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COMPANY REGISTRATION NUMBER: 09117575
CHARITY REGISTRATION NUMBER: 1161712
TE Trust
Company Limited by Guarantee
Unaudited Financial Statements
31 August 2024
TE Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 August 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
8
TE Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024 .
Reference and administrative details
Registered charity name
TE Trust
Charity registration number
1161712
Company registration number
09117575
Principal office
96 Devonshire Street
Salford
M7 4AE
Registered office
The Chartwell Partnership Ltd
47 Bury New Road
Prestwich
Manchester
M25 9JY
The trustees
Mr M Masher
Mr D Rutenberg
Mr Y Greenhouse
Independent examiner
M Guttentag FCCA for Chartwell Accountants & Business Consultants LLP
47 Bury New Road
Prestwich
Manchester
M25 9JY
Structure, governance and management
TE Trust was incorporated on the 4th of July 2014 as a company Limited by Guarantee with company number 09117575. It was registered as a charity with the Charities Commission on the 18th May 2015 governed by its Memorandum and Articles. The charity registration number is 1161712.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to manage exposure to the major risks.
Objectives and activities
The objectives of the charity are for the public benefit to promote the education of people of all ages in the North of England in such ways as the Charity Trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations that provide education; (2) the prevention or relief of poverty or financial hardship in the North of England by providing grants or loans to individuals in need and/or charities, or other organisations working to prevent or relieve poverty or financial hardship; (3) to advance the orthodox Jewish religion in the North of England for the benefit of the public in accordance with the principles of the code of Jewish Law (Shulchan Aruch).
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities for the year.
Achievements and performance
The charity owns a building in Salford that houses a boys' primary school called Toras Emes.
Over the year, the charity received £128,519 (2023: £134,583) in donations and grants, in addition to £90,608 in rental income from the school campus.
Some of the funds were allocated for repairs to the school building as well as to upgrade and improve the school playground facilities.
Additionally, the charity distributed over £100,000 (2023: £90,000) in grants to alleviate poverty, in line with its objectives.
Financial review
The charity continues to have low administration costs and held unrestricted reserves at the year end of £721,597. The trustees are pleased with the financial performance of the charity. Over the past year, the charity has demonstrated strong financial management resulting in a stable and robust financial position. This positive outcome reflects the successful efforts in efficient allocation of resources and effective stewardship of funds. The trustees are confident that the charity's solid financial standing will enable it to continue its important work in the coming years.
Reserves policy
The trustees have reviewed the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. The trustees are confident that sufficient reserves will be generated to achieve the objectives of the charity.
Plans for future periods
There are no plans to change the current operating structure in the foreseeable future.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 21 May 2025 and signed on behalf of the board of trustees by:
Mr M Masher
Trustee
TE Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of TE Trust
Year ended 31 August 2024
I report to the trustees on my examination of the financial statements of TE Trust ('the charity') for the year ended 31 August 2024.
Responsibilities and basis of report
As the trustees of the company (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 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 the 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 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 accounts to be reached.
M Guttentag FCCA for Chartwell Accountants & Business Consultants LLP Independent Examiner
47 Bury New Road Prestwich Manchester M25 9JY
21 May 2025
TE Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 August 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
128,519
128,519
124,583
Charitable activities
6
10,000
Investment income
7
90,608
90,608
68,000
---------
----
---------
---------
Total income
219,127
219,127
202,583
---------
----
---------
---------
Expenditure
Expenditure on charitable activities
8,9
136,396
6,885
143,281
162,992
---------
-------
---------
---------
Total expenditure
136,396
6,885
143,281
162,992
---------
-------
---------
---------
---------
-------
---------
---------
Net income and net movement in funds
82,731
( 6,885)
75,846
39,591
---------
-------
---------
---------
Reconciliation of funds
Total funds brought forward
638,867
6,885
645,752
606,161
---------
-------
---------
---------
Total funds carried forward
721,598
721,598
645,752
---------
-------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
TE Trust
Company Limited by Guarantee
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
14
871,687
871,687
Current assets
Debtors
15
38,923
Cash at bank and in hand
59,676
67,315
--------
--------
98,599
67,315
Creditors: amounts falling due within one year
16
754
( 3,083)
--------
--------
Net current assets
97,845
70,398
---------
---------
Total assets less current liabilities
969,532
942,085
Creditors: amounts falling due after more than one year
17
247,934
296,333
---------
---------
Net assets
721,598
645,752
---------
---------
Funds of the charity
Restricted funds
6,885
Unrestricted funds
721,598
638,867
---------
---------
Total charity funds
18
721,598
645,752
---------
---------
For the year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
TE Trust
Company Limited by Guarantee
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of trustees and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr M Masher
Trustee
TE Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Chartwell Partnership Ltd, 47 Bury New Road, Prestwich, Manchester, M25 9JY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. 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 cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The Company is limited by guarantee and does not have share capital. In the event of the Company being wound up the members are required to contribute an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
128,519
128,519
124,583
124,583
---------
---------
---------
---------
6. Charitable activities
Restricted Funds
Total Funds 2024
Restricted Funds
Total Funds 2023
£
£
£
£
Other income from charitable activities type 3
10,000
10,000
----
----
--------
--------
7. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Income from investment properties
90,608
90,608
68,000
68,000
--------
--------
--------
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Grants paid
94,465
6,885
101,350
Management of school building
39,011
39,011
Extracurricular activities
Support costs
2,920
2,920
---------
-------
---------
136,396
6,885
143,281
---------
-------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Grants paid
70,946
10,000
80,946
Management of school building
64,322
64,322
Extracurricular activities
3,115
3,115
Support costs
14,609
14,609
---------
--------
---------
149,877
13,115
162,992
---------
--------
---------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
£
Grants paid
101,350
101,350
80,946
Management of school building
39,011
39,011
64,322
Extracurricular activities
3,115
Governance costs
2,920
2,920
14,609
--------
---------
-------
---------
---------
39,011
101,350
2,920
143,281
162,992
--------
---------
-------
---------
---------
10. Analysis of grants
2024
2023
£
£
Grants to institutions
Grants to institutions type 1
10,000
27,606
Grants to individuals
Grants to individuals type 1
91,350
53,340
---------
--------
Total grants
101,350
80,946
---------
--------
Grants made to institutions
£
Bederech Kovod 10,000
Total grants to institutions _____
in reporting period 10,000
11. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
720
720
----
----
12. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
At 1 September 2023 and 31 August 2024
£
Cost
Land and buildings
871,687
---------
871,687
---------
At 1 September 2023 and 31 August 2024
£
Depreciation
Land and buildings
----
----
At 31 August 2024
At 31 August 2023
£
£
Carrying amount
Land and buildings
871,687
871,687
---------
---------
871,687
871,687
---------
---------
15. Debtors
2024
2023
£
£
Other debtors
38,923
--------
----
16. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
754
733
Other creditors
( 3,816)
----
-------
754
( 3,083)
----
-------
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
247,934
296,333
---------
---------
18. Analysis of charitable funds
Unrestricted funds
At 1 September 2023
Income
Expenditure
At 31 August 2024
£
£
£
£
General funds
638,867
219,127
(136,396)
721,598
---------
---------
---------
---------
At 1 September 2022
Income
Expenditure
At 31 August 2023
£
£
£
£
General funds
596,161
192,583
(149,877)
638,867
---------
---------
---------
---------
Restricted funds
At 1 September 2023
Income
Expenditure
At 31 August 2024
£
£
£
£
Restricted Fund 1 - desc in a/cs
6,885
(6,885)
-------
----
-------
----
At 1 September 2022
Income
Expenditure
At 31 August 2023
£
£
£
£
Restricted Fund 1 - desc in a/cs
10,000
10,000
(13,115)
6,885
--------
--------
--------
-------
19. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
871,687
871,687
Current assets
98,599
98,599
Creditors less than 1 year
(754)
(754)
Creditors greater than 1 year
(247,934)
(247,934)
---------
----
---------
Net assets
721,598
721,598
---------
----
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
871,687
871,687
Current assets
64,245
6,885
71,130
Creditors less than 1 year
(733)
(733)
Creditors greater than 1 year
(296,332)
(296,332)
---------
-------
---------
Net assets
638,867
6,885
645,752
---------
-------
---------
20. Related parties
No transactions with related parties were undertaken during the year.