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2021-03-31-accounts

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report and financial statements for the year ended 31 March 2021

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Contents

Page
Reference and administrative information 1
Trustees' report 2 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Cash flow statement 7
Notes to the financial statements 8 - 13

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Reference and administrative information

Trustees P Braun
A Friesel
A Steinmetz
Charity number 296915
Office 47 East Bank
London N16 5RJ
Independent examiner E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd
Chartered Accountants
First Floor
94 Stamford Hill
Bankers Santander UK plc
Bootle
Merseyside L30 4GB

Page 1

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report for the year ended 31 March 2021

The trustees present their annual report and financial statements for the year ended 31 March 2021.

Reference and administrative information

Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.

Constitution

The charity is constituted by Declaration of Trust dated 12 November 1986.

Organisation

The power to appoint new trustees is vested in the board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. The day to day running of the school is delegated to school administrators.

Objects for public benefit

The objects of the charity are to provide a place of worship, the provision of a school for the advancement of Orthodox Jewish religious education and grantmaking for the relief of poverty and the advancement of Orthodox Jewish religious education.

Fees are charged but those in financial hardship are given an allowance or are fully funded, according to circumstances. No child is refused education because of an inability to pay.

The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit and in particular the guidance on advancing education and fee charging.

Grantmaking policy

In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.

Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.

Review of activities and achievements

The trustees are extremely satisfied with the results for the year, especially in the Covid climate. Government funding made up for the drop in donations and overall, income was at a similar level to last year. The charity increased grantmaking to help famiilies suffering from the effects of Covid.

In excess of 200 pupils attend the school which has three departments for nursery, primary and secondary education in Stamford Hill, London N16.

The annual school intake is steadily increasing, reflecting the growth of the community which the trust serves. The school continues to invest in new textbooks and teaching aids so that educational materials are of the highest standard. A varied programme of school outings and activities are arranged for the pupils.The teaching staff and trustees are pleased with the achievements and standards attained. The trustees are grateful to the Hackney Learning Trust their grants. The charity also received Covid related Government grants

Reserve policy

The trustees do not seek to maintain reserves other than to ensure that they can continue the activities of the charity. Unrestricted reserves at the year end were £67,592 (2021 - £44,788) and restricted rserves £13,403 (2021 - £14,891).

Page 2

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report for the year ended 31 March 2021

Risk review

The trutees have identified and assessed the major risks to which the charity is exposed, in particular those of safety and protection of the vulnerable young adults whilst in the charity's care as well as the finances of the charity. The trustees are satisfied that systems are in place and routinely assessed including procedures for Child Protection, Health and Safety, Vulnerable Adults Policy and Financial Management and Controls

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.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 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 enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Account and Reports) Regulations 2008, and 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.

This report was approved by the trustees on 30 December 2002 and signed on their behalf by

A Friesel Trustee

Page 3

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Independent examiner's report to the trustees on the unaudited financial statements of TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

I report to the trustees on my examination of the financial statements of Toldos Yaakov Yosef Institutions Trust for the year ended 31 March 2021.

Respective responsibilities of trustees and examiner

As the charity trustees of the trust you are are responsible for the preparation of the finacial statements 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 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 member of The Insitute of Chatered 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:

  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

  3. the account do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities ( Account and Reports) Regulations 2008 other than any requirement that accounts give a 'true and fair view' which is not a matter considered as part of the independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention sholuld be drawn in this report in order to enable a proper understanding of the accounts to be reached.

E Meyer FCA BSc The Insitute of Chatered Accountants in England and Wales Sugarwhite Meyer Accountants Ltd Chartered Accountants First Floor 94 Stamford Hill London N16 6XS 30 January 2022

Page 4

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Statement of financial activities for the year ended 31 March 2021

Unrestricted
Restricted
funds
funds
Notes
£
£
Income
Donations
77,067
-
Goverment Grant
-
104,504
Grants for Nursery
130,771
29,182
Other grants
8,022
1,680
Charitable activities
483,095
-
Total income
698,955
135,366
Expenditure
Cost of raising funds
2
)
(12,991
-
Charitable activities
Grants
3
)
(111,630
-
School running expenses
4
)
(269,854
)
(68,427
Nursery running expenses
4
)
(281,678
)
(68,427
Total expenditure
)
(676,153
)
(136,854
Net income/(expenditure)
22,802
)
(1,488
Reconciliation of funds
Total funds brought forward
44,790
14,891
Total funds carried forward
67,592
13,403		 2021
Total
£
77,067
104,504
159,953
9,702
483,095
834,321
)
(12,991
)
(111,630
)
(338,281
)
(350,105
)
(813,007
21,314
59,681
80,995		 2020
Total
£
152,712
-
111,533
81,457
488,093
833,795
)
(23,190
)
(48,871
)
(404,962
)
(333,812
)
(810,835
22,960
36,720
59,680

The notes on pages 8 to 13 form an integral part of these financial statements.

Page 5

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Balance sheet as at 31 March 2021

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling
due within one year
10
Net current assets
Net assets
Funds of the charity
Unrestricted funds
Restricted funds
Total charity funds		 2021
£
58,674
4,203
62,877
)
(18,942		 £
37,060
43,935
80,995
67,592
13,403
80,995		 2020
£
63,028
10,192
73,220
)
(29,971		 £
16,430
43,249
59,679
44,788
14,891
59,679

The financial statements were approved by the trustees on 30 December 2002 and signed on their behalf by

A Friesel Trustee

The notes on pages 8 to 13 form an integral part of these financial statements.

Page 6

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Cash flow statement

for the year ended 31 March 2021

Cash generated from operations
Operating gain
Reconciliation to cash generated from operations:
Depreciation
Decrease in other debtors
(Decrease) in trade creditors
(Decrease) in other creditors
Cash from other sources
Proceeds from sales of tangible fixed assets
Application of cash
Purchase of tangible fixed assets
Net decrease in cash in the year
Cash at bank and in hand less
overdrafts at beginning of year
Cash at bank and in hand less
overdrafts at end of year
Consisting of:
Cash at bank and in hand
Overdrafts		 2021
£
21,315
7,365
4,354
)
(9,488
)
(1,772
1,390
)
(29,385		 £
21,774
1,390
)
(29,385
)
(6,221
10,192
3,971
4,202
)
(231
3,971		 2020
£
22,958
2,166
)
(28,726
9,433
)
(266
-
)
(840		 £
5,565
-
)
(840
4,725
5,467
10,192
10,192
-
10,192

Page 7

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2021

1. Accounting policies

1.1. Accounting convention

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with '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 (Charities SORP FRS 102 - effective 1 January 2019)' and the Charities Act 2011.

1.2. Income

Income received by way of donations is accounted for when received

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Income from charitable activities is included in the year in which it is receivable.

1.3. Expendture

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.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.4. Tangible fixed assets and depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 10% net book value Fixtures, fittings and equipment - 25% net book value Motor vehicles - 20% net book value

1.5. Going concern

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

Page 8

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2021

2.
Cost of raising donations
Advertising
Telephone
Travelling
Function
3.
Grants
Institutions - religious education
Institutions - poor and needy
Institutions - advancement of religion
Individuals - poor and needy
Instituional grants include the following:
Tchabe Kollel
Beis Trana
Others under £3,000		 2021
£
321
-
5,408
7,262
12,991
2021
£
5,725
-
17,939
87,966
111,630
5,000
3,350
15,314
23,664		 2020
£
7,618
4,126
5,171
6,275
23,190
2020
£
32,006
2,795
2,875
11,195
48,871

Page 9

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2021

4. Charitable activities

School
Nursery
£
£
Staff costs
120,772
120,772
Professional staff
29,986
39,542
Rent and rates
35,915
20,640
Insurance
8,092
5,125
Light and heat
2,505
2,505
Cleaning
8,659
8,659
Repairs and maintenance
35,809
42,454
Books toys and educational equipment
7,006
9,355
Motor expenses
10,125
10,125
Outings
13,937
24,739
Food and kitchenware
35,503
33,333
Legal and professional
8,256
10,636
Security
2,663
2,663
Profit disposal of asset
695
695
Depreciation
3,683
3,683
Support
13,355
13,859
Governance
1,320
1,320
338,281
350,105		 2021
£
241,544
69,528
56,555
13,217
5,010
17,318
78,263
16,361
20,250
38,676
68,836
18,892
5,326
1,390
7,366
27,214
2,640
688,386		 2020
£
238,929
93,696
66,702
28,909
8,808
4,938
57,953
15,452
17,090
18,444
79,724
2,940
78,457
-
2,166
21,866
2,700
738,774

5. Governance costs

Governance costs
Independent examiner's fee
Independent examiner's other fee		 2021
£
540
2,160
2,700		 2020
£
480
2,040
2,520

Page 10

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2021

6. Employees

Number of employees

Number of employees
The average monthly numbers of employees 2021 2020
during the year were: Number Number
Teachers 34 41
Office 2 2
Maintenance 2 2
38 45
Employment costs
2021 2020
£ £
Wages and salaries 241,544 238,292
Social security costs - 637
No employee received more than £60,000.

7. Trustees' emoluments

No trustee received remuneration, allowance for or reimbursement of expenses.

Page 11

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2021

Fixtures,
8.
Tangible fixed assets
Plant and
fittings and
machinery
equipment
£
£
Cost
At 1 April 2020
24,494
33,017
Additions
-
-
Disposals
-
-
At 31 March 2021
24,494
33,017
Depreciation
At 1 April 2020
9,604
32,867
On disposals
-
-
Charge for the year
1,488
-
At 31 March 2021
11,092
32,867
Net book values
At 31 March 2021
13,402
150
At 31 March 2020
14,890
150
9.
Debtors
Other debtors
10.
Creditors: amounts falling due
within one year
Bank overdraft
Trade creditors
Other taxes and social security costs
Other creditors
Accruals		 Motor
vehicles

£
2,640
29,385
)
(2,640
29,385
1,250
)
(1,250
5,877
5,877
23,508
1,390
2021
£
58,674
2021
£
231
13,655
1,503
-
3,553
18,942		 Total
£
60,151
29,385
)
(2,640
86,896
43,721
)
(1,250
7,365
49,836
37,060
16,430
2020
£
63,028
2020
£
-
23,143
1,608
2,000
3,220
29,971

Page 12

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2021

11. Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
£
£
Fund balances at 31 March 2021 as represented by:
Tangible fixed assets
23,657
13,403
Current assets
62,877
-
Current liabilities
)
(18,942
-
67,592
13,403		 Total
funds
£
37,060
62,877
)
(18,942
80,995

12. Related party transactions

There were no related party transactions for the year ended 31 March 2021.

Page 13