REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
THE KOLEL LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 FEBRUARY 2022 TO 30 JANUARY 2023 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
THE KOLEL LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 FEBRUARY 2022 TO 30 JANUARY 2023 |
THE KOLEL LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 | to | 9 |
THE KOLEL LIMITED |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Sugarwhite Meyer Accountants Ltd |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
BANKERS |
London |
E13 |
THE KOLEL LIMITED (REGISTERED NUMBER: 06791037) |
REPORT OF THE TRUSTEES |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 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 period 1 February 2022 to 30 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). |
REFERENCE AND ADMINISTRATIVE INFORMATION |
The information is shown on page 1 of the financial statements and forms part of this report |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity are:- |
The advancement of Orthodox Jewish Religious education primarily but not exclusively by the establishing and maintaining an institute for advanced Talmudic Studies and providing there at facilities and courses for such studies; the advancement of the Orthodox Jewish Faith and the advancement of such other objects as are for the benefit of the public and are charitable according to English Law. |
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit. |
ACHIEVEMENT AND PERFORMANCE |
Review |
The charity's income and expenditure were materially the same as the previous year; the charity incurred a small deficit. |
FINANCIAL REVIEW |
Reserves policy |
The charity does not have a specific reserve policy. Grants are made according to the availability of funds. Reserves at the year end stood at £2,556 deficit (2022 - £2,759 surplus). |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Constitution |
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 14 January 2009. |
Recruitment and appointment of new trustees |
It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. |
Risk management |
The trustees have confirmed that there are no major risks to which the charity is exposed. |
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 |
THE KOLEL LIMITED |
Independent examiner's report to the trustees of The Kolel Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the period 1 February 2022 to 30 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 |
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. |
E Meyer FCA BSc |
Sugarwhite Meyer Accountants Ltd |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
4 March 2024 |
THE KOLEL LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
PERIOD |
1.2.22 |
TO | YEAR ENDED |
30.1.23 | 31.1.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities | 3 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | ( |
) | 2,759 |
THE KOLEL LIMITED (REGISTERED NUMBER: 06791037) |
BALANCE SHEET |
30 JANUARY 2023 |
2023 | 2022 |
Total | Total |
funds | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
NET ASSETS | ( |
) |
FUNDS |
Unrestricted funds: |
General fund | (2,556 | ) | 2,759 |
TOTAL FUNDS | ( |
) | 2,759 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 January 2023. |
The members have not required the company to obtain an audit of its financial statements for the period ended 30 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. |
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 |
THE KOLEL LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 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 |
Donations are included in full in the Statement of Financial Activities when received. |
Expenditure |
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates. |
Raising funds comprise the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. |
Grants are only recognised in the accounts when paid. |
Support costs are those incurred to assist the work of the charity but are not direct charitable activities. |
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Going concern |
There are no material uncertainties about the charity's ability to continue. |
2. | INVESTMENT INCOME |
PERIOD |
1.2.22 |
TO | YEAR ENDED |
30.1.23 | 31.1.22 |
Unrestricted | Total |
funds | funds |
£ | £ |
Deposit account interest |
THE KOLEL LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
3. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
Direct | (see note | costs (see |
Costs | 4) | note 5) | Totals |
£ | £ | £ | £ |
Grantmaking | - | 141,817 | - | 141,817 |
College running costs | 2,197 | - | - | 2,197 |
Support costs | - | - | 2,865 | 2,865 |
2,197 | 141,817 | 2,865 | 146,879 |
4. | GRANTS PAYABLE |
PERIOD |
1.2.22 |
TO | YEAR ENDED |
30.1.23 | 31.1.22 |
£ | £ |
Grantmaking | 141,817 | 143,363 |
The total grants paid to institutions during the period was as | follows: |
PERIOD |
1.2.22 |
TO | YEAR ENDED |
30.1.23 | 31.1.22 |
£ | £ |
Study and lecture grants | - | 2,100 |
Relief of poverty | 12,290 | 25,036 |
Advancement of education | 19,022 | 4,465 |
Advancement of religion | 23,080 | 1,786 |
Social welfare | 1,378 | 118 |
Mifal Tzedoko Vochesed | 16,000 |
Yeshiva Toras Chemed | 7,000 |
Amud Hatzdokoh Trust | 5,865 |
Yeshiva Torah Vodaath | 3,418 |
Nachlas Beis Yaakov | 3,000 |
North West Sephardish Synagogue | 2,500 |
Others under £2,500 | 17,987 |
55,770 |
THE KOLEL LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
4. | GRANTS PAYABLE - continued |
The total grants paid to individuals during the period was as | follows: |
PERIOD |
1.2.22 |
TO | YEAR ENDED |
30.1.23 | 31.1.22 |
£ | £ |
Study and lecture grants | 56,500 | 86,500 |
Relief of poverty | 29,547 | 23,358 |
5. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Support costs | 794 | 2,071 | 2,865 |
Support costs, included in the above, are as follows: |
Governance costs |
PERIOD |
1.2.22 |
TO | YEAR ENDED |
30.1.23 | 31.1.22 |
Support | Total |
costs | activities |
£ | £ |
Independent examiner's fee | 780 | 780 |
Independent examiner's other fees | 780 | 780 |
General expenses | 511 | 668 |
2,071 | 2,228 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the period ended 30 January 2023 nor for the year ended 31 January 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the period ended 30 January 2023 nor for the year ended 31 January 2022. |
THE KOLEL LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023 |
7. | AVERAGE STAFF NUMBERS |
The average number of staff in the year was NIL (2022 - NIL) |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Accruals and deferred income |
9. | RELATED PARTY DISCLOSURES |
The charity received unrestricted donations of £133,500 (2022 - £138,000) from charities and companies in which trustees and/or close relatives have an interest. |