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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1148117

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

YESODEY HATORAH SCHOOLS

Raffingers LLP 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

YESODEY HATORAH SCHOOLS

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2020

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 20

YESODEY HATORAH SCHOOLS

REPORT OF THE TRUSTEES for the year ended 31 December 2020

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charity are as follows:

a) The advancement of the Orthodox Jewish religion and education, particularly by supporting the Yesodey Hatorah Schools, an Independent School serving the Stamford Hill Jewish Community of North London.

b) The relief of poverty sickness and infirmity among persons of the Jewish faith.

c) Such other purposes as are charitable according to English Law.

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities.The aims of the charity for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charity's aims for the public benefit are outlined under 'Achievements and Performance' below.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The School was founded in 1942 by refugees from Eastern Europe, with an ethos that has continued until today of instilling into our pupils a value system that helps them flourish in the wider society. Many of our alumnae have gone on to play leading roles in both the local community and in other communities throughout the UK, Europe and beyond.

The school had a very successful academic year.

During the year the number of pupils registered with the school was in excess of 270. Each year the intake of pupils is growing steadily, reflecting the growth of the community the school serves.

The onset of the Covid 19 pandemic in the Spring of 2020 brought fresh challenges to the school. Measures were put in place at short notice to enable pupils to be taught remotely. Staff adapted their lessons and developed innovative methods to enable them to deliver remote lessons and to maintain a high level of pupil engagement in spite of the constraints.

The trustees and senior leadership team were cognisant of the effects the lockdown and other restrictions on the physical and mental wellbeing of the student body, particularly those who are reliant on the daily meals provided by the school. To this end, and in line with Government guidelines, they continued to provide regular meals to those identified as most vulnerable.

The trustees continue to monitor the guidance issued by the Government to ensure that pupils are able to return to school in a safe and responsible manner.

Investment performance

Under its governing deed the charity has power to invest in any way the trustees wish.

Page 1

YESODEY HATORAH SCHOOLS

REPORT OF THE TRUSTEES for the year ended 31 December 2020

FINANCIAL REVIEW Financial results

The financial results for the year to 31 December 2020 are shown in the attached financial statements.

Total income increased from £1,664,512 to £1,805,351 and total expenditure decreased from £1,815,533 to £1,583,894.

There was a net increase in funds of £221,457 with total unrestricted funds carried forward of £9,345,824 (2019£9,124,367).

Reserves policy

The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary income. The trustees consider that the ideal level of reserves as at 31 December 2020 would be three months of resources expended which is approximately £400,000.

The free reserves as at 31 December 2020 were £995,242 in deficit (excluding fixed assets of £10,341,066) which is significantly short of the target figure. In calculating the reserves, the trustees have excluded from total funds fixed assets and any restricted income funds.

The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility.

FUTURE PLANS

Yesodey Hatorah Schools will continue to expand and develop its activities to provide an excellent standard of education in both religious studies and the national curriculum and to develop the skills students require so that they make a positive contribution to their communities and society.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The School is an unincorporated registered charity ( 1148117 ) governed by its Trust Deed, dated 16 November 2008 as amended on 5 July 2012.

Recruitment and appointment of new trustees

Trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election.

No trustee had any beneficial interest in any contract with the charitable entity during the year.

Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body.

Organisational structure

The board of trustees administers the charity. The board meets quarterly. The day to day management of Yesodey Hatorah Schools is delegated by the trustees to the Principal.

Induction and training of new trustees

The charitable entity strives to ensure equal opportunities and diversity in the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.

Wider network

At present the charity does not consider itself part of a wider network.

Page 2

YESODEY HATORAH SCHOOLS

REPORT OF THE TRUSTEES for the year ended 31 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Trustees regularly undertake a review of the major risks to which the Charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.trusteescharity

The Trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that the trustees, employees of the school and all those who work or volunteer for the school and work with children must obtain clearance from the Disclosure and Barring Service. The school has developed a safeguarding policy and one of the trustees is responsible for ensuring this policy is adhered to. Safeguarding training is compulsory for all staff.

Fundraising

The charity has a good reputation within the local community and has a large pool of regular donors who wish to have a part in the charitable activities of the charity. Existing donors often recommend and encourage other philanthropists to pledge their support to the success of the charity. As such, the trustees do not engage professional fundraisers nor do they undertake public collections or cold calls.

. The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances.

The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1148117

Principal address

2-4 Amhurst Park London N16 5AE

Trustees

Y H Pinter J Sinitsky E J Rabinowitz

Auditors

Raffingers LLP 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Principal bankers

HSBC Bank Plc 2-4 Amhurst Park London N16 5AE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 3

YESODEY HATORAH SCHOOLS

REPORT OF THE TRUSTEES for the year ended 31 December 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 board of trustees on 17 September 2021 and signed on its behalf by:

Y H Pinter - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH SCHOOLS

Opinion

We have audited the financial statements of Yesodey Hatorah Schools (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH SCHOOLS

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH SCHOOLS

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH SCHOOLS

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Raffingers LLP Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 19-20 Bourne Court

Southend Road Woodford Green Essex IG8 8HD

17 September 2021

Page 8

YESODEY HATORAH SCHOOLS

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Provision of education and relief of poverty
Investment income
3
Total
EXPENDITURE ON
Raising funds
Charitable activities
5
Provision of education and relief of poverty
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
945,125
571,709
188,294
1,705,128
23,098
1,460,573
1,483,671
221,457
9,124,367
9,345,824		 Restricted
fund
£
-
100,223
-
100,223
-
100,223
100,223
-
-
-		 2020
Total
funds
£
945,125
671,932
188,294
1,805,351
23,098
1,560,796
1,583,894
221,457
9,124,367
9,345,824		 2019
Total
funds
£
995,292
485,245
183,975
1,664,512
11,510
1,804,023
1,815,533
(151,021)
9,275,388
9,124,367

The notes form part of these financial statements

Page 9

YESODEY HATORAH SCHOOLS

BALANCE SHEET 31 December 2020

Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
13
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
10,341,066
4,800
1,109
5,909
(951,151)
(945,242)
9,395,824
(50,000)
9,345,824
Restricted
fund
£
-
-
-
-
-
-
-
-
-		 2020

Total
funds
£
10,341,066
4,800
1,109
5,909
(951,151)
(945,242)
9,395,824
(50,000)
9,345,824
9,345,824
9,345,824		 2019
Total
funds
£
10,371,431
-
3,877
3,877
(1,250,941)
(1,247,064)
9,124,367
-
9,124,367
9,124,367
9,124,367

The financial statements were approved by the Board of Trustees and authorised for issue on 17 September 2021 and were signed on its behalf by:

Y H Pinter - Trustee

The notes form part of these financial statements

Page 10

YESODEY HATORAH SCHOOLS

CASH FLOW STATEMENT
for the year ended 31 December 2020
2020
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(12,924)
Interest paid
(18,748)
Net cash (used in)/provided by operating activities
(31,672)
Cash flows from investing activities
Purchase of tangible fixed assets
(21,482)
Interest received
386
Net cash used in investing activities
(21,096)
Cash flows from financing activities
New loans in year
50,000
Net cash provided by financing activities
50,000
Change in cash and cash equivalents in
the reporting period
(2,768)
Cash and cash equivalents at the
beginning of the reporting period
3,877
Cash and cash equivalents at the end of
the reporting period
1,109		 2019
£
69,999
(21,867)
48,132
(58,014)
-
(58,014)
-
-
(9,882)
13,759
3,877

The notes form part of these financial statements

Page 11

YESODEY HATORAH SCHOOLS

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 December 2020

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2020
£
221,457
51,847
(386)
18,748
(4,800)
(299,790)
(12,924)		 2019
£
(151,021)
47,616
-
21,867
110,300
41,237
69,999

2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.20
Cash flow
At
£
£
Net cash
Cash at bank
3,877
(2,768)
3,877
(2,768)
Debt
Debts falling due after 1 year
-
(50,000)
-
(50,000)
Total
3,877
(52,768)		 31.12.20
£
1,109
1,109
(50,000)
(50,000)
(48,891)

The notes form part of these financial statements

Page 12

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Assessment of going concern

The trustees, having made appropriate enquiries, consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the year ended 31 December 2020. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. In arriving at the conclusion, the trustees have considered the potential implications of the effects of Covid 19 on the charity. The figures for the period under consideration have not been significantly impacted by Covid 19 and the trustees are confident that no adjustments are necessary to the carrying value of the assets held at the balance sheet date.

Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity's financial position or going concern.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Income

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

Grant income

Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:

(a) the entity will comply with the conditions attached to them; and

(b) the grants will be received.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Raising funds

Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non- charitable trading.

continued...

Page 13

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2020

1. ACCOUNTING POLICIES - continued

Charitable activities

Charitable activities comprise 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 and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personal development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect of its compliance with regulation and good practice.

Allocation and apportionment of costs

Overhead and support costs relating to charitable activities have been apportioned based on usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 2% on cost - Fixtures and fittings 25% on reducing balance

Freehold and buildings

The book value of freehold land and buildings are based on a valuation made by the trustees in 2016. Under the transitional arrangements set out in FRS 102, this valuation is deemed to equal to cost. Additions to the land and buildings since 2016 are stated at cost.

Depreciation

Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Included in unrestricted funds is a revaluation fund comprising the revaluation surplus of the charity's properties, existence of this fund is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by this surplus should not be regarded, therefore, as realisable value represented by:

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Cash at bank and in hand and debtors

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material.

continued...

Page 14

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

1. ACCOUNTING POLICIES - continued

Creditors and provision

Creditors and provision 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. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Gifts in kind

Gifts in kind are included at the value to the charity where this can be quantified.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Rents received
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Provision of education and relief of poverty
Parental contributions
Provision of education and relief of poverty
Grants received, included in the above, are as follows:
London Borough of Hackney Council
London Borough of Haringey Council
Job retention scheme grants		 2020
£
945,125
2020
£
187,908
386
188,294
2020
£
295,936
375,996
671,932
2020
£
381,937
45,921
195,713
623,571		 2019
£
995,292
2019
£
183,975
-
183,975
2019
£
133,059
352,186
485,245
2019
£
75,401
57,658
-
133,059

Page 15

continued...

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

5. CHARITABLE ACTIVITIES COSTS

Direct
Costs
£
Provision of education and relief of
poverty
1,025,533
6.
GRANTS PAYABLE
Provision of education and relief of poverty
The total grants paid during the year was as follows:
ITYH
Mazkeres Gittel
Rise and Shine
Vishnitz Girls School Limited
Other donations
7.
SUPPORT COSTS
Management
£
Provision of education and relief of poverty
196,277		 Grant
funding of
activities
(see note
6)
£
310,638
Finance
£
18,748

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Page 16

continued...

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2020

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities
Administration
No employees received emoluments in excess of £60,000.		 2020
£
711,863
24,722
8,882
745,467
2020
70
1
71		 2019
£
801,722
42,552
10,293
854,567
2019
70
1
71

10. TANGIBLE FIXED ASSETS

COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
property
£
8,332,746
-
8,332,746
-
-
-
8,332,746
8,332,746		 Improvements
Fixtures

to
and

property
fittings
£
£
2,152,672
25,825
-
21,482
2,152,672
47,307
127,675
12,137
43,053
8,794
170,728
20,931
1,981,944
26,376
2,024,997
13,688		 Totals
£
10,511,243
21,482
10,532,725
139,812
51,847
191,659
10,341,066
10,371,431

One of the freehold properties has been provided as security for a bank loan granted to Yesodey Hatorah Primary Girls School Trust, a connected charity. At 31 August 2020 the amount outstanding on the loan was £461,158.

continued...

Page 17

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
£
Trade debtors
4,800
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
£
Trade creditors
112,777
Taxation and social security
3,175
Other creditors
835,199
951,151
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
£
Bank loans (see note 14)
50,000
14.
LOANS
An analysis of the maturity of loans is given below:
2020
£
Amounts falling due between two and five years:
Bank loans
50,000
15.
MOVEMENT IN FUNDS
Net
movement
At 1.1.20
in funds
£
£
Unrestricted funds
General fund
9,124,367
221,457
TOTAL FUNDS
9,124,367
221,457
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,705,128
(1,483,671)
Restricted funds
School activities - Grants
100,223
(100,223)
TOTAL FUNDS
1,805,351
(1,583,894)		 2019
£
-
2019
£
141,208
38,365
1,071,368
1,250,941
2019
£
-
2019
£
-
At
31.12.20
£
9,345,824
9,345,824
Movement
in funds
£
221,457
-
221,457

continued...

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Page 18 continued...

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 December 2020

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are a
Unrestricted funds
General fund
Restricted funds
School activities - Grants
TOTAL FUNDS		 At 1.1.19
£
9,275,388
9,275,388
s follows:
Incoming
resources
£
1,531,453
133,059
1,664,512		 Net
movement
in funds
£
(151,021)
(151,021)
Resources
expended
£
(1,682,474)
(133,059)
(1,815,533)		 At
31.12.19
£
9,124,367
9,124,367
Movement
in funds
£
(151,021)
-
(151,021)

Restricted funds:

The charity's restricted funds during the year were made up as follows:

Name of fund Description, nature and purpose of fund

School Activities Local council grants to assist with the provision of Special Education facilities and support.

Unrestricted funds represent funds available to the trustees for the general purposes of the charity.

16. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The pension cost charge represents contributions payable by the charity to the fund and amounted to £8,882 (2019 - £10,293). Contributions payable at the year end totalling £1,877 (2019 - £2,105) are included in creditors.

continued...

Page 19

YESODEY HATORAH SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2020

17. CAPITAL COMMITMENTS

There were no capital commitments at the balance sheet date.

18. RELATED PARTY DISCLOSURES

During the year the charity received rent of £80,000 (2019 - £60,000) from a connected charity, Yesodey Hatorah Primary Girls School Trust. The rent received relates to 153 Stamford Hill, London, N16 5LG, a property owned by Yesodey Hatorah Schools.

During the year the charity also received £69,496 (2019 - £77,330) for school meal expenses from Yesodey Hatorah Primary Girls School Trust.

At the balance sheet date, the charity owed £282,868 (2019 - £417,912) to Yesodey Hatorah Primary Girls School Trust.

19. AUDITOR LIABILITY LIMITATION AGREEMENT

The charity has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2020. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements.

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