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2022-04-05-accounts

REGISTERED CHARITY NUMBER: 274850

TORATH CHESED YESHIVA TRUST

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS

TORATH CHESED YESHIVA TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Statement of Financial Position 6
Notes to the Financial Statements 7 to 11

TORATH CHESED YESHIVA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2022

TRUSTEES

B Weissman T Stern S F Reiner C Stern (appointed 1.4.22)

PRINCIPAL ADDRESS

97 Geldeston Road London E5 8RS

REGISTERED CHARITY 274850 NUMBER

INDEPENDENT EXAMINER

Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS

Page 1

TORATH CHESED YESHIVA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their report with the financial statements of the charity for the year ended 5 April 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 objects of the charity are to provide facilities for orthodox Jewish education for students specialising in rabbinical studies and Jewish morals and ethics. It operates a residential college with experienced staff in Hitchin Herts under the name Torath Chesed Hitchin since 1991.

Public benefit

The trustees of the charity confirm that they have considered The Charity Commission's general guidance on public benefit and the requirements of Section 4 of the Charities Act 2011 in this area, in particular public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees are satisfied with the achievements of the charity and expect that same level of progress will continue in the future.

FINANCIAL REVIEW

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £47,390 (2021 - 60,998).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity constitution

The charity was constituted by Trust Deed dated 14th November 1977.

Recruitment and appointment of new trustees

It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.

Organisational structure

The charity has three trustees, one of whom acts as financial administrator.

The trustees have regular meetings to review and discuss the charity's activities. All trustees give of their time freely, and no remuneration or expenses were paid to any trustee during the year.

The charity also has a supervisory committee to regulate studies and other activities with the college principal acting as chairman of the committee and also of the trustees.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Page 2

TORATH CHESED YESHIVA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 trust deed. 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.

Approved by order of the board of trustees on 15 March 2023 and signed on its behalf by:

B Weissman - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TORATH CHESED YESHIVA TRUST

Independent examiner's report to the trustees of Torath Chesed Yeshiva Trust

I report to the charity trustees on my examination of the accounts of Torath Chesed Yeshiva Trust (the Trust) for the year ended 5 April 2022.

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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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 Institute of Chartered Accountants England & 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:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts 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.

Emanuel Meyer FCA, BSc. Institute of Chartered Accountants England & Wales Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS

15 March 2023

Page 4

TORATH CHESED YESHIVA TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
253,360
EXPENDITURE ON
Charitable activities
3
Religious education
265,419
Support costs
1,549
Total
266,968
NET INCOME/(EXPENDITURE)
(13,608)
RECONCILIATION OF FUNDS
Total funds brought forward
60,998
TOTAL FUNDS CARRIED FORWARD
47,390
CONTINUING OPERATIONS		 2021
Total
funds
£
252,150
251,846
1,992
253,838
(1,688)
62,686
60,998

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

TORATH CHESED YESHIVA TRUST

STATEMENT OF FINANCIAL POSITION 5 APRIL 2022

Notes
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
9
Unrestricted funds:
General fund
TOTAL FUNDS		 2022
Total
funds
£
40,340
10,529
(3,479)
7,050
47,390
47,390
47,390
47,390		 2021
Total
funds
£
45,724
17,662
(2,388)
15,274
60,998
60,998
60,998
60,998

The financial statements were approved by the Board of Trustees and authorised for issue on 15 March 2023 and were signed on its behalf by:

B Weissman - Trustee

The notes form part of these financial statements

Page 6

TORATH CHESED YESHIVA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold - 10% on cost Fixtures and fittings - 15% on reducing balance

Taxation

The charity is exempt from tax on its charitable activities.

Going concern

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

Page 7

TORATH CHESED YESHIVA TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

2.
DONATIONS AND LEGACIES
Donations
3.
CHARITABLE ACTIVITIES COSTS
Religious education
Support costs
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Repairs & maintenance and cleaning costs
Student needs
Religious books, postage and stationery
Property & Utility charges
Depreciation
5.
SUPPORT COSTS
Support costs
Support costs, included in the above, are as follows:
Finance
Bank interest		 2022
£
253,360
Direct
Support
Costs (see
costs (see
note 4)
note 5)
£
£
265,419
-
-
1,549
265,419
1,549
2022
£
74,350
11,711
75,655
20,660
77,659
5,384
265,419
Governance
Finance
costs
£
£
109
1,440
2022
Support
costs
£
109		 2021
£
252,150
Totals
£
265,419
1,549
266,968
2021
£
66,474
14,951
78,984
18,398
70,234
2,805
251,846
Totals
£
1,549
2021
Total
activities
£
-

Page 8

TORATH CHESED YESHIVA TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

5. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
2022 2021
Support Total
costs activities
£ £
Independent examiner's fee 720 996
Independent examiner's other fees 720 996
1,440 1,992

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.

7. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Long
leasehold
£
COST
At 6 April 2021 and 5 April 2022
29,830
DEPRECIATION
At 6 April 2021
-
Charge for year
3,000
At 5 April 2022
3,000
NET BOOK VALUE
At 5 April 2022
26,830
At 5 April 2021
29,830		 Fixtures
and
fittings
£
57,744
41,850
2,384
44,234
13,510
15,894		 Totals
£
87,574
41,850
5,384
47,234
40,340
45,724

Page 9

TORATH CHESED YESHIVA TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Taxation and social security 47 395
Other creditors 3,432 1,993
3,479 2,388
9. MOVEMENT IN FUNDS
Net
movement At
At 6.4.21 in funds 5.4.22
£ £ £
Unrestricted funds
General fund 60,998 (13,608) 47,390
TOTAL FUNDS 60,998 (13,608) 47,390
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 253,360 (266,968) (13,608)
TOTAL FUNDS 253,360 (266,968) (13,608)
Comparatives for movement in funds
Net
movement At
At 6.4.20 in funds 5.4.21
£ £ £
Unrestricted funds
General fund 62,686 (1,688) 60,998
TOTAL FUNDS 62,686 (1,688) 60,998
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 252,150 (253,838) (1,688)
TOTAL FUNDS 252,150 (253,838) (1,688)

Page 10

TORATH CHESED YESHIVA TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2022.

Page 11