**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.
Page 2
## **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.
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 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:
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
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...
Page 9
**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...
Page 10
**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...
Page 11
## **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...
Page 12
**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...
Page 13
**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...
Page 14
**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)|
|---|---|---|---|
Page 16