REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
TOLDOS AHARON TRUST LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 30 MARCH 2023 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
TOLDOS AHARON TRUST LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 30 MARCH 2023 |
TOLDOS AHARON TRUST LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 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 | to | 6 |
Cash Flow Statement | 7 |
Notes to the Cash Flow Statement | 8 |
Notes to the Financial Statements | 9 | to | 16 |
TOLDOS AHARON TRUST LIMITED |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 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 |
Finsbury Park |
London |
N4 2AW |
TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295) |
REPORT OF THE TRUSTEES |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
Reference and administrative information |
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report. |
OBJECTIVES AND ACTIVITIES |
Objects for public benefit |
The object of the charity is the advancement of the Orthodox Jewish Faith. |
The trustees confirm that they have given regard to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year. |
Grantmaking |
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. 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. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in advancement of religion, education and the relief of poverty. The synagogue continues to be used daily for prayer and for study about the Orthodox Jewish Faith and way of life. There are lectures and facilities for personal study. Social gatherings are held on the Sabbath and festivals. |
The charity also raises money for the Grand Rabbi of Toldos Aharon's network of schools and talmudical colleges. |
FINANCIAL REVIEW |
Reserves policy |
The trustees do not seek to maintain reserves, other than to ensure that the activities of the charity can continue. Reserves at the year end were £338,420 (2022 - £375,690). |
FUTURE PLANS |
The charity plans to continue its activities for the foreseeable future subject to satisfactory income. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Constitution |
The charity is constituted as limited company and is governed by its Memorandum and Articles of Association dated 18 March 2015. |
Organisational structure |
The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustee 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 |
TOLDOS AHARON TRUST LIMITED |
Independent examiner's report to the trustees of Toldos Aharon Trust Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the period 1 April 2022 to 30 March 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. |
E Meyer FCA BSc |
Sugarwhite Meyer Accountants Ltd |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
16 April 2024 |
TOLDOS AHARON TRUST LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Other trading activities | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 375,690 |
TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295) |
BALANCE SHEET |
30 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 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 | 18 |
Unrestricted funds: |
General fund | 338,420 | 375,690 |
TOTAL FUNDS | 375,690 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2023. |
The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 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. |
TOLDOS AHARON TRUST LIMITED (REGISTERED NUMBER: 09496295) |
BALANCE SHEET - continued |
30 MARCH 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 |
TOLDOS AHARON TRUST LIMITED |
CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 44,870 | 93,758 |
Net cash provided by operating activities | 44,870 | 93,758 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (37,750 | ) | (35,277 | ) |
Net cash used in investing activities | (37,750 | ) | (35,277 | ) |
Cash flows from financing activities |
Loan repayments in year | (8,917 | ) | (27,228 | ) |
Net cash used in financing activities | (8,917 | ) | (27,228 | ) |
Change in cash and cash equivalents in the reporting period |
(1,797 |
) |
31,253 |
Cash and cash equivalents at the beginning of the reporting period |
37,388 |
6,135 |
Cash and cash equivalents at the end of the reporting period |
35,591 |
37,388 |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
£ | £ |
Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) |
(37,270 |
) |
83,760 |
Adjustments for: |
Decrease in debtors | 49,605 | 10,000 |
Increase/(decrease) in creditors | 32,535 | (2 | ) |
Net cash provided by operations | 44,870 | 93,758 |
2. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 30.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 37,388 | (1,797 | ) | 35,591 |
37,388 | (1,797 | ) | 35,591 |
Debt |
Debts falling due within 1 year | (18,900 | ) | - | (18,900 | ) |
Debts falling due after 1 year | (820,592 | ) | 8,917 | (811,675 | ) |
(839,492 | ) | 8,917 | (830,575 | ) |
Total | (802,104 | ) | 7,120 | (794,984 | ) |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 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, as modified by the revaluation of certain assets. |
Going concern |
The outbreak of the COVID-19 during 2020 has presented the charity with uncertainty as to the revenue of the charity in the next 12 months which cannot presently be quantified.. The trustees have the ability to exercise control over the charity's expenditure and therefore believe the charity will continue as a going concern. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. |
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. |
Income received from donations and other income is accounted for 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. |
Costs of 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. |
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. |
Financial instruments |
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. |
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted. |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
2. | DONATIONS AND LEGACIES |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Donations | 847,063 | - |
3. | OTHER TRADING ACTIVITIES |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Rental income | 94,864 | - | 94,864 | 95,921 |
4. | RAISING FUNDS |
Raising donations and legacies |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fundraising costs | 26,960 | - |
Investment management costs |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Portfolio management | 9,255 | - | 9,255 | - |
Aggregate amounts | 36,215 | - | 36,215 | 11,363 |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
5. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
Direct | activities | Support |
Costs (see | (see note | costs (see |
note 6) | 7) | note 8) | Totals |
£ | £ | £ | £ |
Synagogue expenses | 84,559 | - | - | 84,559 |
Grantmaking | - | 855,283 | - | 855,283 |
Governance | - | - | 3,140 | 3,140 |
84,559 | 855,283 | 3,140 | 942,982 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
£ | £ |
Synagogue events | 19,202 | 10,500 |
Synagogue upkeep | 65,357 | 56,183 |
84,559 | 66,683 |
7. | GRANTS PAYABLE |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
£ | £ |
Grantmaking | 855,283 | 754,309 |
The total grants paid to institutions during the period was as | follows: |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
£ | £ |
Advancement of religion | 430,495 | 459,766 |
Relief of poverty | 175,700 | 8,987 |
Religious education | 26,945 | 8,025 |
Medical | - | 1,610 |
General purposes | 2,750 | 1,297 |
Congregation Mosdos Toldos Aharon | 389,750 |
Tzidkas Yoseph | 117,000 |
Vetapsk | 57,200 |
Neemot Israel | 27,000 |
Others under £15,000 | 44,940 |
635,890 |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
7. | GRANTS PAYABLE - continued |
The total grants paid to individuals during the period was as | follows: |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
£ | £ |
Advancement of religion | - | 100 |
Relief of poverty | 219,393 | 268,524 |
Medical | - | 6,000 |
8. | SUPPORT COSTS |
Governance |
costs |
£ |
Governance | 3,140 |
Support costs, included in the above, are as follows: |
PERIOD |
1.4.22 |
TO | YEAR ENDED |
30.3.23 | 31.3.22 |
Total |
Governance | activities |
£ | £ |
Independent examiner's fee | 1,080 | 960 |
Independent examiner's other fees | 1,920 | 1,680 |
General expenses | 140 | - |
3,140 | 2,640 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the period ended 30 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the period ended 30 March 2023 nor for the year ended 31 March 2022. |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
10. | STAFF NUMBERS |
The average number of staff in the year was Nil (2022 - Nil). |
11. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 April 2022 |
Additions |
At 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 31 March 2022 |
The charity's asset is held for for functional use and therefore has not been revalued and is shown at cost. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
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 |
Bank loan | 38,525 | 41,667 |
Amounts falling due in more than five years: |
Repayable by instalments: |
Unity Bank | 697,550 | 703,325 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by legal charges over the charity's property. |
17. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
£ | £ | £ | £ |
Fixed assets | 1,401,913 | - | 1,401,913 | 1,364,163 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
Long term liabilities | (811,675 | ) | - | (811,675 | ) | (820,592 | ) |
338,420 | - | 338,420 | 375,690 |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
18. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 30.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 375,690 | (37,270 | ) | 338,420 |
TOTAL FUNDS | (37,270 | ) | 338,420 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 941,927 | (979,197 | ) | (37,270 | ) |
TOTAL FUNDS | ( |
) | (37,270 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 291,930 | 83,760 | 375,690 |
TOTAL FUNDS | 291,930 | 83,760 | 375,690 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 918,755 | (834,995 | ) | 83,760 |
TOTAL FUNDS | 918,755 | (834,995 | ) | 83,760 |
TOLDOS AHARON TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023 |
19. | RELATED PARTY DISCLOSURES |
Creditors include £1,000 (2022 - £36,350 )owed to a charity in which a trustee of Toldos Aharon Trust Ltd has an interest. |