REGISTERED CHARITY NUMBER: 1103911
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
YESODEY HATORAH TRUST
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
YESODEY HATORAH TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 5 April 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 10 |
YESODEY HATORAH TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 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
Objectives and aims
Makes grants to organisations, provides human resources, buildings, facilities and open space to the children/young people, people of a particular ethnic or racial origin providing education, training and relief of poverty.
Public benefit
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 and in planning future activities.
Grantmaking
Grants are made to charitable institutions and organisations which accord with objects of the Charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors.
Covid-19
The Covid 19 pandemic which has had a significant social and economic impact on communities worldwide, resulted in an increased demand for assistance. The trustees adapted their activities to comply with government’s policies and guidance and were able to raise significant additional funds to enable them to continue their work.
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors.
FINANCIAL REVIEW
Financial position
The financial results for the year to 5 April 2021 are shown in the attached financial statements. Total income decreased from £151,028 to £89,961 and total expenditure increased from £165,729 to £288,499 in comparison with the previous period.
There was a net decrease in funds of £198,538 (2020 - decrease of £14,701) with total funds carried forward of £12,162,889 (2020 - £12,361,427).
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The trustees have no beneficial interest in the company as it is a company limited by guarantee and are chosen by agreement of trustees at an annual meeting. The choice is based on applicants' business and community knowledge.
New trustees are subject to trustee induction training which includes as understanding of the content of the Memorandum and Articles of Association, their legal obligations under Charity Act and Company Law, the organisational structure of charity and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.
Page 1
YESODEY HATORAH TRUST
REPORT OF THE TRUSTEES for the year ended 5 April 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 Charity number
1103911
Principal address
Yesodey Hatorah Secondary Girls School Egerton Road London N16 6UB
Trustees
S S Sinitsky Trustee R Schiffer Trustee Rabbi C Pinter Trustee (appointed 14.5.20)
Approved by order of the board of trustees on 26 January 2022 and signed on its behalf by:
Rabbi C Pinter - Trustee
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YESODEY HATORAH TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities 3 Relief of poverty, advancement of education Support costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 89,950 11 89,961 283,000 1,659 284,659 (194,698) 392,704 198,006 |
Restricted fund £ - - - 3,840 - 3,840 (3,840) 11,968,723 11,964,883 |
2021 Total funds £ 89,950 11 89,961 286,840 1,659 288,499 (198,538) 12,361,427 12,162,889 |
2020 Total funds £ 150,642 386 151,028 165,465 264 165,729 (14,701) 12,376,128 12,361,427 |
|---|---|---|---|---|
The notes form part of these financial statements
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YESODEY HATORAH TRUST
BALANCE SHEET
5 April 2021
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 140,276 - 179,631 179,631 (121,901) 57,730 198,006 198,006 |
Restricted fund £ 12,515,626 - (1,000) (1,000) (549,743) (550,743) 11,964,883 11,964,883 |
2021 Total funds £ 12,655,902 - 178,631 178,631 (671,644) (493,013) 12,162,889 12,162,889 198,006 11,964,883 12,162,889 |
2020 Total funds £ 12,658,742 51,000 321,829 372,829 (670,144) (297,315) 12,361,427 12,361,427 392,704 11,968,723 12,361,427 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 January 2022 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
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YESODEY HATORAH TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Taxation
The charity is exempt from 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 explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Deposit account interest | 11 | 386 |
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YESODEY HATORAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
3. CHARITABLE ACTIVITIES COSTS
| Relief of poverty, advancement of education Support costs 4. GRANTS PAYABLE Relief of poverty, advancement of education The total grants paid to institutions during the year w Mifal Hachesed Vehatzedokoh One Heart Lev Echod Merkaz Hatorah Limited Friends of Beis Chinuch Lebonos Trust Yesodey Hatorah Senior Girls School Yesodey Hatorah Boys School Other grants less than £20,000 |
Direct Costs £ 3,840 - 3,840 as as follows: |
Grant funding of activities (see note 4) £ 283,000 - 283,000 |
Support costs £ - 1,659 1,659 2021 £ 283,000 2021 £ 20,000 20,000 20,000 20,000 100,000 88,500 14,500 283,000 |
Totals £ 286,840 1,659 |
|---|---|---|---|---|
| 288,499 | ||||
| 2020 £ 160,000 |
||||
| 2020 £ - - - - 135,000 25,000 - |
||||
| 160,000 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Relief of poverty, advancement of education |
Unrestricted fund £ 150,642 386 151,028 165,465 |
Restricted fund £ - - - - |
Total funds £ 150,642 386 |
|---|---|---|---|
| 151,028 165,465 |
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YESODEY HATORAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ Support costs 264 - Total 165,729 - NET INCOME/(EXPENDITURE) (14,701) - RECONCILIATION OF FUNDS Total funds brought forward 407,405 11,968,723 TOTAL FUNDS CARRIED FORWARD 392,704 11,968,723 7. TANGIBLE FIXED ASSETS Fixtures Freehold and property fittings £ £ COST At 6 April 2020 12,644,182 877,960 Additions - 1,000 At 5 April 2021 12,644,182 878,960 DEPRECIATION At 6 April 2020 - 863,400 Charge for year - 3,840 At 5 April 2021 - 867,240 NET BOOK VALUE At 5 April 2021 12,644,182 11,720 At 5 April 2020 12,644,182 14,560 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors - |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ Support costs 264 - Total 165,729 - NET INCOME/(EXPENDITURE) (14,701) - RECONCILIATION OF FUNDS Total funds brought forward 407,405 11,968,723 TOTAL FUNDS CARRIED FORWARD 392,704 11,968,723 7. TANGIBLE FIXED ASSETS Fixtures Freehold and property fittings £ £ COST At 6 April 2020 12,644,182 877,960 Additions - 1,000 At 5 April 2021 12,644,182 878,960 DEPRECIATION At 6 April 2020 - 863,400 Charge for year - 3,840 At 5 April 2021 - 867,240 NET BOOK VALUE At 5 April 2021 12,644,182 11,720 At 5 April 2020 12,644,182 14,560 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors - |
Total funds £ 264 165,729 (14,701) 12,376,128 12,361,427 Totals £ 13,522,142 1,000 13,523,142 863,400 3,840 867,240 12,655,902 12,658,742 2020 £ 51,000 |
|---|---|---|
continued...
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YESODEY HATORAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
At 6.4.20 £ 392,704 11,968,723 12,361,427 Incoming resources £ 89,961 - 89,961 At 6.4.19 £ 407,405 11,968,723 12,376,128 |
2021 £ 671,644 Net movement in funds £ (194,698) (3,840) (198,538) Resources expended £ (284,659) (3,840) (288,499) Net movement in funds £ (14,701) - (14,701) |
2020 £ 670,144 At 5.4.21 £ 198,006 11,964,883 12,162,889 Movement in funds £ (194,698) (3,840) (198,538) At 5.4.20 £ 392,704 11,968,723 12,361,427 |
|
|---|---|---|---|---|
continued...
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YESODEY HATORAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 151,028 151,028 |
Resources Movement expended in funds £ £ (165,729) (14,701) (165,729) (14,701) |
Resources Movement expended in funds £ £ (165,729) (14,701) (165,729) (14,701) |
|---|---|---|---|
| (14,701) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted fund TOTAL FUNDS |
At 6.4.19 £ 407,405 11,968,723 12,376,128 |
Net movement in funds £ (209,399) (3,840) (213,239) |
At 5.4.21 £ 198,006 11,964,883 |
|---|---|---|---|
| 12,162,889 |
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 £ 240,989 - 240,989 |
Resources Movement expended in funds £ £ (450,388) (209,399) (3,840) (3,840) (454,228) (213,239) |
Resources Movement expended in funds £ £ (450,388) (209,399) (3,840) (3,840) (454,228) (213,239) |
|---|---|---|---|
| (213,239) |
Building maintenance fund
This represents funds for the cost, improvement, upkeep and maintenance of the buildings.
continued...
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YESODEY HATORAH TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021.
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