Yeshiva Gedolah Torah Veyirah Seven Oaks - Charities report - 19.1

REGISTERED COMPANY NUMBER: 07703604 (England and Wales)

REGISTERED CHARITY NUMBER: 1147131

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 JULY 2018

FOR

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

Page

Report of the Trustees

1 to 3

Statement of Trustees Responsibilities

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Statement of Financial Position

7 to 8

Statement of Cash Flows

9

Notes to the Statement of Cash Flows

10

Notes to the Financial Statements

11 to 15

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 JULY 2018

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 31 July 2018. 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 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objective of the charity are:

(I) The Advancement of the Orthodox Jewish Faith

(II) The provision of educational services and facilities (Including without prejudice to the generality of foregoing the

provision of instructed adventure and other activities.)

In order to achieve this charitable objective, the charity provided activities based learning environment to under

privileged Jewish children.

Aims, objective and activities for 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.

The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The

trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions

and organisations, which themselves are growing not only in England but also worldwide.

The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations

assist needy Jewish families financially and also through the distribution of basic necessities.

The income of the charity is derived from donations. The trustees continued their support of those organisations deemed

to promote the objects of this charity.

Grantmaking

The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees

on a regular basis.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year under review, the charity provided activity based educational and learning environment to many under

privileged Jewish children. The charity also provided donation to various institutions whose objective closely aligned

with its own totalling £342,024 (2017 - £379,195).

FINANCIAL REVIEW

Financial position

The charity had a net surplus of £274,920 (2017 - £450,356) as at 31 October 2018. The charity has a net current

liability £426,773 (2017 - £500,094) and is dependent on continued support from donor and creditors.

Principal funding sources

The charity is principally funded by donation from various local business and individual associated with the trustees.

Reserves policy

The trustees try to ensure that the charity retains sufficient funds to cover immediate anticipated outgoings. They have

contacts at all times with potential donors who are able to assist with the charity's requirements.

Going concern

The trustees are confident that the charity will continue in operational existence for foreseeable future.

FUTURE PLANS

The charity plans to continue the activities in the coming years subject to incoming resources being maintained at a

satisfactory level.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of

Association.

Recruitment and appointment of new trustees

As set out in the Articles of Association the number of trustees shall be not less than three and not more than ten in

number.

The charity may by ordinary resolution appoint a person who is willing to act, to be a trustee, either to fill a vacancy or

as an additional trustee. A trustee shall cease to hold office by virtue of the Article 48 of Articles of Association.

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.

The quorum for the transaction of the business of the trustees may be fixed by the trustees but shall not be less than the

majority of their number or two trustees, whichever is the greater.

None of the trustees have any beneficial interest in the charity.

Related parties

Related party transaction and balances are disclosed in the notes to the financial statements.

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

07703604 (England and Wales)

Registered Charity number

1147131

Registered office

57 Jessam Avenue

Clapton

London

E5 9DU

Trustees

E Tambur

S Tambur

Mrs M Tambur

J Tambur

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 26 July 2019 and signed on its behalf by:

S Tambur - Trustee

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2018

The trustees (who are also the directors of Yeshiva Gedolah Torah Veyirah Seven Oaks Limited for the purposes of

company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with

applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view

of the state of affairs of the charitable company and of the incoming resources and application of resources of the

charitable company for that period. In preparing those financial statements, the trustees are required to

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charity SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, "subject to any material departures disclosed and

explained in the financial statements".

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable

company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time

the financial position of the charitable company and to enable them to ensure that the financial statements comply with

the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for

taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditors are unaware; and

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit

information and to establish that the auditors are aware of that information.

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

Independent examiner's report to the trustees of Yeshiva Gedolah Torah Veyirah Seven Oaks Limited ('the

Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2018.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of A.C.A 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 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

26 July 2019

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2018

31.7.18

31.7.17

Unrestricted fund

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

850,844

714,901

Investment income

3

59,000

50,500

Total

909,844

765,401

EXPENDITURE ON

Charitable activities

4

Charitable

1,060,173

531,059

Other

25,107

7,490

Total

1,085,280

538,549

NET INCOME/(EXPENDITURE)

(175,436

)

226,852

RECONCILIATION OF FUNDS

Total funds brought forward

450,356

223,504

TOTAL FUNDS CARRIED FORWARD

274,920

450,356

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

STATEMENT OF FINANCIAL POSITION

AT 31 JULY 2018

31.7.18

31.7.17

Unrestricted fund

Total funds

Notes

£

£

FIXED ASSETS

Tangible assets

10

1,551,050

1,546,924

CURRENT ASSETS

Debtors

11

1,509

1,509

Cash at bank

37,789

280,944

39,298

282,453

CREDITORS

Amounts falling due within one year

12

(466,071

)

(500,094

)

NET CURRENT ASSETS/(LIABILITIES)

(426,773

)

(217,641

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,124,277

1,329,283

CREDITORS

Amounts falling due after more than one year

13

(849,357

)

(878,927

)

NET ASSETS

274,920

450,356

FUNDS

15

Unrestricted funds

274,920

450,356

TOTAL FUNDS

274,920

450,356

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended

31 July 2018 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.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies

Act 2006 relating to charitable small companies.

The financial statements were approved and authorized for issue by the Board of Trustees on 26 July 2019 and were signed on its behalf by:

Mrs M Tambur -Trustee

S Tambur -Trustee

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2018

31.7.18

31.7.17

Notes

£

£

Cash flows from operating activities:

Cash generated from operations

1

(234,071

)

320,964

Interest paid

(29,714

)

(25,617

)

Net cash provided by (used in) operating activities

(263,785

)

295,347

Cash flows from investing activities:

Purchase of tangible fixed assets

(8,799

)

(99,115

)

Rent received

59,000

50,500

Net cash provided by (used in) investing activities

50,201

(48,615

)

Cash flows from financing activities:

Loan repayments in year

(29,571

)

(47,067

)

Net cash provided by (used in) financing activities

(29,571

)

(47,067

)

Change in cash and cash equivalents in the reporting period

(243,155

)

199,665

Cash and cash equivalents at the beginning of the reporting period

280,944

81,279

Cash and cash equivalents at the end of the reporting period

37,789

280,944

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2018

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.7.18

31.7.17

£

£

Net income/(expenditure) for the reporting period (as per the statement of financial activities)

(175,436

)

226,852

Adjustments for:

Depreciation charges

4,674

4,458

Interest paid

29,714

25,617

Rent received

(59,000

)

(50,500

)

(Decrease)/increase in creditors

(34,023

)

114,537

Net cash provided by (used in) operating activities

(234,071

)

320,964

YESHIVA GEDOLAH TORAH VEYIRAH SEVEN OAKS

LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

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 2015)',

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.

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the

charity and includes the independent examination fees and costs linked to the strategic management of the

charity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Freehold property

- not provided

Improvements to property

- not provided

Fixtures and fittings

- 15% on reducing balance

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	DONATIONS AND LEGACIES

31.7.18

31.7.17

£

£

Donations

850,844

714,901

3.	INVESTMENT INCOME

31.7.18

31.7.17

£

£

Rents received

59,000

50,500

4.	CHARITABLE ACTIVITIES COSTS

Direct costs

Grant funding of activities

Support costs

Totals

(See note 5)

(See note 6)

£

£

£

£

Charitable

680,161

342,024

37,988

1,060,173

5.	GRANTS PAYABLE

31.7.18

31.7.17

£

£

Charitable

342,024

379,195

6.	SUPPORT COSTS

Finance

Governance costs

Totals

£

£

£

Other resources expended

394

1,799

2,193

Charitable

29,714

8,274

37,988

30,108

10,073

40,181

7.	NET INCOME/(EXPENDITURE)

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

31.7.18

31.7.17

£

£

Independent examination fees

3,600

2,880

Depreciation - owned assets

4,673

4,458

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2018 nor for the year ended

31 July 2017.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2018 nor for the year ended 31 July 2017.

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

714,901

Investment income

50,500

Total

765,401

EXPENDITURE ON

Charitable activities

Charitable

531,059

Other

7,490

Total

538,549

NET INCOME/(EXPENDITURE)

226,852

RECONCILIATION OF FUNDS

Total funds brought forward

223,504

TOTAL FUNDS CARRIED FORWARD

450,356

10.	TANGIBLE FIXED ASSETS

Freehold property

Improvements to property

Fixtures and fittings

Totals

£

£

£

£

COST

At 1 August 2017

1,448,221

67,545

53,714

1,569,480

Additions

-

8,799

-

8,799

At 31 July 2018

1,448,221

76,344

53,714

1,578,279

DEPRECIATION

At 1 August 2017

-

-

22,556

22,556

Charge for year

-

-

4,673

4,673

At 31 July 2018

-

-

27,229

27,229

NET BOOK VALUE

At 31 July 2018

1,448,221

76,344

26,485

1,551,050

At 31 July 2017

1,448,221

67,545

31,158

1,546,924

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Other debtors

220

220

VAT

1,289

1,289

1,509

1,509

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Other creditors

452,031

489,654

Accrued expenses

14,040

10,440

466,071

500,094

13.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans (see note 14)

849,357

878,927

14.

LOANS

An analysis of the maturity of loans is given below:

31.7.18

31.7.17

£

£

Amounts falling due in more than five years:

Repayable by instalments:

Bank loans more 5 yr by instal

849,357

878,927

15.	MOVEMENT IN FUNDS

At 1.8.17

Net movement in funds

At 31.7.18

£

£

£

Unrestricted funds

General fund

450,356

(175,436

)

274,920

TOTAL FUNDS

450,356

(175,436

)

274,920

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

909,844

(1,085,280

)

(175,436

)

TOTAL FUNDS

909,844

(1,085,280

)

(175,436

)

Comparatives for movement in funds

At 1.8.16

Net movement in funds

At 31.7.17

£

£

£

Unrestricted Funds

General fund

223,504

226,852

450,356

TOTAL FUNDS

223,504

226,852

450,356

Comparative net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

765,401

(538,549

)

226,852

TOTAL FUNDS

765,401

(538,549

)

226,852

16.	RELATED PARTY DISCLOSURES

There were no related party transactions or balances that required disclosure for the year ended 31 October 2018.