CHARITY REGISTRATION NUMBER: 1053707
Kollel Zichron Shaul Unaudited Financial Statements
31 May 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Kollel Zichron Shaul
Financial Statements
Year ended 31 May 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 to 13 |
Kollel Zichron Shaul
Trustees' Annual Report
Year ended 31 May 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2021.
Reference and administrative details
Registered charity name Kollel Zichron Shaul Charity registration number 1053707 Principal office 221a Coatsworth Road Gateshead Tyne & Wear NE8 1SR The trustees D Steinberg S Steinberg A J Schechter (Appointed 21 May 2021) Independent examiner D Schwarz FCCA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Kollel Zichron Shaul is a charitable trust constituted by a Deed of Trust dated 1 March 1996 and is a registered charity, number 1053707.
The Trustees have the authority to appoint new trustees as the need arises.A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
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.
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Kollel Zichron Shaul
Trustees' Annual Report (continued)
Year ended 31 May 2021
Objectives and activities
The objectives of the charity are the promotion and advancement of Jewish religious education.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions, organisations and indivduals who accord with the objects of the charity.
Achievements and performance
During the year the charity received £503,344 in donations, the charity spent £360,135 promoting Jewish religious education in accordance with its objects.
Financial review
As at 30 May 2021 the charity held free reserves of £195,106 (2020:£20,771).
The charity has designated these funds towards refurbishing their building, to bring the facilities up to date. This refurbishment is currently taking place.
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. The Charity has a policy to retain reserves in order to ensure that it is in a position to continue its grant making activities and cover contingencies of additional calls being made upon the Charity for support of organisations in times of need.
The trustees' annual report was approved on 1 April 2022 and signed on behalf of the board of trustees by:
………………
Trustee
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Kollel Zichron Shaul
Independent Examiner's Report to the Trustees of Kollel Zichron Shaul
Year ended 31 May 2021
I report to the trustees on my examination of the financial statements of Kollel Zichron Shaul ('the charity') for the year ended 31 May 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement - matter of concern identified
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 Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
D Schwarz FCCA Independent Examiner 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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Kollel Zichron Shaul
Statement of Financial Activities
Year ended 31 May 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 502,594 | 502,594 | 465,541 |
| Investment income | 5 | 750 | 750 | 714 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 503,344 | 503,344 | 466,255 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 6 | 19,062 | 19,062 | 6,557 |
| Expenditure on charitable activities | 7,8 | 360,135 | 360,135 | 366,734 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 379,197 | 379,197 | 373,291 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in funds | 124,147 | 124,147 | 92,964 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 151,169 | 151,169 | 58,205 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 275,316 | 275,316 | 151,169 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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Kollel Zichron Shaul
Statement of Financial Position
31 May 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 14 | 130,210 | 130,398 | |
| Current assets | ||||
| Debtors | 15 | 22,217 | 3,882 | |
| Cash at bank and in hand | 186,649 | 26,649 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| 208,866 | 30,531 | |||
| Creditors: amounts falling due within one year | 16 | 13,760 | 9,760 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| Net current assets | 195,106 | 20,771 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 325,316 | 151,169 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 17 | 50,000 | – | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 275,316 | 151,169 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds | 275,316 | 151,169 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 18 | 275,316 | 151,169 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 1 April 2022, and are signed on behalf of the board by:
………………….. Trustee
The notes on pages 7 to 13 form part of these financial statements.
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Kollel Zichron Shaul
Statement of Cash Flows
Year ended 31 May 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 124,147 | 92,964 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 188 | 209 |
| Other interest receivable and similar income | (750) | (714) |
| Accrued (income)/expenses | (840) | 1,020 |
| Changes in: | ||
| Trade and other debtors | (18,335) | 21,518 |
| Trade and other creditors | 4,840 | (3,170) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | 109,250 | 111,827 |
| Interest received | 750 | 714 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash from operating activities | 110,000 | 112,541 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | – | (106,539) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash used in investing activities | – | (106,539) |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 50,000 | – |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash from financing activities | 50,000 | – |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Net increase in cash and cash equivalents | 160,000 | 6,002 |
| Cash and cash equivalents at beginning of year | 26,649 | 20,647 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Cash and cash equivalents at end of year | 186,649 | 26,649 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
The notes on pages 7 to 13 form part of these financial statements.
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Kollel Zichron Shaul
Notes to the Financial Statements
Year ended 31 May 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 221a Coatsworth Road, Gateshead, Tyne & Wear, NE8 1SR.
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 Charities Act 2011.
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 did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
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 income is 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.
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Kollel Zichron Shaul
Notes to the Financial Statements (continued)
Year ended 31 May 2021
3. Accounting policies (continued)
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, noncharitable 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.
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:
Equipment - 10% reducing balance
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Kollel Zichron Shaul
Notes to the Financial Statements (continued)
Year ended 31 May 2021
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 414,434 | 414,434 | 439,109 | 439,109 | |
| Other donations and legacies | |||||
| Miscellaneous income | 88,160 | 88,160 | 26,432 | 26,432 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 502,594 | 502,594 | 465,541 | 465,541 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 53 | 53 | 249 | 249 | |
| Other interest receivable | 697 | 697 | 465 | 465 | |
| ৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄ | ||
| 750 | 750 | 714 | 714 | ||
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ||
| 6. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | 19,062 | 19,062 | 6,557 | 6,557 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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Kollel Zichron Shaul
Notes to the Financial Statements (continued)
Year ended 31 May 2021
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 167,944 | 167,944 | 185,810 | 185,810 |
| Grants payable | 191,170 | 191,170 | 173,007 | 173,007 |
| Support costs | 1,021 | 1,021 | 7,917 | 7,917 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 360,135 | 360,135 | 366,734 | 366,734 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
8. Expenditure on charitable activities by activity type
| Activities | |||||||
|---|---|---|---|---|---|---|---|
| undertaken | Grant funding | Total funds | Total fund | ||||
| directly | of activities Support costs | 2021 | 2020 | ||||
| £ | £ | £ | £ | £ | |||
| Charitable activities | 167,944 | – | – | 167,944 | 185,810 | ||
| Grants payable | – | 191,170 | – | 191,170 | 173,007 | ||
| Governance costs | – | – | 1,021 | 1,021 | 7,917 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 167,944 | 191,170 | 1,021 | 360,135 | 366,734 | |||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| 9. | Analysis of grants | ||||||
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Grants to individuals | |||||||
| Grants to individuals | 191,170 | 173,007 | |||||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||||
| Total grants | 191,170 | 173,007 | |||||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
All grants were made to individuals for the advancement of Jewish religious education.
| 10. | Net income | ||
|---|---|---|---|
| Net income is stated after charging/(crediting): | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 188 | 209 | |
| ৶৶৶৶ | ৶৶৶৶ | ||
| 11. | Independent examination fees | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,020 | 1,020 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
12. Staff costs
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Kollel Zichron Shaul
Notes to the Financial Statements (continued)
Year ended 31 May 2021
12. Staff costs (continued)
The average head count of employees during the year was 27 (2020: 25). The average number of full-time equivalent employees during the year is analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Number of faculty staff | 26 | 24 |
| Number of administrative staff | 1 | 1 |
| ৄৄৄৄ | ৄৄৄৄ | |
| 27 | 25 | |
| ৶৶৶৶ | ৶৶৶৶ |
No employee received employee benefits of more than £60,000 during the year (2020: 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
| Land and | |||||
|---|---|---|---|---|---|
| buildings Torah Scrolls | Equipment | Library | Total | ||
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 June 2020 and | |||||
| 31 May 2021 | 106,539 | 20,000 | 3,229 | 1,978 | 131,746 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Depreciation | |||||
| At 1 June 2020 | – | – | 1,348 | – | 1,348 |
| Charge for the year | – | – | 188 | – | 188 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 31 May 2021 | – | – | 1,536 | – | 1,536 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Carrying amount | |||||
| At 31 May 2021 | 106,539 | 20,000 | 1,693 | 1,978 | 130,210 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At 31 May 2020 | 106,539 | 20,000 | 1,881 | 1,978 | 130,398 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
15. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| HMRC Gift Aid | 2,568 | 600 |
| Other debtors | 19,649 | 3,282 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 22,217 | 3,882 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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Kollel Zichron Shaul
Notes to the Financial Statements (continued)
Year ended 31 May 2021
16. Creditors: amounts falling due within one year
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Accruals and deferred income | 1,020 | 1,860 | |||
| Other creditors | 12,740 | 7,900 | |||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||||
| 13,760 | 9,760 | ||||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||||
| 17. | Creditors: amounts falling due after more than one | year | |||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Bank loans and overdrafts | 50,000 | – | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ||||
| 18. | Analysis of charitable funds | ||||
| Unrestricted funds | |||||
| At | At | ||||
| 1 June 2020 | Income | Expenditure | 31 May 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 151,169 | 503,344 | (379,197) | 275,316 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| At | At | ||||
| 1 June 2019 | Income | Expenditure | 31 May 2020 | ||
| £ | £ | £ | £ | ||
| General funds | 58,205 | 466,255 | (373,291) | 151,169 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 19. | Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2021 | ||||
| £ | £ | ||||
| Tangible fixed assets | 130,210 | 130,210 | |||
| Current assets | 208,866 | 208,866 | |||
| Creditors less than 1 year | (13,760) | (13,760) | |||
| Creditors greater than 1 year | (50,000) | (50,000) | |||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 275,316 | 275,316 | |||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2020 | ||||
| £ | £ | ||||
| Tangible fixed assets | 130,398 | 130,398 | |||
| Current assets | 30,531 | 30,531 | |||
| Creditors less than 1 year | (9,760) | (9,760) | |||
| Creditors greater than 1 year | – | – | |||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 151,169 | 151,169 | |||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
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Kollel Zichron Shaul
Notes to the Financial Statements (continued)
Year ended 31 May 2021
20. Analysis of changes in net debt
| At | |||
|---|---|---|---|
| At 1 Jun 2020 | Cash flows | 31 May 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 26,649 | 160,000 | 186,649 |
| Debt due after one year | – | (50,000) | (50,000) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 26,649 ৶৶৶৶৶৶৶৶ |
110,000 ৶৶৶৶৶৶৶৶৶ |
136,649 ৶৶৶৶৶৶৶৶৶ |
21. Related parties
Mr D Steinberg and Mr A J Schechter, trustees of Kollel Zichron Shaul are also directors and trustees of IFT Properties Ltd.
At the beginning of the year, Kollel Zichron Shaul had a balance of £4,000 owing to IFT Properties, payments of £2,760 were made during the year leaving a balance owing of £1,240, this loan is interest free.
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