Beth Jacob Teachers Seminary
Trustees' Report and Unaudited Accounts
31 August 2022
Beth Jacob Teachers Seminary Contents
||Pages|
|---|---|
|Trustees'AnnualReport|1 to 2|
|IndependentExaminer'sReport|3|
|Statement of FinancialActivities|4|
|BalanceSheet|5|
|Notesto the Accounts|6 to 13|
|DetailedStatement of FinancialActivities|14 to 15|
Page 1
Beth Jacob Teachers Seminary Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 August 2022.
## REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 312913
Principal Office
196-198 Lordship Road
London
N16 5ES
Trustees
The following trustees served during the year:
Y.M. Cohen
B. Dunner
L. Orzel
Accountants
S J Sheldon Ltd
20 Clarence Road
Hale
Cheshire
WA15 8SG
## OBJECTIVES AND ACTIVITIES
The charity was established over 60 years ago in order to provide training and general Jewish ethical and moral education to girls of the Orthodox Jewish faith. It has an intake from both the UK and abroad and caters for students both during the day and for after hours activities.
The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
## ACHIEVEMENTS AND PERFORMANCE
The charity continues to meet its objectives. The educational achievements during the period were satisfactory.
## FINANCIAL REVIEW
During the period, the charity's incoming resources exceeded the outgoing resources. The trustees are satisfied with the results for the period.
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
Page 2
Beth Jacob Teachers Seminary Trustees Annual Report
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
## PLANS FOR FUTURE PERIODS
There are no current plans to change the activities and modus operandi in the foreseeable future.
## STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
It is not the intension 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 charity trustees are actively involved in its affairs on a regular basis. It also has rabbinical advisors as well as both full and part time teaching staff.
## Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
B. Dunner Trustee
29 June 2023
Page 3
Independent Examiners Report
## Beth Jacob Teachers Seminary
Independent Examiner's Report to the trustees of Beth Jacob Teachers Seminary
I report to the trustees on my examination of the financial statements of Beth Jacob Teachers Seminary for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
## Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
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 can 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:
- the accounting records were not kept in respect of the charity as required by section 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 form and content of the financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Simon Sheldon
Institute of Financial Accountants
S J Sheldon Ltd
20 Clarence Road
Hale
Cheshire
WA15 8SG
29 June 2023
Page 4
Beth Jacob Teachers Seminary Statement of Financial Activities
## for the year ended 31 August 2022
|for the year ended 31 August 2022|||||
|---|---|---|---|---|
|Notes
Income and endowments
from:
Donationsandlegacies
3
Other
4
Total
Expenditure on:
Charitableactivities
5
Other
6
Total
Netgainsoninvestments
Netincome
7
Transfersbetweenfunds
Netincome before other
gains/(losses)
Othergainsandlosses
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward||Unrestricted
funds|Totalfunds|Totalfunds|
|||2022|2022|2021|
|||£|£|£|
||||||
|||796|796|12,240|
|||32,740|32,740|30,222|
|||33,536|33,536|42,462|
||||||
|||6,067|6,067|8,237|
|||2,550|2,550|13,734|
|||8,617|8,617|21,971|
|||-|-|-|
|||24,919|24,919|20,491|
|||-|-|-|
|||24,919|24,919|20,491|
||||||
|||24,919|24,919|20,491|
||||||
|||542,153|542,153|521,662|
|||567,072|567,072|542,153|
||||||
||||||
||||||
Page 5
Beth Jacob Teachers Seminary Balance Sheet
at 31 August 2022
|at 31 August 2022|||
|---|---|---|
|Charity No.312913
Fixed assets
Tangibleassets
9
Investments
10
Current assets
Debtors
11
Cashat bankandin hand
Creditors: Amountfallingdue within one year
12
Netcurrent assets/(liabilities)
Totalassets lesscurrentliabilities
Creditors: Amountsfallingdueafter more than one year
13
Net assetsexcludingpension asset orliability
Totalnet assets
Thefundsofthecharity
Restrictedfunds
14
Unrestrictedfunds
14
Generalfunds
Reserves
14
Totalfunds|2022
£
1,651
1,313,021
1,314,672
1,575
2,860
4,435
-
4,435
1,319,107
(752,035)
567,072
567,072
567,072
567,072
567,072|2021
£
2,201
850,000|
|||852,201
1,575
2,967|
|||4,542
(31,002)|
|||(26,460)
825,741
(283,588)|
|||542,153|
|||542,153|
|||542,153|
|||542,153|
|||542,153|
Approved by the trustees on 29 June 2023
And signed on their behalf by:
B. Dunner Trustee 29 June 2023
Page 6
Beth Jacob Teachers Seminary Notes to the Accounts
for the year ended 31 August 2022
- 1 Accounting policies
## Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## Fund accounting
- Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
- Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
- Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
## Income
- Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
- Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
Beth Jacob Teachers Seminary Notes to the Accounts
## Expenditure
- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
- Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
## Taxation
The charity is exempt from tax on its charitable activities.
## Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
## Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
## Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 8
Beth Jacob Teachers Seminary Notes to the Accounts
2 Statement of Financial Activities - prior year
|2
Statement ofFinancialActivities-prior year||||
|---|---|---|---|
|Income and endowmentsfrom:
Donationsandlegacies
Other
Total
Expenditure on:
Charitableactivities
Other
Total
Netincome
Netincome before other
gains/(losses)
Othergainsandlosses:
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward
3
Incomefrom donationsandlegacies
Donations
4
Otherincome
Rentsreceived|Unrestricted
£
796
796
Unrestricted
£
32,740
32,740|Unrestricted
funds
2021
£
12,240
30,222
42,462
8,237
13,734
21,971
20,491
20,491
20,491
521,662
542,153
Total
2022
£
796
796
Total
2022
£
32,740
32,740|Totalfunds
2021
£
12,240
30,222|
||||42,462
8,237
13,734|
||||21,971|
||||20,491|
||||20,491|
||||20,491
521,662|
||||542,153|
||||Total
2021
£
12,240|
||||12,240|
||||Total
2021
£
30,222|
||||30,222|
Page 9
Beth Jacob Teachers Seminary Notes to the Accounts
5 Expenditure on charitable activities
|5
Expenditure oncharitable activities||||
|---|---|---|---|
|Governancecosts
Professionalfees
Accountancyandlegalfees
Mortgageinterest
Bankcharges
6
Other expenditure
Grantstoinstitutions
Amortisation,depreciation,
impairment,profit/losson
disposalof fixedassets
7
Netincome before transfers
Thisis statedaftercharging:
Depreciation ofownedfixedassets
8
Staffcosts
No employee received emolumentsin excessof£60,000.
9
Tangiblefixed assets
Cost or revaluation
At 1September 2021
At 31 August 2022
Depreciation and
impairment
At 1September 2021
Depreciationchargefor the
year
At 31 August 2022
Net bookvalues
At 31 August 2022
At 31 August 2021|Unrestricted
£
-
-
6,048
19
6,067
Unrestricted
£
2,000
550
2,550
2022
£
550|Total
2022
£
-
-
6,048
19
6,067
Total
2022
£
2,000
550
2,550
£
39,469
39,469
37,268
550
37,818
1,651
2,201|Total
2021
£
2,481
780
4,964
12|
||||8,237|
||||Total
2021
£
13,000
734|
||||13,734|
||||2021
£
734
£
39,469|
||||39,469|
||||37,268
550|
||||37,818|
||||1,651|
||||2,201|
Page 10
Beth Jacob Teachers Seminary Notes to the Accounts
10 Investments
|10 Investments||||
|---|---|---|---|
|Cost or revaluation
At 1September 2021
Additions
At 31 August 2022
Net bookvalues
At 31 August 2022
At 31 August 2021
11 Debtors
Other debtors
12 Creditors:
amountsfallingdue within one year
Bankloansand overdrafts
Othercreditors
13 Creditors:
amountsfallingdueafter more than one year
Bankloansand overdrafts
Otherloans
14 Movementinfunds
At 1
September
2021
Restrictedfunds:
Unrestrictedfunds:
Generalfunds
542,153
Totalfunds
542,153|2022
£
1,575
1,575
2022
£
-
-
-
2022
£
290,373
461,662
752,035
Incoming
resources
(including
other
gains/losses
)
£
33,536
33,536|Freehold
Investment
Property
£
850,000
463,021
1,313,021
1,313,021
850,000
Resources
expended
£
(8,617)
(8,617)|Total
£
850,000
463,021|
||||1,313,021|
||||1,313,021|
||||850,000|
||||2021
£
1,575|
||||1,575|
||||2021
£
30,222
780|
||||31,002|
||||2021
£
283,588
-|
||||283,588|
||||At 31
August
2022
£
567,072|
||||567,072|
Page 11
Beth Jacob Teachers Seminary Notes to the Accounts
## 15 Analysis of net assets between funds
|15 Analysisofnet assetsbetweenfunds||||
|---|---|---|---|
|Fixedassets
Investments
Netcurrentassets
Creditorsduein more than one yearand
provisions
16 Reconciliation ofnet debt
Cashandcash equivalents
Borrowings
Bankloans
Net debt|At 1
September
2021
£|Unrestricted
funds
£
1,651|Total
£
1,651|
|||1,313,021|1,313,021|
|||4,435
(752,035)
567,072
Cashflows
£|4,435
(752,035)|
||||567,072|
||||At 31
August
2022
£|
||2,967|(107)|2,860|
||2,967
-
(313,810)|(107)|2,860
(461,662)
(290,373)|
|||(461,662)||
|||23,437||
||(313,810)
(310,843)|(438,225)
(438,332)|(752,035)|
||||(749,175)|
|||||
Page 12
Beth Jacob Teachers Seminary Statement of Cash flows
for the year ended 31 August 2022
|Cashflowsfrom operatingactivities
Netincome perStatement ofFinancialActivities
Adjustmentsfor:
Depreciation ofproperty,plantand equipment
Dividends,interestand rentsfrominvestments
Increasein tradeand other receivables
(Decrease)/Increasein tradeand other payables
Netcash usedin operatingactivities
Cashflowsfrominvestingactivities
Paymentsforinvestments
Dividends,interestand rentsfrominvestments
Netcash(usedin)/frominvestingactivities
Cashflowsfromfinancingactivities
Repayment ofborrowings
Netcashfromfinancingactivities
Net(decrease)/increaseincash andcash equivalents
Cash andcash equivalentsat the beginningofthe year
Cash andcash equivalentsat the end ofthe year|2022
£
24,919
550
(32,740)
-
(780)
(8,051)
(463,021)
32,740
(430,281)
438,225
438,225
(107)
2,967
2,860|2021
£
20,491
734
(30,222)
(1,575)
780|
|---|---|---|
|||(9,792)
-
30,222|
|||30,222|
|||313,810|
|||313,810|
||||
|||334,240|
|||-|
|||334,240|
||||
|Componentsofcash andcash equivalents|||
|Cashand bankbalances|2,860|2,967|
||||
||2,860|2,967|
Page 13
Beth Jacob Teachers Seminary Detailed Statement of Financial Activities
## for the year ended 31 August 2022
|for the year ended 31 August 2022||||
|---|---|---|---|
|Income and endowmentsfrom:
Donationsandlegacies
Donations
Other
Rentsreceived
Total income and endowments
Expenditure on:
Governancecosts
Professionalfees
Accountancyandlegalfees
Mortgageinterest
Bankcharges
Totalofexpenditure oncharitable
activities
Other expenditure
Grantstoinstitutions
Generaladministrativecosts,
includingdepreciationand
amortisation
Depreciation of
Totalofexpenditure ofothercosts
Totalexpenditure
Netgainsoninvestments
Netincome
Netincome before other
gains/(losses)
Other Gains
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward|Unrestricted
funds
2022
£
796
796
32,740
32,740
33,536
-
-
6,048
19
6,067
6,067
2,000
2,000
550
550
2,550
8,617
-
24,919
24,919
-
24,919
542,153|Totalfunds
2022
£
796
796
32,740
32,740
33,536
-
-
6,048
19
6,067
6,067
2,000
2,000
550
550
2,550
8,617
-
24,919
24,919
-
24,919
542,153|Totalfunds
2021
£
12,240|
||||12,240|
||||30,222|
||||30,222|
||||42,462
2,481
780
4,964
12|
||||8,237|
||||8,237
13,000|
||||13,000|
||||734|
||||734|
||||13,734|
||||21,971
-|
||||20,491|
||||20,491
-|
||||20,491|
||||521,662|
Page 14
Beth Jacob Teachers Seminary Detailed Statement of Financial Activities
Total funds carried forward
567,072
567,072
542,153
Page 15