CHARITY REGISTRATION NUMBER: 312232
TREE OF LIFE TALMUDICAL COLLEGE UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER 2022
COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road London NW11 0PU
TREE OF LIFE TALMUDICAL COLLEGE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
TREE OF LIFE TALMUDICAL COLLEGE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Tree of Life Talmudical College Charity registration number 312232 Principal office 85 Bridge Lane London NW11 0EE THE TRUSTEES Rabbi S I Freshwater Mr D Rabson Rabbi A Weisz Independent Examiner David Goldberg FCA DChA New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is an unincorporated charity registered with the Charity Commission (Registration No. 312232. The charity is governed by a declaration of trust dated 13 July 1913, as amended on 18 January 1970.
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training procedures.
OBJECTIVES AND ACTIVITIES
The charity is established to teach its pupils the written & oral Torah (Jewish faith) & to inspire them with pious instincts.
The trustees established a synagogue at 83 Bridge Lane providing facilities for prayer, religious studies and communal activities.
The Tree of Life College (also known as Etz Chaim Yeshiva) has, during the year, continued to carry out its charitable objects (as it has done since 1903) by facilitating Talmudic study at its premises and providing a library and religious appurtenances for that purpose. In addition, the presence of scholars of Talmudic distinction in its premises has enhanced the quality of Torah study. Furthermore, the college has continued to provide assistance to students of Talmud by way of scholarships. The college, its library and synagogue (services of which are open to the public) have continued to operate throughout the day and late into the evening and continue to be utilised by persons interested in the use of its facilities for the study of Talmud. Students have, during the year, taken part in programmes of Talmudic lectures in subjects which also attracted significant numbers of members of the community.
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TREE OF LIFE TALMUDICAL COLLEGE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 DECEMBER 2022
The charity raises funds from individuals and other charitable organisations. Income is also received from its investment properties.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
ACHIEVEMENTS AND PERFORMANCE
During the year, the charity continued its charitable activities in support of its objects and has reported expenditure of £206,099 (2021: £283,424) providing for Talmudical study at its premises and scholarships to students.
FINANCIAL REVIEW
The financial results of the charity's activities for the year 31 December 2022 are fully reflected in the attached financial statements together with the notes thereon.
Reserve Policy
It is the policy of the charity to maintain unrestricted funds, at a level which the trustees think appropriate, after considering the future commitments of the charity and the likely costs of the charity for the next year.
As at 31 December 2022 the charity has total funds of £1,559,122, all of which are free reserves.
Investment Policy
The charity has the power to make any investment, which the trustees consider appropriate. The trustees regularly review the charity's position and needs in respect of the investment policy.
Principal risks and uncertainties
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity and are satisfied that systems are in place to manage those risks.
PLANS FOR FUTURE PERIODS
The trustees plan to continue to provide for the facilitating of Talmudic study and prayer.
The trustees' annual report was approved on 21 June 2023 and signed on behalf of the board of trustees by:
RABBI S I FRESHWATER
Trustee
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TREE OF LIFE TALMUDICAL COLLEGE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TREE OF LIFE TALMUDICAL COLLEGE
YEAR ENDED 31 DECEMBER 2022
I report to the trustees on my examination of the financial statements of Tree of Life Talmudical College ('the charity') for the year ended 31 December 2022.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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
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 charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
DAVID GOLDBERG FCA DCHA
Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU
21 June 2023
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TREE OF LIFE TALMUDICAL COLLEGE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations | 4 | 210,309 | 210,309 | 117,773 |
| Investment income | 5 | 19,614 | 19,614 | 20,294 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 229,923 | 229,923 | 138,067 | |
| ===================================== | ===================================== | ===================================== | ||
| EXPENDITURE | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations | 6 | (4,971) | (4,971) | (300) |
| Investment management costs | 7 | (7,792) | (7,792) | (4,645) |
| Expenditure on charitable activities | 8,9 | (210,929) | (210,929) | (288,229) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL EXPENDITURE | (223,692) | (223,692) | (293,174) | |
| ===================================== | ===================================== | ===================================== | ||
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| NET INCOME/(EXPENDITURE) AND NET | ||||
| MOVEMENT IN FUNDS | 6,231 | 6,231 | (155,107) | |
| ===================================== | ===================================== | ===================================== | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 1,552,891 | 1,552,891 | 1,707,998 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 1,559,122 | 1,559,122 | 1,552,891 | |
| =============================================== | =============================================== | =============================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 13 form part of these financial statements.
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TREE OF LIFE TALMUDICAL COLLEGE
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 15 | 16,914 | 16,914 | ||
| Investments | 16 | 1,446,500 | 1,446,500 | ||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| 1,463,414 | 1,463,414 | ||||
| CURRENT ASSETS | |||||
| Debtors | 17 | 11,342 | 178 | ||
| Cash at bank and in hand | 89,166 | 101,626 | |||
| ------------------------------------- | ------------------------------------- | ||||
| 100,508 | 101,804 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 18 | (4,800) | (12,327) | ||
| ------------------------------------- | ------------------------------------- | ||||
| NET CURRENT ASSETS | 95,708 | 89,477 | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 1,559,122 | 1,552,891 | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| NET ASSETS | 1,559,122 | 1,552,891 | |||
| =============================================== | =============================================== | ||||
| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 1,559,122 | 1,552,891 | |||
| ----------------------------------------------- | ----------------------------------------------- | ||||
| TOTAL CHARITY FUNDS | 20 | 1,559,122 | 1,552,891 | ||
| =============================================== | =============================================== |
These financial statements were approved by the board of trustees and authorised for issue on 21 June 2023, and are signed on behalf of the board by:
RABBI S I FRESHWATER Trustee
RABBI A WEISZ Trustee
The notes on pages 6 to 13 form part of these financial statements.
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 85 Bridge Lane, London, NW11 0EE.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
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.
Judgements made by the trustees in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:
Property valuation
The valuation of the charity's investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for future projects or commitments.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
3. ACCOUNTING POLICIES (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
3. ACCOUNTING POLICIES (continued)
Investment property (continued)
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. DONATIONS
| DONATIONS | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 210,309 | 210,309 | 117,773 | 117,773 |
| ===================================== | ===================================== | ===================================== | ===================================== |
5. INVESTMENT INCOME
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Income from investment properties | 19,614 | 19,614 | 20,293 | 20,293 |
| Bank interest receivable | – | – | 1 | 1 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 19,614 | 19,614 | 20,294 | 20,294 | |
| =============================== | =============================== | =============================== | =============================== |
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
6. COSTS OF RAISING DONATIONS
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 |
Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations | 4,971 | 4,971 |
300 | 300 | |
| ========================== | ========================== | ================ | ================ | ||
| 7. | INVESTMENT MANAGEMENT COSTS | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2022 |
Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Investment management costs | 7,792 | 7,792 |
4,645 | 4,645 | |
| ========================== | ========================== | ========================== | ========================== | ||
| 8. | EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2022 |
Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Provision of synagogue facilities for | |||||
| prayer, religious studies and | |||||
| communal use | 5,545 | 5,545 |
48,508 | 48,508 | |
| Grants and scholarships | 200,554 | 200,554 |
234,916 | 234,916 | |
| Support costs | 4,830 | 4,830 |
4,805 | 4,805 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| 210,929 | 210,929 |
288,229 | 288,229 | ||
| ===================================== | ===================================== | ===================================== | ===================================== | ||
| 9. | EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE | ||||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Provision of synagogue facilities for | |||||
| prayer, religious studies and | |||||
| communal use | 5,545 | – |
5,545 | 48,508 | |
| Grants and scholarships | 200,554 | – |
200,554 | 234,916 | |
| Governance costs | – | 4,830 |
4,830 | 4,805 | |
| ------------------------------------- | -------------------------- | ------------------------------------- | ------------------------------------- | ||
| 206,099 | 4,830 |
210,929 | 288,229 | ||
| ===================================== | ========================== | ===================================== | ===================================== | ||
| 10. | ANALYSIS OF SUPPORT COSTS | ||||
| Accountancy | |||||
| fees | Bank charges | Total 2022 | Total 2021 | ||
| £ | £ | £ | £ | ||
| Governance costs | 4,800 | 30 |
4,830 | – | |
| ========================== | ================ | ========================== | ================ |
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
11. ANALYSIS OF GRANTS
| 11. | ANALYSIS OF GRANTS | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| GRANTS TO INSTITUTIONS | |||
| Grants to Etz Chaim Shul | 500 | 67,020 |
|
| Grants to Jewish Home | – | 15,000 |
|
| ---------------- | ------------------------------- | ||
| 500 | 82,020 |
||
| GRANTS TO INDIVIDUALS | |||
| Scholarships to individuals | 200,054 | 152,896 |
|
| ------------------------------------- | ------------------------------------- | ||
| Total grants | 200,554 | 234,916 |
|
| ===================================== | ===================================== | ||
| 12. | INDEPENDENT EXAMINATION FEES | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 4,800 | 4,800 |
|
| ========================== | ========================== | ||
| 13. | STAFF COSTS | ||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Wages and salaries | 1,079 | 24,000 |
|
| Social security costs | – | (23) |
|
| Employer contributions to pension plans | 302 | 389 |
|
| -------------------------- | ------------------------------- | ||
| 1,381 | 24,366 |
||
| ========================== | =============================== |
The average head count of employees during the year was 2 (2021: 2).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
14. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any expenses incurred by the trustee for services provided to the charity (2021: £Nil)
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
15. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Freehold | |
| property | |
| £ | |
| Cost | |
| At 1 January 2022 and 31 December 2022 | 16,914 |
| =============================== | |
| Carrying amount | |
| At 31 December 2022 | 16,914 |
| =============================== | |
| At 31 December 2021 | 16,914 |
| =============================== |
The trustees are of the opinion that the open market value of the premises is at least equal to its carrying value in the accounts.
16. INVESTMENTS
| INVESTMENTS | |
|---|---|
| Investment | |
| properties | |
| £ | |
| Cost or valuation | |
| At 1 January 2022 and 31 December 2022 | 1,446,500 |
| =============================================== | |
| Impairment | |
| At 1 January 2022 and 31 December 2022 | |
| Carrying amount | |
| At 31 December 2022 | 1,446,500 |
| =============================================== | |
| At 31 December 2021 | 1,446,500 |
| =============================================== |
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at trustees' valuation as at 31 December 2022, based on RICS qualified valuations carried out in 2019 and post balance sheet date.
The historical cost of the investment properties at 31 December 2022 is £28,548.
17. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trade debtors | 796 | – |
| Other debtors | 10,546 | 178 |
| ------------------------------- | ---------------- | |
| 11,342 | 178 | |
| =============================== | ================ |
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
18. CREDITORS: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 4,800 | 9,600 |
| Social security and other taxes | – | 1,877 |
| Other creditors | – | 850 |
| -------------------------- | ------------------------------- | |
| 4,800 | 12,327 | |
| ========================== | =============================== |
19. PENSIONS AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £302 (2021: £389).
20. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| At | At | |||
|---|---|---|---|---|
| 1 January | 31 December | |||
| 2022 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| General funds | 1,552,891 | 229,923 | (223,692) | 1,559,122 |
| =============================================== | ===================================== | ===================================== | =============================================== | |
| At | At | |||
| 1 January | 31 December | |||
| 2021 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| General funds | 1,707,998 | 138,067 | (293,174) | 1,552,891 |
| =============================================== | ===================================== | ===================================== | =============================================== |
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Tangible fixed assets | 16,914 | 16,914 |
| Investments | 1,446,500 | 1,446,500 |
| Current assets | 100,508 | 100,508 |
| Creditors less than 1 year | (4,800) | (4,800) |
| ----------------------------------------------- | ----------------------------------------------- | |
| Net assets | 1,559,122 | 1,559,122 |
| =============================================== | =============================================== | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 16,914 | 16,914 |
| Investments | 1,446,500 | 1,446,500 |
| Current assets | 101,804 | 101,804 |
| Creditors less than 1 year | (12,327) | (12,327) |
| ----------------------------------------------- | ----------------------------------------------- | |
| Net assets | 1,552,891 | 1,552,891 |
| =============================================== | =============================================== |
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TREE OF LIFE TALMUDICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
22. RELATED PARTIES
There were no related party transactions in the year under review.
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