REGISTERED COMPANY NUMBER: 03638569 (England and Wales) REGISTERED CHARITY NUMBER: 1078584
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2022
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 2022
| 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 2022
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 2022. 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 period, the charity's incoming resources exceeded the outgoing resources, as disclosed in the financial statements, and the unrestricted reserves stood at £717,869. The trustees are satisfied with the results for the period. 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 2022
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;
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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 2022 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 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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:
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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
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we have not received all the information and explanations we require for our audit; or
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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 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 5,864,604 Investment income 3 60,523 Total 5,925,127 EXPENDITURE ON Charitable activities 4 Charitable activities 5,509,521 Other 218,665 Total 5,728,186 NET INCOME 196,941 RECONCILIATION OF FUNDS Total funds brought forward 520,928 TOTAL FUNDS CARRIED FORWARD 717,869 |
Restricted fund £ 5,809 - 5,809 5,809 - 5,809 - - - |
31.3.22 Total funds £ 5,870,413 60,523 5,930,936 5,515,330 218,665 5,733,995 196,941 520,928 717,869 |
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 |
The notes form part of these financial statements
Page 6
Moreshet Hatorah Ltd
Balance Sheet 31 March 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 487,813 CURRENT ASSETS Debtors 12 1,536,134 Cash at bank 7,348 1,543,482 CREDITORS Amounts falling due within one year 13 (1,274,630 ) NET CURRENT ASSETS 268,852 TOTAL ASSETS LESS CURRENT LIABILITIES 756,665 CREDITORS Amounts falling due after more than one year 14 (38,796) NET ASSETS/(LIABILITIES) 717,869 FUNDS 16 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - |
31.3.22 Total funds £ 487,813 1,536,134 7,348 1,543,482 (1,274,630 ) 268,852 756,665 (38,796) 717,869 717,869 717,869 |
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 |
|---|---|---|---|
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 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) 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 Loan repayments in year Net cash (used in)/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 |
31.3.22 £ 219,530 219,530 (5,835) (5,835) - (3,704) (3,704) 209,991 (213,491) (3,500) |
31.3.21 £ (200,384) (200,384) (7,495) (7,495) 50,000 - 50,000 (157,879) (55,612) (213,491) |
|---|---|---|
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 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|---|---|---|---|---|
| 31.3.22 | 31.3.21 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of Financial | ||||
| Activities) | 196,941 | 23,853 | ||
| Adjustments for: | ||||
| Depreciation charges | 209,401 | 257,851 | ||
| (Increase)/decrease in debtors | (90,562) | 835,208 | ||
| Decrease in creditors | (96,250) | (1,317,296 ) | ||
| Net cash provided by/(used in) operations | 219,530 | (200,384) | ||
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
| 31.3.22 | 31.3.21 | |||
| £ | £ | |||
| Notice deposits (less than 3 months) | 7,348 | 23,670 | ||
| Overdrafts included in bank loans and overdrafts falling due within one year | (10,848) | (237,161) | ||
| Total cash and cash equivalents | (3,500) | (213,491) | ||
| 3. | ANALYSIS OF CHANGES IN NET DEBT | |||
| At 1/4/21 | Cash flow | At 31/3/22 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 23,670 | (16,322) | 7,348 | |
| Bank overdraft | (237,161) | 226,313 | (10,848) | |
| (213,491) | 209,991 | (3,500) | ||
| Debt | ||||
| Debts falling due within 1 year | (7,500) | - | (7,500) | |
| Debts falling due after 1 year | (42,500) | 3,704 | (38,796) | |
| (50,000) | 3,704 | (46,296) | ||
| Total | (263,491) | 213,695 | (49,796) |
The notes form part of these financial statements
Page 9
Moreshet Hatorah Ltd
Notes to the Financial Statements for the Year Ended 31 March 2022
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 2022
2. DONATIONS AND LEGACIES
| Donations Grants Admission fees Other income Grants received, included in the above, are as follows: Other grants 3. INVESTMENT INCOME Rents received 4. CHARITABLE ACTIVITIES COSTS Direct Costs £ Charitable activities 2,576,061 5. GRANTS PAYABLE Charitable activities Donations paid to institutions during the year amounted to £2,918,084. Dover Sholem Community Trust Gertner Charitable Trust Machzikei Haddas Belz London Maseh Rockeach Donations less than £50,000 |
31.3.22 £ 3,152,930 903,698 1,757,535 56,250 5,870,413 31.3.22 £ 903,698 31.3.22 £ 60,523 Grant funding of activities (see note 5) £ 2,939,269 31.3.22 £ 2,939,269 |
31.3.21 £ 2,209,611 701,275 1,465,681 - 4,376,567 31.3.21 £ 701,275 31.3.21 £ 298,313 Totals £ 5,515,330 31.3.21 £ 2,959,113 |
|
|---|---|---|---|
| 816,217 | |||
| 90,000 | |||
| 363,570 | |||
| 956,500 | |||
| 691,797 | |||
| 2,918,084 | |||
continued...
Page 11
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
6. SUPPORT COSTS
| 6. SUPPORT COSTS |
|
|---|---|
| Governance Management costs £ £ Other resources expended 209,401 9,264 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.22 £ Audit fees 4,800 Depreciation - owned assets 209,401 |
Totals £ 218,665 |
| 31.3.21 £ 3,000 257,851 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
9. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Lecturers and researchers Teachers & carers |
31.3.22 £ 1,191,019 1,191,019 31.3.22 2 80 82 |
31.3.21 £ 560,305 |
|
|---|---|---|---|
| 560,305 | |||
| 31.3.21 2 80 82 |
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 2022
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 4,375,499 Investment income 298,313 Total 4,673,812 EXPENDITURE ON Charitable activities Charitable activities 4,343,377 Other 306,582 Total 4,649,959 NET INCOME 23,853 RECONCILIATION OF FUNDS Total funds brought forward 497,075 TOTAL FUNDS CARRIED FORWARD 520,928 11. TANGIBLE FIXED ASSETS Short leasehold £ COST At 1 April 2021 691,476 Additions - At 31 March 2022 691,476 DEPRECIATION At 1 April 2021 644,681 Charge for year 46,796 At 31 March 2022 691,477 NET BOOK VALUE At 31 March 2022 (1) At 31 March 2021 46,795 |
Restricted fund £ 1,068 - 1,068 1,068 - 1,068 - - - Fixtures & equipment £ 1,968,572 5,835 1,974,407 1,323,988 162,605 1,486,593 487,814 644,584 |
Total funds £ 4,376,567 298,313 |
|
|---|---|---|---|
| 4,674,880 | |||
| 4,344,445 306,582 |
|||
| 4,651,027 | |||
| 23,853 497,075 |
|||
| 520,928 | |||
| Totals £ 2,660,048 5,835 2,665,883 1,968,669 209,401 2,178,070 487,813 691,379 |
|||
continued...
Page 13
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Trade debtors 95,023 Other debtors 1,441,111 Prepayments and accrued income - 1,536,134 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Bank loans and overdrafts (see note 15) 18,348 Trade creditors 146,731 Social security and other taxes (10,852) Other creditors 1,112,723 Accruals and deferred income 7,680 1,274,630 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.22 £ Bank loans (see note 15) 38,796 15. LOANS An analysis of the maturity of loans is given below: 31.3.22 £ Amounts falling due within one year on demand: Bank overdrafts 10,848 Bank loans 7,500 18,348 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 28,796 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal - |
31.3.21 £ 42,598 1,277,789 125,185 |
31.3.21 £ 42,598 1,277,789 125,185 |
31.3.21 £ 42,598 1,277,789 125,185 |
|---|---|---|---|
| 1,445,572 | |||
| 31.3.21 £ 244,661 19,522 816 1,324,994 7,200 |
|||
| 1,597,193 | |||
| 31.3.21 £ 42,500 31.3.21 £ 237,161 7,500 |
31.3.21 £ 42,500 |
||
| 244,661 | |||
| 10,000 | |||
| 30,000 | |||
| 2,500 |
continued...
Page 14
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. MOVEMENT IN FUNDS
| At 1/4/21 £ Unrestricted funds General fund 520,928 TOTAL FUNDS 520,928 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 5,925,127 Restricted funds Restricted fund 5,809 TOTAL FUNDS 5,930,936 Comparatives for movement in funds At 1/4/20 £ Unrestricted funds General fund 497,075 TOTAL FUNDS 497,075 Comparative 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 |
Net movement in funds £ 196,941 196,941 Resources expended £ (5,728,186 ) (5,809) (5,733,995 ) Net movement in funds £ 23,853 23,853 Resources expended £ (4,649,959 ) (1,068) (4,651,027 ) |
At 31/3/22 £ 717,869 717,869 Movement in funds £ 196,941 - |
|---|---|---|
| 196,941 | ||
| At 31/3/21 £ 520,928 520,928 Movement in funds £ 23,853 - |
||
| 23,853 |
Page 15
continued...
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 1/4/20 | in funds | At 31/3/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 497,075 | 220,794 | 717,869 |
| TOTAL FUNDS | 497,075 | 220,794 | 717,869 |
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 £ £ 10,598,939 (10,378,145 ) 6,877 (6,877) 10,605,816 (10,385,022 ) |
Movement in funds £ 220,794 - |
|---|---|---|
| 220,794 |
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 | 141,424 |
|---|---|
| Yedidim Association Ltd | 212,000 |
| Chevras Mooz Ladol | 65,576 |
| The Talmud Torah Machzikei Hadass Trust | 389,350 |
| The Kwall Ltd | 15,000 |
| Cosmon (Belz) Ltd | 69,915 |
Other debtors include the following loans due from charities which have trustees in common with Moreshet Hatorah Limited:
| Cosmon (Belz) Ltd | 500,221 |
|---|---|
| The Talmud Torah Machzikei Hadass Trust | 854,125 |
Other creditors include the following loans due to charities which have trustees in common with Moreshet Hatorah Limited:
| The Community Hub | 30,200 |
|---|---|
| Clapton Common Boys Club | 40,455 |
| Clapton Constructions Limited | 26,000 |
| The Kwall Ltd | 131,000 |
| Yedidim Association Limited | 16,725 |
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continued...
Moreshet Hatorah Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
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.
Page 17
Moreshet Hatorah Ltd
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Admission fees Other income 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 |
31.3.22 £ 3,152,930 903,698 1,757,535 56,250 5,870,413 60,523 5,930,936 1,191,019 678,268 706,774 2,918,084 21,185 5,515,330 46,796 162,605 209,401 4,800 90 2,393 1,981 9,264 5,733,995 196,941 |
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 |
This page does not form part of the statutory financial statements
Page 18