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2020-08-31-accounts

Charity Registration No. 1160465

Company Registration No. 09223197 (England and Wales)

THE GESHER TRUST

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

A Durban M Kutner S Sultman J Tager H Zetter L Portnoi

Trustees

Secretary

Secretary M Kutner Charity number 1160465 Company number 09223197 Registered office Gesher Primary School 228 Walm Lane London NW2 3BS England Auditor HW Fisher LLP Acre House 11-15 William Road London NW1 3ER United Kingdom

(Appointed 22 July 2020)

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 6
Statement of financial activities 7 - 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 22

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees present their report for the year ended 31 August 2020. This report is in compliance with the requirements for a trustee’s report under the Charities Act 2011 and the Statement of Recommended Practice (SORP) and those for a directors’ report prepared for a small company under section 416 of the Companies Act 2006.

Objects and activities

Charitable objects of the Gesher Trust

The primary objects of the Gesher Trust are to advance, for the public benefit, the education of children with special educational needs in the United Kingdom in particular by establishing, maintaining, carrying on, managing and developing a school or schools providing education for children with special educational needs following the principles of the Jewish faith.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities, impact and future plans

The School opened on the 7 September 2017 at the Hope Centre 228 Walm Lane, London NW2 3BS with 9 pupils. By the 31 August 2020, this increased to 33 pupils. The maximum capacity the building allows is 40. In anticipation of this the Trustees, in reviewing the schools long term strategy decided to expand its operation into the special needs secondary sector and earmarked a site in Pinner for this purpose.

With this in mind, on the 24 September 2020, the charity exchanged contracts to take a lease of the land and buildings comprising the former Moriah School situated at Cannon Lane, Pinner HA5 1JF conditionally on obtaining DfE approval for a material change increasing pupil numbers and age range, and approving the move to the new site. In order to implement this the charity intends to exercise a break clause in its existing lease at the Hope Centre bringing it to an end on the 31 July 2021 with a view to opening in Pinner in September 2021.

Structure, governance and management

The Gesher Trust is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association. The charity was incorporated on the 8 September 2014. The charity’s registration number as a charity is 1160465 and its company registration number is 09223197.

The Trustees who served during the 2019/2020 year were:

Ali Durban Sarah Sultman Joseph Tager Howard Zetter Michael Kutner Lee Portnoi (appointed 22 July 2020)

The Board of Governors appointed by the Trustees to manage Gesher School (“the School”) on their behalf during the 2019/2020 year were:

Ali Durban Sarah Sultman Howard Zetter Michael Kutner Laurel Freeman Suzi Sendama Per Simonsson Sam Ziff Kirsten Jowett Michael Shulman Val Pumfrey Mark Cohen (appointed 4 March 2020)

-1-

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 AUGUST 2020

Louise Howell (resigned 21 January 2020) Rachael Martin (resigned 12 August 2019) Heather Cohen (resigned 16 September 2019)

Day to day decisions in respect of the running of the school are made by the headteacher and these are monitored by the Board of Governors who have devolved a number of its functions to the following committees;

Finance & Pay Curriculum, Data and Assessment Families, Wellbeing and Community Health and Safety Safeguarding

The Board meet at least once a term and the committees meet on an ad hoc basis also at least once a term and feed information into the Board who ratify all decisions of the committees. These in turn are monitored by the trustees.

Financial review

The financial performance of the company in 2019/2020 resulted in a surplus of income over expenditure of £39,278.

The charity’s operational activities have been funded by a combination of donations from benefactors and charitable institutions and from local authorities paying fees pursuant to Educational, Health and Care Plans (EHCP) as well as parents paying fees privately where EHCP’s are not available or have not yet been granted.

The charity has a healthy bank balance of £806,763 as at 31 August 2020 ( 2019: £707,829)

The headteacher’s salary is reviewed and set annually by a committee of trustees which has regard to the headteacher’s formal performance management procedure and documentation carried out on an annual basis after consideration of all other relevant factors including the National Education Union’s (NEU) recommended pay scales for headteachers. During the course of the year the headteacher left the school and the charity paid two term’s notice to her in accordance with her contract of employment.

The deputy head teacher was thereafter appointed as acting headteacher with an increased salary commensurate with the additional responsibility the position requires.

Reserves policy

The Board continues to give consideration to maintaining a policy of keeping a proportion of surplus cash as free reserves and during the course of the year has continued to place 3 months expenditure in a deposit account at NatWest. However with the prospective move to the new school building and the expansion plans this entails, it is likely that the charity’s reserves will need to be utilised towards prospective set up and operational costs. The Trustees will however continue to monitor the situation and will endeavour to restrict the utilisation of the reserves as far as possible.

Risks attached to achievement of objectives

The Board of Trustees have continued to undertake a formal risk management process and carried out an assessment of business risks from which they have implemented risk management strategies and compiled a risk register. The Board have not identified any material factor likely to affect the financial performance of the School going forward and financial modelling of the planned expansion has been carried out to the Trustees’ reasonable satisfaction

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

-2-

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 AUGUST 2020

Approved by the trustees and signed on the 12th May 2021

Michael Kutner

………………………………………

Michael Kutner

Trustee

-3-

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees, who are also the directors of The Gesher Trust for the purpose of company law, 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).

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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. 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 GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE GESHER TRUST

Opinion

We have audited the financial statements of The Gesher Trust (the ‘charity’) for the year ended 31 August 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 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 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

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:

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 d irectors ' r eport included within the Trustees' r eport.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE GESHER TRUST

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, 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 charitable company 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http s ://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom .........................

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2020

Current financial year
Unrestricted
Unrestricted
funds
funds
general
d esignated
2020
2020
Notes
£
£
Income from:
Donations and legacies
3
307,451
-
Charitable activities
4
1,028,921
-
Other trading activities
5
-
-
Total income
1,336,372
-
Expenditure on:
Raising funds
6
43,000
-
Charitable activities
7
1,375,815
-
Total resources expended
1,418,815
-
Net (outgoing)/incoming resources before
transfers
(82,443)
-
Gross transfers between funds
(369,965)
383,905
Net (expenditure)/income for the year/
Net movement in funds
(452,408)
383,905
Fund balances at 1 September 2019
621,128
193,904
Fund balances at 31 August 2020
168,720
577,809		 Restricted
funds
2020
£
250,210
103,340
-
353,550
-
231,829
231,829
121,721
(13,940)
107,781
-
107,781		 Total
2020
£
557,661
1,132,261
-
1,689,922
43,000
1,607,644
1,650,644
39,278
-
39,278
815,032
854,310		 Total
2019
£
285,156
828,750
542,802
1,656,708
117,746
1,282,115
1,399,861
256,847
-
256,847
558,185
815,032

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2020

Prior financial year

Unrestricted
Unrestricted
funds
funds
general
d esignated
2019
2019
Notes
£
£
Income from:
Donations and legacies
3
227,156
-
Charitable activities
4
733,557
-
Other trading activities
5
542,802
-
Total income
1,503,515
-
Expenditure on:
Raising funds
6
117,746
-
Charitable activities
7
1,181,922
-
Total resources expended
1,299,668
-
Net (outgoing)/incoming resources before transfers
203,847
-
Gross transfers between funds
98,254
(45,254)
Net (expenditure)/income for the year/
Net movement in funds
302,101
(45,254)
Fund balances at 1 September 2018
319,027
239,158
Fund balances at 31 August 2019
621,128
193,904		 Restricted
funds
2019
£
58,000
95,193
-
153,193
-
100,193
100,193
53,000
(53,000)
-
-
-		 Total
2019
£
285,156
828,750
542,802
1,656,708
117,746
1,282,115
1,399,861
256,847
-
256,847
558,185
815,032

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 AUGUST 2020

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
14
Unrestricted funds
Designated funds
15
General unrestricted funds		 2020
£
537,182
806,763
1,343,945
(617,444)
577,809
168,720		 £
127,809
726,501
854,310
107,781
746,529
854,310		 2019
£
378,458
707,829
1,086,287
(465,159)
193,904
621,128		 £
193,904
621,128
815,032
-
815,032
815,032

The financial statements were approved by the Trustees on ......................... 12th May 2021

michael kutner

.............................. M Kutner

Trustee

Company Registration No. 09223197

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Cash flows from operating activities
Cash generated from operations
20
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2020
£
(15,129)		 £
114,063
(15,129)
-
98,934
707,829
806,763		 2019
£
(29,582)		 £
289,734
(29,582)
-
260,152
447,677
707,829

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

Charity information

The Gesher Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Gesher Primary School, 228 Walm Lane, London, NW2 3BS, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The Trustees have considered the effect of the Covid-19 outbreak. The outbreak has caused some disruption to the Charity’s operations, but the disruption has not been significant, and is not expected to be significant in the future. The school has continued operating throughout the pandemic and seen an increase in student numbers. Whilst income from fundraising activities has been impacted this has been made up for in income from school fees.

The Trust exchanged contracts for the lease of a new site in Pinner, conditionally on obtaining DfE approval. Cash flow forecasts have been prepared which show that the Trust has sufficient financial resources to fund this move.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Income arises in the United Kingdom from educational activities and is recognised in the year to which it relates. Tuition fees received in advance as at the balance sheet date are included within creditors as income of the following year.

1.5 Resources expended

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 obligation can be measured reliably.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

(Continued)

Expenditure is classified by activity. The costs of each activity are made up of the total direct costs and shared costs including support costs involved in undertaking each activity.

Governance costs include those costs incurred which are primarily associated with constitutional and statutory requirements.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to charitable activities in the Statement of Financial Activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 4 years straight line
IT equipment 3 years straight line
Motor vehicles 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand and other short-term liquid investments with original maturities of three months or less .

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10 Retirement benefits

Retirement benefits to employees of the school are provided by Aviva and The People's Pension. Both are defined contribution plans. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees do not consider there to be any critical estimates or judgements applied in preparing the financial statements.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
307,451
250,210
For the year ended 31 August 2019
227,156
58,000		 Total
2020
£
557,661		 Total
2019
£
285,156
285,156

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

4 Charitable activities

5
6		 Student Fees
TA Reclaim
Security grant
Other income
Analysis by fund
Unrestricted funds - general
Restricted funds
Other trading activities
Income from fundraising events
No event was held in the year.
Raising funds
Fundraising and publicity
Other fundraising costs		 2020
2019
£
£
1,014,888
725,255
54,251
36,820
49,089
58,373
14,033
8,302
1,132,261
828,750
1,028,921
733,557
103,340
95,193
1,132,261
828,750
Total
Unrestricted
funds
general
2020
2019
£
£
-
542,802
2020
2019
£
£
43,000
117,746
43,000
117,746		 2019
£
725,255
36,820
58,373
8,302
828,750
733,557
95,193
828,750
2019
£
117,746
117,746

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

7 Charitable activities

Staff costs
Depreciation and impairment
Education - curriculum costs
Supply teaching assistants
Therapists
Rent and deposit
Refurbishment, repairs and maintenance
Security costs
Premises costs
Support costs (see note 8)
Governance costs (see note 8)
Analysis by fund
Unrestricted funds - general
Restricted funds		 2020
£
751,991
81,224
34,242
126,302
41,848
113,331
41,217
60,120
49,814
1,300,089
295,615
11,940
1,607,644
1,375,815
231,829
1,607,644		 2019
£
525,528
74,836
23,958
141,087
91,237
128,469
16,964
58,376
47,101
1,107,556
166,039
8,520
1,282,115
1,181,922
100,193
1,282,115

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

8
Support costs
Support costs
Governance
costs
£
£
Staff costs
123,505
-
PR and consulting
30,879
-
Recruitment and advertising
41,480
-
Legal and accounting
56,466
-
Printing, postage and
stationery
5,450
-
Travel and welfare
1,397
-
Other costs
36,438
-
Audit fees
-
11,940
295,615
11,940
Analysed between
Charitable activities
295,615
11,940		 2020
Support costs
Governance
costs
£
£
£
123,505
87,075
-
30,879
9,138
-
41,480
18,317
-
56,466
10,360
-
5,450
5,359
-
1,397
6,014
-
36,438
29,776
-
11,940
-
8,520
307,555
166,039
8,520
307,555
166,039
8,520		 2019
£
87,075
9,138
18,317
10,360
5,359
6,014
29,776
8,520
174,559
174,559

Governance costs includes payments to auditors of £9,540 (2019: £8,520) for audit fees and £2,400 (2019: £nil) for other nonaudit fees.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

10 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2020
Number
25
2020
£
759,597
72,717
43,182
875,496		 2019
Number
17
2019
£
511,250
51,319
50,034
612,603

The key management personnel of the Trust is comprised of the headteacher, deputy headteacher and those in the temporary positions of acting headteacher and acting deputy headteacher. The total amounts of employee emoluments received by the key management personnel were £206,474 (2019: £130,463). Included within this amount is £68,320 relating to a termination payment.

The number of employees whose annual remuneration was £60,000 or more were:

The number of employees whose annual remuneration was £60,000 or more were:
2020 2019
Number Number
£80,000 - £90,000 - 1
£120,000 - £130,000 1 -

(This includes the termination payment which was paid in monthly instalments and continued to be paid after the year end)

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

11
Tangible fixed assets
Fixtures and
fittings
IT equipment Motor vehicles
£
£
£
Cost
At 1 September 2019
195,846
60,936
35,100
Additions
1,188
13,941
-
At 31 August 2020
197,034
74,877
35,100
Depreciation and impairment
At 1 September 2019
54,316
31,231
12,431
Depreciation charged in the year
49,244
23,205
8,775
At 31 August 2020
103,560
54,436
21,206
Carrying amount
At 31 August 2020
93,474
20,441
13,894
At 31 August 2019
141,530
29,705
22,669
12
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
449,361
Other debtors
38,500
Prepayments and accrued income
49,321
537,182
13
Creditors: amounts falling due within one year
2020
£
Other taxation and social security
24,101
Deferred income
459,994
Trade creditors
51,368
Other creditors
4,626
Accruals
77,355
617,444		 Total
£
291,882
15,129
307,011
97,978
81,224
179,202
127,809
193,904
2019
£
288,325
56,000
34,133
378,458
2019
£
16,091
366,901
51,931
2,620
27,616
465,159

Deferred income represents fees received in advance.

THE GESHER TRUST

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:


Capital contribution
Learning materials & resources
Security grant
Teaching assistant claim
Fixtures and Fittings		 Movement in funds
Incoming
resources
Resources
expended
£
£
53,000
-
-
-
58,373
(58,373)
36,820
(36,820)
5,000
(5,000)
153,193
(100,193)		 Transfers
Balance at
1 September
2019

£
£
(53,000)
-
-
-
-
-
-
-
-
-
(53,000)
-		 Movement in funds
Incoming
resources
Resources
expended
£
£
118,430
(73,252)
131,781
(55,238)
49,089
(49,089)
54,250
(54,250)
-
-
353,550
(231,829)		 Transfers
Balance at
31 August 2020
£
£
(13,940)
31,238
-
76,543
-
-
-
-
-
-
(13,940)
107,781		 Transfers
Balance at
31 August 2020
£
£
(13,940)
31,238
-
76,543
-
-
-
-
-
-
(13,940)
107,781
107,781

Restricted funds relating to capital contribution represents grants and donations to finance the building and other assets of a capital nature for the school. The transfer represents capital expenditure within the restrictions imposed which is included in designated funds as fixed assets.

Learning materials and resources represents a fund for curriculum resources.

Security grants are funds reclaimed from CST for security of the school grounds.

Teaching assistant claims are funds reclaimed from parents to cover the costs of additional teaching assistants required by the students during the year.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

15 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 September
2018
£
Fixed asset fund
239,158
New school project
-
239,158		 Transfers
Balance at
1 September
2019
£
£
(45,254)
193,904
-
-
(45,254)
193,904		 Transfers
Balance at
31 August 2020
£
£
(66,095)
127,809
450,000
450,000
383,905
577,809		 Transfers
Balance at
31 August 2020
£
£
(66,095)
127,809
450,000
450,000
383,905
577,809
577,809

The fixed asset fund represents the net book value of tangible fixed assets. The trustees wanted to show the assets that are not readily available in a separate fund.

The new school fund will be utilised to cover the set up costs of the new school and to defray any operating deficit in the first few years of occupation, if required.

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

16 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2020
2020
2020
£
£
£
Fund balances at 31 August 2020 are represented by:
Tangible assets
-
127,809
-
Current assets/(liabilities)
168,720
450,000
107,781
168,720
577,809
107,781		 Total
Unrestricted
funds
Designated
funds
2020
2019
2019
£
£
£
127,809
-
193,904
726,501
621,128
-
854,310
621,128
193,904		 Total
2019
£
193,904
621,128
815,032

THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2020

17 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2020
£
102,064
96,295
198,359		 2019
£
98,283
199,029
297,312

18 Events after the reporting date

The above reflects the position of operating lease commitments at year end as per the legal contracts. However a deed of variation was signed post year end stating they can terminate the lease agreement at any point, with one month notice. A new lease agreement was also signed post year end for the new site in Pinner.

19 Related party transactions

There were no disclosable related party transactions during the year (2019- none) .

20 Cash generated from operations 2020 2019
£ £
Surplus for the year 39,278 256,847
Adjustments for:
Depreciation and impairment of tangible fixed assets 81,224 74,836
Movements in working capital:
(Increase) in debtors (158,724) (253,714)
Increase/(decrease) in creditors 59,192 (68,489)
Increase in deferred income 93,093 280,254
Cash generated from operations 114,063 289,734
21 Analysis of changes in net funds
The charity had no debt during the year.