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2020-12-31-accounts

Charity number: 1137199

MIZRACHI (UK) ISRAEL SUPPORT TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

MIZRACHI (UK) ISRAEL SUPPORT TRUST

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Statement of Cash Flows 8
Notes to the Financial Statements 9 - 22

MIZRACHI (UK) ISRAEL SUPPORT TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees D D Morris S Blumgart G Kurland S Rubin M Fruhman S Melnick M Bauernfreund A Pfeffer (appointed 21 January 2020) Charity registered number 1137199 Registered address 2 Hallswelle Road London NW11 0DJ Principal operating 44a Albert Road office London NW4 2SJ Chief executive officer Rabbi A Shaw Accountants Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW

Page 1

MIZRACHI (UK) ISRAEL SUPPORT TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2020 to 31 December 2020.

Objectives and activities

a. Policies and objectives

The objectives of the charity are to further promote the work of Mizrachi by working in schools, communities and campus to strengthen the Jewish community's connection to Modern Orthodoxy and a strong connection to the State of Israel.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Review of activities

.The pandemic in 2020 presented significant challenges to Mizrachi UK and our programming model was nimbly adjusted to lift and inspire the community during this time. We were able to independently (and in some circumstances) form collaborations to sustain and create remarkable programming to bolster the communities. Mizrachi UK expanded its online educational presence through our virtual UK Shabbatonim at Home, online productions relating to Jewish Festivals and increased educational content accessible through our YouTube channel. The Rabbinical Fellowship Programme continued to grow with our first cohort of graduates returning to the UK and taking up leadership positions within the communities. Our communities continued to be supported through our educational programmes. Mizrachi UK is still on track to achieving our goals notwithstanding that staff were furloughed during 2020.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The reserves policy of the charity requires a three month reserve. At the year end, this equated to £130,000. The Trustees are aware that the charity requires to increase funds held in reserve in order to secure the financial position of the charity.

Page 2

MIZRACHI (UK) ISRAEL SUPPORT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

c. Financial position at the year end

During the year, the charity received donations and other income of £777,597 (2019 - £925,897). Expenditure in the year totalled £777,335 (2019 - £880,349) leaving an in year surplus of £262 (2019 - £45,548). Reserves at the year end stood at a surplus of £321 (2019 - £59). As detailed above, the trustees aim to improve the financial standing of the charity.

Structure, governance and management

a. Constitution

The charity is a charitable trust formed under a trust deed dated 5th February 2010. It is registered with the Charity Commission of England and Wales, Charity Number 1137199.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Policies adopted for the induction and training of Trustees

New trustees are given training based on an audit of skills that they possess on appointment and roles that they take on appointment.

Plans for future periods

It is hoped that the charity will grow enabling more far reaching educational and religious programmes in the Jewish community. We are actively seeking to fundraise to enable us to achieve this.

Page 3

MIZRACHI (UK) ISRAEL SUPPORT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Trustees' responsibilities

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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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 Charity (Accounts and Reports) Regulations 2008 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

S Blumgart Trustee Date: 25/10/2021

Page 4

MIZRACHI (UK) ISRAEL SUPPORT TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent Examiner's Report to the Trustees of Mizrachi (UK) Israel Support Trust ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales., which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Ian Saunderson 25/10/2021

Signed:

Dated:

Ian Saunderson FCA

Berg Kaprow Lewis LLP Chartered Accountants London

Page 5

MIZRACHI (UK) ISRAEL SUPPORT TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward as
previously stated
Prior year adjustment
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
416,209
184,416
26,212
626,837
636,926
636,926
(10,089)
23,748
(23,689)
59
(10,089)
(10,030)		 Restricted
funds
2020
£
150,760
-
-
150,760
140,409
140,409
10,351
-
-
-
10,351
10,351		 Total
funds
2020
£
566,969
184,416
26,212
777,597
777,335
777,335
262
23,748
(23,689)
59
262
321		 As restated
Total
funds
2019
£
671,948
253,949
-
925,897
880,349
880,349
45,548
(45,489)
-
(45,489)
45,548
59

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 22 form part of these financial statements.

Page 6

MIZRACHI (UK) ISRAEL SUPPORT TRUST

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets / liabilites
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
13
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 61,404
45,344
106,748
(62,444)		 2020
£
501
501
44,304
44,805
(44,484)
321
10,351
(10,030)
321		 23,790
37,008
60,798
(61,890)		 2019
£
1,151
1,151
(1,092)
59
-
59
-
59
59

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

S Blumgart Trustee Date: 25/10/2021

The notes on pages 9 to 22 form part of these financial statements.

Page 7

MIZRACHI (UK) ISRAEL SUPPORT TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
(41,664)
-
-
50,000
-
50,000
8,336
37,008
45,344		 2019
£
68,278
(1,503)
(1,503)
-
(38,728)
(38,728)
28,047
8,961
37,008

The notes on pages 9 to 22 form part of these financial statements

Page 8

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Mizrachi (UK) Israel Support Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

At the balance sheet date of the charity, its net funds did not cover its committed expenditure for the first 3 months of 2021. However, the Trustees have prepared the accounts on a going concern basis, due to a commitment from the Trustees to support the charity.

The Trustees consider that based on the circumstances existing at the date of signature, the impact of the Coronavirus outbreak will not effect the ability of the charity to continue as a going concern. As such, the trustees consider that the charity is able to continue its activities for a period of at least twelve months from the date of signature of these accounts and the accounts have therefore been prepared on a going concern basis.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Page 9

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 Government grants

Government grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Page 10

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 11

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Income from donations and legacies

Unrestricted
funds
2020
£
Donations
369,773
Grants
25,000
Government grants
21,436
416,209
Total 2019
664,565		 Restricted
funds
2020
£
-
150,760
-
150,760
7,383		 Total
funds
2020
£
369,773
175,760
21,436
566,969
671,948		 Total
funds
2019
£
664,565
7,383
-
671,948

Income from government grants all relates to the Coronavirus Job Retention Scheme.

3. Income from charitable activities

Unrestricted
funds
2020
£
Events
9,874
Teaching
148,469
Educational Programme
5,529
Book sales
2,886
Magazine income
17,658
Total 2020
184,416
Total 2019
253,949		 Total
funds
2020
£
9,874
148,469
5,529
2,886
17,658
184,416
253,949		 Total
funds
2019
£
82,815
145,748
16,910
8,476
-
253,949

Page 12

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Income from other trading activities

Income from fundraising events

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Fundraising income 26,212 26,212 -

5. Analysis of grants

Israel scholarships
Total 2019
Main recipients of institutional grants
Mizrachi Olami
Noam Educational Trust
Mizrachi (UK)
Total of all grants under £500		 Grants to
Institutions
2020
£
70,054
4,064		 Grants to
Individuals
2020
£
85,645
67,096		 Total
funds
2020
£
155,699
71,160
2020
£
68,854
-
1,200
-
70,054		 Total
funds
2019
£
71,160
2019
£
-
2,500
1,127
437
4,064

Page 13

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Analysis of expenditure on charitable activities

Unrestricted
funds
2020
£
Support costs
237,280
Direct costs
368,341
Grants
31,305
636,926
Total 2019
871,942
Analysis of direct costs
Educational programme
Events
Magazine expenses
Speakers
Trips
Wages and salaries
National insurance		 Restricted
funds
2020
£
-
16,015
124,394
140,409
8,407		 Total
funds
2020
£
237,280
384,356
155,699
777,335
880,349
2020
£
26,007
25,221
22,591
16,642
-
275,065
18,830
384,356		 Total
funds
2019
£
334,017
475,172
71,160
880,349
2019
£
50,562
115,363
-
8,743
3,984
276,447
20,073
475,172

Page 14

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Analysis of support costs

Rent
IT costs
Phone charges
Bank charges
General expenses
Literature publishing and printing
Travel
Shaliach expenses
Accounting fees
Postage
Advertising
Wages and salaries
National insurance
Pension cost
Depreciation
7.
Independent examiner's remuneration
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts		 2020
£
18,679
20,252
4,519
65
22,266
417
36
140,144
2,899
116
3,513
19,017
1,578
3,129
650
237,280
2020
£
2,640		 2019
£
18,571
5,197
6,774
137
68,029
430
12,860
184,574
5,280
305
-
19,113
1,254
9,401
2,092
334,017
2019
£
2,640

Page 15

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2020
£
294,082
20,408
3,129
317,619		 2019
£
295,560
21,327
9,401
326,288

The average number of persons employed by the charity during the year was as follows:

2020 2019
No. No.
Employees 12 12

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2020 2019
No. No.
In the band £100,001 - £110,000 - 1
In the band £110,000 - £120,000
1 -

The total amount of employee remuneration benefits received by key management personnel was £170,437 (2019: £139,282).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year, no Trustee expenses have been incurred (2019 - £NIL) .

Page 16

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Tangible fixed assets

Cost or valuation
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Debtors
Due within one year
Trade debtors
Other debtors		 Fixtures and
fittings
£
1,503
1,503
501
501
1,002
501
1,002		 Computer
equipment
£
6,368
6,368
6,219
149
6,368
-
149
2020
£
56,560
4,844
61,404		 Total
£
7,871
7,871
6,720
650
7,370
501
1,151
2019
£
-
23,790
23,790

11. Debtors

Page 17

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
5,516
24,071
6,732
19,414
6,711
62,444		 2019
£
-
23,689
5,929
13,772
18,500
61,890

13. Creditors: Amounts falling due after more than one year

2020 2019
£ £
Bank loans 44,484 -

14. Prior year adjustments

A review of expenses for the prior year was undertaken and the following adjustment was made:

Trade creditors and General Expenses were increased by £23,689. Net income and net assets decreased by the same amount.

Page 18

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Rabbinical Fellowship Programme
Chidon Hatanach
Yeshiva & Seminary fundraising campaign
Total of funds		 As restated
Balance at 1
January
2020
£
59
-
-
-
-
59		 Income
£
626,837
55,540
16,015
79,205
150,760
777,597		 Expenditure
£
(636,926)
(55,540)
(16,015)
(68,854)
(140,409)
(777,335)		 Balance at
31
December
2020
£
(10,030)
-
-
10,351
10,351
321

Rabbinical Fellowship Programme: The Rabbinical Fellowship Programmes creates the next generation of Modern Orthodox Religious Zionist Rabbis and Teachers. They are funded through three to five years of study in Israel to obtain the necessary qualifications to come back and work in the UK in our communities and schools.

Chidon Hatanach: The aim of Chidon HaTanach is to promote and celebrate Tanach study amongst Jewish youth to both deepen Torah knowledge and strengthen Jewish identity.

Yeshiva & Seminary fundraising campaign: The aim of the fundraising campaign was to assist Yeshivot and Seminaries in Israel offset the increased infrastructure costs associated with operating their programs during the pandemic. These are the educational establishments where our Fellows study.

Page 19

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 January
2019
£
Unrestricted funds
General Funds - all funds
(46,513)
Restricted funds
Rabbinical Fellowship Programme
1,024
Total of funds
(45,489)
16.
Analysis of net assets between funds
Analysis of net assets between funds - current period		 Income
£
918,514
7,383
925,897		 Expenditure
£
(871,942)
(8,407)
(880,349)		 As restated
Balance at
31
December
2019
£
59
-
59
Unrestricted
funds
2020
£
Tangible fixed assets
501
Current assets
96,397
Creditors due within one year
(62,444)
Creditors due in more than one year
(44,484)
Total
(10,030)		 Restricted
funds
2020
£
-
10,351
-
-
10,351		 Total
funds
2020
£
501
106,748
(62,444)
(44,484)
321

Page 20

MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total As restated		 As restated
Unrestricted
funds
2019
£
1,151
60,798
(61,890)
59		 As restated
Total
funds
2019
£
1,151
60,798
(61,890)
59

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2020
£
262
650
(37,614)
(4,962)
(41,664)
2020
£
45,344
45,344		 2019
£
45,548
2,092
(4,811)
25,449
68,278
2019
£
37,008
37,008

18. Analysis of cash and cash equivalents

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MIZRACHI (UK) ISRAEL SUPPORT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Analysis of changes in net debt

At 1 At 31
January Operating December
2020 cash flows New loans 2020
£ £ £ £
Cash at bank and in hand 37,008 (41,664) 50,000 45,344
Debt due within 1 year - - (5,516) (5,516)
Debt due after 1 year - - (44,484) (44,484)

20. Related party transactions

Included in other creditors is a balance of £17,539 (2019: £13,772) owed to Rabbi Andrew Shaw, the Chief Executive Officer.

During the year, donations totalling £305,500 (2019: £362,167) were received from the trustees and companies owned by the trustees.

During the year, grants of £1,200 (2019: £1,127) were made to Mizrachi (UK), a Charitable Incorporated Organisation with common trustees.

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