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2022-03-31-accounts

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report and financial statements for the year ended 31 March 2022

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 - 12

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 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

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 families 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 £109,482 (2021 - £67,592) and restricted reserves £Nil (2021 - £13,403).

Page 2

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report for the year ended 31 March 2022

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 31 January 2023 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 2022.

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 31 January 2023

Page 4

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Statement of financial activities for the year ended 31 March 2022

Unrestricted
Restricted
funds
funds
Notes
£
£
Income
Donations
62,547
-
Goverment Grant
-
-
Grants for Nursery
260,838
26,938
Other grants
40,984
-
Charitable activities
555,864
-
Total income
920,233
26,938
Expenditure
Cost of raising funds
2
)
(30,589
-
Charitable activities
Grants
3
)
(105,774
-
School running expenses
4
)
(459,995
)
(13,469
Nursery running expenses
4
)
(295,388
)
(13,469
Total expenditure
)
(891,746
)
(26,938
Transfers between funds
13,403
)
(13,403
Net income/(expenditure)
41,890
)
(13,403
Reconciliation of funds
Total funds brought forward
67,592
13,403
Total funds carried forward
109,482
-		 2022
Total
£
62,547
-
287,776
40,984
555,864
947,171
)
(30,589
)
(105,774
)
(473,464
)
(308,857
)
(918,684
-
28,487
80,995
109,482		 2021
Total
£
77,068
104,504
159,953
9,702
483,095
834,322
)
(12,991
)
(111,630
)
(338,281
)
(350,105
)
(813,007
-
21,315
59,680
80,995

The notes on pages 8 to 12 form an integral part of these financial statements.

Page 5

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Balance sheet as at 31 March 2022

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		 2022
£
81,520
11,300
92,820
)
(14,356		 £
31,018
78,464
109,482
109,482
-
109,482		 2021
£
58,674
4,203
62,877
)
(18,942		 £
37,060
43,935
80,995
67,592
13,403
80,995

The financial statements were approved by the trustees on 31 January 2023 and signed on their behalf by

A Friesel Trustee

The notes on pages 8 to 12 form an integral part of these financial statements.

Page 6

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Cash flow statement

for the year ended 31 March 2022

Cash generated from operations
Operating gain
Reconciliation to cash generated from operations:
Depreciation
(Increase) 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 increase 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		 2022
£
28,487
6,042
)
(22,846
)
(3,682
)
(673
-
-		 £
7,328
-
-
7,328
3,971
11,299
11,299
-
11,299		 2021
£
21,313
7,365
4,354
)
(9,488
)
(1,772
1,390
)
(29,385		 £
21,772
1,390
)
(29,385
)
(6,223
10,193
3,970
4,202
)
(231
3,971

Page 7

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2022

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 2022

2.
Cost of raising donations
Advertising
Travelling
Function
3.
Grants
Institutions - religious education
Institutions - advancement of religion
Individuals - poor and needy
Institutional grants include the following:
Congregation Sdei Yaakov
Bnos Zion D'Bobov
Others under £3,000		 2022
£
12,214
6,797
11,578
30,589
2022
£
33,968
-
71,806
105,774
9,555
5,800
18,613
33,968		 2021
£
321
5,408
7,262
12,991
2021
£
5,725
17,939
87,966
111,630

Page 9

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2022

4. Charitable activities

School
Nursery
£
£
Staff costs
146,701
97,801
Professional staff
52,269
37,836
Rent and rates
48,745
21,315
Insurance
18,183
35,261
Light and heat
6,401
4,417
Cleaning
10,842
7,228
Repairs and maintenance
45,478
28,911
Books games and educational equipment
15,546
10,364
Motor expenses
13,668
9,112
Outings
25,581
21,672
Food and kitchenware
48,397
5,656
Legal and professional
15,383
10,255
Security
-
-
Profit disposal of asset
-
-
Depreciation
3,021
3,021
Support
21,808
14,568
Governance
1,440
1,440
473,463
308,857		 2022
£
244,502
90,105
70,060
53,444
10,818
18,070
74,389
25,910
22,780
47,253
54,053
25,638
-
-
6,042
36,376
2,880
782,320		 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

5. Governance costs

Governance costs
Independent examiner's fee
Independent examiner's other fee		 2022
£
600
2,280
2,880		 2021
£
540
2,160
2,700

Page 10

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2022

6. Employees

Number of employees

The average monthly numbers of employees 2022 2021
during the year were: Number Number
Teachers 35 34
Office 2 2
Maintenance 2 2
39 38
Employment costs
2022 2021
£ £
Wages and salaries 244,502 241,544

No employee received more than £60,000.

7. Trustees' emoluments

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

Fixtures,
Tangible fixed assets Plant and fittings and Motor
machinery equipment vehicles Total
£ £ £ £
Cost
At 1 April 2021 24,494 33,017 29,385 86,896
At 31 March 2022 24,494 33,017 29,385 86,896
Depreciation
At 1 April 2021 11,092 32,867 5,877 49,836
Charge for the year 1,341 - 4,701 6,042
At 31 March 2022 12,433 32,867 10,578 55,878
Net book values
At 31 March 2022 12,061 150 18,807 31,018
At 31 March 2021 13,402 150 23,508 37,060

8. Tangible fixed assets

Page 11

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2022

9.
Debtors
Other debtors
10.
Creditors: amounts falling due
within one year
Bank overdraft
Trade creditors
Other taxes and social security costs
Accruals		 2022
£
81,520
2022
£
-
9,973
1,503
2,880
14,356		 2021
£
58,674
2021
£
231
13,655
1,503
3,553
18,942

11. Related party transactions

There were no related party transactions for the year ended 31 March 2022.

Page 12