CHARITY REGISTRATION NUMBER: 312232 TREE OF LIFE TALMUDICAL COLLEGE UNAUDITED FINANCIAL STATEMENTS 31 DECEMBER2023 COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road London NWII OPU
TREE OF LIFE TALMUDICAL COLLEGE FIIYANCIAL STATEMENrs YEAR ENDED 31 DECEMBER 2023 PAGE Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements
TREE OF LIFE TALMUDICAL COLLEGE TRUSTEES, ANNUAL REPORT YEAR EIYDED 31 DECEMBER 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Charity registration number Principal olTice Tree of Life Talmudical Colleg¢ 312232 85 Bridge Lane London NWII OEE 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 NWI I OPU STRUCTURE. GOVERIYANCE AND MANAGEMENT The charity is an unincorporated charity registered with the Charity Commission (Registration No. 312232. The charity is governed by a declaration of trSt 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 cuffently 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 ethical character. 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 facilitatlng 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 ils premises has enhanced the quality of Torah study. Furtherniore, the college has continued to provide assistsnce 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 Tallnudic lectures in subjects which also attracted significant numbers of members of the community.
TREE OF LIFE TALMUDICAL COLLEGE TRUSTEES, ANNUAL REPORT ( eonilllued) YEAR ENDED 31 DECEMBER 2023 ftonil#itedJ The charity raises funds from individuals and other charitable organisations. Income is also received from its investment properties. The trustees confirni 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 £228,231 (2022: £206,099) 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 2023 are fully reflected in the attached financial statements together wilh the notes thereon. Reserve Pollcy It is the policy of the charity to maintain unreslricted funds, at a level which the trustees think appropriate, after considering the future commilments of the charity and the likely costs of the charity for the next year. As at 31 Dernber 2023 the charity has total funds of £1,624,471, 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 operatio8 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 vide for the facilitating of talmudic study and prayer. The trustees, annual repo was approved on 9 October 2024 and signed on behalf of the board of trustees by: RABBI S I FRESHWATER Trustee
TREE OF LIFE TALMUDICAL COLLEGE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TREE OF LIFE TALMUDICAL COLLEGE YEAR ENDED 31 DECEMBER 2023 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 2023. RESPONSIBILITIES AND BASIS OF REPORT As the truslees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Aci 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 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 confimi that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confinn 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 seclion 130 of the Act; or the financial statements do not accord with those records: or the financial statements do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounls and Reports) Regulations 2008 other than any requirement thal the accounts give a 'true and fair, view which is not a matter considered &$ part of an independent examination. 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 underslanding of the a¢counts io be reached. DA LDBERG FCA DCHA ependenl Examiner New Burlington House 1075 Finchley Road London NWII OPU
TREE OF LIFE TALMUDICAL COLLEGE STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 2023 Unrestricted funds Total funds Total funds 2022 Note INCOME AND ENDOWMENTS Donations Investment income 272.552 23,846 272,552 23,846 210.309 19.614 TOTAL INCOME 296,398 296,398 229,923 EXPENDITURE Expenditure on raising nds. Costs of raising donations Investment management costs Expenditure on charitable activities TOTAL EXPENDITURE (600) (600) (4,971) (2,218) (2,218) (7,792) (228,231) (228,231) (210,929) (231,049) (231,049) (223,692) Net income and net movement In funds 65,349 65,349 6,231 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 1,559,122 1,559,122 1,624,471 1,552,891 1,559,122 1,624,471 The statement of financial aclivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 12 forni part of th¢s¢ financial statements.
TREE OF LIFE TALMUDICAL COLLEGE STATEMENT OF FINANCIAL POSITION 31 DECEKBER 2023 2023 2022 Note FIXED ASSETS Tangible fixed assets Investments 15 16 16,914 1,446,500 16,914 1.446.5(X) 1,463,414 1,463,414 CURRENT ASSETS Debtors Cash at bank and in hand 17 27.970 137,887 11,342 89,166 165,857 100,508 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 18 (4,800) (4,800) 161,057 95,708 TOTAL ASSETS LESS CURRENT LIABILITIES 1,624,471 1,624,471 1,559,122 1.559,122 NET ASSETS FUNDS OF THE CHARITY Unrestricted funds 1.624.471 1,559,122 1,559,122 TOTAL CHARITY FUNDS 20 1,624,471 These financial statements were approved by the board of trustees and authorised for issue on 9 October 2024, and are signed on behalf of the board by: RABBI S I FRESH Trustee TER RABBI A WEISZ Trusfre The notes page5 6 10 12 form part of these fingncial 5ta¢emeDt&
TREE OF LIFE TALTrtUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 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, NW I I OEE. 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 Stalement 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. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on ihe historical cost basis. as modified by the revalualion 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 clwity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estiTnates and assumptions that affect the amount5 reported. These estimates and judgements are continually reviewed and are based on experience and other faclors, 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 valuatlon The valuation of the charity's investmeni 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 ac¢ounting Unrestricted funds are available for use at the discretion of the trustee5 to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or ommitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the ternis of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds.
TREE OF LIFE TALMUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS (eo IlnuÉd) YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (eomilftued) Incoming resources All income is included in the statement of financial artivities 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 evidenc¢ 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 fundrdising activities, events, noncharitable trading activities, and the sale of donaled 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 inilially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairnient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent arxumulated depreciation and subsequent accumulated impainnent 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 impainnent thal has previously been recognised as expenditure within the statement of financial activities. A decrease in the carryTng 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 me&sured at cost less impainnent. 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.
TREE OF LIFE TALMUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS (coftlinued) YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (colllinued) Investment property (colllinH¢d) Inveslment 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 inslruments 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 Iransaction, 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 subs4uently measured at the cash or other consideration expeded to k paid or received and not discounted. Debt instruments are subs4uently 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 conlribulions 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 presenl value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. DONATIONS Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 DONATIONS Donations 272,552 272.552 210,309 210,309 INVESTMENT INCOME Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from investment properties 23,846 23,846 19,614 19,614
TREE OF LIFE TALMUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS (con¢1nedJ YEAR ENDED 31 DECEMBER 2023 COSTS OF RAISING DONATIONS Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of raising donations 600 600 4,971 4,971 INVESTMENT MANAGEMENT COSTS Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Investment management costs 2,218 2.218 7,792 7,792 EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Provision of synagogue facilities for prayer, religious sludies and communal use Grants and scholarships Support cos15 12.890 210,540 4.801 12,890 210,540 4,801 5,545 200,554 4,830 5,545 200,554 4,830 228,231 228,231 210,929 210,929 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Provision of synagogue facilities for prayer, religious studies and communal use Grants and scholarships Governance Costs 12,890 210,540 12,890 210,540 4,801 5,545 200,554 4,830 4,801 223,430 4,801 228,231 210,929 10. ANALYSIS OF SUPPORT COSTS Accounlancy fees Totsl 2023 Total 2022 Governance costs 4.800 4.800 4,830
TREE OF LIFE TALMUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS (coMlih&ed) YEAR ENDED 31 DECEMBER 2023 11. ANALYSIS OF GRANTS 2023 2022 GRANTS TO INSTITUTIONS ETC Youth Ltd The Jewish Home Etz Chaim Shul Friends of Tiferes Ltd String of Pearls 21,150 i 0.000 5,500 4,500 2,500 500 43,650 500 GRANTS TO INDIVIDUALS Scholarships to individuals Total grants 166,890 200,054 200,554 210,540 12. INDEPENDENT EXAMINATION FEES 2023 2022 Fees payable to the independent examiner for: Independent examination of the financial stst¢ments 4.800 4.800 13. STAFF COSTS The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Employer contributions to pension plans 6,209 302 1,079 302 6,511 1,381 The average head count of employees during the year was 2 (2022: 2). No employee received employee benefits of more than £60,000 during the year (2022.. Nil). 14. TRUSTEE REMUNERATION AND EXPENSES No remuneration or other benefits from employment with the charity OT a related entity were received by the trtees. The charity did not meet any expenses incurred by the trustee for services provided to the charity (2022: £Nil) io
TREE OF LIFE TALMUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS {conÉ inued) YEAR ENDED 31 DECEMBER 2023 15. TANGIBLE FIXED ASSETS Freehold property Cost At l January 2023 and 31 December 2023 Carrying amount At 31 December 2023 16,914 16,914 16,914 At 31 December 2022 The trustees are of the opinion that the open market value of the pmiseS is at least equal to its catrying value in the accounts. I& I]YVESTMENTS Investment properties Cost or valuation At l January 2023 and 31 December 2023 Impairment At l January 2023 and 31 December 2023 Carrying amount At 31 December 2023 1,446,500 1,446,500 At 31 December 2022 1,446,500 All investments shown above are held at valuation. Investment propertles The investment properties are stated at trustees, valuation as at 31 December 2023, based on RICS qualified valuations carried out in 2019 and post balance sheet date. The historical cost of the investment properties at 31 December 2023 is £28,548. 17. DEBTORS 2023 2022 Trade debtors Other debtors 1.034 26.936 796 10,546 11,342 27,970 18. CREDITORS: amounts falling due within one year 2023 2022 Accruals and deferred income 4,8(M) 4,800
TREE OF LIFE TALMUDICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS (eonrfnued) YEAR ENDED 31 DECEMBER 2023 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 (2022: £302). 20. ANALYSIS OF CHARITABLE FUNDS Unrestricted fund5 At l January 2023 At 31 December 2023 Income Exi)enditure General funds ,559.122 296,398 (231,049) 1,624,471 At l January 2022 At 31 December 2022 Income Expenditure General funds 1,552,891 229,923 (223,692) 1,559,122 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assels Creditors less than l year Net gssets 16.914 1,446,5(Kl 165,857 (4,800) 1,624,471 16,914 1,446,500 165,857 (4,800) 1,624,471 Unrestricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than l year Net assets 16,914 1,446,500 100,508 (4,800) 1,559,122 16,914 1,446,500 100,508 (4,800) 1,559,122 22. RELATED PARTIES There were no related party transactions in the year under review. 12