2023-12-31-accounts

CHARITY REGISTRATION NUMBER: 526669

Manchester Talmudical College and Theological Seminary

Unaudited Financial Statements

31 December 2023

CHARTWELL ACCOUNTANTS & BUSINESS CONSULTANTS LLP

Chartered Certified Accountants 47 Bury New Road Prestwich Manchester M25 9JY

Manchester Talmudical College and Theological Seminary

Financial Statements

Year ended 31 December 2023

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Statement of cash flows	6
Notes to the financial statements	7

Manchester Talmudical College and Theological Seminary

Trustees' Annual Report

Year ended 31 December 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.

Reference and administrative details

Registered charity name	Manchester Talmudical College and Theological Seminary
Charity registration number	526669
Principal office	Saul Rosenberg House
	1-7 Seymour Road
	Manchester
	M8 6BQ
The trustees
	Mr Dov Brandeis
	Mr Jacob Halpern
	Mr Philip Steinberg
Independent examiner	Meir Guttentag FCCA of Chartwell Accountants & Business
	Consultants LLP
	47 Bury New Road
	Prestwich
	Manchester
	M25 9JY

Structure, governance and management

Legal entity

The college is a registered charity and is known as Manchester Yeshiva (Hebrew title) and Manchester Talmudical College and Theological Seminary (English title). The charity registration number is 526669.

Governing document and constitution

The Charity is governed by a constitution dated 3rd April 1967. The registered Charity number is 526669.

Organisational structure

The Trustees administer the Charity and they have appointed a managing director to oversee the day to day affairs of the Charity.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage exposure to the major risks.

1

Manchester Talmudical College and Theological Seminary

Trustees' Annual Report (continued)

Year ended 31 December 2023

Objectives and activities

The aims and objects of the Charity are: the study of subjects appertaining to Jewish education at postgraduate level; the training of personnel for ecclesiastical and allied professions; the dissemination among students and the Jewish community of religious, moral and ethical teachings and values a s a way of life for communal leaders and laymen.

Public benefit

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

Grant making policy

Grants are made to students at the discretion of the Trustees and the Principal. Financial assistance shall be given at their discretion for publication of learned works.

Achievements and performance

The Charity received £624,081 (2022:£568,576) in donations and other income during the year and paid out £555,881 by way of grants.

The Charity owns the building it operates from and received rent of £32,194 during the year from leasing out part of the building. Dividend income was £628.

Financial review

Donations received in the year ending December 2023 increased by nearly 10% compared to the previous year. In response to the rising cost of living, the Trustees have taken action to increase the amount of grants distributed.

Reserves policy

The trustees have reviewed the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. The trustees are confident that sufficient reserves will be generated to achieve the objectives of the charity.

The trustees' annual report was approved on 11 September 2024 and signed on behalf of the board of trustees by:

Mr Jacob Halpern Trustee

2

Manchester Talmudical College and Theological Seminary

Independent Examiner's Report to the Trustees of Manchester Talmudical College and Theological Seminary

Year ended 31 December 2023

I report to the trustees on my examination of the financial statements of Manchester Talmudical College and Theological Seminary ('the charity') for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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 charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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.

Meir Guttentag FCCA of Chartwell Accountants & Business Consultants LLP Independent Examiner

47 Bury New Road Prestwich Manchester M25 9JY

3

Manchester Talmudical College and Theological Seminary

Statement of Financial Activities

Year ended 31 December 2023

		2023		2022
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	622,681	622,681	568,576
Charitable activities	5	1,400	1,400	–
Investment income	6	32,834	32,834	32,813
		─────────	─────────	─────────
Total income		656,915	656,915	601,389
		═════════	═════════	═════════
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies	7	32,813	32,813	27,182
Expenditure on charitable activities	8,9	621,966	621,966	586,503
		─────────	─────────	─────────
Total expenditure		654,779	654,779	613,685
		═════════	═════════	═════════
		─────────	─────────	─────────
Net income/(expenditure) and net movement in funds		2,136	2,136	(12,296)
		═════════	═════════	═════════
Reconciliation of funds
Total funds brought forward		731,365	731,365	743,661
		─────────	─────────	─────────
Total funds carried forward		733,501	733,501	731,365
		═════════	═════════	═════════

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 15 form part of these financial statements.

4

Manchester Talmudical College and Theological Seminary

Statement of Financial Position

31 December 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible fixed assets	16	751,193	752,411
Investments	17	16,262	15,634
		─────────	─────────
		767,455	768,045
Current assets
Debtors	18	1,893	–
Cash at bank and in hand		42,800	40,681
		────────	────────
		44,693	40,681
Creditors: amounts falling due within one year	19	2,397	1,111
		────────	────────
Net current assets		42,296	39,570
		─────────	─────────
Total assets less current liabilities		809,751	807,615
Creditors: amounts falling due after more than one year	20	76,250	76,250
		─────────	─────────
Net assets		733,501	731,365
		═════════	═════════
Funds of the charity
Unrestricted funds:
Revaluation reserve		729,000	729,000
Other unrestricted income funds		4,501	2,365
		─────────	─────────
Total unrestricted funds		733,501	731,365
		─────────	─────────
Total charity funds	21	733,501 ═════════	731,365 ═════════

These financial statements were approved by the board of trustees and authorised for issue on 11 September 2024, and are signed on behalf of the board by:

Mr Jacob Halpern Trustee

The notes on pages 7 to 15 form part of these financial statements.

5

Manchester Talmudical College and Theological Seminary

Statement of Cash Flows

Year ended 31 December 2023

	2023	2022
	£	£
Cash flows from operating activities
Net income/(expenditure)	2,136	(12,296)
Adjustments for:
Depreciation of tangible fixed assets	1,218	1,218
Dividends, interest and rents from investments	(32,822)	(32,807)
Other interest receivable and similar income	(12)	(6)
Changes in:
Trade and other debtors	(1,893)	–
Trade and other creditors	1,286	(460)
	────────	────────
Cash generated from operations	(30,087)	(44,351)
Interest received	12	6
	────────	────────
Net cash used in operating activities	(30,075)	(44,345)
	════════	════════
Cash flows from investing activities
Dividends, interest and rents from investments	32,822	32,807
Purchases of other investments	(628)	(636)
	────────	────────
Net cash from investing activities	32,194	32,171
	════════	════════
Net increase/(decrease) in cash and cash equivalents	2,119	(12,174)
Cash and cash equivalents at beginning of year	40,681	52,855
	────────	────────
Cash and cash equivalents at end of year	42,800	40,681
	════════	════════

The notes on pages 7 to 15 form part of these financial statements.

6

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements

Year ended 31 December 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Saul Rosenberg House, 1-7 Seymour Road, Manchester, M8 6BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

7

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. 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 be 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 estimated 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 for the 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 incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement 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 charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

8

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 10% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

9

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

10

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

Financial instruments (continued)

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Donations
Donations received	622,681	622,681	557,326	557,326
Legacies
Legacies received	–	–	11,250	11,250
	─────────	─────────	─────────	─────────
	622,681	622,681	568,576	568,576
	═════════	═════════	═════════	═════════
Charitable activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Other income	1,400	1,400	–	–
	═══════	═══════	════	════
Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Income from investment properties	32,194	32,194	32,171	32,171
Income from listed investments	628	628	636	636
Bank interest receivable	12	12	6	6
	────────	────────	────────	────────
	32,834	32,834	32,813	32,813
	════════	════════	════════	════════
Costs of raising donations and legacies
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Costs of raising donations and legacies
- Donations	32,813	32,813	27,182	27,182
	════════	════════	════════	════════

5. Charitable activities

6. Investment income

7. Costs of raising donations and legacies

11

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

8. Expenditure on charitable activities by fund type

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Establishment costs and grants paid	596,543	596,543	570,079	570,079
	Support costs	25,423	25,423	16,424	16,424
		─────────	─────────	─────────	─────────
		621,966	621,966	586,503	586,503
		═════════	═════════	═════════	═════════
9.	Expenditure on charitable activities by activity type
	Activities
	undertaken	Grant funding		Total funds	Total fund
	directly	of activities	Support costs	2023	2022
	£	£	£	£	£
	40,662	555,881	25,423	621,966	586,503
	════════	═════════	════════	═════════	═════════
10.	Analysis of support costs
			Analysis of
			support costs
			activity 1	Total 2023	Total 2022
			£	£	£
	Staff costs		8,505	8,505	7,800
	Support costs		16,918	16,918	8,623
			────────	────────	────────
			25,423	25,423	16,423
			════════	════════	════════
11.	Analysis of grants
				2023	2022
				£	£
	Grants to individuals
	Grants to individuals			555,881	530,432
				─────────	─────────
	Total grants			555,881	530,432
				═════════	═════════
12.	Net income/(expenditure)
	Net income/(expenditure) is stated after	charging/(crediting):
				2023	2022
				£	£
	Depreciation of tangible fixed assets			1,218	1,218
				═══════	═══════
13.	Independent examination fees
				2023	2022
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			600	600
				════	════

12

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as	The total staff costs and employee benefits for the reporting period are analysed as	follows:
	2023	2022
	£	£
Wages and salaries	20,325 ════════	18,960 ════════

The average head count of employees during the year was 2 (2022: 2).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

16. Tangible fixed assets

	Freehold	Fixtures and
	property	fittings	Total
	£	£	£
Cost
At 1 January 2023 and 31 December 2023	879,000	12,181	891,181
	═════════	════════	═════════
Depreciation
At 1 January 2023	129,000	9,770	138,770
Charge for the year	–	1,218	1,218
	─────────	────────	─────────
At 31 December 2023	129,000	10,988	139,988
	═════════	════════	═════════
Carrying amount
At 31 December 2023	750,000	1,193	751,193
	═════════	════════	═════════
At 31 December 2022	750,000	2,411	752,411
	═════════	════════	═════════

17. Investments

	Listed	Other
	investments	investments	Total
	£	£	£
Cost or valuation
At 1 January 2023	15,629	5	15,634
Additions	628	–	628
	────────	────	────────
At 31 December 2023	16,257	5	16,262
	════════	════	════════
Impairment
At 1 January 2023 and 31 December 2023		–	–
		════	════════
Carrying amount
At 31 December 2023	16,257	5	16,262
	════════	════	════════
At 31 December 2022	15,629	5	15,634
	════════	════	════════

All investments shown above are held at valuation.

13

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

18. Debtors

	2023	2022
	£	£
Prepayments and accrued income	1,893	–
	═══════	════
Creditors: amounts falling due within one year
	2023	2022
	£	£
Accruals and deferred income	672	672
Other creditors	1,725	439
	───────	───────
	2,397	1,111
	═══════	═══════
Creditors: amounts falling due after more than one year
	2023	2022
	£	£
Other creditors	76,250	76,250
	════════	════════

19. Creditors: amounts falling due within one year

20. Creditors: amounts falling due after more than one year

21. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
				At
	At 1 Jan 2023	Income	Expenditure	31 Dec 2023
	£	£	£	£
General funds	2,365	656,915	(654,779)	4,501
Revaluation reserve	729,000	–	–	729,000
	─────────	─────────	─────────	─────────
	731,365	656,915	(654,779)	733,501
	═════════	═════════	═════════	═════════
				At
	At 1 Jan 2022	Income	Expenditure	31 Dec 2022
	£	£	£	£
General funds	14,661	601,389	(613,685)	2,365
Revaluation reserve	729,000	–	–	729,000
	─────────	─────────	─────────	─────────
	743,661	601,389	(613,685)	731,365
	═════════	═════════	═════════	═════════

14

Manchester Talmudical College and Theological Seminary

Notes to the Financial Statements (continued)

Year ended 31 December 2023

22. Analysis of net assets between funds

			Unrestricted	Total Funds
			Funds	2023
			£	£
	Tangible fixed assets		751,194	751,194
	Investments		16,262	16,262
	Current assets		44,692	44,692
	Creditors less than 1 year		(2,397)	(2,397)
	Creditors greater than 1 year		(76,250)	(76,250)
			─────────	─────────
	Net assets		733,501	733,501
			═════════	═════════
			Unrestricted	Total Funds
			Funds	2022
			£	£
	Tangible fixed assets		752,412	752,412
	Investments		15,634	15,634
	Current assets		40,681	40,681
	Creditors less than 1 year		(1,112)	(1,112)
	Creditors greater than 1 year		(76,250)	(76,250)
			─────────	─────────
	Net assets		731,365	731,365
			═════════	═════════
23.	Analysis of changes in net debt
				At
		At 1 Jan 2023	Cash flows	31 Dec 2023
		£	£	£
	Cash at bank and in hand	40,681	2,119	42,800
		════════	═══════	════════

24. Related parties

No transactions with related parties were undertaken during the year.

15