CHARITY REGISTRATION NUMBER: 1127977
Yesamach Levav Trust Financial Statements 30 November 2020
SUGARWHITE MEYER ACCOUNTANTS LTD
Chartered accountants& statutory auditor First Floor 94 Stamford Hill London N16 6XS
Yesamach Levav Trust
Financial Statements
Year ended 30 November 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
Yesamach Levav Trust
Trustees' Annual Report
Year ended 30 November 2020
The trustees present their report and the financial statements of the charity for the year ended 30 November 2020.
Reference and administrative details
Registered charity name Yesamach Levav Trust Charity registration number 1127977 Principal office 160 Holmleigh Road London N16 5PY The trustees Mr M.H. Bindinger Rabbi N. B. Bindinger Auditor Sugarwhite Meyer Accountants Ltd Chartered accountants & statutory auditor First Floor 94 Stamford Hill London N16 6XS Bankers Metro Bank Plc 1 Southhampton Row London C1B 5HA National Westminster 198 Stoke Newington High Street London N16 7GA
Structure, governance and management
Organisational structure
The charity is controlled by local trustees who are very familiar with all the charitable causes that the charity supports. Regular meetings are held to review and discuss the charity's activities. All trustees give of their time freely, and no remuneration or expenses were paid to any trustee during the year.
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.
Governing document
The charity was set up by Trust Deed dated 1st December 2008 and commenced activities immediately thereafter.
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Yesamach Levav Trust
Trustees' Annual Report (continued)
Year ended 30 November 2020
Structure, governance and management (continued)
Grant making policy
The trustees obtain details of all requests for assistance and ensure that good recommendations are received before any payments are made. This is usually by way of a letter of recommendation by the applicant's minister or other known religious leader. In the case of applications by charities, the collecting agent's references are verified.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Related parties
Details of transactions with related parties are disclosed in the notes to the financial statements. Rabbi N. Bindinger a trustee of Yesamach Levav Trust is also a trustee of British Friends of Mosdos Tchernobel and Kehal Charedim Trust; and Rabbi M.H Bindinger a trustee of Yesamach Levav Trust is also the secretary of Tchernobel Foundation Ltd, a charity based in the UK.
Objectives and activities
Charitable objectives
The charity's objective is to raise funds, collect donations and apply the funds and income for the benefit of charitable purposes and particularly for the purpose of the advancement of the orthodox Jewish religious faith and education; the relief of poverty, sickness and infirmity amongst members of the Jewish faith and such other purpose as are charitable according to English law.
The charity is organised so that the trustees meet regularly to manage its affairs. The charity has on average 6 (6 in 2019) employees but most activities are done on a voluntary basis.
The charity also makes loans for charitable purposes. All such requests are carefully scrutinised by the trustees.
Public benefit
The trustees of the charity confirm that they have considered The Charity Commission's general guidance on public benefit and the requirements of Section 4 of the Charities Act 2011 in this area, in particular public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Achievements and performance
Review of activities and achievements
The trustees consider the performance of the charity during the year to be satisfactory not withstanding the decrease in donations and COVID 19 lockdowns . Donations receivable decreased by £875,821(2019 on 2018 ££2,636,824)from £3,766,611 in 2019 to £2,890,790 this year, a decrease of approximately 23% on last year (2019 on 2018 41% decrease). Substantial funds were granted to individuals and institutions during the year from the contributions received from donors. This year it made grants to various causes totalling £3,217,429 (2019 £3,703,564). A fall of 11.6%(43% 2019 on 2018)
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Yesamach Levav Trust
Trustees' Annual Report (continued)
Year ended 30 November 2020
Achievements and performance (continued)
Funds collected were distributed helping causes in the UK, Israel, and elsewhere as follows: to other charitable organisations 45% (2019 35%); to various poor and needy causes including helping victims of disasters, man made or natural, people in distress, poor widows and orphans 34% (2019 44%) ; giving medical help 1% (2019 5%) and to religious organisations 5% (2019 9%); Educational Institutions 13%(2019 7%)and towards building fund 3% (2019 1%).
Fundraising functions were held during the year to raise the profile of the charity and awareness of its plans and objectives. Similar functions are planned to be held on a regular basis.
Financial review
Reserve policy
It is the charity's policy that only funds that have cleared the bank be allowed to be used as payment for grants and donations. The trustees therefore ensure that the charity retains sufficient funds to cover immediate anticipated outgoings. They have contact at all times with potential donors who are able to assist with the charity's requirements. Reserves at the year end is £196,952.
COVID-19 effect on Fundraising
The outbreak of the COVID-19 during 2020 has presented the charity with some challenges regarding fundraising, which has seen a fall. The trustees believe this will continue for some time and represents uncertainty to the revenue of the charity in the next 12 months. The Trustees have the ability to exercise control over the charity's grant making charitable activities such that the trustees believe the charity will continue as a going concern.
Investment policy and objectives
In accordance with its trust deed the trustees have the power, at their absolute discretion, to make any investment, that they think fit. In this regard the trustees regularly review the charity's position and needs in respect of investment policy and invest excess funds to produce income and safeguard the interest of the charity. The charity has a 12.44% in The Tech Meadow Ltd, a syndicated property investment company. The joint venture investment is managed by P4i Ltd, a property development and management company.
Plans for future periods
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future and there are no plans for any major changes.
Statement as to disclosure of information to auditors
In so far as the trustees are aware:
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there is no relevant audit information of which the charity's auditors are unaware; and
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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.
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Yesamach Levav Trust
Trustees' Annual Report (continued)
Year ended 30 November 2020
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 27 to the financial statements.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 3 December 2021 and signed on behalf of the board of trustees by:
Rabbi N. B. Bindinger Trustee
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Yesamach Levav Trust
Independent Auditor's Report to the Members of Yesamach Levav Trust
Year ended 30 November 2020
Opinion
We have audited the financial statements of Yesamach Levav Trust (the 'charity') for the year ended 30 November 2020 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 30 November 2020 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;
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out below, 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.
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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Yesamach Levav Trust
Independent Auditor's Report to the Members of Yesamach Levav Trust (continued)
Year ended 30 November 2020
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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.
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Yesamach Levav Trust
Independent Auditor's Report to the Members of Yesamach Levav Trust (continued)
Year ended 30 November 2020
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
First Floor 94 Stamford Hill London N16 6XS
Sugarwhite Meyer Accountants Ltd Chartered accountants & statutory auditor
3 December 2021
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Yesamach Levav Trust
Statement of Financial Activities
Year ended 30 November 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 2,890,790 | – | 2,890,790 | 3,766,611 |
| Investment income | 5 | 3 | – | 3 | 2,762 |
| Other income | 6 | 3,000 | – | 3,000 | 3,000 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total income | 2,893,793 | – | 2,893,793 | 3,772,373 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 7 | 27,172 | – | 27,172 | 23,006 |
| Expenditure on charitable activities | 8,9 | 3,268,051 | 24,408 | 3,292,459 | 3,715,768 |
| Other expenditure | 12 | – | – | – | 481 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 3,295,223 | 24,408 | 3,319,631 | 3,739,255 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Net (expenditure)/income and net | |||||
| movement in funds | (401,430) | (24,408) | (425,838) | 33,118 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 598,382 | 24,408 | 622,790 | 589,672 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 196,952 | – | 196,952 | 622,790 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
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 11 to 22 form part of these financial statements.
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Yesamach Levav Trust
Statement of Financial Position
30 November 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 17 | 1,730 | 2,340 | |
| Current assets | ||||
| Debtors | 18 | 62,239 | 108,589 | |
| Investments | 19 | 100,000 | 100,000 | |
| Cash at bank and in hand | 98,487 | 425,904 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 260,726 | 634,493 | |||
| Creditors: amounts falling due within one year | 20 | 15,504 | 14,043 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net current assets | 245,222 | 620,450 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 246,952 | 622,790 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 21 | 50,000 | – | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 196,952 | 622,790 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Restricted funds | – | 24,408 | ||
| Unrestricted funds | 196,952 | 598,382 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 23 | 196,952 | 622,790 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 3 December 2021, and are signed on behalf of the board by:
Rabbi N. B. Bindinger Trustee
The notes on pages 11 to 22 form part of these financial statements.
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Yesamach Levav Trust
Statement of Cash Flows
Year ended 30 November 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net (expenditure)/income | (425,838) | 33,118 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 610 | 807 |
| Government grant income | (36,095) | – |
| Dividends, interest and rents from investments | – | (2,751) |
| Other interest receivable and similar income | (3) | (11) |
| Loss on disposal of tangible fixed assets | – | 481 |
| Accrued expenses | 38,778 | 110,210 |
| Changes in: | ||
| Trade and other debtors | 8,507 | 400,707 |
| Trade and other creditors | 526 | (132,737) |
| Other operating cash flow changes | – | (481) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | (413,515) | 409,343 |
| Interest received | 3 | 11 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash (used in)/from operating activities | (413,512) | 409,354 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | – | 2,751 |
| Purchase of tangible assets | – | (1,012) |
| Proceeds from sale of tangible assets | – | 482 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash from investing activities | – | 2,221 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 50,000 | – |
| Government grant income | 36,095 | – |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net cash from financing activities | 86,095 | – |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Net (decrease)/increase in cash and cash equivalents | (327,417) | 411,575 |
| Cash and cash equivalents at beginning of year | 425,904 | 14,329 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Cash and cash equivalents at end of year | 98,487 ৶৶৶৶৶৶৶৶৶ |
425,904 ৶৶৶৶৶৶৶৶৶ |
The notes on pages 11 to 22 form part of these financial statements.
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Yesamach Levav Trust
Notes to the Financial Statements
Year ended 30 November 2020
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 160 Holmleigh Road, London, N16 5PY.
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 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In the process of applying the entity's accounting policies no significant judgements or key sources of estimation were made by management that have the any significant effect on the amounts recognised in the financial statements .
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 the particular restricted purposes within the objects of the charity. Restricted funds arise when specified by the donor or when funds are raised for particular restricted purposes.
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Notes to the Financial Statements (continued)
Yesamach Levav Trust
Year ended 30 November 2020
3. Accounting policies (continued)
Incoming resources
All incoming resources are 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:
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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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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Cost of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation of good practice. The costs include costs related to statutory audit, direct governing costs.
Tangible assets
All fixed assets are initially recorded at cost.
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Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
3. Accounting policies (continued)
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:
Motor Vehicles - 25% reducing balance Fixtures & equipments - 25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the charity 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.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
- 13 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Donations | ||||
| General donations | 2,854,695 | 2,854,695 | 3,766,611 | 3,766,611 |
| Grants | ||||
| Government grant income | 36,095 | 36,095 | – | – |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 2,890,790 | 2,890,790 | 3,766,611 | 3,766,611 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Income from syndicated JV investment | ||||
| properties | – | – | 2,751 | 2,751 |
| Bank interest receivable | 3 | 3 | 11 | 11 |
| ৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 3 | 3 | 2,762 | 2,762 | |
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
5. Investment income
- 14 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
6. Other income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Donations in kind | 3,000 | 3,000 | 3,000 | 3,000 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
Donations in kind of £3,000 (2019 £3,000)is in respect of the charity's use of 160 Holmleigh Road, N16 5PY as its business address. This is the residence of Rabbi Bindinger, a trustee of the charity.
7. Costs of raising donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds |
|---|---|---|---|
| Funds | 2020 | Funds | 2019 |
| £ | £ | £ | £ |
| 27,172 ৶৶৶৶৶৶৶৶ |
27,172 ৶৶৶৶৶৶৶৶ |
23,006 ৶৶৶৶৶৶৶৶ |
23,006 ৶৶৶৶৶৶৶৶ |
8. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Grants to institutions | 1,340,474 | 24,408 | 1,364,881 |
| Poverty alleviation | 738,831 | – | 738,831 |
| Wedding grants | 261,582 | – | 261,582 |
| Building fund UK & Europe | 80,060 | – | 80,060 |
| Educational grants | 415,378 | – | 415,378 |
| Religious grants | 140,088 | – | 140,088 |
| Grants to individuals | 57,947 | – | 57,947 |
| Medical grants | 158,662 | – | 158,662 |
| Support costs | 75,029 | – | 75,030 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 3,268,051 | 24,408 | 3,292,459 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Grants to institutions | 1,253,608 | – | 1,253,608 |
| Poverty alleviation | 995,039 | – | 995,039 |
| Wedding grants | 473,408 | – | 473,408 |
| Building fund UK & Europe | 36,799 | – | 36,799 |
| Educational grants | 249,739 | – | 249,739 |
| Religious grants | 324,491 | – | 324,491 |
| Grants to individuals | 129,992 | – | 129,992 |
| Medical grants | 181,480 | – | 181,480 |
| Support costs | 71,212 | – | 71,212 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 3,715,768 | – | 3,715,768 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
Poverty alleviation, Wedding grants, Grants to individuals and Medical grants are all grants to individuals. All other grants are to other charitable institutions in the UK and Overseas. Grants to institutions are as detailed in Note 11.
- 15 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
9. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Grants to institutions | 1,364,881 | 33,833 | 1,398,714 | 1,286,640 |
| Poverty alleviation | 738,831 | 10,087 | 748,918 | 1,005,741 |
| Wedding grants | 261,582 | 3,571 | 265,153 | 480,439 |
| Building fund UK & Europe | 80,060 | 6,681 | 86,741 | 36,799 |
| Educational grants | 415,378 | 1,967 | 417,345 | 252,340 |
| Religious grants | 140,088 | 808 | 140,896 | 326,431 |
| Grants to individuals | 57,947 | 12 | 57,959 | 131,458 |
| General grants | – | – | – | 208 |
| Medical grants | 158,662 | 2,167 | 160,829 | 183,508 |
| Governance costs | – | 15,904 | 15,904 | 12,204 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 3,217,429 | 75,030 | 3,292,459 | 3,715,768 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ |
10. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | |||
| activity 1 | Total 2020 | Total 2019 | |
| £ | £ | £ | |
| Staff costs | 43,286 | 43,286 | 40,498 |
| Premises | 7,410 | 7,410 | 10,279 |
| General office | – | – | 434 |
| Finance costs | – | – | 2,046 |
| Governance costs | 11,460 | 11,460 | 12,204 |
| Support costs:Motor and travel costs | – | – | 2,564 |
| Printing postage and stationery | 1,810 | 1,810 | 2,380 |
| Support costs - Depreciation | 610 | 610 | 807 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 64,576 | 64,576 | 71,212 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
Support costs common to all activities are apportioned equally to the activities.
- 16 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
11. Analysis of grants
Grants to institutions include grants to the following institutions in the UK, The U.S.A. and Israel:-
| 2020 | |
|---|---|
| £ | |
| Chelkas Yakov | 26,326 |
| Beis Ruchel school Antwerp | 24,435 |
| British Friends of MosdosTchernobel | 48,850 |
| Chasdei Shir | 39,990 |
| Chino Vechisdo Jerusalem | 45,657 |
| Ezer Leyoldos Ltd | 63,100 |
| Kolel Bais Yisroel D'Chaside Gur Jerusalem | 61,365 |
| Magen Vmoshia Hakeren Lavrechim | 46,037 |
| Meirim | 31,746 |
| Mivzar Hatorah Elad | 88,941 |
| Mikve Fund Antwerp | 61,616 |
| Mosdos Antwerpen VZW | 20,130 |
| Mosdot Vasloi | 25,078 |
| Oneg Shabbos Vyom Tov | 106,500 |
| Yeshivat Etz Chaim Wilrijk | 252,991 |
| Yismach Lev Tser | 70,956 |
| Other Institutional Grants Under 20,000 | 990,172 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | |
| 2,003,890 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ |
12. Other expenditure
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Loss on disposal of tangible fixed | |||||
| assets held for charity's own use | – | – | 481 | 481 | |
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ||
| 13. | Net (expenditure)/income | ||||
| Net (expenditure)/income is stated after charging/(crediting): | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 610 | 807 | |||
| Loss on disposal of tangible fixed assets | – | 481 | |||
| ৶৶৶৶ | ৶৶৶৶ | ||||
| 14. | Auditors remuneration | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial | statements | 4,320 | 3,780 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
- 17 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 43,286 ৶৶৶৶৶৶৶৶ |
40,497 ৶৶৶৶৶৶৶৶ |
No trustee or persons connected to them received any remuneration or reimbursement of expenses.
The average head count of employees during the year was 6 (2019: 6). The average number of full-time equivalent employees during the year is analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Number of staff | 6 | 6 |
| ৶৶৶৶ | ৶৶৶৶ |
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
17. Tangible fixed assets
| Motor | ||||
|---|---|---|---|---|
| vehicles | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 December 2019 and 30 November 2020 | 3,000 | 3,782 | 6,782 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| Depreciation | ||||
| At 1 December 2019 | 1,735 | 2,707 | 4,442 | |
| Charge for the year | 316 | 294 | 610 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| At 30 November 2020 | 2,051 | 3,001 | 5,052 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| Carrying amount | ||||
| At 30 November 2020 | 949 | 781 | 1,730 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| At 30 November 2019 | 1,265 | 1,075 | 2,340 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 18. | Debtors | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Prepayments and accrued income | 53,839 | 91,682 | ||
| Other debtors | 8,400 | 16,907 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 62,239 ৶৶৶৶৶৶৶৶ |
108,589 ৶৶৶৶৶৶৶৶৶ |
- 18 -
Notes to the Financial Statements (continued)
Yesamach Levav Trust
Year ended 30 November 2020
19. Investments
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Current asset investment | 100,000 ৶৶৶৶৶৶৶৶৶ |
100,000 ৶৶৶৶৶৶৶৶৶ |
This represents 12.44% in investment in The Tech Meadow Limited, a joint venture property development company, acquired on the 26th April 2015 at a cost of £100,000.
20. Creditors: amounts falling due within one year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income | 11,460 | 10,525 | |
| Social security and other taxes | 460 | – | |
| Other creditors | 3,584 | 3,518 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 15,504 | 14,043 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 21. | Creditors: amounts falling due after more than one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Bank loans and overdrafts | 50,000 | – | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ||
| 22. | Government grants | ||
| The amounts recognised in the financial statements for government grants are as follows: | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Recognised in income from donations and legacies: | |||
| Government grants income | 36,095 ৶৶৶৶৶৶৶৶ |
– ৶৶৶৶ |
- 19 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
23. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 December 2 | 30 | November | ||
| 019 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| General Funds | 534,245 | 2,893,793 | (3,295,223) | 132,815 |
| Gain on Investment disposal | 64,137 | – | – | 64,137 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 598,382 | 2,893,793 | (3,295,223) | 196,952 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At | At | |||
| 1 December 2 | 30 | November | ||
| 018 | Income | Expenditure | 2019 | |
| £ | £ | £ | £ | |
| General Funds | 501,127 | 3,772,373 | (3,739,255) | 534,245 |
| Gain on Investment disposal | 64,137 | – | – | 64,137 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 565,264 ৶৶৶৶৶৶৶৶৶ |
3,772,373 ৶৶৶৶৶৶৶৶৶৶৶৶ |
(3,739,255) ৶৶৶৶৶৶৶৶৶৶৶৶ |
598,382 ৶৶৶৶৶৶৶৶৶ |
This represents funds generally spent or donated in furtherance of the charity's objective.
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | December 2 | 30 | November | ||
| 019 | Income | Expenditure | 2020 | ||
| £ | £ | £ | £ | ||
| People in distress & Building Fund | 24,408 | – | (24,408) | – | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ||
| At | At | ||||
| 1 | December 2 | 30 | November | ||
| 018 | Income | Expenditure | 2019 | ||
| £ | £ | £ | £ | ||
| People in distress & Building Fund | 24,408 | – | – | 24,408 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
Restricted Funds represents funds from specific charities and spent or donated to a specific beneficiary as directed by each benefactor.
- 20 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
24. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 1,730 | – | 1,730 | |
| Investments | 100,000 | – | 100,000 | |
| Current assets | 160,726 | – | 160,726 | |
| Creditors less than 1 year | (15,504) | – | (15,504) | |
| Creditors greater than 1 year | (50,000) | – | (50,000) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net assets | 196,952 | – | 196,952 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2019 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 2,341 | – | 2,341 | |
| Investments | 100,000 | – | 100,000 | |
| Current assets | 510,084 | 24,408 | 534,492 | |
| Creditors less than 1 year | (14,043) | – | (14,043) | |
| Creditors greater than 1 year | – | – | – | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net assets | 598,382 | 24,408 | 622,790 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 25. | Financial instruments | |||
| The carrying amount for each category of financial | instrument is as follows: | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Financial assets that are debt instruments measured at amortised | cost | |||
| Other Debtors | 8,400 | 147,361 | ||
| Current asset investments | 100,000 | 100,000 | ||
| Cash at bank | 98,486 | 425,904 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 206,886 | 673,265 | |||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Financial liabilities measured at amortised cost | ||||
| Private loan creditors | – | 132,225 | ||
| Net wages control accounts | 3,584 | 6,121 | ||
| Accruals | 8,460 | 8,845 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 12,044 | 147,191 | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Loan commitments measured at cost less impairment | ||||
| Bank Loan | 50,000 | – | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ |
- 21 -
Yesamach Levav Trust
Notes to the Financial Statements (continued)
Year ended 30 November 2020
26. Analysis of changes in net debt
| At | ||||
|---|---|---|---|---|
| At | 1 Dec 2019 | Cash flows | 30 Nov 2020 | |
| £ | £ | £ | ||
| Cash at bank and in hand | 425,904 | (327,417) | 98,487 | |
| Debt due after one year | – | (50,000) | (50,000) | |
| Current asset investments | 100,000 | – | 100,000 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 525,904 | (377,417) | 148,487 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
27. Post balance sheet events
There were no adjusting or non- adjusting post balance sheet events.
28. Related parties
During the year Yesamach levav trust received loans from the following connected parties :-
i) Clock & Chimes Ltd £25,000 of which Rabbi N B Bindinger,a trustee of Yesamach Levav Trust, is a director.
ii) Holmleigh Properties Ltd - £Nil (2019 £140,000) a company of which Rabbi Nathan Bindinger, a trustee of Yesamach Levav Trust, is a director and wields significant influence in. The loans were fully repaid during the year.
During the year Yesamach Levav Trust also made loans to the following connected parties i) Kehal Charedim Trust- £22,000(2019 £115,000) and a grant of £6,500 of which Mr N Bindinger, a trustee of Yesamach Levav Trust, is a trustee. The loans were fully repaid during the year.
ii) Tchernobel Foundation Ltd- £395,200 (2019 £289,500) a connected charity of which Mr M.H. Bindinger, a trustee of Yesamach Levav Trust, is a secretary.The loans were fully repaid during the year .
- 22 -