REGISTERED CHARITY NUMBER: 274850
TORATH CHESED YESHIVA TRUST
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
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 2024
| 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 10 |
TORATH CHESED YESHIVA TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2024
| TRUSTEES | B Weissman |
|---|---|
| T Stern | |
| C Stern | |
| 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 | |
| BANKERS | HSBC Bank plc |
| 312 Seven Sisters Road | |
| Finsbury Park | |
| London | |
| N4 2AW |
Page 1
TORATH CHESED YESHIVA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. 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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the advancement of the Orthodox of Jewish religion and Orthodox Jewish religious education by the establishment and maintenance of residential college for Orthodox Jewish students.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
FINANCIAL REVIEW
Financial position
The trustees are satisfied with the results for the year. Income was 16% lower thant the previous year whilst college running costs rose by about 5%. There was a deficit for the year being funded from reserves held.
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 stood at £29,789 (2023: 67,244).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted and governed by Declaration of Trust 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
One of the trustees acts as financial administrator. The Trustees have regular meetings to review and discuss the charity's activities.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. All trustees give of their time freely, and no remuneration or expenses were paid to any trustee during the year.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
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 2024
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 30 January 2025 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 2024.
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
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the 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 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
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
30 January 2025
Page 4
TORATH CHESED YESHIVA TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 245,205 EXPENDITURE ON Charitable activities 3 College running costs 280,500 Support costs 2,160 Total 282,660 NET INCOME/(EXPENDITURE) (37,455) RECONCILIATION OF FUNDS Total funds brought forward 67,244 TOTAL FUNDS CARRIED FORWARD 29,789 CONTINUING OPERATIONS |
2023 Total funds £ 291,997 |
|---|---|
| 269,779 2,364 |
|
| 272,143 | |
| 19,854 47,390 |
|
| 67,244 | |
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 2024
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds: General fund TOTAL FUNDS |
2024 Total funds £ 30,591 851 5,176 6,027 (6,829) (802) 29,789 29,789 29,789 29,789 |
2023 Total funds £ 35,313 - 35,291 35,291 (3,360) 31,931 67,244 67,244 67,244 67,244 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 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 2024
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
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.
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
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 Fixtures and fittings
- 10% on cost - 15% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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 2024
2. DONATIONS AND LEGACIES
| Donations 3. CHARITABLE ACTIVITIES COSTS College running costs Support costs 4. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Premises running costs Food and student welfare Textbooks Sundries Depreciation 5. SUPPORT COSTS Support costs Support costs, included in the above, are as follows: |
Direct Costs (see note 4) £ 280,500 - 280,500 |
2024 2023 £ £ 245,205 291,997 Support costs (see note 5) Totals £ £ - 280,500 2,160 2,160 2,160 282,660 2024 2023 £ £ 80,955 75,253 98,818 95,210 80,026 78,600 14,850 14,507 1,129 1,182 4,722 5,027 280,500 269,779 Governance costs £ 2,160 |
|---|---|---|
Governance costs
| Governance costs | ||
|---|---|---|
| 2024 | 2023 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Independent examiner's fee | 1,080 | 960 |
| Independent examiner's other fees | 1,080 | 960 |
| General expenses | - | 444 |
| 2,160 | 2,364 |
Page 8
TORATH CHESED YESHIVA TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.
7. AVERAGE STAFF NUMBERS
The average number of staff in the year was 7 (2022: 9).
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Long leasehold £ COST At 6 April 2023 and 5 April 2024 29,830 DEPRECIATION At 6 April 2023 6,000 Charge for year 3,000 At 5 April 2024 9,000 NET BOOK VALUE At 5 April 2024 20,830 At 5 April 2023 23,830 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors |
Fixtures and fittings £ 57,744 46,261 1,722 47,983 9,761 11,483 2024 £ 414 6,415 6,829 |
Totals £ 87,574 |
|
| 52,261 4,722 |
|||
| 56,983 | |||
| 30,591 | |||
| 35,313 | |||
| 2023 £ - 3,360 |
|||
| 3,360 |
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
10. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |
|---|---|
| Net movement At 6.4.23 in funds £ £ Unrestricted funds General fund 67,244 (37,455) TOTAL FUNDS 67,244 (37,455) |
At 5.4.24 £ 29,789 |
| 29,789 |
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TORATH CHESED YESHIVA TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 245,205 245,205 |
Resources Movement expended in funds £ £ (282,660) (37,455) (282,660) (37,455) |
|---|---|---|
Comparatives for movement in funds
| At 6.4.22 £ Unrestricted funds General fund 47,390 TOTAL FUNDS 47,390 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 291,997 TOTAL FUNDS 291,997 |
Net movement At in funds 5.4.23 £ £ 19,854 67,244 19,854 67,244 Resources Movement expended in funds £ £ (272,143) 19,854 (272,143) 19,854 |
|---|---|
11. RELATED PARTY DISCLOSURES
The charity's college occupies a property made available by another charity at an advantageous rent, both charities have a trustee in common.
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