Charity registration number 1075939
Company registration number 03708672 (England and Wales)
TORAH (5759) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TORAH (5759) LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A. Friedlander
A. J. Sprung
M. Waldman
Charity number
1075939
Company number
03708672
Registered office
Pardes House School
Hendon Lane
Finchley
London
N3 1SA
Independent examiner
Berish Hoffman FCA
Landau Morley LLP
325-327 Oldfield Lane North
Greenford
Middlesex
UB6 0FX
Bankers
Lloyds TSB Bank Plc
Hampstead Branch
40 Rosslyn Hill
London
NW3 1NL
TORAH (5759) LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
7 - 12
TORAH (5759) LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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 are:

 

1. The advancement of Jewish religious education; and

 

2. Such other charitable purposes as the charity may from time to time determine.

 

The charity was established to cater for the Jewish religious educational needs and in particular the needs of the Pardes House Schools.

 

The charity's principle source of income is voluntary contributions. The charity also receives donations from trusts and other individual sources.

 

Incoming resources are applied in priority to the religious requirements of the schools, such as the provision of teachers and educational material. Payments are also made towards the running costs of the school by the charity.

The trustees confirm that they have referred to the guidance outlined in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

The charity makes grants towards the constituent parts of the school, as a way of contributing to the overall school costs. The charity also makes grants to other religious organisations.

Achievements and performance

During the year the charity continued its charitable activities and the Trustees are satisfied with the charity's performance.

 

The Trustees are pleased to report a successful year of operation. Income totalled £558,929 (2023: 807,106). £569,579 (2023: £796,780) was spent in furtherance of the charity's objectives. These figures are in accordance with the Trustees' objectives.

Financial review

The funds of the charity have been applied throughout the year in pursuance of the objects of the charity. The charity holds at any one time minimal funds thus ensuring that all resources are being fully utilised. The charity is able to maintain its operations on this basis since external charitable financing is made available to it, should temporary shortfalls in income levels arise.

 

Future performance is expected to be similar, although the requirements of the charity will continue to increase in the coming years so the Trustees are mindful that they must continue to ensure the charity's income is maintained or enhanced.

 

At the year end the charity's reserves were £7,087 (2023: £17,737) which were all part of the unrestricted fund.

Future financial performance could be affected by major changes in the economy with a result that parents and friends of the School are able to donate less money to the charity, which in turn will be able to donate less money to the School.

Plans for future periods

The Trustees plans for the future are to continue to raise funds to help the School thrive. The Trustees are considering various fundraising initiatives which will assist in increasing the activities of the charity.

TORAH (5759) LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Structure, governance and management

Torah (5759) Limited is a company limited by guarantee incorporated on 4 February 1999. The governing document of the company is its Memorandum and Articles of Association.

 

The Trustees meet regularly and decisions are made after the views of all present have been taken into account.

 

When appointing new Trustees, efforts are made to recruit individuals with a breadth of interests, social awareness, knowledge of the Jewish community and the educational requirements of Jewish families.

 

Potential and newly appointed Trustees are provided with full information about the work of the company.

 

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate the exposure to any major risks.

 

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:

 

A. Friedlander
A. J. Sprung
M. Waldman

Trustees are appointed by members of the executive committee of the Pardes House School.

Small company provision

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

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

A. Friedlander
Trustee
Dated: 31 January 2025
TORAH (5759) LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF TORAH (5759) LIMITED
- 3 -

I report to the trustees on my examination of the financial statements of Torah (5759) Limited (the charity) for the year ended 31 March 2024.

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 ICAEW, 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.

Berish Hoffman FCA

 

Landau Morley LLP
325-327 Oldfield Lane North
Greenford
Middlesex
UB6 0FX
Dated: 31 January 2025
TORAH (5759) LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
558,929
807,106
Total income
558,929
807,106
Expenditure on:
Raising funds
3
5,606
22,145
Charitable activities
4
563,973
774,635
Total expenditure
569,579
796,780
Net income/(expenditure) and movement in funds
(10,650)
10,326
Reconciliation of funds:
Fund balances at 1 April 2023
17,737
7,411
Fund balances at 31 March 2024
7,087
17,737

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

TORAH (5759) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
10
1,894
40,687
Cash at bank and in hand
82,517
30,482
84,411
71,169
Creditors: amounts falling due within one year
11
(59,824)
(27,485)
Net current assets
24,587
43,684
Creditors: amounts falling due after more than one year
12
(17,500)
(25,947)
Net assets excluding pension liability
7,087
17,737
Net assets
7,087
17,737
The funds of the charity
Unrestricted funds
7,087
17,737
7,087
17,737

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

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 31 January 2025
A. Friedlander
Trustee
Company registration number 03708672 (England and Wales)
TORAH (5759) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
62,035
29,383
Net cash used in investing activities
-
-
Financing activities
Repayment of bank loans
(10,000)
(10,000)
Net cash used in financing activities
(10,000)
(10,000)
Net increase in cash and cash equivalents
52,035
19,383
Cash and cash equivalents at beginning of year
30,482
11,099
Cash and cash equivalents at end of year
82,517
30,482
TORAH (5759) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Charity information

Torah (5759) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Pardes House School, Hendon Lane, Finchley, London, N3 1SA.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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. 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.

1.4
Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.5
Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to the particular headings, they have been allocated to activities on a basis consistent with the use of resources.

 

1.6
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.

TORAH (5759) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

1.7
Taxation

The charity is exempt from corporation tax on its charitable activities.

1.8
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.

1.9
Retirement benefits

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

2
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
558,929
807,106
3
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Campaign costs
5,606
22,145

 

TORAH (5759) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Charitable activities
2024
2023
£
£
Staff costs
404,907
421,230

Educational costs

36,711
47,739

School premises costs

14,943
15,020

Consultancy

5,330
47,190

Contributions to Pardes House Primary School

95,000
162,000
556,891
693,179
Grant funding of activities (see note 5)
-
74,227
Share of support costs (see note 6)
2,005
2,112
Share of governance costs (see note 6)
5,077
5,117
563,973
774,635
5
Grants payable
2024
2023
£
£
Grants to institutions:
Comet Charities Limited
-
14,227
North London Welfare and Education Foundation
-
60,000
-
74,227
-
TORAH (5759) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
6
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Sundry costs

-
-
-
46
-
46

Advertising

-
-
-
77
-
77

Bank charges and interest

2,005
-
2,005
1,989
-
1,989

Accountancy fees

-
5,077
5,077
-
5,117
5,117
2,005
5,077
7,082
2,112
5,117
7,229
Analysed between
Charitable activities
2,005
5,077
7,082
2,112
5,117
7,229

 

7
Trustees

None of the trustees (or any persons connected with them) received any remuneration, reimbursement of expenses or benefits from the charity during the year.

8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
39
37
Employment costs
2024
2023
£
£
Wages and salaries
397,298
409,739
Social security costs
4,789
9,016
Other pension costs
2,820
2,475
404,907
421,230
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£70,000 to £80,000
-
1
TORAH (5759) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
9
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.

10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,894
40,687
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
10,000
11,553
Other taxation and social security
-
4,140
Other creditors
45,824
8,092
Accruals and deferred income
4,000
3,700
59,824
27,485
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
17,500
25,947
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,820
2,475

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

14
Unrestricted funds
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
17,737
558,929
(569,579)
7,087
TORAH (5759) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Unrestricted funds
(Continued)
- 12 -
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
7,411
807,106
(796,780)
17,737
15
Related party transactions

During the year there were no transactions with related parties.

16
Cash generated from operations
2024
2023
£
£
(Deficit)/surpus for the year
(10,650)
10,326
Movements in working capital:
Decrease in debtors
38,793
28,417
Increase/(decrease) in creditors
33,892
(9,360)
Cash generated from operations
62,035
29,383
17
Analysis of changes in net funds/(debt)
At 1 April 2023
Cash flows
At 31 March 2024
£
£
£
Cash at bank and in hand
30,482
52,035
82,517
Loans falling due within one year
(11,553)
1,553
(10,000)
Loans falling due after more than one year
(25,947)
8,447
(17,500)
(7,018)
62,035
55,017
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