REGISTERED COMPANY NUMBER: 03638569 (England and Wales) REGISTERED CHARITY NUMBER: 1078584
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
for
Moreshet Hatorah Ltd
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Moreshet Hatorah Ltd
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Report of the Independent Auditors | 3 | to | 5 |
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 17 |
| Detailed Statement of Financial Activities | 18 |
Moreshet Hatorah Ltd
Report of the Trustees for the Year Ended 31 March 2021
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 March 2021. 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 2019).
OBJECTIVES AND ACTIVITIES
The charity was formed for the advancement of the education of persons expressing the orthodox Jewish faith, the advancement of the orthodox Jewish faith, and the relief of poverty in the orthodox Jewish community.
The charity incorporates the activities of Belz Yeshiva, TTMH Belz Day School and Belz Day Nursery, and an adult education programme. The charity is also actively involved in raising funds for general education, and relief of poverty, and to this end has made substantial grants in the year under review.
The Trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
ACHIEVEMENT AND PERFORMANCE
During the year the charity raised substantial funds, and has applied almost all of the funds in grants in furtherance of its objectives.
FINANCIAL REVIEW
During the year, the charity's incoming resources exceeded the outgoing resources, as disclosed in the financial statements, and the unrestricted reserves stood at £520,928. The trustees are satisfied with the results for the year. The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a limited company limited by guarantee, and as such, its governing documents are its Memorandum and Articles of Association. The company was formed on 25 September 1998. The charity is managed and controlled by the directors who are the trustees, who meet regularly.
Induction and training of new trustees
It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and induction procedures.
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 help them manage any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03638569 (England and Wales)
Registered Charity number
1078584
Registered office
1 Belz Terrace London E5 9AL
Page 1
Moreshet Hatorah Ltd
Report of the Trustees for the Year Ended 31 March 2021
Trustees
A Klein J Baumgarten M Moskowits
Auditors
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Moreshet Hatorah Ltd 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, including the income and expenditure, 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;
-
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.
AUDITORS
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ A Klein - Trustee
Page 2
Report of the Independent Auditors to the Members of Moreshet Hatorah Ltd
Opinion
We have audited the financial statements of Moreshet Hatorah Ltd (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 3
Report of the Independent Auditors to the Members of Moreshet Hatorah Ltd
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 4
Report of the Independent Auditors to the Members of Moreshet Hatorah Ltd
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
We assess compliance with applicable laws and regulations that could reasonably be expected to have a material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.
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We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.
-Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.
-There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr A Heller FCA (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Date: .............................................
Page 5
Moreshet Hatorah Ltd
Statement of Financial Activities for the Year Ended 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 4,375,499 298,313 4,673,812 4,343,377 306,582 4,649,959 23,853 497,075 520,928 |
Restricted fund £ 1,068 - 1,068 1,068 - 1,068 - - - |
31.3.21 Total funds £ 4,376,567 298,313 4,674,880 4,344,445 306,582 4,651,027 23,853 497,075 520,928 |
31.3.20 Total funds £ 7,517,460 54,570 |
|---|---|---|---|---|
| 7,572,030 7,188,997 372,474 |
||||
| 7,561,471 | ||||
| 10,559 486,516 |
||||
| 497,075 |
The notes form part of these financial statements
Page 6
Moreshet Hatorah Ltd
Balance Sheet 31 March 2021
| Notes FIXED ASSETS Tangible assets 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS/(LIABILITIES) FUNDS 16 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 691,379 1,445,572 23,670 1,469,242 (1,597,193 ) (127,951) 563,428 (42,500) 520,928 |
Restricted fund £ - - - - - - - - - |
31.3.21 Total funds £ 691,379 1,445,572 23,670 1,469,242 (1,597,193 ) (127,951) 563,428 (42,500) 520,928 520,928 520,928 |
31.3.20 Total funds £ 941,735 2,280,780 49,956 2,330,736 (2,775,396 ) (444,660) 497,075 - 497,075 497,075 497,075 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
A Klein - Trustee
The notes form part of these financial statements
Page 7
Moreshet Hatorah Ltd
Cash Flow Statement
for the Year Ended 31 March 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities New loans in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
31.3.21 £ (200,384) (200,384) (7,495) (7,495) 50,000 50,000 (157,879) (55,612) (213,491) |
31.3.20 £ 222,840 222,840 (126,483) (126,483) - - 96,357 (151,969) (55,612) |
|---|---|---|
The notes form part of these financial statements
Page 8
Moreshet Hatorah Ltd
Notes to the Cash Flow Statement for the Year Ended 31 March 2021
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 23,853 | 10,559 | |
| Adjustments for: | |||
| Depreciation charges | 257,851 | 353,132 | |
| Decrease/(increase) in debtors | 835,208 | (2,185,127 ) | |
| (Decrease)/increase in creditors | (1,317,296 ) | 2,044,276 | |
| Net cash (used in)/provided by operations | (200,384) | 222,840 | |
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | ||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Notice deposits (less than 3 months) | 23,670 | 49,956 | |
| Overdrafts included in bank loans and overdrafts falling due within one year | (237,161) | (105,568) | |
| Total cash and cash equivalents | (213,491) | (55,612) | |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/4/20 | Cash flow | At 31/3/21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 49,956 | (26,286) | 23,670 |
| Bank overdraft | (105,568) | (131,593) | (237,161) |
| (55,612) | (157,879) | (213,491) | |
| Debt | |||
| Debts falling due within 1 year | - | (7,500) | (7,500) |
| Debts falling due after 1 year | - | (42,500) | (42,500) |
| - | (50,000) | (50,000) | |
| Total | (55,612) | (207,879) | (263,491) |
The notes form part of these financial statements
Page 9
Moreshet Hatorah Ltd
Notes to the Financial Statements for the Year Ended 31 March 2021
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 2019)', 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost Fixtures & equipment - 25% 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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further details of the movements in each fund is included in the notes to the financial statements.
continued...
Page 10
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. DONATIONS AND LEGACIES
| Donations Grants Admission fees Grants received, included in the above, are as follows: Other grants 3. INVESTMENT INCOME Rents received 4. CHARITABLE ACTIVITIES COSTS Direct Costs £ Charitable activities 1,385,332 5. GRANTS PAYABLE Charitable activities Donations paid to institutions during the year amounted to £2,888,513. Chasdei Sholom Dover Sholem Community Trust Gertner Charitable Trust Hatzolas Yisroel D'Arizal - Israel Machzikei Haddas Belz London Maseh Rockeach Mercaz Torah Vechesed Mikve Oz Vechedva - Israel Donations less than £50,000 |
31.3.21 £ 2,209,611 701,275 1,465,681 4,376,567 31.3.21 £ 701,275 31.3.21 £ 298,313 Grant funding of activities (see note 5) £ 2,959,113 31.3.21 £ 2,959,113 |
31.3.21 £ 2,209,611 701,275 1,465,681 4,376,567 31.3.21 £ 701,275 31.3.21 £ 298,313 Grant funding of activities (see note 5) £ 2,959,113 31.3.21 £ 2,959,113 |
31.3.20 £ 5,641,687 603,031 1,272,742 7,517,460 31.3.20 £ 603,031 31.3.20 £ 54,570 Totals £ 4,344,445 31.3.20 £ 4,542,179 |
|---|---|---|---|
| 52,000 | |||
| 580,970 | |||
| 140,000 | |||
| 50,186 | |||
| 88,750 | |||
| 737,250 | |||
| 573,185 | |||
| 72,000 | |||
| 594,172 | |||
| 2,888,513 | |||
continued...
Page 11
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
6. SUPPORT COSTS
| 6. SUPPORT COSTS |
|
|---|---|
| Governance Management costs £ £ Other resources expended 257,851 48,731 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.21 £ Audit fees 3,000 Depreciation - owned assets 257,851 |
Totals £ 306,582 |
| 31.3.20 £ 2,400 353,132 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
9. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Lecturers and researchers Teachers & carers |
31.3.21 £ 560,305 560,305 31.3.21 2 80 82 |
31.3.20 £ 1,259,618 |
31.3.20 £ 1,259,618 |
|
|---|---|---|---|---|
| 1,259,618 | ||||
| 31.3.20 2 81 83 |
No employees received emoluments in excess of £60,000.
continued...
Page 12
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 April 2020 Additions At 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 April 2020 Additions At 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
ACTIVITIES Unrestricted fund £ 7,516,440 54,570 7,571,010 7,187,977 372,474 7,560,451 10,559 486,516 497,075 Short leasehold £ 691,476 - 691,476 601,691 42,990 644,681 46,795 89,785 |
Restricted fund £ 1,020 - 1,020 1,020 - 1,020 - - - Fixtures & equipment £ 1,961,077 7,495 1,968,572 1,109,127 214,861 1,323,988 644,584 851,950 |
Total funds £ 7,517,460 54,570 |
||
|---|---|---|---|---|---|---|
| 7,572,030 7,188,997 372,474 |
||||||
| 7,561,471 | ||||||
| 10,559 486,516 |
||||||
| 497,075 | ||||||
| Totals £ 2,652,553 7,495 2,660,048 1,710,818 257,851 1,968,669 691,379 941,735 |
||||||
continued...
Page 13
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 £ Trade debtors 42,598 Other debtors 1,277,789 Prepayments and accrued income 125,185 1,445,572 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 £ Bank loans and overdrafts (see note 15) 244,661 Trade creditors 19,522 Social security and other taxes 816 Other creditors 1,324,994 Accruals and deferred income 7,200 1,597,193 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.21 £ Bank loans (see note 15) 42,500 15. LOANS An analysis of the maturity of loans is given below: 31.3.21 £ Amounts falling due within one year on demand: Bank overdrafts 237,161 Bank loans 7,500 244,661 Amounts falling between one and two years: Bank loans - 1-2 years 10,000 Amounts falling due between two and five years: Bank loans - 2-5 years 30,000 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 2,500 |
31.3.20 £ 72,337 2,208,443 - |
31.3.20 £ 72,337 2,208,443 - |
|---|---|---|
| 2,280,780 | ||
| 31.3.20 £ 105,568 74,223 1,896 2,560,455 33,254 |
||
| 2,775,396 | ||
| 31.3.20 £ - 31.3.20 £ 105,568 - |
||
| 105,568 | ||
| - | ||
| - | ||
| - |
continued...
Page 14
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
16. MOVEMENT IN FUNDS
| At 1/4/20 £ Unrestricted funds General fund 497,075 TOTAL FUNDS 497,075 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 4,673,812 Restricted funds Restricted fund 1,068 TOTAL FUNDS 4,674,880 Comparatives for movement in funds At 1/4/19 £ Unrestricted funds General fund 486,516 TOTAL FUNDS 486,516 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 7,571,010 Restricted funds Restricted fund 1,020 TOTAL FUNDS 7,572,030 |
Net movement in funds £ 23,853 23,853 Resources expended £ (4,649,959 ) (1,068) (4,651,027 ) Net movement in funds £ 10,559 10,559 Resources expended £ (7,560,451 ) (1,020) (7,561,471 ) |
At 31/3/21 £ 520,928 520,928 Movement in funds £ 23,853 - 23,853 At 31/3/20 £ 497,075 497,075 Movement in funds £ 10,559 - 10,559 |
|---|---|---|
Page 15
continued...
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/4/19 £ 486,516 486,516 |
Net movement in funds £ 34,412 34,412 |
At 31/3/21 £ 520,928 |
|---|---|---|---|
| 520,928 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 12,244,822 (12,210,410 ) 2,088 (2,088) 12,246,910 (12,212,498 ) |
Movement in funds £ 34,412 - |
|---|---|---|
| 34,412 |
17. RELATED PARTY DISCLOSURES
Donations received by the charity include the following amounts which were received from charities which have trustees in common with Moreshet Hatorah Limited:
| Belz Foundation Limited | 367,331 |
|---|---|
| Yedidim Association Ltd | 61,960 |
| Chevras Mooz Ladol | 17,495 |
| The Talmud Torah Machzikei Hadass Trust | 142,680 |
| Cosmon (Belz) Ltd | 341,000 |
Other creditors include the following loans due to charities which have trustees in common with Moreshet Hatorah Limited:
| The Community Hub | 5,200 |
|---|---|
| Clapton Constructions Limited | 26,000 |
| Yedidim Association Limited | 76,100 |
Other debtors include a loan of £690,221 due from Cosmon (Belz) Ltd, a charity which has trustees in common with Moreshet Hatorah Limited.
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continued...
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
18. COMPANY LIMITED BY GUARANTEE
The charity company is limited by guarantee and does not have a share capital. The articles of association of the company preclude the distribution of assets to the members of the company and accordingly a reconciliation of shareholders' funds is inappropriate. The liability of each member in the event of a winding up is limited to £1.
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Moreshet Hatorah Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Admission fees Investment income Rents received Total incoming resources EXPENDITURE Charitable activities Wages School premises expenses Other school expenses Grants to institutions Other Grants Support costs Management Short leasehold Depn of fixtures & equipment Governance costs Auditors' remuneration Foreign exchange gain/loss Bank charges Loan interest Total resources expended Net income |
31.3.21 £ 2,209,611 701,275 1,465,681 4,376,567 298,313 4,674,880 560,305 459,291 365,736 2,888,513 70,600 4,344,445 42,990 214,861 257,851 3,000 215 2,016 43,500 48,731 4,651,027 23,853 |
31.3.20 £ 5,641,687 603,031 1,272,742 |
|---|---|---|
| 7,517,460 54,570 |
||
| 7,572,030 1,259,618 847,383 539,817 4,162,828 379,351 |
||
| 7,188,997 69,148 283,984 |
||
| 353,132 2,400 - 2,442 14,500 |
||
| 19,342 | ||
| 7,561,471 | ||
| 10,559 |
This page does not form part of the statutory financial statements
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