Talmud Torah Yetev Lev Limited Charity Accounts

COMPANY REGISTRATION NUMBER: 4859190

CHARITY REGISTRATION NUMBER: 1115778

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Unaudited Financial Statements

30 September 2025

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Financial Statements

Year ended 30 September 2025

	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)	6

Statement of financial position	7

Statement of cash flows	8

Notes to the financial statements	9

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 30 September 2025

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 30 September 2025 .

Reference and administrative details

Registered charity name	Talmud Torah Yetev Lev Limited

Charity registration number	1115778

Company registration number	4859190

Principal office and registered	395 Bury New Road
office	Salford
	England
	M7 2BT

The trustees

	Mr L Tauber
	Mr S Gluck
	Mr Y Wosner

Independent examiner	Ian Graff FCCA
	158 Cromwell Road
	Salford
	M6 6DE

Structure, governance and management

Talmud Torah Yetev Lev Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 07 August 2003 as a company and the company number is 0 4859190 . It was re-registered as a charity on 03 October 2011 with a charity number 1115778 .

The Trustees in office in the year were Mr Shimshon Gluck, Mr Yehuda Wosner and Mr Leon Tauber. They were also Directors for the purpose of company law. The Directors and Trustees are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full directors' and trustees' meetings.

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

Investment policy and returns

Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit.

Risk Management

The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.

Public Benefit Policy

We have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Objectives and activities

The objective of the Charity is: to provide Jewish children with a strictly Orthodox Jewish Religious Education and an excellent secular education. to advance the principles of the Orthodox Judaism. to relieve poverty. The trustees confirm that they have referred to the information contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and services.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

Talmud Torah Yetev Lev Ltd exists to provide Jewish children with a meaningful orthodox Jewish religious education coupled with a secular education. The School has continued to serve the local Orthodox Jewish community and has a strong Jewish ethos, with a significant Jewish Studies curriculum and a close relationship with the local Jewish community. The School places strong emphasis on behaviour and academic achievement. The School's central aim is 'producing pupils who, as observant Jews, are knowledgeable about their religion and have the necessary skills to enable them to reach the highest levels in their chosen careers'. The school strives for excellence in both religious and secular aspects of life. The school aspires to equip each learner with the ability to be an honour to God, through doing their best in all areas of their lives, especially in their personal character traits and relationship towards others. The trustees believe that they have successfully achieved all the above mentioned and anticipate further success in the coming year.

Financial review

During the year, the charity obtained donations of £968,083 (2024: £1,410,810) which were all used to further the charity's objects. Net deficit for the period was £28,869 (2024: surplus of £31,115). Unrestricted funds carried forward is £221,506 (2024: £250,375).

Furthermore various interest free loans have been received by generous individuals of which the trustees are grateful for.

Reserves policy

The trustees retain reserves of at least £3,000 and where appropriate, consolidate funds in order to enable the charity to meet future needs or to make more substantial grants which they feel to be appropriate.

The trustees' annual report and the strategic report were approved on 2 July 2026 and signed on behalf of the board of trustees by:

Mr S Gluck

Trustee

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Talmud Torah Yetev Lev Limited

Year ended 30 September 2025

I report to the trustees on my examination of the financial statements of Talmud Torah Yetev Lev Limited ('the charity') for the year ended 30 September 2025.

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

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 the Association of Chartered Certified Accountants, 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 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.

Ian Graff FCCA Independent Examiner

158 Cromwell Road Salford M6 6DE

2 July 2026

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 30 September 2025

	Year to 30 Sep 25		Period from 1 Apr 23 to 30 Sep 24
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	967,464	967,464	1,410,810
Charitable activities	6	467	467	2,041
Investment income	7	152	152	65
		---------	---------	------------
Total income		968,083	968,083	1,412,916
		---------	---------	------------

Expenditure

Expenditure on raising funds:

	Costs of raising donations and legacies	8	36,610	36,610	19,933
Expenditure on charitable activities		9,10	960,342	960,342	1,361,868
			---------	---------	------------
Total expenditure			996,952	996,952	1,381,801
			---------	---------	------------

	---------	---------	------------
Net (expenditure)/income and net movement in funds	( 28,869)	( 28,869)	31,115
	---------	---------	------------

Reconciliation of funds

Total funds brought forward	250,375	250,375	219,260
	---------	---------	------------
Total funds carried forward	221,506	221,506	250,375
	---------	---------	------------

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

All income and expenditure derive from continuing activities.

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Tangible fixed assets	16	615,875	678,642

Current assets

Debtors	17	14,211	20,744
Cash at bank and in hand		1,213	41,406
		--------	--------
		15,424	62,150

Creditors: amounts falling due within one year	18	369,156	447,380
		---------	---------
Net current liabilities		353,732	385,230
		---------	---------
Total assets less current liabilities		262,143	293,412

Creditors: amounts falling due after more than one year	19	40,637	43,037
		---------	---------
Net assets		221,506	250,375
		---------	---------

Funds of the charity

Unrestricted funds		221,506	250,375
		---------	---------
Total charity funds	21	221,506	250,375
		---------	---------

For the year ending 30 September 2025 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.

These financial statements were approved by the board of trustees and authorised for issue on 2 July 2026 , and are signed on behalf of the board by:

Mr S Gluck

Trustee

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Statement of Cash Flows

Year ended 30 September 2025

	2025	2024
	£	£

Cash flows from operating activities

Net (expenditure)/income	(28,869)	31,115

Adjustments for:
Depreciation of tangible fixed assets	121,720	41,256
Government grant income	( 535,306)	( 964,608)
Other interest receivable and similar income	( 152)	( 65)
Interest payable and similar charges	32	1,270
Accrued expenses/(income)	1,172	( 6,237)

Changes in:
Trade and other debtors	6,533	44,802
Trade and other creditors	( 79,396)	( 14,714)
	---------	---------
Cash generated from operations	( 514,266)	( 867,181)

Interest paid	( 32)	( 1,270)
Interest received	152	65
	---------	---------
Net cash used in operating activities	( 514,146)	( 868,386)
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 58,953)	( 51,734)
	---------	---------
Net cash used in investing activities	( 58,953)	( 51,734)
	---------	---------

Cash flows from financing activities

Proceeds from borrowings	( 2,400)	( 6,963)
Government grant income	535,306	964,608
	---------	---------
Net cash from financing activities	532,906	957,645
	---------	---------

Net (decrease)/increase in cash and cash equivalents	( 40,193)	37,525
Cash and cash equivalents at beginning of year	41,406	3,881
	--------	--------
Cash and cash equivalents at end of year	1,213	41,406
	--------	--------

Talmud Torah Yetev Lev Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 30 September 2025

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 395 Bury New Road, Salford, England, M7 2BT.

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.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line 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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	15% reducing balance
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Equipment	-	20% reducing balance

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 organisation is a charitable company limited by guarantee,in the event of the company being wound up members are required to contribute an amount not exceeding £1.

5. Donations and legacies

Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
£	£	£	£

Donations

	Donations	432,158	432,158	446,202	446,202

Grants

Government grant income	535,306	535,306	964,608	964,608
	---------	---------	------------	------------
	967,464	967,464	1,410,810	1,410,810
	---------	---------	------------	------------

6. Charitable activities

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Parenting pay compensation	467	467	2,041	2,041
	----	----	-------	-------

7. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Bank interest receivable	152	152	65	65
	----	----	----	----

8. Costs of raising donations and legacies

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Costs of raising donations and legacies - Donations	36,610	36,610	19,933	19,933
	--------	--------	--------	--------

9. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Charitable activities	954,076	954,076	1,355,313	1,355,313
Support costs	6,266	6,266	6,555	6,555
	---------	---------	------------	------------
	960,342	960,342	1,361,868	1,361,868
	---------	---------	------------	------------

10. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Charitable activities	954,076	–	954,076	1,355,313
Governance costs	–	6,266	6,266	6,555
	---------	-------	---------	------------
	954,076	6,266	960,342	1,361,868
	---------	-------	---------	------------

11. Analysis of support costs

	Analysis of support costs	Total 2025	Total 2024
	£	£	£
Governance costs	6,266	6,266	6,555
	-------	-------	-------

12. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	121,720	41,256
Operating lease rentals	9,312	18,881
	---------	--------

13. Independent examination fees

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	6,266	6,555
	-------	-------

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

		Period from
	Year to	1 Apr 23 to
	30 Sep 25	30 Sep 24
	£	£
Wages and salaries	507,142	819,814
Social security costs	13,561	4,967
	---------	---------
	520,703	824,781
	---------	---------

The average head count of employees during the year was 48 (2024: 74 ). The average number of full-time equivalent employees during the year is analysed as follows:

	2025	2024
	No.	No.
Teaching staff	43	69
Administrative Staff	2	2
Maintenance and cleaning staff	3	3
	----	----
	48	74
	----	----

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees

16. Tangible fixed assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2024	510,781	48,032	312,709	22,030	893,552
Additions	31,960	16,680	6,688	3,625	58,953
	---------	--------	---------	--------	---------
At 30 September 2025	542,741	64,712	319,397	25,655	952,505
	---------	--------	---------	--------	---------
Depreciation
At 1 October 2024	–	15,614	182,997	16,299	214,910
Charge for the year	81,411	9,820	28,618	1,871	121,720
	---------	--------	---------	--------	---------
At 30 September 2025	81,411	25,434	211,615	18,170	336,630
	---------	--------	---------	--------	---------
Carrying amount
At 30 September 2025	461,330	39,278	107,782	7,485	615,875
	---------	--------	---------	--------	---------
At 30 September 2024	510,781	32,418	129,712	5,731	678,642
	---------	--------	---------	--------	---------

17. Debtors

	2025	2024
	£	£
Other debtors	14,211	20,744
	--------	--------

18. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	26,693	332,092
Amounts owed to undertakings in which the charity has a participating interest	40,460	–
Accruals and deferred income	3,056	1,884
Social security and other taxes	28,166	10,299
Other creditors	175,194	10,455
SMP advance	22,735	30,650
Other creditors	72,852	62,000
	---------	---------
	369,156	447,380
	---------	---------

19. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	40,637	43,037
	--------	--------

20. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2025	2024
	£	£

Recognised in income from donations and legacies:

Government grants income	535,306	964,608
	---------	---------

21. Analysis of charitable funds

Unrestricted funds

	At 1 October 2024	Income	Expenditure	At 30 September 2025
	£	£	£	£
General funds	250,375	968,083	(996,952)	221,506
	---------	---------	---------	---------

	At 1 April 2023	Income	Expenditure	At 30 September 2024
	£	£	£	£
General funds	219,260	1,412,916	(1,381,801)	250,375
	---------	------------	------------	---------

22. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2025
	£	£
Tangible fixed assets	615,875	615,875
Current assets	15,424	15,424
Creditors less than 1 year	(369,156)	(369,156)
Creditors greater than 1 year	(40,637)	(40,637)
	---------	---------
Net assets	221,506	221,506
	---------	---------

	Unrestricted Funds	Total Funds 2024
	£	£
Tangible fixed assets	678,642	678,642
Current assets	62,150	62,150
Creditors less than 1 year	(447,380)	(447,380)
Creditors greater than 1 year	(43,037)	(43,037)
	---------	---------
Net assets	250,375	250,375
	---------	---------

23. Analysis of changes in net debt

	At 1 Oct 2024	Cash flows	At 30 Sep 2025
	£	£	£
Cash at bank and in hand	41,406	(40,193)	1,213
Debt due within one year	–	(40,460)	(40,460)
Debt due after one year	(43,037)	2,400	(40,637)
	--------	--------	--------
	( 1,631)	( 78,253)	( 79,884)
	--------	--------	--------

24. Related parties

Beis Yoel is governed by the same controlling parties as Talmud Torah Yetev Lev Limited . Beis Yoel owns the properties at 393, 395, 403 and 405 Bury New Road, Salford, M7 2BT, which are let to Talmud Torah Yetev Lev Limited and used as the school premises. As at 30 September 2025, Talmud Torah Yetev Lev Limited owed Beis Yoel £26,693 (2024: £332,093). TTYL Childcare and Talmud Torah Y Lev Limited, which are also under the same control, were owed £40,460 and £151,333 respectively.

Certain transactions and operational activities were carried out on behalf of Talmud Torah Yetev Lev Limited. These arrangements were undertaken with the full cooperation and agreement of both parties and have been recorded accordingly in their respective accounting records.