2024-02-29-accounts - Gateshead Talmudical College

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CHARITY REGISTRATION NUMBER: 527414

Gateshead Talmudical College

Financial Statements

29 February 2024

COHEN ARNOLD

Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

Gateshead Talmudical College

Financial Statements

Year ended 29 February 2024

	PAGES
Trustees' annual report	1 to 4
Independent auditor's report to the members	5 to 8
Statement of financial activities	9
Statement of financial position	10
Statement of cash flows	11
Notes to the financial statements	12 to 19

Gateshead Talmudical College

Trustees' Annual Report

Year ended 29 February 2024

The trustees present their report and the financial statements of the charity for the year ended 29 February 2024.

Reference and administrative details

Registered charity name Gateshead Talmudical College Charity registration number 527414 Principal office 88 Windermere Street Gateshead NE8 1UB The trustees Rabbi A Gurwicz Rabbi C O Gurwicz Rabbi E Gurwicz (Appointed 19 June 2024) COMPANY SECRETARY Mr S Guttentag AUDITOR Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

Structure, governance and management

The day to day management of the Charity are administered by the Board of Management known as the Hanholah. The Financial administration is delegated to the Bursar and his staff.

Suitable vetting, recruitment and training procedures will be applied when appointing new trustees.

The Charity is Governed by its Constitution dated 29 December 1970.

The trustees record with regret the passing of Rabbi Matisyahu Salomon zt"l on 2 January 2024. Rabbi Salomon zt"l, was a former student of the College who initially began serving as an assistant Mashgiach during the late 1960’s under Rabbi Moshe Schwab zt"l, later to become Mashgiach of Gateshead Yeshiva.

During his long tenure as Mashgiach, his influence extended to the entire Jewish World and greatly enhanced the stature of the Yeshiva.

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Gateshead Talmudical College

Trustees' Annual Report (continued)

Year ended 29 February 2024

Objectives and activities

The objective of the College is the advancement, support and furtherance of Orthodox Higher Religious Jewish Studies.

The College educates its students in Traditional Jewish Studies relevant to layman, Rabbis, Ministers, Shocked and Hebrew Studies.

The College offers courses at three levels: a Foundation Course, a Talmud Studies Course and an Advanced Talmud Studies Course. The Talmud Studies Course is accredited by Awards for Training and Higher Education (ATHE) and this course is taken by students holding Student visas.

The courses offered by the College enable the students to live in accordance with the Orthodox Jewish way of life and provide a traditional Jewish education that is relevant to their future lives. Great emphasis is put on ethics and character refinement as the College aims to produce Alumni who will be benefit their own and wider communities.

Students range in age from 16 to 21 and whilst the majority of the student body come from the UK, nearly a quarter come from European countries as well as other countries. Altogether twelve nationalities are represented in the student body giving the College a cosmopolitan atmosphere from which the students gain tremendously enabling them to mature as responsible citizens.

Gateshead Talmudical College has developed a worldwide reputation for the quality of its rabbinical education and this is what draws increasing numbers of students to Gateshead from overseas. The College currently has over 400 students. The College also helps necessitous students pursue their studies by means of Scholarships and Grants.

Course are delivered by Rabbis who are experienced and are acknowledged internationally as leaders in the field of Talmud Studies. There are well-established systems of teaching and learning which are matched to students' levels of understanding and enable them to make rapid progress and to develop their intellectual skills. A key element of teaching and learning is paired study and discussion of the Talmud undertaken by the whole student body together in the large well lit, well ventilated and well maintained air conditioned study hall. These very well organised study sessions are supported by tutors who circulate and interact with students, discussing and interpreting the Talmudic texts. The positive and busy learning atmosphere is highly successful in motivating the students in their learning. The college uses well established programmes of study that allow course leaders to be confident about the quality of the curriculum. A strong emphasis is placed on continuous assessment of student progress.

The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.

Achievements and performance

The intake of our students during the year has been of an exceptionally high standard, and due to constraints, we were unable to accept all applicants.

We are able to report that during the year all our students attained high standards in their studies and regular tests.

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Gateshead Talmudical College

Trustees' Annual Report (continued)

Year ended 29 February 2024

Financial review

The charity's main source of income are contributions from parents and the very large group of supportive alumni. These tend to not necessarily be received on a consistent basis. Accordingly, the charity runs on a tight operating budget which occasionally results in an operating deficit. As such, the charity is not able to accumulate significant reserves. However, the charity’s very large group of supportive alumni and parents of alumni have always supported the charity in times of financial need. The charity has operated on this basis for many years and the trustees are therefore satisfied to continue with this policy. The trustees are also therefore of the opinion that the preparation of the accounts on the Going Concern basis is appropriate. In addition, post year end the charity had a very successful fundraising initiative.

The charity held Unrestricted Funds of £2,820,105 at the Reporting Date.

Plans for future periods

Over the last few years the College has added to the size of the Faculty with several high calibre Talmudic Scholars which has added to the already high standard of erudition.

Additionally, the College has improved & modernised the Study Hall & Lecture Room facilities

With these enhanced facilities the Charity plans continuing and furthering its activities in the forthcoming years.

Plans are currently being drawn up to construct a new state of the art administration & student accommodation block

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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, of the charity for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK 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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Gateshead Talmudical College

Trustees' Annual Report (continued)

Year ended 29 February 2024

The trustees' annual report was approved on 23 December 2024 and signed on behalf of the board of trustees by:

Rabbi A Gurwicz Trustee

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Gateshead Talmudical College

Independent Auditor's Report to the Members of Gateshead Talmudical College

Year ended 29 February 2024

Opinion

We have audited the financial statements of Gateshead Talmudical College (the 'charity') for the year ended 29 February 2024 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 29 February 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Gateshead Talmudical College

Independent Auditor's Report to the Members of Gateshead Talmudical College (continued)

Year ended 29 February 2024

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Gateshead Talmudical College

Independent Auditor's Report to the Members of Gateshead Talmudical College (continued)

Year ended 29 February 2024

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements.
We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations.
We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. The susceptibility to such material misstatement was determined to be low.
Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

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Gateshead Talmudical College

Independent Auditor's Report to the Members of Gateshead Talmudical College (continued)

Year ended 29 February 2024

Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

COHEN ARNOLD

Chartered accountants & statutory auditor

New Burlington House 1075 Finchley Road LONDON NW11 0PU

23 December 2024

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Gateshead Talmudical College

Statement of Financial Activities

Year ended 29 February 2024

		2024	2024	2023
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	3,205,278	3,205,278	3,068,202
Other income	5	1,629	1,629	2,114
		`─────────────`	`─────────────`	`─────────────`
Total income		3,206,907	3,206,907	3,070,316
		`═════════════`	`═════════════`	`═════════════`
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies	6	29,158	29,158	28,984
Expenditure on charitable activities	7,8	3,660,561	3,660,561	3,035,779
		`─────────────`	`─────────────`	`─────────────`
Total expenditure		3,689,719	3,689,719	3,064,763
		`═════════════`	`═════════════`	`═════════════`
		`─────────────`	`─────────────`	`─────────────`
Net (expenditure)/income and net movement in funds		(482,812)	(482,812)	5,553
		`═════════════`	`═════════════`	`═════════════`
Reconciliation of funds
Total funds brought forward		3,302,917	3,302,917	3,297,364
		`─────────────`	`─────────────`	`─────────────`
Total funds carried forward		2,820,105	2,820,105	3,302,917
		`═════════════`	`═════════════`	`═════════════`

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 12 to 19 form part of these financial statements.

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Gateshead Talmudical College

Statement of Financial Position

29 February 2024

		2024		2023
	Note	£	£	£
Fixed assets
Tangible fixed assets	13		3,518,562	3,427,240
Current assets
Debtors	14	165,098		201,242
Cash at bank and in hand		9,840		114,403
		`──────────`		`──────────`
		174,938		315,645
Creditors: amounts falling due within one year	16	828,518		362,121
		`──────────`		`──────────`
Net current liabilities			653,580	46,476
			`─────────────`	`─────────────`
Total assets less current liabilities			2,864,982	3,380,764
Creditors: amounts falling due after more than
one year	17		(44,877)	(77,847)
			`─────────────`	`─────────────`
Net assets			2,820,105	3,302,917
			`═════════════`	`═════════════`
Funds of the charity
Unrestricted funds			2,820,105	3,302,917
			`─────────────`	`─────────────`
Total charity funds	19		2,820,105	3,302,917
			`═════════════`	`═════════════`

These financial statements were approved by the board of trustees and authorised for issue on 23 December 2024, and are signed on behalf of the board by:

Rabbi A Gurwicz Trustee

The notes on pages 12 to 19 form part of these financial statements.

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Gateshead Talmudical College

Statement of Cash Flows

Year ended 29 February 2024

		2024	2023
	Note	£	£
Cash flows from operating activities
Net (expenditure)/income		(482,812)	5,553
Adjustments for:
Depreciation of tangible fixed assets		57,827	46,641
Interest payable and similar charges		20,191	3,421
Accrued expenses		15,498	119,825
Changes in:
Trade and other debtors		21,144	(55,947)
Trade and other creditors		461,982	(33,260)
		`──────────`	`──────────`
Cash generated from operations		93,830	86,233
Interest paid		(20,191)	(3,421)
		`─────────`	`─────────`
Net cash from operating activities		73,639	82,812
		`═════════`	`═════════`
Cash flows from investing activities
Purchase of tangible assets		(149,149)	(94,750)
		`──────────`	`─────────`
Net cash used in investing activities		(149,149)	(94,750)
		`══════════`	`═════════`
Cash flows from financing activities
Proceeds from borrowings		(30,354)	(29,230)
		`──────────`	`─────────`
Net cash used in financing activities		(30,354)	(29,230)
		`══════════`	`═════════`
Net decrease in cash and cash equivalents		(105,864)	(41,168)
Cash and cash equivalents at beginning of year		26,782	67,950
		`─────────`	`─────────`
Cash and cash equivalents at end of year	15	(79,082)	26,782
		`═════════`	`═════════`

The notes on pages 12 to 19 form part of these financial statements.

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Gateshead Talmudical College

Notes to the Financial Statements

Year ended 29 February 2024

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 88 Windermere Street West, NE8 1UB, Gateshead.

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

Judgements and key sources of estimation uncertainty

There are no judgements, estimates and assumptions that affect the amounts reported.

Fund accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors.

Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes.

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Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

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.

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Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

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:

Motor Vehicles - 25% straight line Furniture & Equipment - 10% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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, 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 expected to be paid or received and not discounted.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

Donations and legacies
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Donations
Donations Received	3,205,278	3,205,278	2,818,652	2,818,652
Building Fund Donations Received	–	–	10,430	10,430

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Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

4. Donations and legacies (continued)

4.	Donations and legacies *(continued)*
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Legacies
	Legacies	–	–	239,120	239,120
		`─────────────`	`─────────────`	`─────────────`	`─────────────`
		3,205,278	3,205,278	3,068,202	3,068,202
		`═════════════`	`═════════════`	`═════════════`	`═════════════`
5.	Other income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Rental Income	1,629	1,629	2,114	2,114
		`═══════`	`═══════`	`═══════`	`═══════`
6.	Costs of raising donations and legacies
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Costs of raising donations and legacies
	- Donations	29,158	29,158	28,984	28,984
		`═════════`	`═════════`	`═════════`	`═════════`
7.	Expenditure on charitable activities by fund type
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Provision of religious education and
	college facilities	3,521,736	3,521,736	2,864,791	2,864,791
	Scholarships and grants	28,250	28,250	41,114	41,114
	Support costs	110,575	110,575	129,874	129,874
		`─────────────`	`─────────────`	`─────────────`	`─────────────`
		3,660,561	3,660,561	3,035,779	3,035,779
		`═════════════`	`═════════════`	`═════════════`	`═════════════`
8.	Expenditure on charitable activities by activity type
		Activities
		undertaken		Total funds	Total fund
		directly	Support costs	2024	2023
		£	£	£	£
	Provision of religious education and
	college facilities	3,521,736	103,075	3,624,811	2,987,765
	Scholarships and grants	28,250	–	28,250	41,114
	Governance costs	–	7,500	7,500	6,900
		`─────────────`	`──────────`	`─────────────`	`─────────────`
		3,549,986	110,575	3,660,561	3,035,779
		`═════════════`	`══════════`	`═════════════`	`═════════════`

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Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

9. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

Net (expenditure)/income is stated after charging/(crediting):
	2024	2023
	£	£
Depreciation of tangible fixed assets	57,827	46,641
	`═════════`	`═════════`
Auditors remuneration
	2024	2023
	£	£
Fees payable for the audit of the financial statements	6,900	6,900
	`═══════`	`═══════`

10. Auditors remuneration

11. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2024	2023
	£	£
Wages and salaries	1,606,041	1,310,181
Social security costs	145,212	128,579
Employer contributions to pension plans	11,741	11,924
	`─────────────`	`─────────────`
	1,762,994	1,450,684
	`═════════════`	`═════════════`

The average head count of employees during the year was 54 (2023: 51).

The number of employees whose remuneration for the year fell within the following bands, were:

		2024	2023
		No.	No.
£60,000	to £69,999	1	5
£70,000	to £79,999	4	–
£80,000	to £89,999	–	1
£90,000	to £99,999	1	–
		`────`	`────`
		6	6
		`════`	`════`

12. Trustee remuneration and expenses

Payment has been made to two of the Trustees in respect of lecturing services performed. This totalled £158,236 during the year ended 29 February 2024 (2023: £130,599). Payment of this remuneration has been authorised by the Charity Commissioners.

The Charity has paid £2,200 (2023: £4,500) towards Trustees' travel expenses incurred for services provided to the Charity.

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Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

13. Tangible fixed assets

13.	Tangible fixed assets
		Land and	Motor
		buildings	vehicles	Equipment	Total
		£	£	£	£
	Cost
	At 1 March 2023	3,142,136	9,025	817,489	3,968,650
	Additions	37,287	–	111,862	149,149
		`─────────────`	`───────`	`──────────`	`─────────────`
	At 29 February 2024	3,179,423	9,025	929,351	4,117,799
		`═════════════`	`═══════`	`══════════`	`═════════════`
	Depreciation
	At 1 March 2023	–	9,025	532,385	541,410
	Charge for the year	–	–	57,827	57,827
		`─────────────`	`───────`	`──────────`	`─────────────`
	At 29 February 2024	–	9,025	590,212	599,237
		`═════════════`	`═══════`	`══════════`	`═════════════`
	Carrying amount
	At 29 February 2024	3,179,423	–	339,139	3,518,562
		`═════════════`	`═══════`	`══════════`	`═════════════`
	At 28 February 2023	3,142,136	–	285,104	3,427,240
		`═════════════`	`═══════`	`══════════`	`═════════════`
14.	Debtors
				2024	2023
				£	£
	Prepayments and accrued income			–	15,000
	Other debtors			165,098	186,242
				`──────────`	`──────────`
				165,098	201,242
				`══════════`	`══════════`
15.	Cash and cash equivalents
	Cash and cash equivalents comprise the following:
				2024	2023
				£	£
	Cash at bank and in hand			9,840	114,403
	Bank overdrafts			(88,922)	(87,621)
				`─────────`	`──────────`
				(79,082)	26,782
				`═════════`	`══════════`
16.	Creditors: amounts falling due within one year
				2024	2023
				£	£
	Bank loans and overdrafts			123,922	121,121
	Trade creditors			443,486	202,375
	Accruals and deferred income			39,123	38,625
	Other creditors			221,987	–
				`──────────`	`──────────`
				828,518 `══════════`	362,121 `══════════`

The bank overdraft is secured on certain of the freehold properties.

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Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

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

Creditors: amounts falling due after more than	one year
	2024	2023
	£	£
Bank loans and overdrafts	38,877	70,731
Other creditors	6,000	7,116
	`─────────`	`─────────`
	44,877	77,847
	`═════════`	`═════════`

The bank loan is a variable interest rate loan, secured on certain of the freehold properties, and is repayable by instalments terminating in 2026.

18. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £11,741 (2023: £11,924).

19. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
					At
		At		29 February
	1	March 2023	Income	Expenditure	2024
		£	£	£	£
General funds		3,302,917	3,206,907	(3,689,719)	2,820,105
		`═════════════`	`═════════════`	`═════════════`	`═════════════`
					At
		At			28 February
	1	March 2022	Income	Expenditure	2023
		£	£	£	£
General funds		3,297,364	3,070,316	(3,064,763)	3,302,917
		`═════════════`	`═════════════`	`═════════════`	`═════════════`

- 18 -

Gateshead Talmudical College

Notes to the Financial Statements (continued)

Year ended 29 February 2024

20. Analysis of net assets between funds

Analysis of net assets between funds
	Unrestricted	Total Funds
	Funds	2024
	£	£
Tangible fixed assets	3,518,562	3,518,562
Current assets	174,938	174,938
Creditors less than 1 year	(828,518)	(828,518)
Creditors greater than 1 year	(44,877)	(44,877)
	`─────────────`	`─────────────`
Net assets	2,820,105	2,820,105
	`═════════════`	`═════════════`
	Unrestricted	Total Funds
	Funds	2023
	£	£
Tangible fixed assets	3,427,240	3,427,240
Current assets	315,645	315,645
Creditors less than 1 year	(362,121)	(362,121)
Creditors greater than 1 year	(77,847)	(77,847)
	`─────────────`	`─────────────`
Net assets	3,302,917	3,302,917
	`═════════════`	`═════════════`

21. Analysis of changes in net debt

Analysis of changes in net debt
	At		At
	1 Mar 2023	Cash flows	29 Feb 2024
	£	£	£
Cash at bank and in hand	114,403	(104,563)	9,840
Bank overdrafts	(87,621)	(1,301)	(88,922)
Debt due within one year	(33,500)	(1,500)	(35,000)
Debt due after one year	(70,731)	31,854	(38,877)
	`──────────`	`──────────`	`──────────`
	(77,449)	(75,510)	(152,959)
	`══════════`	`══════════`	`══════════`

22. Related parties

There were no related party transactions other than those mentioned in note 12 above.

- 19 -