REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
TALMUD TORAH BEIS SHLOMO LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
TALMUD TORAH BEIS SHLOMO LTD |
TALMUD TORAH BEIS SHLOMO LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Statement of Financial Position | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 12 |
TALMUD TORAH BEIS SHLOMO LTD (REGISTERED NUMBER: 06071791) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 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 advancement of the Orthodox Jewish Faith, the advancement of Orthodox Jewish Religious Education, and such other purposes as are considered charitable in English Law. And to provide and manage a community centre with facilities for Jewish religious studies and activities, for the local Orthodox Jewish community. |
Significant activities |
The financial results of the company's activities for the year ended 31st January 2023 are fully reflected in the attached financial statements together with notes thereon. |
The charity raised £216,992 (2022: £197,337) and paid donations that amounted to £36,860 (2022: £16,100). |
The trustees are satisfied with the results and activities of the company for the year and do not anticipate any significant changes in the forthcoming year. |
Public benefit |
The trustees of the charity confirm that they have considered the Charity Commission's general guidance on public benefit and the requirements of s4 of the Charities Act 2011 in this area. |
The purpose and objective of the charity is the provision of a safe environment for those using the facilities of the Torah Centre. The charity's funds are utilised to fund staff and activities at the Torah Centre on an ongoing basis. |
ACHIEVEMENT AND PERFORMANCE |
Investment performance |
The charity received investment income in the form of rent that amounted to £161,991 (2022: £144,426). |
FINANCIAL REVIEW |
Principal funding sources |
The major source of income during the year was donations from various institutions and from private individuals. |
Reserves policy |
The reserves policy is to ensure that there is a sufficient stream of income to meet the working capital of the school. |
FUTURE PLANS |
There are no current plans to change the activities or modus operandi in the foreseeable future. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
TALMUD TORAH BEIS SHLOMO LTD (REGISTERED NUMBER: 06071791) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
TALMUD TORAH BEIS SHLOMO LTD |
Independent examiner's report to the trustees of TALMUD TORAH BEIS SHLOMO LTD ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Malcolm Venitt, ACA |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
7 November 2023 |
TALMUD TORAH BEIS SHLOMO LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities | 4 |
Donations and grants | 36,860 | 16,100 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 75,602 |
TALMUD TORAH BEIS SHLOMO LTD (REGISTERED NUMBER: 06071791) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2023 |
31.1.23 | 31.1.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 75,602 |
TOTAL FUNDS | 75,602 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
TALMUD TORAH BEIS SHLOMO LTD (REGISTERED NUMBER: 06071791) |
STATEMENT OF FINANCIAL POSITION - continued |
31 JANUARY 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
TALMUD TORAH BEIS SHLOMO LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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. |
Governance costs |
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts. |
Depreciation |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - |
Fixtures and fittings | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
2. | INVESTMENT INCOME |
31.1.23 | 31.1.22 |
£ | £ |
Rents received |
TALMUD TORAH BEIS SHLOMO LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
3. | RAISING FUNDS |
Investment management costs |
31.1.23 | 31.1.22 |
£ | £ |
Property repairs |
Commission paid | 3,305 | - |
Support costs | - | 13,308 |
26,440 | 31,690 |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of | Support |
activities | costs | Totals |
£ | £ | £ |
Donations and grants | 20,000 | 16,860 | 36,860 |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.1.23 | 31.1.22 |
£ | £ |
Depreciation - owned assets |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.1.23 | 31.1.22 |
Staff members |
TALMUD TORAH BEIS SHLOMO LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Donations and grants | 16,100 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 75,602 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 February 2022 and 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
TALMUD TORAH BEIS SHLOMO LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
10. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Included in investment property is freehold land valued at £ 436,040 (2022 - £ 436,040 ). |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade debtors |
Other debtors |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.1.23 | 31.1.22 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments: |
Bank loans more 5 yrs non-inst | 285,000 | 285,000 |
TALMUD TORAH BEIS SHLOMO LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
15. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 75,602 | 13,362 | 88,964 |
TOTAL FUNDS | 13,362 | 88,964 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 378,983 | (365,621 | ) | 13,362 |
TOTAL FUNDS | ( |
) | 13,362 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.2.21 | in funds | 31.1.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 115,529 | (39,927 | ) | 75,602 |
TOTAL FUNDS | 115,529 | (39,927 | ) | 75,602 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 341,763 | (381,690 | ) | (39,927 | ) |
TOTAL FUNDS | 341,763 | (381,690 | ) | (39,927 | ) |
TALMUD TORAH BEIS SHLOMO LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
15. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.2.21 | in funds | 31.1.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 115,529 | (26,565 | ) | 88,964 |
TOTAL FUNDS | 115,529 | (26,565 | ) | 88,964 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 720,746 | (747,311 | ) | (26,565 | ) |
TOTAL FUNDS | 720,746 | (747,311 | ) | (26,565 | ) |
16. | RELATED PARTY DISCLOSURES |