ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMrrED (LIMITED BY GUARANTEK) FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 Company Number. 00653738 Charity Number: 314140 COHEN ARNOLD CHARTERED ACCOUNTANTS & STATUTORY AUDITOR LONDONNWI I OPU
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUAIUNTEE) Financial Statements Year ended 31 March 2024 PAGES Trustees, Annual Report Ito3 Independent examinels report to the trustees Statement of Financial Activities ststement of Financial Position Notes to the Financial Statements 7t013
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Trustees, Annual Report Year ended 31 March 2024 The Trustces, who are also directors for the purposes of company law, present their report and the unaudited Financial Statements of th¢ Company for the year ended 31 March 2024. Reference and administrative details Organisation for the Support of Torah Education Limited 653738 Registered charity Dame Company number Charity registration number Principal office 314140 129 Stamford Hill London N16 5TW Registsred office New Burlington House 1075 Finchley Road London NWI I OPU The Trustee8 Mr E Englander (Chainnan) Mr J L Weiss Mr J S Brander Mr P N Englander Mr S Z Englander Mr B Bard Mr J Lipschitz Mr J Lipschitz Asher Sternlicht FCA Cohen Arnold Chartered accountants New Burlington House 1075 Finchley Road London NWI I OPU Secretary Independent Examiner Structure? governance aDd management Governing Document The charity is a Company limited by guarantee, governed by its Memorandum and Articles of Association. Appointment and Recruitment of Trustees The Trustees administer the day-to-day affairs of the charity. Every Trustee holds office until helshe shall die or shall cease to hold office by virtue of the Articles of Association. None of the trustees have any beneficial interest in the charity. Where there is a requirement for new Trustees, these would bc idcntified and appointed by thc remaining Trustees. The Chainnan of the Trustees would be responsible for the induction of any new Trustee, which involves awareness of a Trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charity. A new Trustee would receiv¢ copies of the previous year's annual report and accounts with detailed explanation thereof.
ORGANISATION FOR THE SUPPORT OF TOII4H EDUCATION LIMITED (LIMITED BY GUARANTEE) Trustees, Annual Report (cunithuetl) Year ended 31 March 2024 Risk Management The trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Objectives and activities The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. Pursuant to the objects and having regard to the guidance of the Charity Commission relating to Public Benefit, the Company utilises its incorne to make grants, donations and interest fr¢e loans to needy individuals. Financial revlew Income from donations and investments aggregated £84,016. Total resources expended were £68,740 resulting in net sUlUS (before net gains on investments) of £15.276. The Charity's Statement of Financial Activities shows a net surplus of £15,276 (2023: £17,304) and total reserves of £3,176.050 (2023.. £3,160,774). The financial results of the Charity's activities for the year to 31 March 2024 are fully reflected in the attached Financial Statements together with the Notes thereon. Reserve.v Policy The Reserves Policy of the Trustees is to maintain unrestricted funds, which are the free reserves of the Charity, at a level they consider appropriate to the Charity's needs taking into account likely future requirements. PrincipAI Funding Sources The Charity's principal funding sources in the year was income from its property investment portfolio. Investment Policy and Objectives Under the Memorandum and Articles of Association, the Charity has the power to make any investments which the Trustecs see fit provided any monies are not immediately required for use in connection with any of its objects. The Charity's investment policy is to maximise its income and gains so that its charitable objective be maintained and expanded. However, having regard to liquidity requirements, the Trustees have also operated a policy of keeping available funds in interest bearing deposit account. Plans for future periods The Trustees plan to continue to pursue its philanthropic objects in support of educational, religious and other Charitable Organisations.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Trustees, Annual Report (conlinued) Year ended 31 March 2024 The Trustees, Annual Report was approved on $4 ..Y..and signed on behalf of the board of trustees by: Mr S Z Englan Trustee
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Independent Examiner's Report to the Trustees of Organisation for Support of Torah Education Limited (Limited by Guarantee) Year ended 31 March 2024 I report on the financial Statements for the year ended 31 March 2024. which comprise th¢ statemenl of financial activities (including income and expenditure account). statement of financial position and the relaled notes. whicb are set out on pages 7 to 13. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The trustees (who are also directors of Organisalion for Support of Torah Education Limited for the purposes of company law) are responsible for the Preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 I Act) and that an independent examination is needed. Having satisfied myself that the charity is not subjeth to audit under charity law and is eligtble for independent examination, it is my responsibility to: examine the accounts under section 145 of the 2011 Act. to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5){b} of the 201 l Act. and to stste whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINERIS REPORT My examination was carried out in accordance with the general Direction5 given by the Charity Commission. An examination include5 a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideralion of any unusual items or disclosures in the ac¢ounts, and seeking explanations from you as trustees concerning any suGh matters. The procedures undertak¢n do not provide all the evidence that would be required in an audit and consequently no opinion is gyiven a5 to whethcr the account5 present a 'true and fair view, and the Teport is limited to those matters Set out in the next slatement. Independent examiner's statement In connection with my examination. no material rnatters have Gorne to my attention (other ihan that disclosed below) which gives me cause to believe that in. any material rcspect: accounting records were not kept in accordance with section 386 of the Companies Act 2CH)6' or the a¢¢ounts do not accord with such records. or the accounts do not comply wilh relevant a¢counting requirements under seotion 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered a5 part of an independent examinalion- or the accounts have not been prepared in accordance with the Charities SOIiP (FRSI 02}, I 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 lo be reached. Asher Sternlicht FCA Independent examiner COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NWI I OPU Date.. , 2025
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Statement of Financial Activities 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Investment income 27,100 56,916 27,1(Kl 56,916 69,470 69,470 Total ineome 84,016 84,016 Expenditure Expenditure on raising funds: Investment management costs Expcnditur¢ on charitablc activities Total expendlture (63,743) (4.997) (68,740) (63,743) (4,997) (68,740) (47,502) (4,664) (52,166) Net gains on investments Net income and net movement in funds 15,276 15276 17,304 Reconciliation of funds Total funds brought forward Total funds carried fonvard 3,160,774 3,176,050 3,160,774 3,176,050 3,143,470 3,160,774 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 13 form part of these financial statements.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Statement of Financial Position 31 Mareb 2024 2024 2023 Fixed &ssets Investments 12 3J59J60 3,359,360 Current assets Debtors Cash at bank 13 255,122 11,083 259,409 68.190 266,205 327.599 Creditors: Amounts falling due Ivithij) one year Net current assets 14 (39,515) (72.435) 226,690 255,164 Total assets less current liabilities 3,586.050 3,614,524 Creditors: amounts falling due Vdfter more than one year Is (410,000) 3,176,050 (453,750) 3,160.774 Net assets Funds ofthe charity Unrestricted funds 3,176,050 3,160,774 3,160,774 Total ebarity funds 16 3,176.050 For the year ended 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Governors (trustees), responsibilities: The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476: and The Governors (Trustees) acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts, These financial stat¢inents were approved by the board of trustees and authorised for issue on Y.4nd are signed on behalf of the board by: Mr S Z Englander Trustee Company Registration Number: 0653738 The notes on pages 7 to 13 fonn part of these fingncial statements.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Financial Statements Year ended 31 March 2024 General information The charity is registered charity in England and Wales and is incorporated. The address of the principal olyice is 129 Stamford Hill, London, N16 5TW. Statement of complianee The financial statements have been prepared in compliance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thetr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The Charitable Company meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of eslimation uncertainty In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying arnounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable markettransactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prov¢ to be accurate, particularly in periods of difficult market or economic conditions. Taxation The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities. Accordingly. the charity does not recognise any deferred tax liability on revaluations of investments as no tax would be due in the event of a disposal as the charity would benefit from the relevant exemptions, as it will apply all funds for qualifying charitable purposes.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies fconlinued) Investment Management Costs Investment management costs include costs relating to the investtnent properties on an accrual basis. Governance Costs Governance costs include costs of the preparation of financial statements and cost of any legal advice to Trustees on governance or constitutional matters and is recognised on an accrual basis. Investment Properties Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - (i) Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the income and expenditure account in the period that they arise. and (li) No depreciation is provided in respect of investtnent properties applying the fair value model. Investment property fair value is determined by the trustees based on professional valuations, their understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals of properties are considered to take place at the legal completion and are included in the financial statements accordingly. Trade debtors The trustees use details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making j ud8ements concerning any need to impair the carying values. Fund aeeounting General unrestricted fund5 comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discrction of the trustees in furtherance of the general objectives of th¢ charity. Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balanc¢ Sheet date. Designated fund5 are funds which have been set aside at the discretion of the trustees for specific purposes. Ther¢ are no designated funds as at the Balance Sheet date.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Financial Statements (cortdKued) Year ended 31 March 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can b¢ measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the esttmated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers, income from contracts forthe supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incued. Expenditure includes any VA T which cannot be fully recovered, and is classified under headings of the statetnent of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the Charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitabl¢ activities. All costs are allocated to expenditure categories refl¢¢ting the use of the resourc¢. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Grants payable These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Financial Statements Iconlimied) Year ended 31 March 2024 Accounting policies {eoniinued) Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration ¢xp¢cted to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidenc¢ of impainnent at the end of each reporting date. If there is objective evidence of impainnent. an impairn]ent loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impaiment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the CaIng amount would have been had the impairment not previously been recognised. DonatlODS aDd legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 DonatlODS Donations 27,100 27,100 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from UK investment properties Interest receivable 56,477 439 56,477 439 69,236 234 69,236 234 56,916 56,916 69,470 69,470 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment property fftanagement costs Interest payable 30,948 32,795 30,948 32,795 23,861 23,641 23,861 23,641 63,743 63.743 47,502 47,502 io
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Finaneial Statements (eortdnued) Year ended 31 March 2024 Expenditure on eharitAble activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support costs 4,997 4,997 4,664 4,664 4,664 4,997 4,997 4,664 Expenditure on charitable activities by Activity type Support Total funds Total funds costs 2024 2023 Independent Examiner s Remuneration General Expenses 4,645 352 4,645 352 4,310 354 4,997 4,997 4.664 Net ineome Net income is stated after charging: 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 4,645 4,310 10. Staff costs No salaries or wages have been paid to employees during the year. No staff were employed by the charity during the reporting period. I l. Trustee remuneration and expensey No salaries or wages have been paid to employees, including the trustees, during the year. The charity did not meet any individual expenses incurrcd by the trustees for services provid¢d to the charity.
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Financial Statemellts (coiilliiiiéd) Year ended 31 Mareh 2024 12. Investments Investment Fixtures & propeities fittings Total Valuation At l April 2023 and at 31 March 2024 3,350,000 9.360 3,359,360 Carrying amount At 31 March 2024 3,350,000 3,350,000 9,360 3?59J60 3.359,360 At 31 March 2023 9,360 a. The charity's investment properties were valued by the trustees at 31 March 2024 based on the trustees, understanding of property market conditions and the specific properties ¢onc¢rned, using a sales valuation approach, derived from recent comparable transactions on th¢ mark¢¢ adjust¢d by applying discounts to reflect status of occupation and condition. b. The historical cost of the properties is £962,267 (2023: £962,267). 13. Debtors 2024 2023 Loan Debtors (Charitable purposes) Other debtors 255,122 255,122 4,287 255,122 259,409 Loan Debtors includ¢s an amount of £240,000 due from Keren Association Limited, a Charitable Company. Certain Directors (Trustees) of this Charitable Company are also Directors (Truste¢s) of Keren Association Limited. 14. Creditors: amouDts falling due witbiD one year 2024 2023 Bank loan and overdrafts Loan creditors Other creditors 16250 17?53 5,912 50,955 17,353 4,127 39,515 72,435 15. Creditors: amounts faIling after more th2n one year 2024 2023 Bank loan 410,000 453,750 12
ORGANISATION FOR THE SUPPORT OF TORAH EDUCATION LIMITED (LIMITED BY GUARANTEE) Notes to the Financial Statements (Corted) Year ended 31 March 2024 16. Analysis of charitable funds Unrestricted funds Atl April 2023 At31 March 2024 Income Expenditure General funds 3,160,774 84,016 (68,740} 3,176,050 Atl April 2022 At31 March 2023 Income Expenditure General funds 3,143,470 69.470 (52.166) 3,160,774 17. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Investments Current assets Creditors less than one year Creditors more than one year 3,359,360 3J59?60 266,205 266,205 (39,515) (39,515) (410,000) (410,000) 3,176,050 3,176,050 Net assets Unrestricted Total Funds Funds 2023 Investments Current assets Creditor5 less than one year Creditors more than one year Net assets 3,359,360 3J59J60 327,599 327,599 (72,435) (72,435) (453,750) (453,750) 3,160,774 3,160,774 18. Related parties Related Party inforniation is given in Note 13. There have been no other related paty transactions in the reporting period that require disclosure. 13