Charity number
528049
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE**
Report and Accounts
31 March 2021
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Charity Information**
## **Trustees**
A Levine Y Mankoff (Appointed 1st June 2020) L Zahn (Resigned 1st June 2020) M Schleider
## **Independent Examiner**
Accounts & Business Solutions Limited 158 Cromwell Road Salford M6 6DE
## **Bankers**
Unity Trust Bank plc Nine Brindley Place Birmingham B1 2HB
## **Charity number**
528049
## **Charity offices**
Prince Consort Road Gateshead Tyne & Wear NE8 4DE
1
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Trustees report for the year ended 31st March 2020**
The trustees are pleased to present the annual report of the charity for the year ended 31st March 2020.
**CHARITY REGISTRATION NO:** 528049
**REGISTERED ADDRESS:** Prince Consort Road Gateshead Tyne & Wear NE8 4DE
**TRUSTEES** Trustees who served during the year were as follows:
A Levine Y Mankoff (App L Zahn (Resign M Schleider
## **Constitution, Objects and Policies**
The charity is constituted as a charitable trust and is therefore governed by a trust deed.
The charity's objectives are to promote theological and talmudic research, provide such educational facilities as will enable the students to become Rabbis, Ministers, Readers and Hebrew teachers for the Jewish Community. The college also helps necessitous students pursue their studies by means of scholarships and
In the furtherance of these charitable objects, the charity is to raise funds and invite and receive from any person or persons whatsoever by way of subscription, donation and otherwise, provided that the charity does not undertake any permanent trading activities in raising funds for their charitable objects.
## **Achievements and performance**
We are able to report that our students attained a high standard in their studies with many progressing to prestigious positions as Rosh Hayishivos, Rabbonim, Melamdim and communal Askonim.
During the year the charity continued its building renovation program enhancing its residential, kitchen and study areas. This has enabled the students and users to study and relax in more suitable and congenial surroundings
The charity increased its student role during the year and currently has in excess of 110 students, furthermore educational programs have been enhanced.
The college has continued to help necessitous students pursue their studies by means of scholarships and grants.
The charity expresses its appreciation to the CST (Community Security Trust) for its support in maintaining security at the college to enable it to operate in a safe environment.
## **Fixed Assets**
Details of movements in fixed assets are shown in note 5 to the financial statements.
## **Investment Policy and Returns**
Under the trust deed the charity has the power to make any investment which the trustees see fit. The charity currently does not hold any investments.
## **How Our Activities Achieve Public Benefit**
The Charity carries out a wide range of activities in pursuance of its charitable aims. The Trustees consider that these activities detailed above provide benefit to the public.
2
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Trustees report (continued) for the year ended 31st March 2020**
## **Information Technology**
The charity continues to invest in technology suitable to improve its performance in the charity sector.
## **Review of the Result and Reserves Policy**
The trustees consider that the results set out in the attached accounts are satisfactory. They are of the opinion that the balance on the reserves are sufficient to meet any future commitments under the terms of funding.
It is the policy of the charity to maintain unrestricted funds at a level which covers current commitments under the terms of their funding.
## **Statutory Requirements**
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts.
## **Risk Management**
The trustees have examined the major strategic, business and operational risks that the charity faces and confirm that systems have been established to enable regular reviews to be carried out so that necessary steps can be taken to lessen these risks.
## **Description of Organisation**
The day to day management of the charity is administered by the Board of Management known as the committee. The financial administration is delegated to the administration manager.
Recruitment and appointment of new trustees is in line with the trust deed, objectives of the charity and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
## **Financial Review**
Income has decreased over the year by £696,710. The redcution was due to a one-off building fund campaign in the previous year.
Direct charitable expenditure has reduced by £8,902.
Governance costs have remained in line with previous years.
The trustees are pleased to report a surplus of £288,203 during the year. This reflects the efforts of the committee and volunteers who have worked hard during the year to cover the costs of the charitable activities.
Funds are available to permit the charity to continue in operation in the medium to long term and to continue to fund worthwhile projects.
Arrangements are in hand to continue to raise funds to finance the charity's activities and projects.
Reserves as stated in the accounts are as follows:
|Unrestricted funds
Restricted funds
Total|971,801
1,180,000
2,151,801|
|---|---|
3
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Trustees report (continued) for the year ended 31st March 2020**
## **Covid-19**
Regular fundraising has become difficult as face to face fundraising is impractical and travel restricted. However this has been replaced by alternative fundraising activities particularly the, Crowed funding campaign. This raised £250,000 in March 2021 which was to fund renovations (£175,000) and cover ongoing operating costs for at least the next 12 months (supplemented by contributions and other income).
Although contribution income did initially reduce during the pandemic many families continued to pay their agrred contributions and the overall affect of the reduction was offset by a reduction in expenditure.
The trustees believe that the effects of Covid-19 have been adequately dealt with and do not risk the Yeshiva's future.
## **Statement of Trustees' Responsibilities**
Charity Law requires the trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the Charity as at the Balance Sheet date and of its surplus or deficit for that year. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make adjustments and estimates that are reasonable and prudent;
- state whether the policies adopted are in accordance with the relevant legislation and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time its financial position and to ensure that the financial statements comply with the Statement of Recommended Practice, Accounting and Reporting by Charities, applicable accounting standards and the Charities Act. They are also responsible for
safeguarding its assets and hence for taking reasonable steps for the prevention of fraud and other irregularities.
## **Reporting Accountants**
A resolution for the reappointment of Accounts & Business Solutions will be proposed at the forthcoming general meeting.
On Behalf of the Board of Trustees:
________________________________ Y Mankoff
15 December 2021
4
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021**
|**_Notes_**
**Incoming Resources**
Fees
Grants received
Donations
Furlough Income
Rent and Interest receivable
_1_
**Resources expended**
Direct Charitable expenditure
_2_
Governance costs
_4_
Total resources expended
Net incoming resources before other
recognised (gains)/losses
Funds B/F
_7_
Funds C/F
_7_|**2021**
**Unrestricted**
**£**
108,081
-
643,505
-
23
751,609
462,156
1,250
463,406
288,203
683,598
971,801|**2021**
**Restricted**
**£**
-
99,715
-
28,434
-
128,149
128,149
-
128,149
-
1,180,000
1,180,000|**2021**
**Total**
**£**
108,081
99,715
643,505
28,434
23
879,758
590,305
1,250
591,555
288,203
1,863,598
2,151,801|**2020**
**Total**
**£**
114,833
118,148
1,339,834
-
3,653
1,576,468
599,207
3,750
602,957
973,511
890,087
1,863,598|
|---|---|---|---|---|
The accompanying notes form part of these accounts
5
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Balance Sheet as at 31 March 2021**
|**Notes**
**Fixed assets**
Tangible assets
5
**Current assets**
Debtors
15,000
Cash and bank and in hand
522,678
537,678
**Creditors: Amounts falling due within**
**one year**
6
(11,616)
**Net current assets**
**Net assets**
**Funds**
Unrestricted funds
7
Restricted funds
7
Y Mankoff
Trustee
Approved by the board on 15 December 2021|**2021**
**£**
1,625,739
526,062
2,151,801
971,801
1,180,000
2,151,801|**2020**
**£**
634,240
315,000
924,634
1,239,634
(10,276)
1,229,358
1,863,598
683,598
1,180,000
1,863,598|
|---|---|---|
The accompanying notes form part of these accounts
6
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Statement of Cash Flows for the year ended 31 March 2021**
|**Notes**
**Operating activities**
Profit for the financial year
Adjustments for:
Depreciation
Increase/(decrease) in debtors
Increase in creditors
**Other movements**
Interest received
Cash generated by operating activities
**Investing activities**
Payments to acquire investments
Cash used in investing activities
**Financing activities**
Other Financing activities
Cash generated by financing activities
**Net cash (used)/generated**
Cash generated by operating activities
Cash used in investing activities
Cash generated by financing activities
Net cash (used)/generated
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March
Cash and cash equivalents comprise:
Cash at bank
Bank overdrafts|**2021**
**£**
288,203
300,000
1,340
589,543
-
589,543
(991,499)
(991,499)
-
-
589,543
(991,499)
-
(401,956)
924,634
522,678
522,678
-
522,678|**2020**
**£**
973,511
-
(315,000)
464
658,975
-
658,975
-
-
-
-
658,975
-
-
658,975
265,659
924,634
924,634
-
924,634|
|---|---|---|
7
**Notes to the Accounts**
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE**
**for the year ended 31 March 2021**
## **1 ACCOUNTING POLICIES**
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.
## **Incoming Resources**
- ~ Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
- ~ Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
- ~ Grants and investment income are reflected in the accounts when receivable.
- ~ Grants which relate to a specified future period are deferred.
- ~ Donations, gifts and other income are reflected in the accounts when received
## **Resources Expended**
All expenditure other than that capitalised has been reflected in the Statement of Financial Activities on an accruals basis.
Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountants fees and costs linked to the strategic management of the charity.
Costs of generating funds comprise the costs associated with attracting voluntary
## **Valuation, Capitalisation and Depreciation of Fixed Assets**
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & equipment and motor vehicles 10% to 20% on cost Land & buildings Based on market value
## **Taxation**
The organisation is exempt from income tax by reason of its charitable status. Income tax suffered on investment income is reclaimed in full.
## **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 Prince Consort Road, Gateshead, NE8 4DE.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
8
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Notes to the Accounts**
**for the year ended 31 March 2021**
## **1 ACCOUNTING POLICIES - Continued**
## **Trustees remuneration and expenses**
No remuneration, directly or indirectly out of the funds of the charity, was paid or payable, to any trustee or to any persons known to be connected with any of them.
No reimbursement of expenses has been made, or is due to be made, to any of the trustees in respect of the period.
## **Debtors**
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad
d d btf l d bt
## **Creditors**
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
## **Foreign currency translation**
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
## **Leased assets**
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
## **Pensions**
Contributions to defined contribution plans are expensed in the period to which they relate.
## **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 projects or commitments.
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.
9
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Notes to the Accounts**
## **for the year ended 31 March 2021**
|**1**
**Incoming Resources**
**2021**
**Unrestricted**
**£**
Fees
108,081
Grants (CST)
-
Donations
643,505
Furlough income
Interest received
23
Rental Income
-
751,609
**2**
**Direct charitable expenditure**
**2021**
**Unrestricted**
**£**
Wages and salaries
91,993
Provisions & kitchen costs
90,784
Grants & welfare
183,774
Special projects and activities
-
Security
-
Rent, rates & water
10,731
Insurance
6,000
Light and heat
14,606
Sundries and Cleaning
9,699
Repairs and maintenance
10,845
Legal and consultants fees
1,024
Depreciation
-
Support costs
42,700
462,156
**3**
**Support costs**
Bank charges
Motor and travel expenses
Advertising and Fundraising
Stationery, printing, telephone and office expenses
**4**
**Governance costs**
Audit/Independent examiners fee|**2021**
**Restricted**
**£**
-
99,715
28,434
-
-
128,149
**2021**
**Restricted**
**£**
28,434
-
-
-
99,715
-
-
-
-
-
-
-
-
128,149|**2021**
**Total**
**£**
108,081
99,715
643,505
28,434
23
-
879,758
**2021**
**Total**
**£**
120,427
90,784
183,774
-
99,715
10,731
6,000
14,606
9,699
10,845
1,024
-
42,700
590,305
**2021**
**£**
1,399
6,356
29,321
5,624
42,700
**2021**
**£**
1,250
1,250|**2020**
**Total**
**£**
114,833
118,148
1,339,834
-
153
3,500
1,576,468
**2020**
**Total**
**£**
123,846
143,166
108,630
-
118,148
13,690
4,040
17,119
9,826
23,516
-
-
37,226
599,207
**2020**
**£**
-
12,201
20,154
4,871
37,226
**2020**
**£**
3,750
3,750|
|---|---|---|---|
10
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Notes to the Accounts for the year ended 31 March 2021**
|**5**
**Tangible assets**
**Cost/valuation**
At 1 April 2020
Additions
At 31 March 2021
**Depreciation**
At 1 April 2020
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**Plant and**
**machinery**
£
54,028
-
54,028
53,216
53,216
812
812|**Freehold**
**land & build**
**£**
633,428
991,499
1,624,927
-
-
1,624,927
633,428|**Total**
**£**
687,456
991,499
1,678,955
53,216
53,216
1,625,739
634,240|
|---|---|---|---|
The freehold property is stated at cost. The trustees believe the buildings are valued substantially in excess of the stated cost. The charity is currently completing a new building project and the refurbishment building project and the refurbishment of its exisiting building. Once completed the trustees will be in a better position to obtaine more accurate valuation of the Yeshivas buildings.
|**Capital commitments**
Contracted for but not provided
**6**
**Liabilities: Amounts falling due in less than one year**
Other taxes and social security
Other creditors
**2021**
**7**
**Funds**
**Unrestricted**
**£**
As at 1st April 2020
683,598
Incoming resources
751,609
Outgoing resources
(463,406)
Funds at 31st March 2021
971,801
**Analysis of restricted funds**
**2021**
**Total**
**£**
Building fund
1,180,000
1,180,000|**2021**
**Restricted**
**£**
1,180,000
128,149
(128,149)
1,180,000
**2020**
**Total**
**£**
1,180,000
1,180,000|**2021**
**£**
nil
**2021**
**£**
1,568
10,048
11,616
**2021**
**Total**
**£**
1,863,598
879,758
(591,555)
2,151,801|**2020**
**£**
nil
**2020**
**£**
1,478
8,798
10,276
**2020**
**Total**
**£**
890,087
1,576,468
(602,957)
1,863,598|
|---|---|---|---|
11
## **SUNDERLAND JEWISH BOYS HOSTEL AND TALMUDICAL COLLEGE Notes to the Accounts for the year ended 31 March 2021**
## **8 Analysis of Net Assets between Funds**
|**Net**
**Fixed**
**Current**
**Assets**
**Assets**
**£**
**£**
Total funds
1,625,739
526,062
**9**
**Resources Expended**
This is stated after charging:
Independent examiners fees|**Total**
**2021**
**£**
2,151,801
**2021**
**£**
1,250|**Total**
**2020**
**£**
1,863,598
**2020**
**£**
3,750|
|---|---|---|
## **10 Wages & salaries**
No salaries, wages or expenses were paid to trustees during the year. No employee received emoluments of more than £20,000 (2019: nil).
|Wages & salaries
Social security costs|**2021**
**£**
120,182
245
120,427|**2020**
**£**
122,688
1,158
123,846|
|---|---|---|
12