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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 313836

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

THE YESHIVO HOROMO TALMUDICAL COLLEGE

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

THE YESHIVO HOROMO TALMUDICAL COLLEGE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Statement of Trustees' Responsibilities 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Statement of Financial Position 7
Statement of Cash Flows 8
Notes to the Financial Statements 9 to 15

THE YESHIVO HOROMO TALMUDICAL COLLEGE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEES Rabbi E Schlesinger
Rabbi M Schlesinger
PRINCIPAL ADDRESS 100 Fairholt Road
London
N16 5HN
REGISTERED CHARITY 313836
NUMBER
INDEPENDENT EXAMINER Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

Page 1

THE YESHIVO HOROMO TALMUDICAL COLLEGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Trust Deed constitutes Yeshivo Horomo, and its objects are to promote theological research and to provide educational facilities, scholarships and maintenance for any needy student.

Significant activities

The charity was set up to support and promote the educational activities of the college. These activities were undertaken for public benefit and to further the charity's objectives. The charity provided scholarships during the year under review in accordance with the charity's objectives to promote education and theological research amongst members of the Jewish faith in need of assistance in order to continue their education.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.

Grantmaking

The trustees obtain details of all requests for assistance and ensure that good recommendations are received before any payments are made.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year under review the charity received donations totalling £530,020 (2020: £478,918).

During the year under review the charity paid for books and provided scholarships to various students totalling £468,402 (2020: £380,545).

Investment performance

During the year under review the charity received rental income of £127,908 (2020: £1069,657).

FINANCIAL REVIEW

Financial position

The college is reliant on donations in order to provide scholarships for students in need. The trustees are satisfied with the results of the charity for the year under review.

Reserves policy

The reserves policy is to ensure that there is a sufficient stream of income in order to meet the working capital needs and future commitments of the college.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.

Organisational structure

The charity is constituted by Deed of Trust dated 26 April 1964. The trustees are appointed by the deed and provide their services free of charge. They are all involved in the regular running of the charity.

Page 2

THE YESHIVO HOROMO TALMUDICAL COLLEGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The charity has assessed the major risks to which the charity is exposed, in particular those to the operations and finances of the charity, and is satisfied systems are in place to mitigate its exposure to those risks.

Approved by order of the board of trustees on 28 October 2022 and signed on its behalf by:

Rabbi E Schlesinger - Trustee

Page 3

THE YESHIVO HOROMO TALMUDICAL COLLEGE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE YESHIVO HOROMO TALMUDICAL COLLEGE

Independent examiner's report to the trustees of The Yeshivo Horomo Talmudical College

I report to the charity trustees on my examination of the accounts of The Yeshivo Horomo Talmudical College (the Trust) for the year ended 31 December 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 A.C.A 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.

M A Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

28 October 2022

Page 5

THE YESHIVO HOROMO TALMUDICAL COLLEGE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Talmudical education
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.21
Unrestricted
funds
£
530,020
127,949
22,486
680,455
51,108
659,187
75,604
785,899
(105,444)
2,346,676
2,241,232		 31.12.20
Total
funds
£
478,918
109,657
42,932
631,507
61,583
540,030
882
602,495
29,012
2,317,664
2,346,676

The notes form part of these financial statements

Page 6

THE YESHIVO HOROMO TALMUDICAL COLLEGE

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Investments
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 31.12.21
Unrestricted
funds
£
2,963,763
40,000
74,739
114,739
(155,737)
(40,998)
2,922,765
(681,533)
2,241,232
2,241,232
2,241,232		 31.12.20
Total
funds
£
2,968,150
40,000
127,968
167,968
(140,068)
27,900
2,996,050
(649,374)
2,346,676
2,346,676
2,346,676

The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2022 and were signed on its behalf by:

E Schlesinger - Trustee

M Schlesinger - Trustee

The notes form part of these financial statements

Page 7

THE YESHIVO HOROMO TALMUDICAL COLLEGE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
18
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.12.21
£
(14,363)
(71,066)
(85,429)
41
41
32,159
32,159
(53,229)
127,968
74,739		 31.12.20
£
60,991
(2,883)
58,108
64
64
(32,683)
(32,683)
25,489
102,479
127,968

The notes form part of these financial statements

Page 8

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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 income is recognized in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable.

Rental income is shown as receivable excluding VAT.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Charitable activities

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance cost comprise all costs involving the public accountability of the charity and its compliance with regulation of good practice. The cost include costs related to statutory audit and direct governing costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not provided Improvements to property - not provided Fixtures and fittings - 15% on reducing balance

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 9

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

2.
DONATIONS AND LEGACIES
Donations and grants
3.
INVESTMENT INCOME
Rents received
Deposit account interest
4.
RAISING FUNDS
Raising donations and legacies
Cost of generating funds
Investment management costs
Property repairs
Aggregate amounts
5.
CHARITABLE ACTIVITIES COSTS
Talmudical education
6.
GRANTS PAYABLE
Talmudical education		 Direct
Costs
£
172,323		 Grant
funding of
activities
(see note
6)
£
468,402		 31.12.21
£
530,020
31.12.21
£
127,908
41
127,949
31.12.21
£
25,935
31.12.21
£
25,173
51,108
Support
costs (see
note 7)
£
18,462
31.12.21
£
468,402		 31.12.20
£
478,918
31.12.20
£
109,593
64
109,657
31.12.20
£
1,400
31.12.20
£
60,183
61,583
Totals
£
659,187
31.12.20
£
380,545

continued...

Page 10

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

7. SUPPORT COSTS

Management
£
Other resources expended
-
Talmudical education
18,462
18,462		 Governance
Finance
costs
£
£
71,066
4,538
-
-
71,066
4,538		 Totals
£
75,604
18,462
94,066

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

9. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Staff
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Talmudical education
Other
Total		 31.12.21
£
137,690
137,690
31.12.21
20		 31.12.20
£
104,270
104,270
31.12.20
18
Unrestricted
funds
£
478,918
109,657
42,932
631,507
61,583
540,030
882
602,495

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued...

Page 11

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
11.
TANGIBLE FIXED ASSETS
COST
At 1 January 2021 and 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
12.
CURRENT ASSET INVESTMENTS
Unlisted investments		 Freehold
property
£
2,100,000
-
-
-
2,100,000
2,100,000		 Improvements
to
property
£
838,906
-
-
-
838,906
838,906		 Fixtures
and
fittings
£
186,199
156,955
4,387
161,342
24,857
29,244
31.12.21
£
40,000		 Unrestricted
funds
£
29,012
2,317,664
2,346,676
Totals
£
3,125,105
156,955
4,387
161,342
2,963,763
2,968,150
31.12.20
£
40,000

continued...

Page 12

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21
£
Taxation and social security
56
Other creditors
155,681
155,737
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21
£
Bank loans (see note 15)
681,533
15.
LOANS
An analysis of the maturity of loans is given below:
31.12.21
£
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
247,860
Repayable otherwise than by instalments:
Bank loans
433,673
16.
MOVEMENT IN FUNDS
Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
General fund
2,346,676
(105,444)
TOTAL FUNDS
2,346,676
(105,444)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
680,455
(785,899)
TOTAL FUNDS
680,455
(785,899)		 31.12.20
£
-
140,068
140,068
31.12.20
£
649,374
31.12.20
£
218,538
430,836
At
31.12.21
£
2,241,232
2,241,232
Movement
in funds
£
(105,444)
(105,444)

continued...

Page 13

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.20
£
2,317,664
2,317,664		 Net
movement
in funds
£
29,012
29,012		 At
31.12.20
£
2,346,676
2,346,676

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
631,507
631,507		 Resources
Movement
expended
in funds
£
£
(602,495)
29,012
(602,495)
29,012		 Resources
Movement
expended
in funds
£
£
(602,495)
29,012
(602,495)
29,012
29,012

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.20
£
2,317,664
2,317,664		 Net
movement
in funds
£
(76,432)
(76,432)		 At
31.12.21
£
2,241,232
2,241,232

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,311,962 (1,388,394) (76,432)
TOTAL FUNDS 1,311,962 (1,388,394) (76,432)

continued...

Page 14

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

18. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Increase in creditors
Net cash (used in)/provided by operations		 31.12.21
£
(105,444)
4,387
(41)
71,066
15,669
(14,363)		 31.12.20
£
29,012
5,161
(64)
2,883
23,999
60,991

19.. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.21 Cash flow At 31.12.21
£ £ £
Net cash
Cash at bank 127,968 (53,229) 74,739
127,968 (53,229) 74,739
Liquid resources
Deposits included in cash - - -
Current asset investments 40,000 - 40,000
40,000 - 40,000
Debt
Debts falling due after 1 year (649,374) (32,159) (681,533)
(649,374) (32,159) (681,533)
Total (481,406) (85,388) (566,794)

Page 15