REGISTERED CHARITY NUMBER: 1161222
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
FOR
MERCAZ HATORAH NETZACH YISROEL
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
MERCAZ HATORAH NETZACH YISROEL
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Statement of Cash Flows | 6 | ||
| Notes to the Statement of Cash Flows | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
MERCAZ HATORAH NETZACH YISROEL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. 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 are as follows:-
To advance the orthodox jewish faith in such ways as the Charity Trustees think fit, including by awarding scholarships, maintenance allowances or grants to students to enable them to pursue further studies at an Institute of Advanced Jewish Studies.
Public benefit
The trustees have considered the Charity Commission's general guidance on public benefit in deciding what activities the charity should undertake.
As stated on the 'Objectives and Activities' section, the charity provides education and supports poverty and illness amongst members of the Jewish faith.
The trustee consider that the activities explained above, satisfy the public benefit requirement.
ACHIEVEMENT AND PERFORMANCE
The consequences of the Covid-19 outbreak have adversely affected the National economy however our supporters have rallied around to ensure that the charity was not adversely affected by the pandemic and their efforts have been successful. In addition the pandemic is not expected to affect the charity's ability to continue as a going concern for the next twelve months but a small reduction in donations is viewed as being inevitable.
FINANCIAL REVIEW
The statement of financial activities show net incoming resources for the year of a revenue nature of £976,473 (2020 - £991,052) and net realised outgoing resources of £965,913 (2020 - £989,128) resulting in a surplus of £10,560 (2020 - surplus of £1,924) .The total reserves at the year end are £15,341 (2020 - £4,781).
FUTURE PLANS
The need for our services is increasing and we plan to continue doing what we can to assist. However, the trustees realise that we must use the resources we have wisely and so we will continue to target those problems where we have expertise to make the most difference. We therefore intend to continue our approach of education and training with further projects to build on the previous ones.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Organisational structure
The trust is an unincorporated trust, constituted under a Trust Deed dated 1 September 2014 as amended by deed dated 2 April 2015. The trustees are appointed by the Board of Trustees, who would normally appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. At the Trustees' meeting, the trustees agree the broad strategy and areas of activity for the trust, including consideration of risk management policies and performance.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1161222
Principal address
81 Leeside Crescent London NW11 0JL
Page 1
MERCAZ HATORAH NETZACH YISROEL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
Trustees
D Markovic M Strom Mrs. C P Spitzer J Cope
Independent Examiner Akiva Kahan FCA ICAEW Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE Approved by order of the board of trustees on 31st October 2022 and signed on its behalf by:
M Strom - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MERCAZ HATORAH NETZACH YISROEL
Independent examiner's report to the trustees of Mercaz Hatorah Netzach Yisroel
I report to the charity trustees on my examination of the accounts of Mercaz Hatorah Netzach Yisroel (the Trust) for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Akiva Kahan FCA ICAEW Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
Date: .......October 2022
Page 3
MERCAZ HATORAH NETZACH YISROEL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Advertising Student Grants Administrative expenses Accountancy Study books and reference materials Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 976,473 3,806 - 962,107 - - - 965,913 10,560 4,781 15,341 |
2020 Total funds £ 991,052 |
|---|---|---|
| 22,725 6,596 955,893 568 700 2,646 |
||
| 989,128 | ||
| 1,924 2,857 |
||
| 4,781 |
The notes form part of these financial statements
Page 4
MERCAZ HATORAH NETZACH YISROEL
STATEMENT OF FINANCIAL POSITION 31ST DECEMBER 2021
| 2021 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 16,041 CREDITORS Amounts falling due within one year 9 (700) NET CURRENT ASSETS 15,341 TOTAL ASSETS LESS CURRENT LIABILITIES 15,341 NET ASSETS 15,341 FUNDS 10 Unrestricted funds 15,341 TOTAL FUNDS 15,341 |
2020 Total funds £ 5,481 (700) 4,781 4,781 4,781 4,781 4,781 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31st October 2022 and were signed on its behalf by:
M Strom - Trustee
The notes form part of these financial statements
Page 5
MERCAZ HATORAH NETZACH YISROEL
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ 10,560 10,560 10,560 5,481 16,041 |
2020 £ 1,924 |
|---|---|---|
| 1,924 | ||
| 1,924 3,557 |
||
| 5,481 |
The notes form part of these financial statements
Page 6
MERCAZ HATORAH NETZACH YISROEL
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2021 £ Net income for the reporting period (as per the Statement of Financial Activities) 10,560 Adjustments for: Net cash provided by operations 10,560 2. ANALYSIS OF CHANGES IN NET FUNDS At 1/1/21 Cash flow At £ £ Net cash Cash at bank 5,481 10,560 5,481 10,560 Total 5,481 10,560 |
2020 £ 1,924 |
|---|---|
| 1,924 | |
| 31/12/21 £ 16,041 |
|
| 16,041 | |
| 16,041 |
The notes form part of these financial statements
Page 7
MERCAZ HATORAH NETZACH YISROEL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
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.
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.
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.
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.
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.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Donations | 976,473 | 991,052 |
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MERCAZ HATORAH NETZACH YISROEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
3. RAISING FUNDS
Raising donations and legacies
| Fund raising events CHARITABLE ACTIVITIES COSTS Student Grants GRANTS PAYABLE Student Grants SUPPORT COSTS Student Grants |
Direct Costs £ 7,557 |
Grant funding of activities (see note 5) £ 953,845 Finance £ 5 |
2021 £ 3,806 Support costs (see note 6) £ 705 2021 £ 953,845 Governance costs £ 700 |
2020 £ 22,725 Totals £ 962,107 |
2020 £ 22,725 |
|---|---|---|---|---|---|
| 2020 £ 955,893 |
|||||
| Totals £ 705 |
4. CHARITABLE ACTIVITIES COSTS
5. GRANTS PAYABLE
6. SUPPORT COSTS
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 991,052 |
| EXPENDITURE ON | |
| Raising funds | 22,725 |
| Charitable activities | |
| Advertising | 6,596 |
| Student Grants | 955,893 |
| Administrative expenses | 568 |
Page 9
MERCAZ HATORAH NETZACH YISROEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Accountancy Study books and reference materials Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1/1/21 £ Unrestricted funds General fund 4,781 TOTAL FUNDS 4,781 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 976,473 TOTAL FUNDS 976,473 |
Unrestricted fund £ 700 2,646 989,128 1,924 2,857 4,781 2021 2020 £ £ 700 700 Net movement At in funds 31/12/21 £ £ 10,560 15,341 10,560 15,341 Resources Movement expended in funds £ £ (965,913) 10,560 (965,913) 10,560 |
|---|---|
Page 10
MERCAZ HATORAH NETZACH YISROEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/20 | in funds | 31/12/20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 2,857 | 1,924 | 4,781 |
| TOTAL FUNDS | 2,857 | 1,924 | 4,781 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 991,052 991,052 |
Resources Movement expended in funds £ £ (989,128) 1,924 (989,128) 1,924 |
Resources Movement expended in funds £ £ (989,128) 1,924 (989,128) 1,924 |
|---|---|---|---|
| 1,924 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1/1/20 in funds 31/12/21 £ £ £ 2,857 12,484 15,341 2,857 12,484 15,341 |
Net movement At At 1/1/20 in funds 31/12/21 £ £ £ 2,857 12,484 15,341 2,857 12,484 15,341 |
|---|---|---|
| 15,341 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,967,525 | (1,955,041 ) | 12,484 |
| TOTAL FUNDS | 1,967,525 | (1,955,041 ) | 12,484 |
Page 11
MERCAZ HATORAH NETZACH YISROEL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
Page 12
MERCAZ HATORAH NETZACH YISROEL
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Raising donations and legacies Fund raising events Charitable activities Postage and stationery Advertising Study books and reference materials Travel Costs Student grants Support costs Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net income |
2021 £ 976,473 976,473 3,806 1,195 2,942 2,754 666 953,845 961,402 5 700 965,913 10,560 |
2020 £ 991,052 |
|---|---|---|
| 991,052 22,725 568 6,596 2,646 - 955,893 |
||
| 965,703 - 700 |
||
| 989,128 | ||
| 1,924 |
This page does not form part of the statutory financial statements
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