**REGISTERED CHARITY NUMBER: 313557**
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
**KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
||**Page**||
|---|---|---|
|**Reference and Administrative Details**|1||
|**Report of the Trustees**|2||
|**Independent Examiner's Report**|3||
|**Statement of Financial Activities**|4||
|**Balance Sheet**|5||
|**Notes to the Financial Statements**|6 to|8|
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021**
**TRUSTEES** Mr D Chontow Mr Y Friedman Mr Y Rand **PRINCIPAL ADDRESS** 50 Clapton Common London E5 9AL **REGISTERED CHARITY** 313557 **NUMBER INDEPENDENT EXAMINER** Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS **BANKERS** Barclays Bank plc Kingsland Branch POB 3628 London E8 2JT
Page 1
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **Reference and administrative information**
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives public benefit**
The object of the charity is the advancement of orthodox Jewish religious education particularly by the establishment and maintenance of an Institute for Higher Rabbinical Studies and Jewish Learning.
The trustees confirm they have given due regard to the Charity Commission's guidance on public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
There was a decrease in income of some 6% and a reduction in expenditure of about 3%. There was a surplus of £17,224 (2020 - £33,179) for the year.
## **FINANCIAL REVIEW**
## **Reserves policy**
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the the year end were £124,298 (2020 -£107,074) of which £94,976 (2020 - £75,661) are free reserves.
## **FUTURE PLANS**
There are no current plans to change the activities or modus operandi in the foreseeable future.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity was constituted by a Trust Deed dated 12 August 1964 as varied by scheme of 22 June 1966.
## **Organisational structure**
The charity is managed and controlled by the trustees, who meet regularly. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
## **Risk management**
The trustees have identified and reviewed the major risks to which the charity is exposed. 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.
Approved by order of the board of trustees on 13 June 2022 and signed on its behalf by:
Mr Y Rand - Trustee
Page 2
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **Independent examiner's report to the trustees of Kollel Rabinow (Divre Shir) Foundation**
I report to the charity trustees on my examination of the accounts of Kollel Rabinow (Divre Shir) Foundation (the Trust) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts 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 applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered 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 accounts 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.
E Meyer FCA BSc Institute of Chartered Accountants in England and Wales Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
13 June 2022
Page 3
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|**2021**
**Unrestricted**
**fund**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
312,762
Other income
16,500
**Total**
329,262
**EXPENDITURE ON**
Raising funds
14,535
**Charitable activities**
3
College running costs
297,503
**Total**
312,038
**NET INCOME**
17,224
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
107,074
**TOTAL FUNDS CARRIED FORWARD**
124,298|**2020**
**Total**
**funds**
**£**
334,431
14,667|
|---|---|
||349,098
11,311
304,608|
||315,919|
||33,179
73,895|
||107,074|
The notes form part of these financial statements
Page 4
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **BALANCE SHEET 31 MARCH 2021**
|**Notes**
**FIXED ASSETS**
Tangible assets
8
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|**2021**
**Total**
**funds**
**£**
29,322
98,045
(3,069)
94,976
124,298
124,298
124,298
124,298|**2020**
**Total**
**funds**
**£**
31,413
79,013
(3,352)
75,661
107,074
107,074
107,074
107,074|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 June 2022 and were signed on its behalf by:
Mr Y Rand - Trustee
The notes form part of these financial statements
Page 5
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All donations are recognised in the Statement of Financial Activities when received. Other income is recognised on a receivable basis.
## **Expenditure**
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.
Raising funds the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost Plant and machinery - 10% on reducing balance
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Donations|312,762|334,431|
Page 6
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **3. CHARITABLE ACTIVITIES COSTS**
|College running costs
**4.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Staff costs
Students bursaries
Light & Heat
Other support costs
Repairs and maintenance
Insurance
Project management and consultancy
Depreciation
**5.**
**SUPPORT COSTS**
College running costs
Support costs, included in the above, are as follows:
Bank charges
Legal and professional
Independent examiner's fee
Independent examiner's other fees|**Direct**
**Support**
**Costs (see**
**costs (see**
**note 4)**
**note 5)**
**£**
**£**
295,272
2,231
**2021**
**£**
64,417
215,340
9,244
-
-
1,154
3,026
2,091
295,272
**Governance**
**Finance**
**costs**
**£**
**£**
1,031
1,200
**2021**
**College**
**running**
**costs**
**£**
461
570
420
780
2,231|**Totals**
**£**
297,503
**2020**
**£**
61,532
230,171
3,985
1,835
2,000
-
1,028
2,157
302,708
**Totals**
**£**
2,231
**2020**
**Total**
**activities**
**£**
460
-
420
1,020
1,900|
|---|---|---|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Page 7
## **KOLLEL RABINOW (DIVRE SHIR) FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **7. STAFF COSTS**
|**2021**
**£**
Wages and salaries
64,417
64,417
The average monthly number of employees during the year was as follows:
**2021**
Lecturers
8
No employees received emoluments in excess of £60,000.
**8.**
**TANGIBLE FIXED ASSETS**
**Short**
**Plant and**
**leasehold**
**machinery**
**£**
**£**
**COST**
At 1 April 2020 and 31 March 2021
30,000
7,800
**DEPRECIATION**
At 1 April 2020
4,500
1,887
Charge for year
1,500
591
At 31 March 2021
6,000
2,478
**NET BOOK VALUE**
At 31 March 2021
24,000
5,322
At 31 March 2020
25,500
5,913
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2021**
**£**
Taxation and social security
429
Other creditors
2,640
3,069|**2020**
**£**
61,532|**2020**
**£**
61,532|
|---|---|---|
||61,532||
||**2020**
8
**Totals**
**£**
37,800||
||6,387
2,091||
||8,478||
||29,322||
||31,413||
|||**2020**
**£**
593
2,759|
|||3,352|
## **10. RELATED PARTY DISCLOSURES**
Mr Y Rand's son received wages during the year of £7,260.
Page 8