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2022-03-31-accounts

REGISTERED CHARITY NUMBER: 803466

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

COLLEGE FOR HIGHER RABBINICAL STUDIES

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

COLLEGE FOR HIGHER RABBINICAL STUDIES

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2022

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21

COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES for the year ended 31 March 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 objectives of College for Higher Rabbinical Studies are to promote, for the public benefit, the Jewish religion by religious instruction and to advance education in Jewish culture, ethics, and codes by the establishment of an academy of higher Rabbinical studies and Jewish learning in accordance with standards and rules of Jewish law, especially for the education of young men who normally reside in the United Kingdom at such an academy called "Tifereth Sholom Kollel", in memory of the late Rabbi S Schnitzler.

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities.The aims of the charitable company for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charitable company's aims for the public benefit are outlined under 'Achievements and Performance' below.

Grantmaking

In general the trustees support charities which are involved in the furtherance of the Jewish Faith and advancement of Jewish Education. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.

Page 1

COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The period proved very successful in terms of both donations received and grants paid. The public continues to support the charity in all its endeavours.

During the year the charity continued to manage and operate the Kollel run by the charity. The Kollel is open to mature students who are able to study at the advanced level that we aspire to achieve. Study sessions, both formal lectures and informal peer group study and tutorials run from early mornings until late evenings. The Kollel is also attended by public participants who are able to attend lectures or take part in the smaller study sessions. Direct costs represent bursaries paid to full time students in furtherance of this objective.

In addition to operating our Kollel we provide much needed financial support to needy families and individuals and grants to other qualifying institutions that are involved in the furtherance of the Jewish Faith and Education.

The year under review was marked by the transition of populations around the world out of the Covid-19 era and into a period of rebuilding and optimism. However, this period brought its own challenges. As governments drastically reduced the financial assistance they were providing to their citizens, many individuals and institutions who had been directly affected by the pandemic, found themselves unable to recover to their pre Covid levels. During the year the charity increased its support of charitable institutions whose objectives include the relief of poverty and the advancement of Jewish religion.The charity also continued to support needy individuals.

In addition to operating our Kollel we provide much needed financial support to needy families and individuals and grants to other qualifying institutions that are involved in the furtherance of the Jewish Faith and Education.

FINANCIAL REVIEW

Investment policy and objectives

Under its Trust Deed the charity has the power to invest in any way the trustees wish.

Reserves policy

The trustees have not established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary donations and grants. The trustees consider that the ideal level of reserves as at 31 March 2022 would be three months of resources expended. However, the College for Higher Rabbinical Studies is principally operated as a grant giving charity, and the trustees' policy is to seek to distribute bulk of the income arising in each financial year as at becomes available.

The actual reserves at 31 March 2022 were £2,423,045 which is significantly more than the target figure. However, the negative free reserves at the above-mentioned date were £127,376. The trustees therefore, are considering ways in which further unrestricted funds may be raised.

Financial results

The financial results for the year to 31 March 2022 are shown in the attached financial statements.

Total income decreased from £2,542,151 to £2,254,959 and total expenditure increased from £2,125,516 to £2,260,563 in comparison with the previous period.

There was a net decrease in funds of £5,605 (2021 - increase of £1,000,935) with total unrestricted funds carried forward of £2,423,045 (2021 - £2,428,650).

FUTURE PLANS

The charity is planning to generate more income for the much needed grants that it makes.

Page 2

COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

College for Higher Rabbinical Studies is constituted as an unincorporated charity and was formed on 26 June 1990. The charity is registered with the Charity Commission (Charity Registration Number 803466) and is governed by its Constitution.

Recruitment and appointment of new trustees

The Articles of Association stipulate that there must be a minimum of three trustees and there is no maximum number of trustees. All trustees must be members of the charitable company. Additional trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election. No trustee had any beneficial interest in any contract with the charitable company during the year.

The charitable company strives to ensure equal opportunities and diversity in both the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.

Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body.

Organisational structure

The board of trustees administers the charity and meets at least four times in a year.

Risk management

The trustees have undertaken a full risk assessment of the organisation covering financial, operational, regulatory, governance and management. Various systems and checks have been put into operation, which are reviewed annually.

Fundraising

The charity has a good reputation within the local community and has a large pool of regular donors who wish to have a part in the charitable activities of the charity. Existing donors often recommend and encourage other philanthropists to pledge their support to the success of the charity. As such, the trustees do not engage professional fundraisers nor do they undertake public collections or cold calls.

The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances.

The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

803466

Principal address

27 Heathland Road London N16 5PG

Page 3

COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

Trustees

Mr A Josefovitz Mr H Stroh Mr G R Conrad

Auditors

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

Approved by order of the board of trustees on 22 December 2022 and signed on its behalf by:

Mr H Stroh - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COLLEGE FOR HIGHER RABBINICAL STUDIES

Opinion

We have audited the financial statements of College for Higher Rabbinical Studies (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COLLEGE FOR HIGHER RABBINICAL STUDIES

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COLLEGE FOR HIGHER RABBINICAL STUDIES

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COLLEGE FOR HIGHER RABBINICAL STUDIES

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

22 December 2022

Raffingers LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

Page 8

COLLEGE FOR HIGHER RABBINICAL STUDIES

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grants to Rabbinical Students
Grants to institutions
Grants to individuals
Support costs
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
fund
£
2,055,799
199,160
2,254,959
39,914
138,925
1,923,696
119,681
34,874
3,474
2,260,564
-
(5,605)
2,428,650
2,423,045		 2021
Total
funds
£
2,342,991
199,160
2,542,151
40,338
132,435
1,738,654
199,560
11,406
3,123
2,125,516
584,300
1,000,935
1,427,715
2,428,650

The notes form part of these financial statements

Page 9

COLLEGE FOR HIGHER RABBINICAL STUDIES

BALANCE SHEET 31 March 2022

Notes
FIXED ASSETS
Tangible assets
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 2022
Unrestricted
fund
£
610,421
3,100,000
3,710,421
158,161
99,463
257,624
(385,000)
(127,376)
3,583,045
(1,160,000)
2,423,045
2,423,045
2,423,045		 2021
Total
funds
£
608,505
3,100,000
3,708,505
42,776
75,120
117,896
(117,751)
145
3,708,650
(1,280,000)
2,428,650
2,428,650
2,428,650

The financial statements were approved by the Board of Trustees and authorised for issue on 22 December 2022 and were signed on its behalf by:

Mr H Stroh - Trustee

The notes form part of these financial statements

Page 10

COLLEGE FOR HIGHER RABBINICAL STUDIES

CASH FLOW STATEMENT
for the year ended 31 March 2022
2022
Notes
£
Cash flows from operating activities
Cash generated from operations
1
192,188
Interest paid
(42,455)
Net cash provided by/(used in) operating activities
149,733
Cash flows from investing activities
Purchase of tangible fixed assets
(5,390)
Purchase of investment property
-
Net cash used in investing activities
(5,390)
Cash flows from financing activities
Loan repayments in year
(120,000)
Net cash used in financing activities
(120,000)
Change in cash and cash equivalents in the
reporting period
24,343
Cash and cash equivalents at the beginning of
the reporting period
75,120
Cash and cash equivalents at the end of the
reporting period
99,463		 2021
£
32,203
(40,522)
(8,319)
-
(15,700)
(15,700)
(40,000)
(40,000)
(64,019)
139,139
75,120

The notes form part of these financial statements

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2022

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

ACTIVITIES
2022 2021
£ £
Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities) (5,605) 1,000,935
Adjustments for:
Depreciation charges 3,474 3,123
Losses on investments - (584,300)
Interest paid 42,455 40,522
Increase in debtors (115,385) (33,776)
Increase/(decrease) in creditors 267,249 (394,301)
Net cash provided by operations 192,188 32,203
ANALYSIS OF CHANGES IN NET DEBT
At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank 75,120 24,343 99,463
75,120 24,343 99,463
Debt
Debts falling due within 1 year (40,000) - (40,000)
Debts falling due after 1 year (1,280,000) 120,000 (1,160,000)
(1,320,000) 120,000 (1,200,000)
Total (1,244,880) 144,343 (1,100,537)

The notes form part of these financial statements

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

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, as modified by the revaluation of certain assets.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Not provided Fixtures and fittings - 25% on reducing balance Plant and Machinery - 25% on reducing balance

Small balances are written off in the year they occur.

Freehold land and buildings are included in the financial statements at their valuations as at 31 March 2022. This valuation has been deemed cost under the transitional arrangement set out in FRS 102 and will apply going forward.

Freehold land and buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Taxation

The charity is exempt from tax on its charitable activities.

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2022

1. ACCOUNTING POLICIES - continued

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.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Debtors more than one year are included in the accounts at their carrying value.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be estimated reliably.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

2. DONATIONS AND LEGACIES

3.

Donations and grants
INVESTMENT INCOME
Rents received		 2022
£
2,055,799
2022
£
199,160		 2021
£
2,342,991
2021
£
199,160

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

4. RAISING FUNDS

Investment management costs

Investment management costs
2022 2021
£ £
Interest payable and similar charges 39,914 40,338

5. CHARITABLE ACTIVITIES COSTS

Grants to Rabbinical Students
Grants to institutions
Grants to individuals
Support costs
6.
GRANTS PAYABLE
Grants to institutions
Grants to individuals		 Direct
Costs
£
138,925
-
-
-
138,925		 Grant
funding of
activities
(see note
6)
£
-
1,923,696
119,681
-
2,043,377		 Support
costs (see
note 7)
£
-
-
-
34,874
34,874
2022
£
1,923,696
119,681
2,043,377		 Totals
£
138,925
1,923,696
119,681
34,874
2,217,176
2021
£
1,738,654
199,560
1,938,214

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

6. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
Aizer Chasanim Kretchnif
American Friends of Toras Chesed
Ateres Bonois
Beis Medrash Ohel Yeshorim
Beis Medrash Slonim
Biala Institutions
Chasdei Aharon Limited
Chasdei Sholom Trust
Chesed L'Avraham- Helping Foundation
Chinuch Yerusholaim
Congregation Chernobil
Congregation Mosdos Toldos Aharon
Congregation Sharei Sholom Tchabe Trust
Hachnasas Orchim Linas Hachesed
Hedvat Hashabbos
Kehal Ohel Menachem Vitepsk
Keren Eizer Chasanim Kretchnef
Keren Ezer Ne'suin Tchernobal
Keren Yesomim Fund
Khal Beis Moshe Aharon
Kolel Tifereth Meshilem D'Tosh
Kollel Noam Eliezer
Mifal Hachesed Keren Ose Choyil
Mishkanos Haroyim
Mosdos Hachinuch Breslow
Tchabe Kollel Limited
Talmud Torah Oor Hamair
Yeshiva Kneset Israel
Yeshivas Darkei Noam Heifah
Yeshivas Meirim
Other grants below £50,000		 2022
£
50,000
-
-
50,000
50,000
-
7,467
25,967
62,965
96,300
50,000
50,000
99,100
50,000
50,000
161,000
50,000
-
100,000
50,000
50,000
-
50,000
-
-
27,712
257,510
50,000
67,400
-
418,275
1,923,696		 2021
£
50,000
50,000
50,000
-
50,000
50,000
223,056
90,520
50,000
-
-
-
-
50,000
-
-
-
50,000
284,728
-
-
85,860
-
50,000
47,500
371,070
-
-
-
69,725
116,195
1,738,654

Donations were paid to institutions whose objectives include the relief of poverty and advancement of Jewish religion.

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

7. SUPPORT COSTS

Governance
Management
Finance
costs
£
£
£
Support costs
25,133
2,541
7,200
AUDITORS' REMUNERATION
2022
£
Fees payable to the charity's auditors for the audit of the charity's financial statements
7,200		 Totals
£
34,874
2021
£
6,950

8. AUDITORS' REMUNERATION

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

10. TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Freehold
Plant and
property
machinery
£
£
600,000
6,500
-
-
600,000
6,500
-
6,500
-
-
-
6,500
600,000
-
600,000
-		 Fixtures
and
fittings
£
40,244
5,390
45,634
31,739
3,474
35,213
10,421
8,505		 Totals
£
646,744
5,390
652,134
38,239
3,474
41,713
610,421
608,505

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2022

11. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2021
and 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021
Fair value at 31 March 2022 is represented by:
Valuation in 2021
Cost		 £
3,100,000
3,100,000
3,100,000
£
584,300
2,515,700
3,100,000

Investment property was valued on an open market basis on 31 March 2022 by the trustees.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13.

Other debtors
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 15)
Other creditors		 2022
£
158,161
2022
£
40,000
345,000
385,000		 2021
£
42,776
2021
£
40,000
77,751
117,751

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2022

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 15)
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans- within 1 year
Amounts falling between one and two years:
Bank loans- 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans- more than 5 years
16.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans		 2022
£
1,160,000
2022
£
40,000
40,000
120,000
1,000,000
2022
£
1,200,000		 2021
£
1,280,000
2021
£
40,000
40,000
120,000
1,120,000
2021
£
1,320,000

The mortgage with the Royal Bank of Scotland is secured by way of a fixed charge over the investment properties held by the company.

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
2,542,151
TOTAL FUNDS
2,542,151		 At 1.4.21
£
2,428,650
2,428,650
Incoming
resources
£
2,254,959
2,254,959
At 1.4.20
£
1,427,715
1,427,715
Resources
expended
£
(2,125,516)
(2,125,516)		 Net
movement
in funds
£
(5,605)
(5,605)
Resources
expended
£
(2,260,564)
(2,260,564)
Net
movement
in funds
£
1,000,935
1,000,935
Gains and
losses
£
584,300
584,300		 At
31.3.22
£
2,423,045
2,423,045
Movement
in funds
£
(5,605)
(5,605)
At
31.3.21
£
2,428,650
2,428,650
Movement
in funds
£
1,000,935
1,000,935

continued...

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2022

18. RELATED PARTY DISCLOSURES

During the year the charity made net grants to the following charities:

Tchabe Kollel Limited- £22,803 Start Upright- £3,983 Congregation Sharei Sholom Tchabe Limited- £82,445

The above-mentioned charities share common trustees, Mr G R Conrad and Mr A Josefovitz, with College for Higher Rabbinical Studies.

As at the balance sheet date, the charity owed £336,000 to a company of which one of the trustees is a director.

During the current and previous periods, rents for the use of the study hall were received from Tchabe Kollel Limited, a charity of which Mr G R Conrad is a trustee.

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