2022-12-31-accounts - Yeshivo Horomo

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REGISTERED CHARITY NUMBER: 313836

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

		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	16

THE YESHIVO HOROMO TALMUDICAL COLLEGE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022

TRUSTEES Rabbi E Schlesinger Rabbi M Schlesinger PRINCIPAL ADDRESS 100 Fairholt Road London N16 5HN REGISTERED CHARITY NUMBER 313836

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 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 £642,526 [2021 - £530,020].

During the year under review the charity paid for books and provided scholarships to various students totalling £557,360 [2021 - £468,402].

Investment performance

During the year under review the charity received rental income of £108,201 [2021 - £127,908].

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.

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

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 31 October 2023 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 2022

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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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.

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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 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 member of the 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.

M A Venitt

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

31 October 2023

Page 5

THE YESHIVO HOROMO TALMUDICAL COLLEGE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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	31.12.22 Unrestricted funds £ 642,526 110,395 - 752,921 15,641 722,288 40,937 778,866 (25,945) 2,241,232 2,215,287	31.12.21 Total 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

The notes form part of these financial statements

Page 6

THE YESHIVO HOROMO TALMUDICAL COLLEGE

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2022

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	31.12.22 Unrestricted funds £ 2,960,034 40,000 36,878 76,878 (106,880) (30,002) 2,930,032 (714,745) 2,215,287 2,215,287 2,215,287	31.12.21 Total 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

The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2023 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 2022

Notes Cash flows from operating activities Cash generated from operations 18 Interest paid Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Cash flows from financing activities Loan repayments in year Loan received Net cash provided by 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	31.12.22 £ (42,043) (31,224) (73,267) 2,194 2,194 (16,788) 50,000 33,212 (37,861) 74,739 36,878	31.12.21 £ (14,363) (71,066) (85,429) 41 41 32,159 - 32,159 (53,229) 127,968 74,739

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 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 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...

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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 Grant funding of activities Direct (see note Costs 6) £ £ Talmudical education 152,460 557,360	31.12.22 £ 642,526 31.12.22 £ 108,201 2,194 110,395 31.12.22 £ 4,678 31.12.22 £ 10,963 15,641 Support costs (see note 7) £ 12,468	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 Totals £ 722,288

continued...

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

6. GRANTS PAYABLE

GRANTS PAYABLE
Talmudical education SUPPORT COSTS Management £ Other resources expended - Talmudical education 15,468 15,468	31.12.22 £ 557,360 Governance Finance costs £ £ 32,272 8,665 - (3,000) 32,272 5,665	31.12.21 £ 468,402
			Totals £ 40,937 12,468
			53,405

7. SUPPORT COSTS

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

9. STAFF COSTS

Wages and salaries The average monthly number of employees during the year was as follows: Staff	31.12.22 £ 132,923 132,923 31.12.22 20	31.12.21 £ 137,690
		137,690
		31.12.21 20

No employees received emoluments in excess of £60,000.

continued...

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

10. 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 NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2022 and 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021	Freehold property £ 2,100,000 - - - 2,100,000 2,100,000	Improvements to property £ 838,906 - - - 838,906 838,906	Fixtures and fittings £ 186,199 161,342 3,729 165,071 21,128 24,857		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 Totals £ 3,125,105 161,342 3,729 165,071 2,960,034 2,963,763

continued...

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12. CURRENT ASSET INVESTMENTS Unlisted investments 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) Other creditors 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due between two and five years: Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal Repayable otherwise than by instalments: Bank loans		31.12.22 £ 40,000 31.12.22 £ (1) 106,881 106,880 31.12.22 £ 670,218 44,527 714,745 31.12.22 £ 44,527 236,545 433,673		31.12.21 £ 40,000
				31.12.21 £ 56 155,681
				155,737
				31.12.21 £ 681,533 -
				681,533
				31.12.21 £ -
				247,860 433,673

continued...

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

16. MOVEMENT IN FUNDS

At 1.1.22 £ Unrestricted funds General fund 2,241,232 TOTAL FUNDS 2,241,232 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 752,921 TOTAL FUNDS 752,921 Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 2,346,676 TOTAL FUNDS 2,346,676 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 680,455 TOTAL FUNDS 680,455		Net movement in funds £ (25,945) (25,945) Resources expended £ (778,866) (778,866) Net movement in funds £ (105,444) (105,444) Resources expended £ (785,899) (785,899)	At 31.12.22 £ 2,215,287 2,215,287 Movement in funds £ (25,945) (25,945) At 31.12.21 £ 2,241,232 2,241,232 Movement in funds £ (105,444) (105,444)

continued...

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THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

16. MOVEMENT IN FUNDS - continued

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

Unrestricted funds General fund TOTAL FUNDS	At 1.1.21 £ 2,346,676 2,346,676	Net movement in funds £ (131,389) (131,389)	At 31.12.22 £ 2,215,287
			2,215,287

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	1,433,376	(1,564,765 )	(131,389)
	TOTAL FUNDS	1,433,376	(1,564,765 )	(131,389)
17.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

18.	RECONCILIATION OF NET EXPENDITURE TO NET CASH	FLOW FROM	OPERATING	ACTIVITIES
			31.12.22	31.12.21
			£	£
	Net expenditure for the reporting period (as per the Statement of
	Financial Activities)		(25,945)	(105,444)
	Adjustments for:
	Depreciation charges		3,729	4,387
	Interest received		(2,194)	(41)
	Interest paid		31,224	71,066
	(Decrease)/increase in creditors		(48,857)	15,669
	Net cash used in operations		(42,043)	(14,363)
19.	ANALYSIS OF CHANGES IN NET DEBT
		At 1.1.22	Cash flow	At 31.12.22
		£	£	£
	Net cash
	Cash at bank	74,739	(37,861)	36,878

Page 15

continued...

THE YESHIVO HOROMO TALMUDICAL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. ANALYSIS OF CHANGES IN NET DEBT - continued

Liquid resources Deposits included in cash Current asset investments Debt Debts falling due after 1 year Total	74,739 - 40,000 40,000 (681,533) (681,533) (566,794)	(37,861) - - - (33,212) (33,212) (71,073)	36,878 - 40,000 40,000 (714,745) (714,745) (637,867)

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