2023-03-31-accounts - College For Higher Rabbinical Studies

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REGISTERED CHARITY NUMBER: 803466

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 2023

		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	20

COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES for the year ended 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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

As a charity with close links to the local community and communities abroad, the trustees are approached to assist individuals going through economic hardship as well as charitable institutions that rely on grants to provide their much needed charitable services. The trustees were able to respond to the applications made to them and provided much needed assistance. The trustees assess each of the applications made to them and consider their response based on the individual circumstances, the funds available, and the impact the grant will make in achieving the charity's goals. Where grants are made to charities and other organisations, consideration is given to the operational efficiency and reputation of the recipient charity and the ability of the donation to 'make a difference'.

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COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES

for the year ended 31 March 2023

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 soaring inflation which resulted in a significant cost of living crisis for families and individuals in the UK and abroad. Charitable institutions also struggled with increased running costs as a result of higher energy, food and transport costs which present a challenge to their ability to continue to support their activities. 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.

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 2023 would be would be 12 months of administrative costs. 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 as at 31 March 2023 were £3,160,160, with the free reserves being £292,344. The trustees are considering ways in which further unrestricted funds may be raised.

Financial results

The financial results for the year to 31 March 2023 are shown in the attached financial statements.

Total income increased from £2,254,959 to £4,115,373 and total expenditure increased from £2,260,564 to £3,378,258 in comparison with the previous period.

There was a net increase in funds of £737,115 (2022 - decrease of £5,605) with total unrestricted funds carried forward of £3,160,160 (2022 - £2,423,045).

FUTURE PLANS

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

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.

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COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES

for the year ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The Constitution 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 charity 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

Trustees

Mr A Josefovitz Mr H Stroh Mr G R Conrad

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COLLEGE FOR HIGHER RABBINICAL STUDIES

REPORT OF THE TRUSTEES

for the year ended 31 March 2023

REFERENCE AND ADMINISTRATIVE DETAILS

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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable 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 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 January 2024 and signed on its behalf by:

Mr H Stroh - Trustee

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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 2023 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).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 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:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient 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.

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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.

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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:

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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charitable company through discussions with management and from our commercial knowledge and experience of the sector College for Higher Rabbinical Studies belongs to;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the association, including the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019), Trustees Act, Bribery Act and data protection;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations, including the ones that ensure that the grants are used for intended purposes.

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

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

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

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims.

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.

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

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 January 2024

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

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COLLEGE FOR HIGHER RABBINICAL STUDIES

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023

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 INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2023 Unrestricted fund £ 3,916,213 199,160 4,115,373 55,808 197,260 2,799,039 305,155 18,391 2,605 3,378,258 737,115 2,423,045 3,160,160	2022 Total funds £ 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

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

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COLLEGE FOR HIGHER RABBINICAL STUDIES

BALANCE SHEET

31 March 2023

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	2023 Unrestricted fund £ 607,816 3,100,000 3,707,816 186,863 156,282 343,145 (50,801) 292,344 4,000,160 (840,000) 3,160,160 3,160,160 3,160,160	2022 Total funds £ 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

The financial statements were approved by the Board of Trustees and authorised for issue on 22 January 2024 and were signed on its behalf by:

Mr H Stroh - Trustee

The notes form part of these financial statements

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COLLEGE FOR HIGHER RABBINICAL STUDIES

CASH FLOW STATEMENT

for the year ended 31 March 2023

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2023 £ 434,647 (57,828) 376,819 - - (320,000) (320,000) 56,819 99,463 156,282	2022 £ 192,188 (42,455) 149,733 (5,390) (5,390) (120,000) (120,000) 24,343 75,120 99,463

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 2023

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

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid Increase in debtors (Decrease)/increase in creditors Net cash provided by operations	2023 £ 737,115 2,605 57,828 (28,702) (334,199) 434,647	2022 £ (5,605) 3,474 42,455 (115,385) 267,249 192,188

2. ANALYSIS OF CHANGES IN NET DEBT

	At 1.4.22	Cash flow	At 31.3.23
	£	£	£
Net cash
Cash at bank	99,463	56,819	156,282
	99,463	56,819	156,282
Debt
Debts falling due within 1 year	(40,000)	-	(40,000)
Debts falling due after 1 year	(1,160,000 )	320,000	(840,000)
	(1,200,000 )	320,000	(880,000)
Total	(1,100,537 )	376,819	(723,718)

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 2023

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.

Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year-end are accounted for in income and accrued income in debtors.

For legacies, entitlement is taken on a case by case basis as the earlier of the date on which: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate.

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. Where legacies have been notified to the or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition are met.

Donated goods and services

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item is probable and that economic benefit can be measured reliably.

Donated professional services and facilities are included in income at the estimated value of the gift to the charity when received, based on the amount that the charity would have been prepared to pay for these services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assets are similarly taken to income at the value to the charity with the other entry being capitalised in fixed assets.

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.

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

1. ACCOUNTING POLICIES - continued

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 entity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the entity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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

continued...

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NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Debtors

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

2022 £ 2,055,799	2022 £ 2,055,799	2022 £ 2,055,799
2022 £ 199,160 2022 £ 39,914 Totals £ 197,260 2,799,039 305,155 18,391	2022 £ 199,160
		2022 £ 39,914
3,319,845

6. GRANTS PAYABLE

Grants to institutions Grants to individuals	2023 £ 2,799,039 305,155 3,104,194	2022 £ 1,923,696 119,681
		2,043,377

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2023

6. GRANTS PAYABLE - continued

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

Beis Yakov HaYushun Chinuch Yerusholaim Congregation Mosdos Toldos Aharon Congregation Sharei Sholom Tchabe Trust Kehal Ohel Menachem Vitepsk Keren Yesomim Fund Merkaz Chasidei Viznitz Mishkan Soroh Ramat Beit Shemesh Mosdos Chesed L'Avrohom Mosdos Viznitz B'eretz Hakodesh Ohel Chaya Rose Ohr Hameir L'torah V'chesed Talmud Torah Tuv Yerushalaim Torah Temima Beit Shemesh Yeshivas Darkei Noam Heifah Yeshivas Shaar Hashomayim Other smaller grants	2023 £ 250,000 - - - - - 250,000 168,000 203,920 190,000 224,820 239,650 250,000 207,000 - 180,000 635,649 2,799,039	2022 £ - 96,300 50,000 99,100 161,000 100,000 - - 62,965 - - 257,510 - - 67,400 - 1,029,421
		1,923,696

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

7. SUPPORT COSTS

7. SUPPORT COSTS
Governance Management Finance costs £ £ £ Support costs 5,571 2,020 10,800 8. AUDITORS' REMUNERATION 2023 £ Fees payable to the charity's auditors for the audit of the charity's financial statements 10,800	Totals £ 18,391
	2022 £ 7,200

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

10. TANGIBLE FIXED ASSETS

COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 11. INVESTMENT PROPERTY FAIR VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022	Freehold property £ 600,000 - - - 600,000 600,000	Plant and machinery £ 6,500 6,500 - 6,500 - -	Fixtures and fittings £ 45,634 35,213 2,605 37,818 7,816 10,421	Totals £ 652,134 41,713 2,605 44,318 607,816 610,421 £ 3,100,000	Totals £ 652,134
					41,713 2,605
					44,318
					607,816
					610,421
				3,100,000
				3,100,000

The properties were valued as at 31 March 2023 by the trustees, on an open market value basis, with the assistance of their professional advisors and based on their knowledge of the property market and the specific properties owned.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2023	2022
	£	£
Other debtors	186,863	158,161

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Bank loans and overdrafts (see note 15) 40,000 Other creditors 10,801 50,801 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 £ Bank loans (see note 15) 840,000 15. LOANS An analysis of the maturity of loans is given below: 2023 £ Amounts falling due within one year on demand: Bank loans- within 1 year 40,000 Amounts falling between one and two years: Bank loans- 1-2 years 40,000 Amounts falling due between two and five years: Bank loans - 2-5 years 50,000 Amounts falling due in more than five years: Repayable by instalments: Bank loans- more than 5 years 750,000 16. SECURED DEBTS The following secured debts are included within creditors: 2023 £ Bank loans 880,000	2022 £ 40,000 345,000 385,000 2022 £ 1,160,000	2022 £ 40,000 345,000
		385,000
	2022 £ 40,000
	40,000
	120,000
	1,000,000 2022 £ 1,200,000

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

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

17. MOVEMENT IN FUNDS

At 1.4.22 £ Unrestricted funds General fund 2,423,045 TOTAL FUNDS 2,423,045 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 4,115,373 TOTAL FUNDS 4,115,373 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 2,428,650 TOTAL FUNDS 2,428,650 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 2,254,959 TOTAL FUNDS 2,254,959	Net movement in funds £ 737,115 737,115 Resources expended £ (3,378,258 ) (3,378,258 ) Net movement in funds £ (5,605) (5,605) Resources expended £ (2,260,564 ) (2,260,564 )	At 31.3.23 £ 3,160,160 3,160,160 Movement in funds £ 737,115 737,115 At 31.3.22 £ 2,423,045 2,423,045 Movement in funds £ (5,605) (5,605)

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COLLEGE FOR HIGHER RABBINICAL STUDIES

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

18. RELATED PARTY DISCLOSURES

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.

19. AUDITOR LIABILITY LIMITATION AGREEMENT

The charity has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 March 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the trustees on 15 March 2023.

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