total resources expended Net expenditure |
2022 £ 207 1,620 1,165 2,785 466,179 (18,525) |
2021 £ 412 1,200 40 1,240 292,825 (13,419) |
|---|---|---|
This page does not form part of the statutory financial statements
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