2023-08-31-accounts - Satmar Seminary

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CHARITY REGISTRATION NUMBER: 1200219

SATMAR SEMINARY

Unaudited Financial Statements 31 August 2023

BRINDLEY GOLDSTEIN LIMITED

Chartered accountants 103 High Street Waltham Cross Herts EN8 7AN

SATMAR SEMINARY

Financial Statements

Year ended 31 August 2023

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Statement of cash flows	6
Notes to the financial statements	7
The following pages do not form part of the financial statements
Detailed statement of financial activities	15

SATMAR SEMINARY

Trustees' Annual Report

Year ended 31 August 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2023.

Reference and administrative details

Registered charity name SATMAR SEMINARY Charity registration number 1200219 Principal office Basement 139 Osbaldeston Road London N16 6ND The trustees Mr.M Benedikt Mr.S Ruttner Mr.Y Deutsch Independent examiner Brindley Goldstein Limited 103 High Street Waltham Cross Herts EN8 7AN

Structure, governance and management

The charity was constituted by a Deed of Trust dated 31 August 2022.

The day-to-day affairs of the company are administered by the trustees. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Objectives and activities

The objectives of the charity are education and training (including social and physical) of orthodox Jewish girls under 25 years in the United Kingdom in such ways as the trustees see fit, including by:

Providing training and courses to advance their higher and further education to prepare for entry to any occupation, trade or profession.
Awarding to such persons scholarships, maintenance allowances or grants tenable at any university, college or institution of higher or further education.

The charity has given due regard to the Charity Commission's guidance on public benefit.

SATMAR SEMINARY

Trustees' Annual Report (continued)

Year ended 31 August 2023

Achievements and performance

During the year the company continued to raise funds to be distributed to charitable organisations and causes.

Incoming resources were £262,887.

Grants given for educational support amounted to £154,315.

Financial review

The trustees retain reserves as necessary and where appropriate, consolidate funds in order to finance the operation of the Charity, and to make payments as appropriate.

Plans for future periods

The charity plans to continue to collect and make donations in accordance with its grant making policy for the foreseeable future. There are no plans for any major changes.

The trustees' annual report was approved on 21 June 2024 and signed on behalf of the board of trustees by:

Mr.M Benedikt Trustee

SATMAR SEMINARY

Independent Examiner's Report to the Trustees of SATMAR SEMINARY

Year ended 31 August 2023

I report to the trustees on my examination of the financial statements of SATMAR SEMINARY ('the charity') for the year ended 31 August 2023.

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 Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
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 accounts to be reached.

Brindley Goldstein Limited Independent Examiner

103 High Street Waltham Cross Herts EN8 7AN

21 June 2024

SATMAR SEMINARY

Statement of Financial Activities

Year ended 31 August 2023

		2023
		Unrestricted
		fundsTotal funds
	Note	£	£
Income and endowments
Donations and legacies	4	262,887	262,887
		--------------------------------	--------------------------------
Total income		262,887	262,887
		================================	================================
Expenditure
Expenditure on charitable activities	5,6	437,478	437,478
		--------------------------------	--------------------------------
Total expenditure		437,478	437,478
		================================	================================
		--------------------------------	--------------------------------
Net expenditure and net movement in funds		(174,591)	(174,591)
		================================	================================
Reconciliation of funds
Total funds brought forward		–	–
		--------------------------------	--------------------------------
Total funds carried forward		(174,591)	(174,591)
		================================	================================

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 7 to 13 form part of these financial statements.

SATMAR SEMINARY

Statement of Financial Position

31 August 2023

		2023
	Note	£
Fixed assets
Tangible fixed assets	12	254,922
Current assets
Debtors	13	17,000
Cash at bank and in hand		16,128
		----------------------------
		33,128
Creditors: amounts falling due within one year	14	462,641
		--------------------------------
Net current liabilities		429,513
		--------------------------------
Total assets less current liabilities		(174,591)
		--------------------------------
Net liabilities		(174,591)
		================================
Funds of the charity
Unrestricted funds		(174,591)
		--------------------------------
Total charity funds	15	(174,591)
		================================

These financial statements were approved by the board of trustees and authorised for issue on 21 June 2024, and are signed on behalf of the board by:

Mr.M Benedikt Trustee

The notes on pages 7 to 13 form part of these financial statements.

SATMAR SEMINARY

Statement of Cash Flows

Year ended 31 August 2023

	2023
	£
Cash flows from operating activities
Net expenditure	(174,591)
Adjustments for:
Depreciation of tangible fixed assets	63,730
Accrued expenses	1,980
Changes in:
Trade and other debtors	(17,000)
Trade and other creditors	460,661
	--------------------------------
Cash generated from operations	334,780
	--------------------------------
Net cash from operating activities	334,780
	================================
Cash flows from investing activities
Purchase of tangible assets	(318,652)
	--------------------------------
Net cash used in investing activities	(318,652)
	================================
Net increase in cash and cash equivalents	16,128
Cash and cash equivalents at beginning of year	–
	----------------------------
Cash and cash equivalents at end of year	16,128
	============================

The notes on pages 7 to 13 form part of these financial statements.

SATMAR SEMINARY

Notes to the Financial Statements

Year ended 31 August 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Basement 139 Osbaldeston Road, London, N16 6ND.

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 Charities Act 2011.

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 are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

There are no judgements and estimates

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.

SATMAR SEMINARY

Notes to the Financial Statements (continued)

Year ended 31 August 2023

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.

SATMAR SEMINARY

Notes to the Financial Statements (continued)

Year ended 31 August 2023

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 - 20% 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.

SATMAR SEMINARY

Notes to the Financial Statements (continued)

Year ended 31 August 2023

4. Donations and legacies

	Unrestricted	Total Funds
	Funds	2023
	£	£
Donations
Donations and gifts	262,887	262,887
	================================	================================
Expenditure on charitable activities by fund type
	Unrestricted	Total Funds
	Funds	2023
	£	£
Charitable activities	358,266	358,266
Support costs	79,212	79,212
	--------------------------------	--------------------------------
	437,478	437,478
	================================	================================

5. Expenditure on charitable activities by fund type

SATMAR SEMINARY

Notes to the Financial Statements (continued)

Year ended 31 August 2023

6. Expenditure on charitable activities by activity type

		Activities
		undertaken	Grant funding	Support	Total funds
		directly	of activities	costs	2023
		£	£	£	£
	Charitable activities	203,951	154,315	77,232	372,880
	Governance costs	–	–	1,980	1,980
		--------------------------------	--------------------------------	----------------------------	--------------------------------
		203,951	154,315	79,212	437,478
		================================	================================	============================	================================
7.	Analysis of grants
					2023
					£
	Grants to institutions
	Grants for educational establishment				154,315
					--------------------------------
	Total grants				154,315
					================================
8.	Net expenditure
	Net expenditure is stated after charging/(crediting):
					2023
					£
	Depreciation of tangible fixed assets				63,730
					============================
9.	Independent examination fees
					2023
					£
	Fees payable to the independent examiner for:
	Independent examination of the financial	statements			1,980
					=======================
10.	Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2023
	£
Wages and salaries	16,645
	============================
The average head count of employees during the year was 4. The average number of full-time
equivalent employees during the year is analysed as follows:
	2023
	No.
Number of staff	4
	==============

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

SATMAR SEMINARY

Notes to the Financial Statements (continued)

Year ended 31 August 2023

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No trustees expenses have been incurred.

12. Tangible fixed assets

	Freehold
	property
	£
Cost
At 1 September 2022	–
Additions	318,652
	--------------------------------
At 31 August 2023	318,652
	================================
Depreciation
At 1 September 2022	–
Charge for the year	63,730
	--------------------------------
At 31 August 2023	63,730
	================================
Carrying amount
At 31 August 2023	254,922
	================================
Debtors
	2023
	£
Trade debtors	17,000
	============================
Creditors: amounts falling due within one year
	2023
	£
Trade creditors	196,599
Accruals and deferred income	1,980
Other creditors	264,062
	--------------------------------
	462,641
	================================

13. Debtors

14. Creditors: amounts falling due within one year

15. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At				At
	1	September			31	August 2
		2022	Income	Expenditure		023
		£	£	£		£
General funds		–	262,887	(437,478)		(174,591)
		==============	================================	================================		================================

SATMAR SEMINARY

Notes to the Financial Statements (continued)

Year ended 31 August 2023

16. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2023
	£	£
Tangible fixed assets	254,922	254,922
Current assets	33,128	33,128
Creditors less than 1 year	(462,641)	(462,641)
	--------------------------------	--------------------------------
Net liabilities	(174,591)	(174,591)
	================================	================================

17. Analysis of changes in net debt

		At		At
	1	Sep 2022	Cash flows	31 Aug 2023
		£	£	£
Cash at bank and in hand		–	16,128	16,128
		==============	============================	============================

SATMAR SEMINARY

Management Information

Year ended 31 August 2023

The following pages do not form part of the financial statements.

SATMAR SEMINARY

Notes to the Detailed Statement of Financial Activities

Year ended 31 August 2023

	2023
	£
Income and endowments
Donations and legacies
Donations and gifts	262,887
	--------------------------------
	--------------------------------
Total income	262,887
	================================
Expenditure
Expenditure on charitable activities
Fundraising expenses	12,039
Education support grants	154,315
Wages and salaries	16,645
Rates and water	306
Rent	40,500
Books & publications	1,709
Computer expenses	10,750
Cleaning	4,868
Accountancy fees	1,980
Telephone	1,740
Courses & curriculum	33,800
Depreciation	63,730
Dues & Subscriptions	3,064
Equipment & electrical items	10,003
Furniture expensed	11,360
General expenses	7,418
Postage & delivery	1,650
Printing expenses	8,624
Programmes and events	33,771
Repairs and maintenance	6,588
Stationery	11,155
Bank service charges	1,463
	--------------------------------
	437,478
	--------------------------------
	--------------------------------
Total expenditure	437,478
	================================
	--------------------------------
Net expenditure	(174,591)
	================================