Charity registration number: 1200219
SATMAR SEMINARY TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
Brindley Goldstein Limited 103 High Street Waltham Cross EN8 7AN
Satmar Seminary Contents
| Page | |
|---|---|
| Trustees' Report | 1—2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Statement of Cash Flows | 6 |
| Notes to the Statement of Cash Flows | 7 |
| Notes to the Financial Statements | 8—12 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Statement of Financial Activities | 13—14 |
Satmar Seminary
Trustees' Report For The Year Ended 31 August 2025
The trustees present their report and the financial statements for the year ended 31 August 2025.
Objectives and Activities
Aims and Objectives
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.
Public Benefit
The charity has given due regard to the Charity Commission's guidance on public benefit.
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Reference and Administrative Details
Trustees
Mr Moses Benedikt Mr Yoel Deutsch Mr Shlomo Ruttner
Charity Number
1200219
Principal Address
Unit 1 Guard House Grosvenor Way London E5 9XE
Independent Examiner
Brindley Goldstein Limited 103 High Street Waltham Cross EN8 7AN
Page 1
Satmar Seminary Trustees' Report (continued) For The Year Ended 31 August 2025
The trustees' report was approved by the board of trustees and signed on its behalf by:
Mr Moses Benedikt Trustee 23rd June 2026
Page 2
Satmar Seminary Independent Examiner's Report to the Trustees of Satmar Seminary For The Year Ended 31 August 2025
I report to the trustees on my examination of the accounts of Satmar Seminary (the Trust) for the year ended 31 August 2025.
Responsibilities and Basis of Report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
Since the Trust’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, 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 Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and contents 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 23rd June 2026 103 High Street Waltham Cross EN8 7AN
Page 3
Satmar Seminary Statement of Financial Activities For The Year Ended 31 August 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities: Charitable activities Other 4 EXPENDITURE ON: Charitable activities: 6 Charitable activities NET EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 15 |
2025 Unrestricted funds £ 360,065 2,944 142,471 |
2024 Unrestricted funds £ 404,017 - - |
|---|---|---|
| 505,480 | 404,017 | |
| (635,812) | (467,868) | |
| (130,332) | (63,851) | |
| (130,332) (238,442) |
(63,851) (174,591) |
|
| (368,774) | (238,442) |
The notes on pages 7 to 12 form part of these financial statements.
Page 4
Satmar Seminary Statement of Financial Position As At 31 August 2025
| Notes FIXED ASSETS Tangible Assets 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 14 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET LIABILITIES FUNDS OF THE CHARITY Unrestricted Funds TOTAL FUNDS 15 On behalf of the board Mr Moses Benedikt Trustee 23rd June 2026 |
2025 Unrestricted funds £ 183,058 |
2024 Total funds £ 265,321 |
|---|---|---|
| 183,058 7,000 6,001 |
265,321 22,580 9,030 |
|
| 13,001 (564,833) |
31,610 (535,373) |
|
| (551,832) | (503,763) | |
| (368,774) | (238,442) | |
| (368,774) | (238,442) | |
| (368,774) | (238,442) | |
| (368,774) | (238,442) | |
The notes on pages 7 to 12 form part of these financial statements.
Page 5
Satmar Seminary Statement of Cash Flows For The Year Ended 31 August 2025
| Notes Cash flows from operating activities Net cash (used in)/generated from operations 1 Interest paid Net cash (used in)/generated from operating activities Cash flows from investing activities Purchase of tangible assets (Decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year 2 Cash and cash equivalents at end of year 2 |
2025 £ (2,963) (66) (3,029) - (3,029) 9,030 6,001 |
2024 £ 531,290 (85) |
|---|---|---|
| 531,205 | ||
| (92,662) | ||
| 438,543 - |
||
| 438,543 |
Page 6
Satmar Seminary Notes to the Statement of Cash Flows For The Year Ended 31 August 2025
1. Reconciliation of expenditure to cash (used in)/generated from operations
| . Reconciliation of expenditure to cash (used in)/generated from operations |
||
|---|---|---|
| Net expenditure Adjustments for: Interest expense Depreciation of tangible assets Movements in working capital: Decrease/(increase) in trade and other debtors Increase in trade and other creditors Net cash (used in)/generated from operations |
2025 £ (130,332) 66 82,263 15,580 29,460 (2,963) |
2024 £ (63,851) 85 82,263 (22,580) 535,373 |
| 531,290 |
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
| 2025 £ Cash at bank and in hand 6,001 3. Analysis of changes in net funds As at 1 September 2024 Cash flows £ £ Cash at bank and in hand 9,030 (3,029) |
2024 £ 9,030 |
|---|---|
| As at 31 August 2025 £ 6,001 |
Page 7
Satmar Seminary Notes to the Financial Statements For The Year Ended 31 August 2025
1. General Information
Satmar Seminary is a charitable incorporated organisation registered with the Charity Commission, registered charity number 1200219. The principal address is Unit 1, Guard House, Grosvenor Way, London, E5 9XE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. 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.
2.3. 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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 20% Straight Line
Page 8
Satmar Seminary Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Income from Donations and Legacies
| . Income from Donations and Legacies |
||
|---|---|---|
| Donations and gifts Grants . Other Income Insurance claim income |
2025 Unrestricted funds £ 360,065 - |
2024 Unrestricted funds £ 384,097 19,920 |
| 360,065 | 404,017 | |
| 2025 Unrestricted funds £ 142,471 |
2024 Unrestricted funds £ - |
4. Other Income
5. Net Income/(Expenditure)
The net expenditure is stated after charging/(crediting):
| Depreciation of tangible fixed assets - owned . Analysis of Expenditure Charitable activities Charitable activities |
Activities undertaken directly £ 496,654 |
Grant funding of activities (see note 7) £ 21,917 |
2025 £ 82,263 |
2024 £ 82,263 |
|---|---|---|---|---|
| Support costs (see note 8) £ 117,241 |
2025 Total £ 635,812 |
|||
| Activities undertaken directly £ 336,176 |
Grant funding of activities (see note 7) £ 27,054 |
Support costs (see note 8) £ 104,638 |
2024 Total £ 467,868 |
6. Analysis of Expenditure
Page 9
Satmar Seminary Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
7. Grants Payable
| 7. Grants Payable |
|||
|---|---|---|---|
| Charitable activities Charitable activities 8. Support Costs General administration Depreciation Interest payable Governance costs General administration Depreciation Interest payable Governance costs 9. Independent Examiner's Remuneration Independent examination of the financial statements |
Grants to Institutions £ 21,917 |
Support costs £ 21,917 |
2025 Total £ 43,834 |
| Grants to Institutions £ 27,054 |
Support costs £ 27,054 |
2024 Total £ 54,108 |
|
| 2025 £ 1,980 |
2025 Charitable activities £ 32,932 82,263 66 1,980 |
||
| 117,241 | |||
| 2024 Charitable activities £ 20,310 82,263 85 1,980 |
|||
| 104,638 | |||
| 2024 £ 1,980 |
Page 10
Satmar Seminary Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
10. Staff Costs
Staff costs were as follows:
| taff costs were as follows: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Wages and salaries | 98,417 | 42,231 |
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
- Average Number of Employees
Average number of employees during the year was: 13 (2024: 5)
- Tangible Assets
| Cost As at 1 September 2024 As at 31 August 2025 Depreciation As at 1 September 2024 Provided during the period As at 31 August 2025 Net Book Value As at 31 August 2025 As at 1 September 2024 13. Debtors Due within one year Trade debtors 14. Creditors: Amounts Falling Due Within One Year Trade creditors Other creditors Taxation and social security Accruals and deferred income |
2025 £ 7,000 2025 £ 294,680 267,862 311 1,980 564,833 |
Land & Property Freehold £ 411,314 |
|---|---|---|
| 411,314 | ||
| 145,993 82,263 |
||
| 228,256 | ||
| 183,058 | ||
| 265,321 | ||
| 2024 £ 22,580 |
||
| 2024 £ 222,461 310,731 201 1,980 |
||
| 535,373 |
Page 11
Satmar Seminary Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
15. Movement in Funds
| Unrestricted funds General: General unrestricted fund Total funds Unrestricted funds General: General unrestricted fund Total funds |
As at 1 September 2024 £ (238,442) |
Income £ 505,480 |
Expenditure £ (635,812) |
As at 31 August 2025 £ (368,774) |
|---|---|---|---|---|
| (238,442) | 505,480 | (635,812) | (368,774) | |
| As at 1 September 2023 £ (174,591) |
Income £ 404,017 |
Expenditure £ (467,868) |
As at 31 August 2024 £ (238,442) |
|
| (174,591) | 404,017 | (467,868) | (238,442) |
16. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
17. Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure.
Page 12