REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
VISHNITZ SEMINARY LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
VISHNITZ SEMINARY LTD |
VISHNITZ SEMINARY LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 11 |
VISHNITZ SEMINARY LTD (REGISTERED NUMBER: 13336522) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 APRIL 2024 |
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 30 April 2024. 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 |
For the public benefit to advance in life and help Orthodox Jewish girls under the age of 25 years in the United Kingdom in such ways as the charity sees fit, including but not limited to: |
a) Providing training and courses to advance their higher and further education to prepare for entry to any occupation, trade or profession; |
b) Awarding to such persons scholarships, maintenance allowance or grants tenable at any university, college or institution of higher or further education; |
c) Providing recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life; |
d) Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. |
Significant activities |
The financial results of the Company's activities for the period ended 30 April 2024 are fully reflected in the attached financial statements together with the notes thereon. |
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 confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year under review the charity received donations that amounted to £237,691 (2023: £5,280) and spent £221,242 (2023: £nil) on charitable activities in line with its charitable objectives. |
FINANCIAL REVIEW |
Reserves policy |
The charity maintains unrestricted free reserve at a level adequate to meet its short term operational obligation. |
Going concern |
The trustees believe that the charity has enough resources to continue for the foreseeable future. |
FUTURE PLANS |
There are no current plans to change the activities or modus operandi of the group for the foreseeable future. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, its memorandum and articles of association, 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. |
VISHNITZ SEMINARY LTD (REGISTERED NUMBER: 13336522) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 APRIL 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
There are three trustees who also act as directors. They meet on a regular basis to discuss the affairs of the charity. All decisions are based on a majority decision of the directors but in almost all cases the votes are unanimous. |
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 |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
M A Venitt, A.C.A |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
VISHNITZ SEMINARY LTD |
Independent examiner's report to the trustees of VISHNITZ SEMINARY LTD ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024. |
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. |
M A Venitt, A.C.A |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
1 November 2024 |
VISHNITZ SEMINARY LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 4,980 |
VISHNITZ SEMINARY LTD (REGISTERED NUMBER: 13336522) |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 4,980 |
TOTAL FUNDS | 4,980 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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. |
VISHNITZ SEMINARY LTD (REGISTERED NUMBER: 13336522) |
BALANCE SHEET - continued |
30 APRIL 2024 |
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 |
VISHNITZ SEMINARY LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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. |
VISHNITZ SEMINARY LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
£ | £ |
Depreciation - owned assets |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
Staff |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Other |
NET INCOME |
TOTAL FUNDS CARRIED FORWARD | 4,980 |
VISHNITZ SEMINARY LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
Additions |
DEPRECIATION |
Charge for year |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.5.23 | in funds | 30.4.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 4,980 | 13,659 | 18,639 |
TOTAL FUNDS | 13,659 | 18,639 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 237,691 | (224,032 | ) | 13,659 |
TOTAL FUNDS | ( |
) | 13,659 |
VISHNITZ SEMINARY LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.5.22 | in funds | 30.4.23 |
£ | £ | £ |
Unrestricted funds |
General fund | - | 4,980 | 4,980 |
TOTAL FUNDS | - | 4,980 | 4,980 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 5,280 | (300 | ) | 4,980 |
TOTAL FUNDS | 5,280 | (300 | ) | 4,980 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.5.22 | in funds | 30.4.24 |
£ | £ | £ |
Unrestricted funds |
General fund | - | 18,639 | 18,639 |
TOTAL FUNDS | - | 18,639 | 18,639 |
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 | 242,971 | (224,332 | ) | 18,639 |
TOTAL FUNDS | 242,971 | (224,332 | ) | 18,639 |
VISHNITZ SEMINARY LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | RELATED PARTY DISCLOSURES |
During the period the charity received donations from Vishnitz Girls Schools Ltd that amounted to £77,500 (2023: £5,000). The charity and Vishnitz Girls Schools Ltd share a common trustee. |