REGISTERED CHARITY NUMBER: 313557
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 2022
| 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 | 9 |
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022
| TRUSTEES | 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 2022
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 overall income of some 12% and a reduction in expenditure of circa 10%. There was a deficit of £21,236 for the year (2021 - £17,224 surplus).
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 stood at £103,062 (2021 - £124,298), of which £75,772 were free reserves (2021 - £94,976).
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 21 March 2023 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 2022.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
21 March 2023
Page 3
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 263,477 Investment income 3 43 Other income 23,833 Total 287,353 EXPENDITURE ON Raising funds 7,306 Charitable activities 4 College running costs 299,429 Support costs 1,854 Total 308,589 NET INCOME/(EXPENDITURE) (21,236) RECONCILIATION OF FUNDS Total funds brought forward 124,298 TOTAL FUNDS CARRIED FORWARD 103,062 |
2021 Total funds £ 312,762 - 16,500 |
|---|---|
| 329,262 | |
| 14,535 295,733 1,770 |
|
| 312,038 | |
| 17,224 107,074 |
|
| 124,298 |
The notes form part of these financial statements
Page 4
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 27,290 81,461 (5,689) 75,772 103,062 103,062 103,062 103,062 |
2021 Total funds £ 29,322 98,045 (3,069) 94,976 124,298 124,298 124,298 124,298 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 21 March 2023 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 2022
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 and see Note 11 to the Financial Statements.
2. DONATIONS AND LEGACIES
3.
| Donations INVESTMENT INCOME Deposit account interest |
2022 £ 263,477 2022 £ 43 |
2021 £ 312,762 |
|---|---|---|
| 2021 £ - |
Page 6
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
4. CHARITABLE ACTIVITIES COSTS
| College running costs Support costs 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Students bursaries Light and heat Repairs and maintenance Insurance Project management and consultancy Depreciation 6. SUPPORT COSTS College running costs Support costs Support costs, included in the above, are as follows: College running costs £ Bank charges 517 Legal and professional - Independent examiner's fee - Independent examiner's other fees - General expenses - 517 |
Direct Support Costs (see costs (see note 5) note 6) £ £ 298,912 517 - 1,854 298,912 2,371 2022 £ 59,923 221,485 9,184 1,560 1,189 3,539 2,032 298,912 Governance Finance costs £ £ 517 - - 1,854 517 1,854 2022 Support Total costs activities £ £ - 517 - - 480 480 1,020 1,020 354 354 1,854 2,371 |
Totals £ 299,429 1,854 301,283 2021 £ 64,417 215,340 9,244 - 1,154 3,026 2,091 295,272 Totals £ 517 1,854 2,371 2021 Total activities £ 461 570 420 780 - 2,231 |
|---|---|---|
Page 7
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
8. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Lecturers No employees received emoluments in excess of £60,000. |
2022 £ 59,923 59,923 2022 8 |
2021 £ 64,417 |
|---|---|---|
| 64,417 | ||
| 2021 8 |
9.
TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Short Plant and leasehold machinery £ £ COST At 1 April 2021 and 31 March 2022 30,000 7,800 DEPRECIATION At 1 April 2021 6,000 2,478 Charge for year 1,500 532 At 31 March 2022 7,500 3,010 NET BOOK VALUE At 31 March 2022 22,500 4,790 At 31 March 2021 24,000 5,322 |
Totals £ 37,800 |
| 8,478 2,032 |
|
| 10,510 | |
| 27,290 | |
| 29,322 |
Page 8
KOLLEL RABINOW (DIVRE SHIR) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Taxation and social security Other creditors |
2022 £ 802 4,887 5,689 |
2021 £ 429 2,640 |
| 3,069 |
11. CONTINGENT LIABILITIES
There is a contingent liability in respect of a disputed utility invoice of £60,000, the charity is presently in negotiations regarding a settlement of this liability. The charity continues to be a going concern.
12. RELATED PARTY DISCLOSURES
Mr Y Rand's son received wages during the year of £7,413 (2021 - £7,260).
Page 9