Charity registration number 1172027
Company registration number 10380826 (England and Wales)
T. D SEMINARY LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
T. D SEMINARY LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D Saurymper
Mr I Traube
Mr A Zonszajn
Charity number
1172027
Company number
10380826
Registered office
43 Durley Road
London
N16 5JR
Independent examiner
Mr J Silver FCCA
Precision Ltd
32 Castlewood Road
London
N16 6DW
T. D SEMINARY LTD
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7 - 15
T. D SEMINARY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The trustees who are also the directors for the purposes of company law, present their report and financial statements for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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

The objects of the charity

The charity achieves these objectives primarily through operating a college and nursery and providing grants to educational institutions.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance issued by the Charity Commission when reviewing the Charity's aims and objectives and in deciding what future activities the charity should undertake.

Achievements and performance

The charity continued operating the College and Nursery and provided grants to institutions to promote the advancement of orthodox Jewish religious education.

 

In the year under review the charity generated income of £565,860 and incurred expenses of £561,111 resulting in net incoming resources of £4,749.

Financial review

The trustees are satisfied with the progress made this year, in increasing the charity's income and reducing the deficit.

The trustees do not seek to maintain reserves of the charity in regard to unrestricted funds which have not been designated for a specific use other than to ensure that they can continue the activities of the charity.

 

The trustees intend to further their fund-raising efforts to recover the shortfall in funds in the short term and meet the above reserves policy.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

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.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr D Saurymper
Mr I Traube
Mr A Zonszajn

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

 

T. D SEMINARY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. The trustees administer the day to day running of the charity.

The trustees' report was approved by the Board of Trustees.

..............................
Mr I Traube
Trustee
Dated: .........................
2024-07-26
T. D SEMINARY LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF T. D SEMINARY LTD
- 3 -

I report to the trustees on my examination of the financial statements of T. D Seminary Ltd (the charity) for the year ended 30 September 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, 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 that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 financial statements to be reached.

Mr J Silver FCCA

Independent Examiner

Precision Ltd

 

Dated: .........................
T. D SEMINARY LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
380,857
-
380,857
346,649
-
346,649
Charitable activities
4
112,448
72,555
185,003
103,878
66,083
169,961
Other income
5
-
-
-
3,000
-
3,000
Total income
493,305
72,555
565,860
453,527
66,083
519,610
Expenditure on:
Raising funds
6
2,472
-
2,472
8,414
-
8,414
Charitable activities
7
486,084
72,555
558,639
477,094
66,083
543,177
Total expenditure
488,556
72,555
561,111
485,508
66,083
551,591
Net income/(expenditure) for the year/
Net movement in funds
4,749
-
4,749
(31,981)
-
(31,981)
Fund balances at 1 October 2022
(39,654)
-
(39,654)
(7,673)
-
(7,673)
Fund balances at 30 September 2023
(34,905)
-
(34,905)
(39,654)
-
(39,654)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
T. D SEMINARY LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
11,529
14,811
Current assets
Cash at bank and in hand
8,134
18,547
Creditors: amounts falling due within one year
15
(28,264)
(42,425)
Net current liabilities
(20,130)
(23,878)
Total assets less current liabilities
(8,601)
(9,067)
Creditors: amounts falling due after more than one year
16
(26,304)
(30,587)
Net liabilities
(34,905)
(39,654)
Income funds
Unrestricted funds
(34,905)
(39,654)
(34,905)
(39,654)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................
2024-07-26
..............................
Mr I Traube
Trustee
Company Registration No. 10380826
T. D SEMINARY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(5,698)
(1,489)
Investing activities
Purchase of tangible fixed assets
(562)
(6,376)
Proceeds from disposal of tangible fixed assets
-
3,000
Net cash used in investing activities
(562)
(3,376)
Financing activities
Repayment of bank loans
(4,153)
(4,051)
Net cash used in financing activities
(4,153)
(4,051)
Net decrease in cash and cash equivalents
(10,413)
(8,916)
Cash and cash equivalents at beginning of year
18,547
27,463
Cash and cash equivalents at end of year
8,134
18,547
T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
1
Accounting policies
Charity information

T. D Seminary Ltd is a private company limited by guarantee incorporated in England and Wales and is a registered charity in England and Wales. The registered office is 43 Durley Road, London, N16 5JR.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, notwithstanding that the company has net liabilities, due to the ongoing support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

 

 

T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.5
Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on Reducing Balance
Computers
25% on Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There have been no material adjustments based on estimations and assumptions during the financial year.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
230,457
205,373

Parental Contributions & Other Voluntary Contributions

150,400
141,276
T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
3
Donations and legacies
(Continued)
- 10 -

 

4
Charitable activities

Charitable Income

Charitable Income

2023
2022
£
£

Provision of Educational courses and Early years nursery

185,003
169,961
Analysis by fund
Unrestricted funds
112,448
103,878
Restricted funds
72,555
66,083
185,003
169,961
5
Other income
Total
Unrestricted
funds
2023
2022
£
£
Net gain on disposal of tangible fixed assets
-
3,000
6
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Other fundraising costs
1,657
7,497

Interest payable

815
917
2,472
8,414
T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
7
Charitable activities

Charitable Expenditure

Charitable Expenditure

2023
2022
£
£
Staff costs
277,546
265,350
Depreciation and impairment
3,844
4,938

Nursery & College Expenses

225,366
243,790
506,756
514,078
Grant funding of activities (see note 8)
28,725
22,950
Share of support costs (see note 9)
13,680
-
Share of governance costs (see note 9)
9,478
6,149
558,639
543,177
Analysis by fund
Unrestricted funds
486,084
477,094
Restricted funds
72,555
66,083
558,639
543,177
For the year ended 30 September 2022
Unrestricted funds
477,094
Restricted funds
66,083
543,177
T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
8
Grants payable

Charitable Expenditure

Charitable Expenditure

2023
2022
£
£
Grants to institutions:
Kupat Ezer Lenisuin Beis Yisroel
3,500
-
Inspirations
-
11,740
Friends of Wiznitz Limited
1,600
-
Amud Hatzdoko Trust
1,000
-
VHLT Ltd
1,350
2,200
Kollel D'chasidei Belz Ltd
325
Chasdei Aharon Limited
1,200
-
Chasdei Yoel Charitable Trust
500
-
British Friends of Chatzer Hakodesh Viznitz
250
-
Kehal Chareidim Trust
14,000
6,000
Other
5,000
-
28,725
22,950
-
9
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£

Support costs

13,680
-
13,680
-
Accountancy
-
5,070
5,070
2,340
Legal and professional
-
2,965
2,965
2,767

Bank Charges

-
1,443
1,443
1,042
13,680
9,478
23,158
6,149
Analysed between
Charitable activities
13,680
9,478
23,158
6,149

 

10
Trustees

None of the trustees received any remuneration or benefits from the charity during the year.

T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
11
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
42
34
Employment costs
2023
2022
£
£
Wages and salaries
276,842
264,414
Other pension costs
704
936
277,546
265,350

No employees received emoluments in excess of £60,000.

There were no employees whose annual remuneration was more than £60,000.
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 October 2022
24,241
10,076
34,317
Additions
562
-
562
At 30 September 2023
24,803
10,076
34,879
Depreciation and impairment
At 1 October 2022
12,645
6,861
19,506
Depreciation charged in the year
3,040
804
3,844
At 30 September 2023
15,685
7,665
23,350
Carrying amount
At 30 September 2023
9,118
2,411
11,529
At 30 September 2022
11,596
3,215
14,811

 

T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
14
Loans and overdrafts
2023
2022
£
£
Bank loans
30,454
34,607
Payable within one year
4,150
4,020
Payable after one year
26,304
30,587

The above bank loan is guaranteed by the government under the Bounce back loan scheme.

The loan accrues interest at 2.5% per annum.

15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
14
4,150
4,020
Other taxation and social security
2,353
1,877
Other creditors
19,601
34,728
Accruals and deferred income
2,160
1,800
28,264
42,425
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
14
26,304
30,587
17
Movement in funds
Movement in funds
Incoming resources
Resources expended
Balance at
1 October 2022
Incoming resources
Resources expended
Balance at
30 September 2023
£
£
£
£
£
£
66,083
(66,083)
-
72,555
(72,555)
-
T. D SEMINARY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
18
Related party transactions

During the year the college and nursery paid rent of £96,000 (2022:£101,000), for the use of its leased premises to Talmud Torah D'Chasidei Gur Ltd, a charity with one common Trustee being Mr I Traube.

 

During the year, the charity employed the following close family members of the trustees;

 

Mr A Traube, a son of a trustee. Remuneration for the year totalled £8,286 (2022:£7,694).

Mrs M Saurymper a daughter of a trustee. Remuneration for the year totalled £4,992 (2022:£9,984).

Mrs N Saurymper a daughter of a trustee. Remuneration for the year totalled £441 (2022:£5,289).

Mrs R Weinberg a daughter of a trustee. Remuneration for the year totalled £7,978 (2022:£5.783).

 

Other than the above there were no disclosable related party transactions during the year (2022 - none).

19
Cash generated from operations
2023
2022
£
£
Surplus/(deficit) for the year
4,749
(31,981)
Adjustments for:
Gain on disposal of tangible fixed assets
-
(3,000)
Depreciation and impairment of tangible fixed assets
3,844
4,938
Movements in working capital:
(Increase)/decrease in debtors
-
12,200
(Decrease)/increase in creditors
(14,291)
16,354
Cash absorbed by operations
(5,698)
(1,489)
20
Analysis of changes in net (debt)/funds
At 1 October 2022
Cash flows
At 30 September 2023
£
£
£
Cash at bank and in hand
18,547
(10,413)
8,134
Loans falling due within one year
(4,020)
(130)
(4,150)
Loans falling due after more than one year
(30,587)
4,283
(26,304)
(16,060)
(6,260)
(22,320)
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