Beis Yisroel Trust Company limited by guarantee
Unaudited Financial Statements 31/08/2020
Company Registration number: 07880790
Charity Registration number: 1147570
Beis Yisroel Trust Financial Statements 31/08/2020
Contents
| Company Information | 3 |
|---|---|
| Trustees Annual Report | 4-6 |
| Independent Examiner’s Report | 7-8 |
| Statement of Financial Activities | 9 |
| Statement of Financial Position | 10 |
| Notes to the Financial Statements | 11-16 |
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Beis Yisroel Trust Financial Statements 31/08/2020
Company Information
Trustees: Mr B N Feldman Mr E Rosenberg Mr C Emanuel (resigned June 2020)
Bankers: Natwest Bank plc 64 Bury Old Road Manchester M8 5NW
Accountants and Independent Examiner:
Haffner Hoff Ltd 2[nd] Floor – Parkgates Bury New Road Prestwich Manchester M25 0TL
Registered Office:
2[nd] Floor – Parkgates Bury New Road Prestwich Manchester M25 0TL
Company Registration Number: 07880790
Charity Registration Number: 1147570
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Beis Yisroel Trust Financial Statements 31/08/2020
Trustees Annual report
The Trustees who are also directors for the purposes of company law, have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31/08/2020.
Trustees:
The following persons served as trustees during the year; Mr B N Feldman
Mr E Rosenberg
Mr C Emanuel (resigned June 2020)
There is no chief executive officer and the day to day affairs of the charity are undertaken by Mr B N Feldman on behalf of the trustees.
All major decisions are taken collectively by the trustees and all of the trustees give of their time freely.
The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts.
Structure, Governance and Management:
Beis Yisroel Trust is constituted by memorandum of association and is a company limited by guarantee. It was incorporated on 14/12/2011 as a company and the company number is 07880790. It was registered as a charity on 01/06/2012 and the charity number is 1147570.
Recruitment and appointment of new trustees would be in line with the trust deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation. The trustees are actively seeking to recruit new trustees to replace those who resigned and expect to be in apposition to appoint two new trustees in the near future.
Risk Management:
The trustees have assessed the risks to which the charity is exposed, in particular those related to the operations and finances of the trust, and are satisfied that systems are in place to manage this.
Objectives and Activities:
The object of the charity is the advancement of the Jewish Religion and it achieves this by maintaining an active synagogue with arrange of study groups, lectures, educational programs and a host of social activities.
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Beis Yisroel Trust Financial Statements 31/08/2020
Trustees Annual report (continued)
Public Benefit:
The trustees confirm that they have referred to the guidance contained in the Charity commission’s general guidance to public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity’s aims and objectives and in planning future activities and setting grant making policy.
Grant Making Policy:
The charity is funded by donations. The charity gives out grants in line with the above objects as appropriate.
Strategic Report
The following sections for achievement and performance and financial review from the strategic report of the charity.
Achievements and Performance:
The charity received £74,326 in donations, grants and membership during the year and spent £73,809. The expenditure was in line with the stated objects of the charity.
The charity had low governance costs being below 10% of total expenditure. The charity achieved this objective by maintaining tight control over office and other costs.
There were no investments made during the year.
Financial Review:
As at 31[st] August 2020, the charity held unrestricted reserves of £22,824 (2019 - £22,307).
The trustees feel that the charity was successful in meeting its aims.
The trustees would like to record their appreciation for all the financial support received from benefactors during the year.
Reserves Policy:
The trustees are satisfied that the balance of the unrestricted fund is at an acceptable level given the nature of revenue receipts against grants payable.
Responsibilities of the Trustees:
The trustees who are also directors for the purposes of company law, are responsible for preparing the trustees annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UKGAAP).
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Beis Yisroel Trust Financial Statements 31/08/2020
Trustees Annual report (continued)
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure for that year. In preparing these financial statements, the trustees are required to;
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Select suitable accounting policies and apply them consistently;
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Observe the methods and principles of the charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK accounting standards have been followed, subject to any material disclosures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation;
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner:
Haffner Hoff Ltd have been re-appointed as independent examiner for the ensuing year.
Small Company Provisions:
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 31[th] August 2021 and signed on behalf of the trustees
Mr B N Feldman …………………………… 31/08/2021
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Beis Yisroel Trust Financial Statements 31/08/2020
Independent Examiner’s Report
Independent examiner's report to the trustees of Beis Yisroel Trust
I report on the accounts of the company for the year ended 31 August 2020, which are set out on pages 9 to 16.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of ICAEW.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
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Beis Yisroel Trust Financial Statements 31/08/2020
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Michael S Black FCCA CTA
Haffner Hoff Ltd
Chartered Accountants & Registered Auditors
2[nd] Floor - Parkgates
Bury New Road Prestwich Manchester M25 0TL
31/08/2021
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Beis Yisroel Trust Financial Statements 31/08/2020
Statement of Financial Activities
(including income and expenditure account)
| Total | Funds | ||
|---|---|---|---|
| 2020 | 2019 | ||
| Incoming resources | |||
| Incoming resources from generating funds | |||
| Voluntary income & membership | 5 | £71,587 | £56,674 |
| Grants & Subsidies | 5 | £2,739 | |
| Total incoming resources | £74,326 | £56,674 | |
| Resources expended | |||
| Charitable Activities | 6 | £73,089 | £62,401 |
| Governance costs | 9 | £720 | £720 |
| Total resources expended | £73,809 | £63,121 | |
| Net surplus (deficit) for the year | £517 | (£6,447) | |
| Reconciliation of funds | |||
| Total funds brought forward | 14 | £22,307 | £28,754 |
| Total funds carried forward | 15 | £22,824 | £22,307 |
The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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Beis Yisroel Trust Financial Statements 31/08/2020
The notes on pages 11-16 form part of these accounts Statement of Financial position
| Statement of Financial position | |||
|---|---|---|---|
| 2020 | 2019 | ||
| Fixed Assets | |||
| Tangible assets | 12 |
£16,946 | £21,182 |
| Current Assets | |||
| Cash at bank and in hand | £6,405 | £2,565 | |
| Debtors | £913 | ||
| Creditors | |||
| (Amounts falling due within one year) | 13 | (£1,440) | (£1,440) |
| Net current assets | £5,878 | £,1,125 | |
| Total assets less current liabilities | £22,824 | £22,307 | |
| Net assets | £22,824 | £22,307 | |
| Unrestricted funds | 14 | £22,824 | £22,307 |
| Total funds | £22,824 | £22,307 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in part 15 of the companies act 2006 applicable to companies subject to the small companies regime.
Approved by the board and signed on its behalf by Mr B N Feldman …………………………… 31/08/2021
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Beis Yisroel Trust Financial Statements 31/08/2020
The notes on pages 11-16 form part of these accounts Notes to the Financial Statements
1. General information
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2[nd] Floor – Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1[st] September 2016.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Beis Yisroel Trust Financial Statements 31/08/2020
Notes to the Financial Statements (continued)
Incoming resources
All income is 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:
- 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.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
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:
Plant and machinery – 20% reducing balance
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Beis Yisroel Trust Financial Statements 31/08/2020
Notes to the Financial Statements (continued)
4. Limited by guarantee
The Charity is a Company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £l0.
5. Donations and legacies
| Donations Donations and membership Grants & Subsidies Gift aid |
Unrestricted Funds Restricted Funds £ £ 71,587 – 2,739 – 0 – 74,326 |
Total Funds 2020 £ 71,587 2,739 0 74,326 |
|---|---|---|
6. Expenditure on charitable activities by activity type
| Charitable activities Grants payable Rent Governance costs |
Activities undertaken directly Grant funding of activities £ £ 58,897 – 2,978 – 11,214 – 720 – 73,809 |
Support costs £ – – – 720 720 |
Total funds 2020 £ 58,897 2,978 11,214 720 73,809 |
|---|---|---|---|
7. Analysis of grants
| 7. Analysis of grants |
|
|---|---|
| 2020 | |
| £ | |
| Grants to individuals | |
| Grants to individuals | 1,228 |
| Grants to institutions | 1,750 |
| Total grants | 2,978 |
| Grants to institutions | |
| 1,750 |
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Beis Yisroel Trust Financial Statements 31/08/2020
Notes to the Financial Statements (continued)
8. Net income
| Net income is stated after charging/(crediting): Depreciation of tangible fixed assets 9. Independent examination fees Fees payable to the independent examiner for: Independent examination of the financial statements 10. Staff costs |
2020 £ 4,236 2020 £ 720 |
|---|---|
| The total staff costs and employee benefits | for the reporting period are analysed as |
|---|---|
| follows: | |
| 2020 | |
| £ | |
| Wag es and salaries | 7,026 |
The average head count of employees during the year was 1 (2019: 1). The average number of full-time equivalent employees during the year is analysed as follows:
| 2020 | |
|---|---|
| No. | |
| Number of staff | 1 |
No employee received employee benefits of more than £40,000 during the year (2019: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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Beis Yisroel Trust Financial Statements 31/08/2020
Notes to the Financial Statements (continued)
| 12. | Tangible fixed assets | |||||
|---|---|---|---|---|---|---|
| Equipment | ||||||
| £ | ||||||
| Cost | ||||||
| At 1stSeptember 2019 | 34,435 | |||||
| Additions | ||||||
| At 31st August 2020 | 34,435 | |||||
| Depreciation | ||||||
| At 1st September 2019 | 13,253 | |||||
| Charge for the year | 4,236 | |||||
| At 31st August 2020 | 17,489 | |||||
| Carrying amount | ||||||
| At 31st August 2020 | 16,946 | |||||
| At 31stAugust 2019 | 21,182 | |||||
| 13 | Creditors: amounts falling due | within one year | ||||
| 2020 | ||||||
| £ | ||||||
| Accruals and deferred income | 1,440 | |||||
| 1,440 | ||||||
| 14. | Analysis of charitable funds | |||||
| Unrestricted funds | ||||||
| At | ||||||
| At 1 Sep | 31 August | |||||
| 2019 | Income | Expenditure | 2020 | |||
| £ | £ | £ | £ | |||
| General funds | 22,307 | 74,326 | 73,809 | 22,824 |
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Beis Yisroel Trust Financial Statements 31/08/2020
Notes to the Financial Statements (continued)
15. Analysis of net assets between funds
| Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets |
Unrestricted Funds Restricted Funds £ £ 16,946 – 7,318 - (1,440) – (0) – 22,824 - |
Total Funds 2020 £ 16,946 7,318 (1,440) (0) 22,824 |
|---|---|---|
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