REGISTERED CHARITY NUMBER: 513728
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 30 September 2020
for
Yeshivas Lubavitch Manchester
Freedman Frankl & Taylor Chartered Accountants Reedham House 31 King Street West Manchester M3 2PJ
Yeshivas Lubavitch Manchester
Contents of the Financial Statements for the Year Ended 30 September 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
Yeshivas Lubavitch Manchester
Report of the Trustees for the Year Ended 30 September 2020
The trustees present their report with the financial statements of the charity for the year ended 30 September 2020. 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
The main objective of the charity is to encourage the enhancement of Jewish religion and education by the establishment of a College of Learning.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Due to a significant drop in donations and the number of students attending its college, the charity suffered a significant loss and a decision was therefore made to close the college until it is able to attract a viable number of students and higher level on donations,
The charity continued to make a property available for use as a school by OYY Lubavitch Girls School which the trustees consider is consistent with achieving its charitable objectives.
FINANCIAL REVIEW
Investment policy
The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity.The policy of the charity is to invest in low risk, short to medium term investments.
Reserves policy
The charity's unrestricted funds for the financial year have remained in surplus. It is the normal policy of the charity to maintain funds at a level sufficient to cover unforeseen and major expenditure and shortfalls in income.
FUTURE PLANS
As a result of the travel restrictions arising due to COVID-19, there are currently no prospects for the college to reopen and the trustees have taken steps to reduce the outgoings to a bare minimum. In the meantime, the school property continues to be made available and is used by OYY Lubavitch Girls School.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was established by a Trust Deed dated 17th March 1983, and registered with the Charity Commission under charity number 513728. The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. Appointment of Trustees is governed by the Trust Deed of the charity.
Recruitment and appointment of new trustees
Appointment of Trustees is governed by the Trust Deed of the charity. The board of Trustees is authorised to appoint new trustees to fill vacancies through resignation or death of an existing trustee.
Organisational structure
The trustees delegate the day to day responsibility for running the charity to its administrator.
Risk management
The trustees actively review the major risk which the charity faces on a regular basis and believe that maintaining and increasing reserves, combined with an annual review of controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
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Yeshivas Lubavitch Manchester
Report of the Trustees for the Year Ended 30 September 2020
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 513728
Principal address
62 Singleton Road Salford Manchester M7 4LU
Trustees
A Vaisfiche (resigned 3.12.20) G Glickman D M Hickson Rabbi A Cohen (appointed 3.12.20)
Independent Examiner
Ian Sluckis FCA Independent Examiner Freedman Frankl & Taylor Chartered Accountants Reedham House 31 King Street West Manchester M3 2PJ
Approved by order of the board of trustees on 2 May 2021 and signed on its behalf by:
G Glickman - Trustee
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Independent Examiner's Report to the Trustees of Yeshivas Lubavitch Manchester
Independent examiner's report to the trustees of Yeshivas Lubavitch Manchester
I report to the charity trustees on my examination of the accounts of Yeshivas Lubavitch Manchester (the Trust) for the year ended 30 September 2020.
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
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.
Ian Sluckis FCA Independent Examiner Freedman Frankl & Taylor Chartered Accountants Reedham House 31 King Street West Manchester M3 2PJ
Date: .............................................
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Yeshivas Lubavitch Manchester
Statement of Financial Activities for the Year Ended 30 September 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Education fees Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Education costs Donations Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 31,200 - 140,000 171,200 23,512 15,782 143,266 1,812 184,372 (13,172) 1,260,039 1,246,867 |
Restricted fund £ - - - - - - - - - - 5,060 5,060 |
2020 Total funds £ 31,200 - 140,000 171,200 23,512 15,782 143,266 1,812 184,372 (13,172) 1,265,099 1,251,927 |
2019 Total funds £ 245,495 99,469 140,005 484,969 20,045 427,890 171,720 - 619,655 (134,686) 1,399,785 1,265,099 |
|---|---|---|---|---|
The notes form part of these financial statements
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Yeshivas Lubavitch Manchester
Balance Sheet 30 September 2020
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 2,289,898 101,056 13,952 115,008 (1,158,039) (1,043,031) 1,246,867 1,246,867 |
Restricted fund £ - - 5,060 5,060 - 5,060 5,060 5,060 |
2020 Total funds £ 2,289,898 101,056 19,012 120,068 (1,158,039) (1,037,971) 1,251,927 1,251,927 1,246,867 5,060 1,251,927 |
2019 Total funds £ 2,280,741 282,490 59,468 341,958 (1,357,600) (1,015,642) 1,265,099 1,265,099 1,260,039 5,060 1,265,099 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 2 May 2021 and were signed on its behalf by:
A Cohen - Trustee
G Glickman - Trustee
The notes form part of these financial statements
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Yeshivas Lubavitch Manchester
Notes to the Financial Statements for the Year Ended 30 September 2020
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 recognised 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.
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.
Governance costs
Governance costs comprises costs for the running of the charity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost
No depreciation is provided on the land and buildings as it is the policy of the charity to regularly maintain and repair the property such that its expected residual value is greater than cost. The trustees considers the estimated useful life of the land and buildings to be 50 years.
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Going concern
The charity's financial statements for the year ended 30th September 2020 have been prepared on a going concern basis as, after making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
continued...
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Yeshivas Lubavitch Manchester
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
2. INVESTMENT INCOME
| Rents received Investment income 3. RAISING FUNDS Raising donations and legacies Support costs 4. GRANTS PAYABLE Donations The total grants paid to institutions during the year was as follows: OYY Girls School Lubavitch Khal Chassidim Adath Israel Camp Gan Israel |
2020 £ 140,000 - 140,000 2020 £ - 2020 £ 143,266 2020 £ 140,000 - - 3,266 143,266 |
2019 £ 140,000 5 140,005 2019 £ 4,699 2019 £ 171,720 2019 £ 142,000 8,820 12,900 8,000 171,720 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2020 nor for the year ended 30 September 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2020 nor for the year ended 30 September 2019.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Education fees Investment income Total |
Unrestricted fund £ 245,495 99,469 140,005 484,969 |
Restricted fund £ - - - - |
Total funds £ 245,495 99,469 140,005 484,969 |
|---|---|---|---|
continued...
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Yeshivas Lubavitch Manchester
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| EXPENDITURE ON Raising funds Charitable activities Education costs Donations Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. TANGIBLE FIXED ASSETS COST At 1 October 2019 Additions At 30 September 2020 DEPRECIATION At 1 October 2019 Charge for year At 30 September 2020 NET BOOK VALUE At 30 September 2020 At 30 September 2019 |
Unrestricted fund £ 20,045 427,890 171,720 619,655 (134,686) 1,394,725 1,260,039 Land and buildings £ 2,279,771 9,320 2,289,091 - - - 2,289,091 2,279,771 |
Restricted fund £ - - - - - 5,060 5,060 Computer equipment £ 1,553 - 1,553 583 163 746 807 970 |
Total funds £ 20,045 427,890 171,720 619,655 (134,686) 1,399,785 1,265,099 Totals £ 2,281,324 9,320 2,290,644 583 163 746 2,289,898 2,280,741 |
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continued...
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Yeshivas Lubavitch Manchester
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
8. DEBTORS
| Amounts falling due within one year: Trade debtors Sundry debtors Gift aid debtor Amounts falling due after more than one year: Other debtors Aggregate amounts 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 10) Trade creditors Taxation and social security Other creditors 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 11. MOVEMENT IN FUNDS At 1.10.19 £ Unrestricted funds General fund 1,260,039 Restricted funds Restricted funds 5,060 TOTAL FUNDS 1,265,099 |
2020 £ 14,646 86,410 - 101,056 - 101,056 2020 £ 3,237 2 - 1,154,800 1,158,039 2020 £ 3,237 Net movement in funds £ (13,172) - (13,172) |
2019 £ 39,932 72,849 728 113,509 168,981 282,490 2019 £ - 9,943 2,625 1,345,032 1,357,600 2019 £ - At 30.9.20 £ 1,246,867 5,060 1,251,927 |
|---|---|---|
continued...
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Yeshivas Lubavitch Manchester
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 171,200 TOTAL FUNDS 171,200 Comparatives for movement in funds At 1.10.18 £ Unrestricted funds General fund 1,394,725 Restricted funds Restricted funds 5,060 TOTAL FUNDS 1,399,785 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 484,969 TOTAL FUNDS 484,969 A current year 12 months and prior year 12 months combined position is as follows: At 1.10.18 £ Unrestricted funds General fund 1,394,725 Restricted funds Restricted funds 5,060 TOTAL FUNDS 1,399,785 |
Resources expended £ (184,372) (184,372) Net movement in funds £ (134,686) - (134,686) Resources expended £ (619,655) (619,655) Net movement in funds £ (147,858) - (147,858) |
Movement in funds £ (13,172) (13,172) At 30.9.19 £ 1,260,039 5,060 1,265,099 Movement in funds £ (134,686) (134,686) At 30.9.20 £ 1,246,867 5,060 1,251,927 |
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continued...
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Yeshivas Lubavitch Manchester
Notes to the Financial Statements - continued for the Year Ended 30 September 2020
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 656,169 656,169 |
Resources Movement expended in funds £ £ (804,027) (147,858) (804,027) (147,858) |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2020.
13. ULTIMATE CONTROLLING PARTY
The charity is controlled by its trustees.
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