**CHARITY REGISTRATION NUMBER: 1200219** ## **SATMAR SEMINARY** ## **Unaudited Financial Statements 31 August 2024** ## **BRINDLEY GOLDSTEIN LIMITED** Chartered accountants 103 High Street Waltham Cross Herts EN8 7AN ## **SATMAR SEMINARY** ## **Financial Statements** ## **Year ended 31 August 2024** ||**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 2024** The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2024. ## **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: 1. Providing training and courses to advance their higher and further education to prepare for entry to any occupation, trade or profession. 2. 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. **1** ## **SATMAR SEMINARY** ## **Trustees' Annual Report** _**(continued)**_ ## **Year ended 31 August 2024** ## **Achievements and performance** During the year the company continued to raise funds to be distributed to charitable organisations and causes. Incoming resources were £404,017. Grants given for educational support amounted to £27,054. ## **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 16 June 2025 and signed on behalf of the board of trustees by: Mr.M Benedikt Trustee **2** ## **SATMAR SEMINARY** ## **Independent Examiner's Report to the Trustees of SATMAR SEMINARY** ## **Year ended 31 August 2024** I report to the trustees on my examination of the financial statements of SATMAR SEMINARY ('the charity') for the year ended 31 August 2024. ## **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: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the financial statements do not accord with those records; or 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 accounts to be reached. Brindley Goldstein Limited Independent Examiner 103 High Street Waltham Cross Herts EN8 7AN 16 June 2025 **3** ## **SATMAR SEMINARY** ## **Statement of Financial Activities** ## **Year ended 31 August 2024** |||**2024**||2023| |---|---|---|---|---| |||Unrestricted||| |||funds**Total funds**||Total funds| ||**Note**|**£**|**£**|£| |**Income and endowments**||||| |Donations and legacies|**4**|404,017|404,017|262,887| |||--------------------------------|--------------------------------|--------------------------------| |**Total income**||404,017|404,017|262,887| |||================================|================================|================================| |**Expenditure**||||| |Expenditure on charitable activities|**5,6**|467,868|467,868|437,478| |||--------------------------------|--------------------------------|--------------------------------| |**Total expenditure**||467,868|467,868|437,478| |||================================|================================|================================| |||--------------------------------|--------------------------------|--------------------------------| |**Net expenditure and net movement in funds**||(63,851)|(63,851)|(174,591)| |||================================|================================|================================| |**Reconciliation of funds**||||| |Total funds brought forward||(174,591)|(174,591)|–| |||--------------------------------|--------------------------------|--------------------------------| |**Total funds carried forward**||(238,442)|(238,442)|(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.** **4** ## **SATMAR SEMINARY** ## **Statement of Financial Position** ## **31 August 2024** |||**2024**|2023| |---|---|---|---| ||**Note**|**£**|£| |**Fixed assets**|||| |Tangible fixed assets|**13**|265,321|254,922| |**Current assets**|||| |Debtors|**14**|22,580|17,000| |Cash at bank and in hand||9,030|16,128| |||----------------------------|----------------------------| |||31,610|33,128| |**Creditors: amounts falling due within one year**|**15**|535,373|462,641| |||--------------------------------|--------------------------------| |**Net current liabilities**||503,763|429,513| |||--------------------------------|--------------------------------| |**Total assets less current liabilities**||(238,442)|(174,591)| |||--------------------------------|--------------------------------| |**Net liabilities**||(238,442)|(174,591)| |||================================|================================| |**Funds of the charity**|||| |Unrestricted funds||(238,442)|(174,591)| |||--------------------------------|--------------------------------| |**Total charity funds**|**16**|(238,442)
================================|(174,591)
================================| These financial statements were approved by the board of trustees and authorised for issue on 16 June 2025, 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.** **5** ## **SATMAR SEMINARY** ## **Statement of Cash Flows** ## **Year ended 31 August 2024** ||**2024**|2023| |---|---|---| ||**£**|£| |**Cash flows from operating activities**||| |Net expenditure|(63,851)|(174,591)| |_Adjustments for:_||| |Depreciation of tangible fixed assets|82,263|63,730| |Accrued expenses|–|1,980| |_Changes in:_||| |Trade and other debtors|(5,580)|(17,000)| |Trade and other creditors|72,732|460,661| ||----------------------------|--------------------------------| |Cash generated from operations|85,564|334,780| ||----------------------------|--------------------------------| |Net cash from operating activities|85,564|334,780| ||============================|================================| |**Cash flows from investing activities**||| |Purchase of tangible assets|(92,662)|(318,652)| ||----------------------------|--------------------------------| |Net cash used in investing activities|(92,662)|(318,652)| ||============================|================================| |**Net (decrease)/increase in cash and cash equivalents**|(7,098)|16,128| |**Cash and cash equivalents at beginning of year**|16,128|–| ||----------------------------|----------------------------| |**Cash and cash equivalents at end of year**|9,030|16,128| ||============================|============================| **The notes on pages 7 to 13 form part of these financial statements.** **6** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** ## **Year ended 31 August 2024** ## **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. **7** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **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. **8** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **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. ## **Financial instruments** There are no financial instruments. ## **4. Donations and legacies** ||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---| ||Funds|**2024**|Funds|2023| ||£|**£**|£|£| |**Donations**||||| |Donations and gifts|384,097|384,097|262,887|262,887| |**Grants**||||| |Grants Income|19,920|19,920|–|–| ||--------------------------------|--------------------------------|--------------------------------|--------------------------------| ||404,017|404,017|262,887|262,887| ||================================|================================|================================|================================| **9** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **5. Expenditure on charitable activities by fund type** ||||Unrestricted|
**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---|---|---| ||||Funds|
**2024**|Funds|2023| ||||£|**£**|£|£| ||Charitable activities||363,230|
363,230|295,648|358,265| ||Support costs||104,638|
104,638|79,213|79,213| ||||--------------------------------|--------------------------------|--------------------------------|--------------------------------| ||||467,868|
467,868|437,478|437,478| ||||================================|================================|================================|================================| |**6.**|**Expenditure on charitable activities**||**by activity type**|||| |||Activities||||| |||undertaken|
Grant funding|
Support|**Total funds**|Total fund| |||directly|
of activities|
costs|**2024**|2023| |||£|£|£|**£**|£| ||Charitable activities|336,176|
27,054|
102,658|465,888|435,498| ||Governance costs|–|
–|
1,980|1,980|1,980| |||--------------------------------|
----------------------------|--------------------------------|--------------------------------|--------------------------------| |||336,176|
27,054|
104,638|467,868|437,478| |||================================|============================|================================|================================|================================| |**7.**|**Analysis of support costs**|||||| |||||Analysis of||| |||||support costs||| |||||activity|**Total 2024**|Total 2023| |||||£|**£**|£| ||Fundraising expenses|||20,310|20,310|12,039| ||Depreciation|||82,263|82,263|63,730| ||Bank service charges|||85|85|1,464| |||||----------------------------|----------------------------|----------------------------| |||||102,658|102,658|77,233| |||||============================|============================|============================| |**8.**|**Analysis of grants**|||||| ||||||**2024**|2023| ||||||**£**|£| ||**Grants to institutions**|||||| ||Grants to institutions||||27,054|154,315| ||||||----------------------------|--------------------------------| ||Total grants||||27,054|154,315| ||||||============================|================================| |**9.**|**Net expenditure**|||||| ||Net expenditure is stated after charging/(crediting):|||||| ||||||**2024**|2023| ||||||**£**|£| ||Depreciation of tangible fixed assets||||82,263|63,730| ||||||============================|============================| **10** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **10. Independent examination fees** ||**2024**|2023| |---|---|---| ||**£**|£| |Fees payable to the independent examiner for:||| |Independent examination of the financial statements|1,980
=======================|1,980
=======================| ## **11. Staff costs** |The total staff costs and employee benefits for the reporting period are analysed as|The total staff costs and employee benefits for the reporting period are analysed as|follows:| |---|---|---| ||**2024**|2023| ||**£**|£| |Wages and salaries|42,231
============================|16,645
============================| |The average head count of employees during the year was 4 (2023: 4). The average|The average head count of employees during the year was 4 (2023: 4). The average|number of| |---|---|---| |full-time equivalent employees during the year is analysed as follows:||| ||**2024**|2023| ||**No.**|No.| |Number of staff|5|5| ||==============|==============| No employee received employee benefits of more than £60,000 during the year (2023: Nil). ## **12. 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. ## **13. Tangible fixed assets** ||**Freehold**| |---|---| ||**property**| ||**£**| |**Cost**|| |At 1 September 2023|318,652| |Additions|92,662| ||--------------------------------| |**At 31 August 2024**|411,314| ||================================| |**Depreciation**|| |At 1 September 2023|63,730| |Charge for the year|82,263| ||--------------------------------| |**At 31 August 2024**|145,993| ||================================| |**Carrying amount**|| |**At 31 August 2024**|265,321| ||================================| |At 31 August 2023|254,922| ||================================| **11** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** |**14.**|**Debtors**||||| |---|---|---|---|---|---| |||||**2024**|2023| |||||**£**|£| ||Trade debtors|||22,580|17,000| |||||============================|============================| |**15.**|**Creditors:** **amounts falling due within one year**||||| |||||**2024**|2023| |||||**£**|£| ||Trade creditors|||222,461|196,599| ||Accruals and deferred income|||1,980|1,980| ||Social security and other taxes|||201|–| ||Other creditors|||310,731|264,062| |||||--------------------------------|--------------------------------| |||||535,373|462,641| |||||================================|================================| |**16.**|**Analysis of charitable funds**||||| ||**Unrestricted funds**||||| |||At|||**At**| ||1|September|||**31 August 2**| |||2023|Income|Expenditure|**024**| |||£|£|£|£| ||General funds|(174,591)|404,017|(467,868)|
(238,442)| |||================================|================================|================================|================================| |||At|||At| ||1|September|||31 August 20| |||2022|Income|Expenditure|23| |||£|£|£|£| ||General funds|–|262,887|(437,478)|
(174,591)| |||==============|================================|================================|================================| |**17.**|**Analysis of net assets between funds**||||| |||||Unrestricted|**Total Funds**| |||||Funds|**2024**| |||||£|**£**| ||Tangible fixed assets|||265,321|265,321| ||Current assets|||31,610|31,610| ||Creditors less than 1 year|||(535,373)|
(535,373)| |||||--------------------------------|--------------------------------| ||**Net liabilities**|||(238,442)|
(238,442)| |||||================================|================================| |||||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)| |||||================================|================================| **12** ## **SATMAR SEMINARY** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 August 2024** ## **18. Analysis of changes in net debt** |||At||**At**| |---|---|---|---|---| ||1|Sep 2023|Cash flows|**31 Aug 2024**| |||£|£|**£**| |Cash at bank and in hand||16,128|(7,098)|
9,030| |||============================|=======================|=======================| **13**