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2023-03-31-accounts

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report and financial statements for the year ended 31 March 2023

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 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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 pleased with the results for the year. Income was at a similar level to last year although there was an increase in expenditure. The school started a breakfast club to ensure children are given a good start to the day and improve schoolwork.

There are about 150 pupils who 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 £63,773 (2021 - £109,482).

Page 2

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Trustees' report for the year ended 31 March 2023

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 January 2024 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 (the Trust) for the year ended 31 March 2023.

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 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

Sugarwhite Meyer Accountants Ltd Chartered Accountants First Floor 94 Stamford Hill London N16 6XS 30 January 2024

Page 4

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Statement of financial activities for the year ended 31 March 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
Income
Donations
70,845
-
Goverment Grant
-
-
Grants for Nursery
239,449
44,820
Other grants
-
-
Charitable activities
559,748
-
Total income
870,042
44,820
Expenditure
Cost of raising funds
2
)
(12,036
-
Charitable activities
Grants
3
)
(160,490
-
School running expenses
4
)
(355,949
)
(44,820
Nursery running expenses
4
)
(387,276
-
Total expenditure
)
(915,751
)
(44,820
Net (expenditure)/income
)
(45,709
-
Reconciliation of funds
Total funds brought forward
109,482
-
Total funds carried forward
63,773
-		 2023
Total
£
70,845
-
284,269
-
559,748
914,862
)
(12,036
)
(160,490
)
(400,769
)
(387,276
)
(960,571
)
(45,709
109,482
63,773		 2022
Total
£
62,547
-
287,775
40,984
555,864
947,170
)
(30,589
)
(105,774
)
(473,463
)
(308,857
)
(918,683
28,487
80,995
109,482

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 2023

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
Total charity funds		 2023
£
79,155
3,073
82,228
)
(44,357		 £
25,902
37,871
63,773
63,773
63,773		 2022
£
81,520
11,300
92,820
)
(14,356		 £
31,018
78,464
109,482
109,482
109,482

The financial statements were approved by the trustees on 30 January 2024 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 2023

Cash generated from operations
Operating (deficit)/gain
Reconciliation to cash generated from operations:
Depreciation
Decrease in other debtors
Increase in trade creditors
(Decrease) in other creditors
Cash from other sources
Proceeds from sales 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		 2023
£
)
(45,706
4,966
2,365
1,882
)
(457
150		 £
)
(36,950
150
)
(36,800
11,299
)
(25,501
3,075
)
(28,576
)
(25,501		 2022
£
28,485
6,042
)
(22,846
)
(3,682
)
(673
-		 £
7,326
-
7,326
3,972
11,298
11,299
-
11,299

Page 7

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2023

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.

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. 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.

1.6. 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 2023

2.
Cost of raising donations
Advertising
Travelling
Function
3.
Grants
Institutions - religious education
Institutions - poor and needy
Institutions - advancement of religion
Individuals - poor and needy
Institutional grants include the following:
Congregation Sdei Yaakov
Others under £3,500		 2023
£
3,078
5,878
3,080
12,036
2023
£
23,153
5,245
4,586
127,506
160,490
9,795
23,189
32,984		 2022
£
12,214
6,797
11,578
30,589
2022
£
33,968
-
-
71,806
105,774

Page 9

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2023

4. Charitable activities

School
Nursery
£
£
Staff costs
127,350
127,350
Professional staff
71,539
59,718
Rent and rates
38,517
43,398
Insurance
7,395
-
Light and heat
4,923
4,923
Cleaning
11,368
11,368
Repairs and maintenance
31,162
29,317
Books games and educational equipment
9,381
11,760
Motor expenses
14,178
14,178
Outings
15,574
23,111
Food and kitchenware
46,092
37,692
Legal and professional
2,268
2,268
Security
208
208
Depreciation
2,558
2,558
Support
16,906
18,077
Governance
1,350
1,350
400,769
387,276		 2023
£
254,700
131,257
81,915
7,395
9,846
22,736
60,479
21,141
28,356
38,685
83,784
4,536
416
5,116
34,983
2,700
788,045		 2022
£
244,502
90,105
78,571
18,183
10,818
18,070
74,389
25,910
22,780
47,253
80,804
25,638
-
6,042
36,376
2,880
782,321

5. Governance costs

Governance costs
Independent examiner's fee
Independent examiner's other fee		 2023
£
540
2,160
2,700		 2022
£
600
2,880
3,480

Page 10

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2023

6. Employees

Number of employees

Number of employees
The average monthly numbers of employees 2023 2022
during the year were: Number Number
Teachers 36 35
Office 2 2
Maintenance 2 2
40 39
Employment costs
2023 2022
£ £
Wages and salaries 254,700 244,502

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 2022 24,494 33,017 29,385 86,896
At 31 March 2023 24,494 33,017 29,385 86,896
Depreciation
At 1 April 2022 12,433 32,867 10,578 55,878
On disposals - 150 - 150
Charge for the year 1,206 - 3,760 4,966
At 31 March 2023 13,639 33,017 14,338 60,994
Net book values
At 31 March 2023 10,855 - 15,047 25,902
At 31 March 2022 12,061 150 18,807 31,018

8. Tangible fixed assets

Page 11

TOLDOS YAAKOV YOSEF INSTITUTIONS TRUST

Notes to the financial statements for the year ended 31 March 2023

9.
Debtors
Other debtors
10.
Creditors: amounts falling due
within one year
Bank overdraft
Trade creditors
Other taxes and social security costs
Accruals		 2023
£
79,155
2023
£
28,576
11,855
1,226
2,700
44,357		 2022
£
81,520
2022
£
-
9,973
1,503
2,880
14,356

11. Related party transactions

There were no related party transactions for the year ended 31 March 2023.

Page 12