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2021-08-31-accounts

Draft Financial Statements at 13 April 2022 at 09:16:38

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 2021

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Durban
M Kutner
S Sultman
J Tager
H Zetter
L Portnoi
Secretary M Kutner
Charity number 1160465
Company number 09223197
Registered office Gesher School
Cannon Lane
Pinner
HA5 1JF
England
Auditor HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8 - 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 23

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees present their report and financial statements for the year ended 31 August 2021.

This report is in compliance with the requirements for a trustees report under the Charities Act 2011 and the Statement of Recommended Practice (SORP) for charities and those for a directors’ report prepared for a small company under the Companies Act 2006.

Objectives and activities

The primary objects of the Gesher Trust ( 't he Charity' ) 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.

Achievements and performance

On the 24 September 2020, the Charity exchanged contracts to take a lease of the the land and buildings comprising the former Moriah School situated at Cannon Lane, Pinner HA5 1JF conditionally on obtaining Department for Education (‘DfE’) approval for a material change , increasing pupil numbers to 120 up to the age of 16 and authorising the move to the new site. DfE approval was granted on the 10 June 2021 and the Charity entered into a building contract to carry out the first phase of works. Practical completion took place on 24 September 2021. As at the 31 August 2021 the cost of the works, including fees totalled £1,254,463. It also expended £23,785 on fixtures, fittings and equipment, £135,858 on ICT and £138,893 on all other costs relating to the move to Pinner and the transition to a through school to the age of 16, all of which totalled £1,552,999 as at the 31 August 2021.

The first phase included the relocation and creation of a new plant room, the installation of new boilers, replacement of all radiators, the creation of sensory and therapy rooms, installation of showers and the provision of new security doors, stripping out ground floor classrooms, and replacing sinks, creation of a temporary staffroom, replacement of flooring throughout, creating front access and meeting room adjoining the early year’s classroom, creation of a finance office and re-decoration.

The Charity ’s lease at the Hope Centre, 228 Walm Lane, London NW2 3BS came to an end on the 31 July 2021 after the Charity exercised its break clause. Dilapidations were minimal and the rent deposit of £37,980 (inclusive of interest) paid by the Charity to the landlord on completion of the lease was repaid to the Charity post year end .

The new school opened in early September 2021 with 42 pupils, comprising 32 in the primary school and 10 in the secondary school. This has now increased to 46 pupils, of which 36 are in the primary school and 10 in the secondary school. By the end of the academic year in July 2022, this is expected to rise to 58, of which 48 will be in the primary school and 10 in the secondary school. The school will continue to grow exponentially as more local authorities confirm their funding thus allowing more pupils to be admitted.

Now that the first phase of works has been done and the school has opened, thought is now being directed at further phases of work over time to first improve the building and secondly to ensure that all pupils have access to first class facilities to facilitate their journey through school life.

During the summer holidays it is planned to replace all fire doors in the building. Additionally, subject to procuring funding, thought is being given to a number of ideas which will include developing a makerspace area and also as a space for creative arts and occupational therapy, updating the playground area as well as creating a new staff room, upgrading the lighting throughout and further improving the building where appropriate.

Having identified the need to expand into secondary education, it became evident that the current education system would need to change and to this end the school worked with the Innovation Unit to develop a blueprint that would ensure that student outcomes were holistic, aspirational, and provided every opportunity for them to become successful adults, and to implement this the blueprint contained a set of student outcomes, design principles and non-negotiables that would sit at the heart of the all through school. In order to achieve these principles, the curriculum needed to be redeveloped to offer further authentic real world experiences, and to achieve this the school introduced a new teaching method called Project Based Leaning (‘PBL’) in which students gain knowledge and skills by working for an extended period of time to investigate and respond to an authentic, engaging, and complex question, problem, or challenge.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

In order to implement PBL, the school ensured that all the zones across the school offer flexible and varied learning opportunities for both primary and secondary phases. To this end, all the current classes have been set up and the installation of the sensory rooms are imminent. The design for specialist spaces including occupational and creative therapy rooms are under way. At present there are four projects across Years 4, 5, 6 and 7 currently proceeding and there is a robust school improvement plan in place reflecting the blueprint outcomes.

Financial review

The financial performance of the Charity in 2020/2021 resulted in a surplus of income over expenditure of £1,467,0 25 .

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 £1,935,985 (2020: £806,763)

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.

Following the departure of the previous headteacher on the 31st March 2020 , the deputy head teacher was appointed as acting headteacher. On the 12 April 2021 she was formally appointed as headteacher with an increased salary commensurate with the additional responsibility the position requires. She is being supported by a part time executive headteacher on a temporary basis and a new deputy headteacher was appointed on the 31 August 2021

The Charity embarked on a fundraising exercise in July 2021 under the style Big Build. The total amount received was £1,917,165 of which £1,552,999 was spent and of this £1,185,004 was capitalised.

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 have placed 3 months expenditure in a deposit account at NatWest notwithstanding the capital expenditure and set up costs that have been expended on the move to the new building in Pinner. However, looking forward and with the expansion plans that are anticipated over time, the Trustees will continue to monitor the situation.

At 31 August 2021, our total fund balance was £2,321,335 (2020: £854,310). £55,337 (2020: £107,781) of this total are restricted funds and not available for the general purposes, as set out in note 14. A further £1, 575 ,012 (2020: £577,809) is held as designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes, as set out in note 15, leaving free reserves of £6 9 0,986 (2020: £168,720).

Risks attached to achievements 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 other material factors likely to affect the financial performance of the school going forward.

Structure, governance and management

The Charity is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association. The Trust 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 year and up to the date of approval of the financial statements were:

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

Draft Financial Statements at 13 April 2022 at 09:16:38

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

FOR THE YEAR ENDED 31 AUGUST 2021

Trustees are nominated and elected at meetings of the Trustees and Board of Management. Newly elected Trustees are given information on the background of the Charity along with a description of their responsibilities as a Trustee.

The Board of Governors appointed by the Trustees to manage Gesher School ( ' the School ' ) on their behalf during the 2020/2021 year were: Ali Durban Sarah Sultman Howard Zetter Michael Kutner Laurel Freeman Suzi Sendama (resigned 20 April 2021) Per Simonsson Sam Ziff Kirsten Jowett Michael Shulman Val Pumfrey Mark Cohen

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

Finance Curriculum Wellbeing Health and Safety and Security

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 ratifies all decisions of the committees. These in turn are monitored by the Trustees.

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.

The Trustees' r eport was approved by the Board of Trustees.

..............................

M Kutner

Dated: .........................

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2021

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.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE GESHER TRUST

Opinion

We have audited the financial statements of The Gesher Trust (the ‘charity’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including 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

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 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 contained within the annual report. 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. 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 course of 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.

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.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS 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.

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 .

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF THE GESHER TRUST

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available 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 auditor ' s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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

.........................

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2021

Current financial year

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
d esignated
2021
2021
2021
Notes
£
£
£
Income from:
Donations and legacies
3
856,396
-
1,234,910
Charitable activities
4
1,292,820
-
105,375
Total income
2,149,216
-
1,340,285
Expenditure on:
Raising funds
5
44,601
-
-
Charitable activities
6
1,632,349
87,187
207,725
Other
10
-
50,614
-
Total resources expended
1,676,950
137,801
207,725
Net incoming resources before transfers
472,266
(137,801)
1,132,560
Net incoming resources before transfers
472,266
(137,801)
1,132,560
Gross transfers between funds
50,000
1,135,004
(1,185,004)
Net income/(expenditure) for the year/
Net movement in funds
522,266
997,203
(52,444)
Fund balances at 1 September 2020
168,720
577,809
107,781
Fund balances at 31 August 2021
690,986
1,575,012
55,337		 Total
2021
£
2,091,306
1,398,195
3,489,501
44,601
1,927,261
50,614
2,022,476
1,467,025
1,467,025
-
1,467,025
854,310
2,321,335		 Total
2020
£
557,661
1,132,261
1,689,922
43,000
1,607,644
-
1,650,644
39,278
39,278
-
39,278
815,032
854,310

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.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2021

Prior 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
-
Total income
1,336,372
-
Expenditure on:
Raising funds
5
43,000
-
Charitable activities
6
1,375,815
-
Total resources expended
1,418,815
-
Net incoming resources before transfers
(82,443)
-
Gross transfers between funds
(369,965)
383,905
Net income/(expenditure) 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

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.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 AUGUST 2021

2021
Notes
£
Fixed assets
Tangible assets
11
Current assets
Debtors
12
571,687
Cash at bank and in hand
1,935,985
2,507,672
Creditors: amounts falling due within one year
13
(1,361,349)
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
14
Unrestricted funds
Designated funds
15
1,575,012
General unrestricted funds
690,986
The financial statements were approved by the Trustees on .........................
..............................
M Kutner
Trustee		 £
1,175,012
1,146,323
2,321,335
55,337
2,265,998
2,321,335		 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

Company Registration No. 09223197

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2021

2021
Notes
£
£
Cash flows from operating activities
Cash generated from operations
19
2,314,226
Investing activities
Purchase of tangible fixed assets
(1,185,004)
Net cash used in investing activities
(1,185,004)
Net cash used in financing activities
-
Net increase in cash and cash equivalents
1,129,222
Cash and cash equivalents at beginning of year
806,763
Cash and cash equivalents at end of year
1,935,985		 2020
£
(15,129)		 £
114,063
(15,129)
-
98,934
707,829
806,763

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

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 School, Cannon Lane, Pinner, HA5 1JF, 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 Covid-19 pandemic 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 relocated to a new school in Pinner from the 2021 Autumn term which has allowed the school to increase student numbers. Forecasts have been prepared for the period to May 2023 which show that the Charity has sufficient cash resources to continue in operation. Post year-end, the Charity has maintained a healthy cash position. Accordingly, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operation 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.

Expenditure relates to the charity’s single activity. The costs are made up of the total direct costs and support costs involved in undertaking the activity.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

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

All expenditure is accounted for on an accruals basis.

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:

Leasehold land and buildings 5 years straight line 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 any 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.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

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 Total Unrestricted Restricted Total
funds funds funds funds
general general
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Donations and gifts 856,396 1,234,910 2,091,306 307,451 250,210 557,661

Draft Financial Statements at 13 April 2022 at 09:16:38

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

FOR THE YEAR ENDED 31 AUGUST 2021

4 Charitable activities

Student Fees
TA Reclaim
Security grant
Other income
Analysis by fund
Unrestricted funds - general
Restricted funds		 2021
£
1,289,297
41,994
63,381
3,523
1,398,195
1,292,820
105,375
1,398,195		 2020
£
1,014,888
54,251
49,089
14,033
1,132,261
1,028,921
103,340
1,132,261
5 Raising funds
2021
2020
£
£
Fundraising and publicity
Other fundraising costs
44,601
43,000

Draft Financial Statements at 13 April 2022 at 09:16:38

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

FOR THE YEAR ENDED 31 AUGUST 2021

6 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 7)
Governance costs (see note 7)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds		 2021
£
728,551
87,187
71,580
190,139
20,000
107,862
20,857
65,596
77,521
1,369,293
544,828
13,140
1,927,261
1,632,349
87,187
207,725
1,927,261		 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

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

7 Support costs

Support costs
Governance
costs
£
£
Staff costs
138,466
-
PR and consulting
256,358
-
Recruitment and advertising
54,146
-
Legal and accounting
42,280
-
Printing, postage and
stationery
6,801
-
Travel and welfare
4,999
-
Other costs
41,778
-
Audit fees
-
13,140
544,828
13,140
Analysed between
Charitable activities
544,828
13,140		 2021
Support costs
Governance
costs
£
£
£
138,466
123,505
-
256,358
30,879
-
54,146
41,480
-
42,280
56,466
-
6,801
5,450
-
4,999
1,397
-
41,778
36,438
-
13,140
-
11,940
557,968
295,615
11,940
557,968
295,615
11,940		 2020
£
123,505
30,879
41,480
56,466
5,450
1,397
36,438
11,940
307,555
307,555

Governance costs includes payments to auditors of £13,140 (2020: £9,540) for audit fees and £Nil (2020: £2,400) for other non-audit fees.

8 Trustees

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

Total donations by the Trustees and related parties during the year, to the Charity, amounted to £63,000 (2020: £Nil). All donations made by Trustees and related parties were unrestricted.

An additional £37,500 (2020: £Nil) was donated from the Haber Charitable Trust for which L Portnoi is also a Trustee.

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

9 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		 2021
Number
29
2021
£
749,792
70,591
46,634
867,017		 2020
Number
25
2020
£
759,597
72,717
43,182
875,496

The key management personnel of the Charity is comprised of the headteacher and deputy headteacher. The total amounts of employee emoluments received by the key management personnel were £112,197 (2020: £206,474). Included within this amount is £Nil (2020: £68,320) relating to a termination payment of a previous head teacher.

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

2021
Number
£60,000 - £70,000
1
£120,000 - £130,000
-
10
Other
Unrestricted
funds
d esignated
2021
Net loss on disposal of tangible fixed assets
50,614		 2020
Number
-
1
Total
£
2020
-

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

11
Tangible fixed assets
Leasehold land
and buildings
Fixtures and
fittings
IT equipment Motor vehicles
£
£
£
£
Cost
At 1 September 2020
-
197,034
74,877
35,100
Additions
1,025,361
23,785
135,858
-
Disposals
-
(197,034)
(74,877)
-
At 31 August 2021
1,025,361
23,785
135,858
35,100
Depreciation and impairment
At 1 September 2020
-
103,560
54,436
21,206
Depreciation charged in the year
15,111
49,259
14,042
8,775
Eliminated in respect of disposals
-
(152,819)
(68,478)
-
At 31 August 2021
15,111
-
-
29,981
Carrying amount
At 31 August 2021
1,010,250
23,785
135,858
5,119
At 31 August 2020
-
93,474
20,441
13,894
12
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
492,278
Other debtors
38,537
Prepayments and accrued income
40,872
571,687
13
Creditors: amounts falling due within one year
2021
£
Other taxation and social security
22,016
Deferred income
512,231
Trade creditors
71,343
Other creditors
8,792
Accruals
746,967
1,361,349		 Total
£
307,011
1,185,004
(271,911)
1,220,104
179,202
87,187
(221,297)
45,092
1,175,012
127,809
2020
£
449,361
38,500
49,321
537,182
2020
£
24,101
459,994
51,368
4,626
77,355
617,444

Deferred income represents fees received in advance. During the year £459,994 was released from the previous period and £512,231 of income was deferred.

Draft Financial Statements at 13 April 2022 at 09:16:38

THE GESHER TRUST

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

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
Big Build		 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
1 September
2020
£
£
(13,940)
31,238
-
76,543
-
-
-
-
-
-
(13,940)
107,781		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 August 2021
£
£
£
£
-
-
-
31,238
35,333
(87,777)
-
24,099
63,381
(63,381)
-
-
41,994
(41,994)
-
-
1,199,577
(14,573)
(1,185,004)
-
1,340,285
(207,725)
(1,185,004)
55,337		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
31 August 2021
£
£
£
£
-
-
-
31,238
35,333
(87,777)
-
24,099
63,381
(63,381)
-
-
41,994
(41,994)
-
-
1,199,577
(14,573)
(1,185,004)
-
1,340,285
(207,725)
(1,185,004)
55,337
55,337

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 released to the fixed asset fund within designated funds .

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.

Big Build are funds towards the costs of relocating to the new school. The transfer represents capital expenditure within the restrictions imposed which is released to the fixed asset fund within designated funds .

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

15 Designated funds

The income funds of the C harity include the following designated funds which have been set aside out of unrestricted funds by the T rustees for specific purposes:

Balance at
1 September
2019
£
Fixed asset fund
193,904
New school project
-
193,904		 Transfers
Balance at
1 September
2020
£
£
(66,095)
127,809
450,000
450,000
383,905
577,809		 Resources
expended
£
(137,801)
-
(137,801)		 Transfers
Balance at
31 August 2021
£
£
1,185,004
1,175,012
(50,000)
400,000
1,135,004
1,575,012		 Transfers
Balance at
31 August 2021
£
£
1,185,004
1,175,012
(50,000)
400,000
1,135,004
1,575,012
1,575,012

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.

Draft Financial Statements at 13 April 2022 at 09:16:38

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

FOR THE YEAR ENDED 31 AUGUST 2021

16 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2021
2021
£
£
Fund balances at 31 August 2021 are represented by:
Tangible assets
-
1,175,012
Current assets/(liabilities)
690,986
400,000
690,986
1,575,012		 Restricted
funds
2021
£
-
55,337
55,337		 Total
Unrestricted
funds
Designated
funds
2021
2020
2020
£
£
£
1,175,012
-
127,809
1,146,323
168,720
450,000
2,321,335
168,720
577,809		 Restricted
funds
2020
£
-
107,781
107,781		 Total
2020
£
127,809
726,501
854,310

Draft Financial Statements at 13 April 2022 at 09:16:38 THE GESHER TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

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		 2021
£
3,283
2,463
5,746		 2020
£
102,064
96,295
198,359

18 Related party transactions

There were no disclosable related party transactions during the year other than those mentioned in note 8 (2020 - none) .

19 Cash generated from operations

Cash generated from operations
Surplus for the year
Adjustments for:
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
Increase in deferred income
Cash generated from operations		 2021
£
1,467,025
50,614
87,187
(34,505)
691,668
52,237
2,314,226		 2020
£
39,278
-
81,224
(158,724)
59,192
93,093
114,063

The Charity had no debt during the year.