REGISTERED CHARITY NUMBER: 288429
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
FOR
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 14 |
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31st December 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 Activities
The objects of the Trust are to promote for the public benefit the Jewish Religion by religious instruction and to advance education in Jewish culture, ethics and codes and the advancement of religious understanding.
The aims of the Trust are:
The conducting of divine service in accordance with the rites of Eastern Jewry all such services to be conducted in accordance with the standards and rules of Jewish Law as stipulated by the Holy Ari and interpreted by Rabbi Ha-Rushush and Rabbi Yosef Haim of Bagdad and the Code of Jewish Law.
The establishment of an academy for the learning of higher rabbinical studies and Jewish learning for education of young adult men.
By the establishment of classes for the education of children between the ages of 5 to 18 years.
And benefitting the public good by the relief of poverty and the help of the sick and the aged.
The objectives for the year are shaped by these strategic aims. The policy of the charitable trust continues to be to seek additional finance and support to further its aims.
ACHIEVEMENT AND PERFORMANCE
The Trustees consider that the performance of the charity this year has been satisfactory. The charity continues to serve the local Jewish Community's interest. The Trustees are confident that the present level of activity will continue in the foreseeable future.
The Trust would not be able to provide such a wide service to our beneficiaries without the dedication and continued support of a small but vital number of unpaid support staff.
FINANCIAL REVIEW
The total income received for 2022 was £374,280 (2021 : £345,111) . The charity had a net surplus for the year of £53,477 (2021 : Surplus - £58,904). The surplus for the year has has been added to the reserves brought forward which stand at £2,708,509 (2021: £2,655,032).
The cash reserves stood at £146,077 at the year end (2021 £144,355).
FUTURE PLANS
The need for our services is increasing and we plan to continue doing what we can to assist. However, the trustees realize that we must use the resources we have wisely and so we will continue to target those problems where we have expertise to make the most difference. We therefore intend to continue our existing approach with further projects to build on the previous ones.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Trustee and Organisational Structure
The trust is an unincorporated trust, constituted under a trust deed dated 5th December 1983. The trustees are appointed by the Board of Trustees who would normally appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee. At the trustees' meeting, which is held frequently, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of reserves, risk management policies and performance. Supporting the Trustees are a committee of between 11 and 12 people including 2 honorary secretaries.
Risk Management and Review
The charity trustees have considered the major risks to which the charity is exposed. Major risks that will affect the charity's operational performance and aims and objectives. The trustees review these risks on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. The trustees believe that maintaining reserves at the current levels, combined with annual reviews of key financial systems will provide sufficient resources in the event of adverse conditions.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
288429
Principal address
50 Finchley Lane Hendon London NW4 1DJ
Trustees
Dayan A. David Rabbi Y Hillel A Abraham
Independent Examiner
Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
Page 2
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2022
PUBLIC BENEFIT
The charity continues to serve the local Jewish Community's interest.The Trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.
The Trustees continue to operate within the confines of the charity's objectives namely in respect of the T conducting of divine service in accordance with the rites of Eastern Jewry all such services to be conducted in accordance with the standards and rules of Jewish Law as stipulated by the Holy Ari and interpreted by Rabbi Ha-Rushush and Rabbi Yosef Haim of Bagdad and the Code of Jewish Law, the establishment of an academy for the learning of higher rabbinical studies and Jewish learning for education of young adult men, the establishment of classes for the education of children between the ages of 5 to 18 years and benefiting the public good by the relief of poverty and the help of the sick and the aged.
Since the pandemic we have increased education programs via zoom and whats app groups. We have also increased our use of volunteer groups for some of our children's services in view of our limited funds.
We are producing Rabbis to benefit the community and have increased donations to alleviate the situation of the sick and poor.
Where the trustees make grants to institutions, they stipulate how these monies should be spent and constantly monitor the effectiveness of the allocation of the resources extended through the grant funding.
Approved by order of the board of trustees on 19th April 2024 and signed on its behalf by:
Dayan A. David - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
Independent examiner's report to the trustees of Od Yosef Hai Yeshiva College For Rabbinical Studies
I report to the charity trustees on my examination of the accounts of Od Yosef Hai Yeshiva College For Rabbinical Studies (the Trust) for the year ended 31st December 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 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 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.
Akiva Kahan FCA
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
Date: April 2024
Page 4
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Administrative costs Finance costs Donations made Premises costs Repairs and maintenance costs Bursaries Depreciation Provisions and catering costs Synagogue service & events Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 101,755 199,432 73,093 374,280 1,775 54,709 10,772 - 30,094 37,697 73,949 54,310 14,206 22,555 20,736 320,803 53,477 2,655,032 2,708,509 |
2021 Total funds £ 133,955 142,697 68,459 |
|---|---|---|
| 345,111 | ||
| 7,555 43,826 7,287 1,791 23,673 11,058 92,030 54,760 13,122 - 31,105 |
||
| 286,207 | ||
| 58,904 2,596,128 |
||
| 2,655,032 |
The notes form part of these financial statements
Page 5
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
STATEMENT OF FINANCIAL POSITION 31ST DECEMBER 2022
| Notes FIXED ASSETS Tangible assets 11 Heritage assets 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 2,724,867 19,900 2,744,767 184,330 146,077 330,407 (17,796) 312,611 3,057,378 (348,869) 2,708,509 2,708,509 2,708,509 |
2021 Total funds £ 2,779,177 19,900 2,799,077 138,403 144,355 282,758 (14,634) 268,124 3,067,201 (412,169) 2,655,032 2,655,032 2,655,032 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19th April 2024 and were signed on its behalf by:
A. David - Trustee
The notes form part of these financial statements
Page 6
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 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.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
In respect of unrestricted and restricted funds, costs have been allocated having regard to the underlying funds to which they relate.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Building Costs - 2 % on cost or revaluation Fixtures, fittings and equipment - 25% on reducing balance
Heritage assets
Heritage assets are included in the balance sheet at cost. This includes the library and religious scrolls. A review of the carrying amount takes place annually and is reduced where there is evidence of an impairment having taken place.
In accordance with FRS102, depreciation is not provided on heritage assets as they are considered to have indefinite lives.The cost of maintenance and repair of heritage assets is written off in the year incurred.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
2. KEY JUDGEMENTS AND ESTIMATES
In the application of the charity's accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.The estimates and the underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and the underlying assumptions are reviewed on a on-going basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.
The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.
Page 8
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
| 3. OTHER TRADING ACTIVITIES Membership fees and events Hire of Premises 4. INVESTMENT INCOME Rents receivable Interest receivable 5. RAISING FUNDS Raising donations and legacies Fund raising event costs 6. CHARITABLE ACTIVITIES COSTS Administrative costs Finance costs Premises costs Repairs and maintenance costs Bursaries Depreciation Provisions and catering costs Synagogue service & events |
Direct Costs £ 31,378 - 30,094 37,697 - 54,310 14,206 22,555 190,240 |
Grant funding of activities (see note 7) £ - - - - 73,949 - - - 73,949 |
2022 £ 160,032 39,400 199,432 2022 £ 73,070 23 73,093 2022 £ 1,775 Support costs (see note 8) £ 23,331 10,772 - - - - - - 34,103 |
2021 £ 133,850 8,847 |
2021 £ 133,850 8,847 |
|---|---|---|---|---|---|
| 142,697 | |||||
| 2021 £ 68,401 58 |
|||||
| 68,459 | |||||
| 2021 £ 7,555 Totals £ 54,709 10,772 30,094 37,697 73,949 54,310 14,206 22,555 |
|||||
| 298,292 |
Page 9
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
7. GRANTS PAYABLE
| 7. | GRANTS PAYABLE | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| £ | £ | |||||||
| Donations made | - | 1,791 | ||||||
| Bursaries | 73,949 | 92,030 | ||||||
| 73,949 | 93,821 | |||||||
| The total grants paid to institutions during the year was | as | follows: | ||||||
| 2022 | 2021 | |||||||
| £ | £ | |||||||
| Individuals | - | 1,791 | ||||||
| 8. | SUPPORT COSTS | |||||||
| Governance | ||||||||
| Management | Finance | costs | Totals | |||||
| £ | £ | £ | £ | |||||
| Administrative costs | 1,250 | - | 22,081 | 23,331 | ||||
| Finance costs | - | 10,772 | - | 10,772 | ||||
| 1,250 | 10,772 | 22,081 | 34,103 | |||||
| 9. | TRUSTEES' REMUNERATION AND BENEFITS | |||||||
| 2022 | 2021 | |||||||
| £ | £ | |||||||
| Trustees' rabbinical fees | 20,736 | 31,105 | ||||||
| Trustees' expenses | ||||||||
| There were no trustees' expenses paid for the year |
ended 31st December | 2022 nor | for the year ended | |||||
| 31st December 2021. | ||||||||
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||||||
| Unrestricted | ||||||||
| fund | ||||||||
| £ | ||||||||
| INCOME AND ENDOWMENTS FROM | ||||||||
| Donations and legacies | 133,955 | |||||||
| Other trading activities | 142,697 | |||||||
| Investment income | 68,459 | |||||||
| Total | 345,111 | |||||||
| EXPENDITURE ON | ||||||||
| Raising funds | 7,555 | |||||||
| Charitable activities | ||||||||
| Administrative costs | 43,826 | |||||||
| Finance costs | 7,287 |
Page 10
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Donations made Premises costs Repairs and maintenance costs Bursaries Depreciation Provisions and catering costs Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS COST At 1st January 2022 and 31st December 2022 DEPRECIATION At 1st January 2022 Charge for year At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
Land and Building Costs £ 3,655,917 882,982 52,749 935,731 2,720,186 2,772,935 |
Plant & machinery £ 13,212 8,216 1,249 9,465 3,747 4,996 |
Fixtures, fittings and equipment £ 65,308 64,062 312 64,374 934 1,246 |
Unrestricted fund £ 1,791 23,673 11,058 92,030 54,760 13,122 31,105 |
|
|---|---|---|---|---|---|
| 286,207 | |||||
| 58,904 2,596,128 |
|||||
| 2,655,032 | |||||
| Totals £ 3,734,437 955,260 54,310 1,009,570 2,724,867 2,779,177 |
|||||
11. TANGIBLE FIXED ASSETS
Depreciation has not be provided on the land amounting to £1,019,105 (2021- £1,019,105).
Page 11
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
12. HERITAGE ASSETS
| MARKET VALUE At 1st January 2022 and 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 The charity owns religious scrolls which have been stated at the original cost. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade debtors 148,000 Other debtors 22,102 Prepayments 14,228 184,330 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade creditors 13,479 Other creditors 4,317 17,796 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Other creditors 348,869 16. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due in more than five years: Repayable by instalments: Bank Of Ireland Loan 348,869 |
Total £ 19,900 19,900 19,900 2021 £ 122,306 - 16,097 |
Total £ 19,900 |
|---|---|---|
| 19,900 | ||
| 19,900 | ||
| 138,403 | ||
| 2021 £ 8,599 6,035 14,634 2021 £ 412,169 |
2021 £ 8,599 6,035 |
|
| 14,634 | ||
| 2021 £ 412,169 |
The Bank of Ireland has a first legal charge over the freehold property and its associated assets. In addition, guarantees have been given by members of the community in support of the loan.
Page 12
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
17. MOVEMENT IN FUNDS
| At 1/1/22 £ Unrestricted funds General fund 2,655,032 TOTAL FUNDS 2,655,032 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 374,280 TOTAL FUNDS 374,280 Comparatives for movement in funds At 1/1/21 £ Unrestricted funds General fund 2,596,128 TOTAL FUNDS 2,596,128 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 345,111 TOTAL FUNDS 345,111 |
Net movement in funds £ 53,477 53,477 Resources expended £ (320,803) (320,803) Net movement in funds £ 58,904 58,904 Resources expended £ (286,207) (286,207) |
At 31/12/22 £ 2,708,509 |
At 31/12/22 £ 2,708,509 |
|
|---|---|---|---|---|
| 2,708,509 | ||||
| Movement in funds £ 53,477 53,477 At 31/12/21 £ 2,655,032 |
||||
| 2,655,032 | ||||
| Movement in funds £ 58,904 58,904 |
||||
| 58,904 |
Page 13
OD YOSEF HAI YESHIVA COLLEGE FOR RABBINICAL STUDIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2022
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/21 £ 2,596,128 2,596,128 |
Net movement in funds £ 112,381 112,381 |
At 31/12/22 £ 2,708,509 |
|---|---|---|---|
| 2,708,509 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 719,391 719,391 |
Resources Movement expended in funds £ £ (607,010) 112,381 (607,010) 112,381 |
Resources Movement expended in funds £ £ (607,010) 112,381 (607,010) 112,381 |
|---|---|---|---|
| 112,381 |
18. RELATED PARTY DISCLOSURES
The charity receives rent from Nancy Reuben School, a registered charity of which one of the Trustee is connected. The amount receivable for the year under review was £42,000 ( 2021 : £42,000. No formal lease exist in respect of this arrangement at present .
Page 14