CHARITY REGISTRATION NUMBER: 1161782
Mechinoh L'Yeshiva Unaudited Financial Statements
31 August 2023
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Mechinoh L'Yeshiva
Financial Statements
Year ended 31 August 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
Mechinoh L'Yeshiva
Trustees' Annual Report
Year ended 31 August 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2023.
Reference and administrative details
| Registered charity name | Mechinoh L'Yeshiva | |
|---|---|---|
| Charity registration number | 1161782 | |
| Principal office | 60 Waterpark Road | |
| Salford | ||
| M7 4JL | ||
| The trustees | N Baddiel | |
| M Einhorn | (Appointed 14 February 2024) | |
| S Dunner | ||
| Y A Sofer | (Retired 19 December 2023) | |
| Mrs R C Goldblatt | (Appointed 2 April 2024) | |
| Independent examiner | Mr Howard Schwalbe ACA | |
| 2nd Floor - Parkgates | ||
| Bury New Road | ||
| Prestwich | ||
| Manchester | ||
| M25 0TL |
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Mechinoh L'Yeshiva
Trustees' Annual Report (continued)
Year ended 31 August 2023
Structure, governance and management
Mechinoh L'Yeshiva is constituted under a trust deed dated 02 January 2015. It is a registered charity with a charity number being 1161782.
Governing Body
The trustees of the Charity are legally responsible for the overall management of the school. The day to day running of the school is undertaken by the Principal and the senior teaching staff. The Principal is aware of the need to follow best practice and is actively reviewing the organisational structure of the school and the method by which new trustees are appointed. This ongoing review has concluded that the organisational structures in place are sufficient and robust to take the school into the future. The Trustees are kept informed of the running of the school and new Trustees will be appointed when and if the need arises.
Recruitment and appointment of new trustees would be in line with the Trust Deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day-to-day affairs are undertaken by Rabbi N Baddiel on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
Training and induction of trustees is applied as applicable.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective running of the school. These risks are managed by the trustees ensuring the right staff are utilised and the right policies are implemented.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all aspects of the school management.
Risk Management
The process of examining the risks to which the Charity is exposed is ongoing and the trustees are planning to further develop systems to monitor and control these risks in order to lessen their potential impact on the Charity.
Public Benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity’s aims and objectives and in planning future activities.
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Mechinoh L'Yeshiva
Trustees' Annual Report (continued)
Year ended 31 August 2023
Objectives and activities
The objects of the charity are for: (i) the public benefit to promote the education of people of all ages in the North of England in such ways as the charity trustees think fit, including the running of a school, awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organizations worldwide that provide education. (ii) The prevention or relief of poverty or financial hardship in the North of England by providing grants or loans to individuals in need and / or charities or other organizations working to prevent or relieve poverty or financial hardship.
The trustees confirm that they have referred to the guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
The trustees consider they have met the public benefit test and outline these achievements below.
Grant making policy
The charity paid out grants in line with the objects as stated above.
Aims
The main aim of the Charity continued to be the provision of educational facilities to Jewish boys of high school age.
Objectives for the year
This year, the focus has been on the continued achievement of academic performance.
Principal Activities of the year
The school provided education to 76 boys aged 11 to 16. This was achieved by the charity operating a high school for boys.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
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Mechinoh L'Yeshiva
Trustees' Annual Report (continued)
Year ended 31 August 2023
Achievements and performance
The charity recorded £195,109 in voluntary contributions, registration fees, childcare and other income during the year as well as £83,246 in donations. The charity also had grants receivable amounting to £48,517.
The charity paid out £326,771 on running costs of the school including instruction & other direct management costs. This expenditure was made in line with the stated objects of the charity.
The school had a student roll of 76 boys for the period under review.
The charity had low governance costs comprising professional fees.
There were no investments made during the year.
There were no fundraising costs incurred during the year.
Related party transactions in the reporting period are as disclosed in the notes to the accounts.
There was an overall net income and net movement in funds for the year amounting to £101.
Financial review
Review of activities and achievements
The charity maintained a school for boys aged 11 to 16 which is reflected in the figures above.
Reserves
It is the policy of the charity to maintain unrestricted funds at a level sufficient to cover unforeseen and major expenditure and shortfalls in income. The trustees remain confident in their ability to raise the necessary funds, thereby adhering to the stated policy and to the maintenance of a balanced budget.
The free reserves comprising of the net current assets of the charity stand at £47,916, of which £6,227 are restricted.
The trustees' annual report was approved on 27 May 2024 and signed on behalf of the board of trustees by:
N Baddiel Trustee
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Mechinoh L'Yeshiva
Independent Examiner's Report to the Trustees of Mechinoh L'Yeshiva
Year ended 31 August 2023
I report to the trustees on my examination of the financial statements of Mechinoh L'Yeshiva ('the charity') for the year ended 31 August 2023.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (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 charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
Mr Howard Schwalbe ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
27 May 2024
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Mechinoh L'Yeshiva
Statement of Financial Activities
Year ended 31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 83,246 | 48,517 | 131,763 | 89,982 |
| Other income | 5 | 195,109 | – | 195,109 | 136,489 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 278,355 | 48,517 | 326,872 | 226,471 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 284,480 | 42,290 | 326,771 | 218,284 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 284,480 | 42,290 | 326,771 | 218,284 | |
| ================================ | ============================ | ================================ | ================================ | ||
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net income and net movement in | funds | (6,125) | 6,227 | 101 | 8,187 |
| ================================ | ============================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 435,929 | – | 435,929 | 427,742 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 429,804 | 6,227 | 436,031 | 435,929 | |
| ================================ | ============================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
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Mechinoh L'Yeshiva
Statement of Financial Position
31 August 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 13 | 388,114 | 396,647 | |
| Current assets | ||||
| Cash at bank and in hand | 49,465 | 40,482 | ||
| Creditors: amounts falling due within one year | 14 | 1,549 | 1,200 | |
| ---------------------------- | ---------------------------- | |||
| Net current assets | 47,916 | 39,282 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 436,030 | 435,929 | ||
| -------------------------------- | -------------------------------- | |||
| Net assets | 436,030 | 435,929 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Restricted funds | 6,227 | – | ||
| Unrestricted funds | 429,804 | 435,929 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 15 | 436,031 | 435,929 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 27 May 2024, and are signed on behalf of the board by:
N Baddiel Trustee
The notes on pages 8 to 16 form part of these financial statements.
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Mechinoh L'Yeshiva
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 60 Waterpark Road, Salford, M7 4JL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are those available for use for general purposes at the discretion of the charity trustees and governors in furtherance of the charity's objects.
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Land and buildings | - | 2% straight line |
|---|---|---|
| Fixtures and fittings | - | 15% straight line |
| Equipment | - | 15% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations receivable | 83,246 | – | 83,246 |
| Voluntary contributions receivable | – | – | – |
| Grants | |||
| CST Security Grant | – | 38,537 | 38,537 |
| National Lottery Grant | – | 9,980 | 9,980 |
| ---------------------------- | ---------------------------- | -------------------------------- | |
| 83,246 | 48,517 | 131,763 | |
| ============================ | ============================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations receivable | 49,132 | – | 49,132 |
| Voluntary contributions receivable | 12,326 | – | 12,326 |
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
4. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Grants | |||
| CST Security Grant | – | 28,524 | 28,524 |
| National Lottery Grant | – | – | – |
| ---------------------------- | ---------------------------- | ---------------------------- | |
| 61,458 | 28,524 | 89,982 | |
| ============================ | ============================ | ============================ |
5. Other income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Childcare | 194,524 | 194,524 | 136,489 | 136,489 |
| Other income type 2 | 585 | 585 | – | – |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 195,109 | 195,109 | 136,489 | 136,489 | |
| ================================ | ================================ | ================================ | ================================ |
6. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Teaching & direct expenditure | 281,391 | 42,290 | 323,681 | ||
| Support costs | 3,089 | – | 3,090 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 284,480 | 42,290 | 326,771 | |||
| ================================ | ============================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Teaching & direct expenditure | 188,559 | 28,524 | 217,083 | ||
| Support costs | 1,201 | – | 1,201 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 189,760 | 28,524 | 218,284 | |||
| ================================ | ============================ | ================================ | |||
| Expenditure on charitable activities by activity | type | ||||
| Activities | |||||
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Teaching & direct expenditure | 323,681 | 1,131 | 324,812 | 217,083 | |
| Governance costs | – | 1,959 | 1,959 | 1,201 | |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| 323,681 | 3,090 | 326,771 | 218,284 | ||
| ================================ | ======================= | ================================ | ================================ |
7. Expenditure on charitable activities by activity type
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
8. Analysis of support costs
| Analysis of | ||||
|---|---|---|---|---|
| support costs | Total 2023 | Total 2022 | ||
| £ | £ | £ | ||
| General office | 1,131 | 1,131 | – | |
| Governance costs | 1,959 | 1,959 | 1,201 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 3,090 | 3,090 | 1,201 | ||
| ======================= | ======================= | ======================= | ||
| 9. | Net income | |||
| Net income is stated after charging/(crediting): | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 8,533 | (5,103) | ||
| ======================= | ======================= | |||
| 10. | Independent examination fees | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,200 | 1,200 | ||
| ======================= | ======================= | |||
| 11. | Staff costs | |||
| The total staff costs and employee benefits for the reporting period are | analysed as | follows: | ||
| 2023 | 2022 | |||
| £ | £ | |||
| Wages and salaries | 126,805 | 115,276 | ||
| ================================ | ================================ | |||
| The average head count of employees during the year was 13 (2022: | 7). The average number of | |||
| full-time equivalent employees during the year is analysed as follows: | ||||
| 2023 | 2022 | |||
| No. | No. | |||
| Number of teaching staff | 13 | 7 | ||
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
13. Tangible fixed assets
| Land and | Fixtures and | |||
|---|---|---|---|---|
| buildings | fittings | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 September 2022 and | ||||
| 31 August 2023 | 404,182 | 13,356 | 998 | 418,536 |
| ================================ | ============================ | ============== | ================================ | |
| Depreciation | ||||
| At 1 September 2022 | 8,084 | 13,356 | 449 | 21,889 |
| Charge for the year | 8,084 | – | 449 | 8,533 |
| -------------------------------- | ---------------------------- | -------------- | -------------------------------- | |
| At 31 August 2023 | 16,168 | 13,356 | 898 | 30,422 |
| ================================ | ============================ | ============== | ================================ | |
| Carrying amount | ||||
| At 31 August 2023 | 388,014 | – | 100 | 388,114 |
| ================================ | ============================ | ============== | ================================ | |
| At 31 August 2022 | 396,098 | – | 549 | 396,647 |
| ================================ | ============================ | ============== | ================================ |
The freehold property represents a building that is used by the school.
14. Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 1,200 | 1,200 |
| Social security and other taxes | 349 | – |
| ----------------------- | ----------------------- | |
| 1,549 | 1,200 | |
| ======================= | ======================= |
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 01 | At 31 | |||
| Sep 2022 | Income | Expenditure | Aug 2023 | |
| £ | £ | £ | £ | |
| General funds | 435,929 | 278,355 | (284,480) | 429,804 |
| ================================ | ================================ | ================================ | ================================ | |
| At 01 | At 31 | |||
| Sep 2021 | Income | Expenditure | Aug 2022 | |
| £ | £ | £ | £ | |
| General funds | 427,742 | 197,947 | (189,760) | 435,929 |
| ================================ | ================================ | ================================ | ================================ |
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
15. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | 01 | At 31 | ||||
| Sep 2022 | Income | Expenditure | Aug 2023 | |||
| £ | £ | £ | £ | |||
| Restricted fund – grants receivable | – | 48,517 | (42,290) | 6,227 |
||
| ============== | ============================ | ============================ | ======================= | |||
| At | 01 | At 31 | ||||
| Sep 2021 | Income | Expenditure | Aug 2022 | |||
| £ | £ | £ | £ | |||
| Restricted fund – grants receivable | – | 28,524 | (28,524) | – |
||
| ============== | ============================ | ============================ | ============== | |||
| 16. | Analysis of net assets between funds | |||||
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2023 | ||||
| £ | £ | £ | ||||
| Tangible fixed assets | 388,114 | – | 388,114 | |||
| Current assets | 43,238 | 6,227 | 49,465 | |||
| Creditors less than 1 year | (1,549) | – | (1,549) | |||
| -------------------------------- | ----------------------- | -------------------------------- | ||||
| Net assets | 429,803 | 6,227 | 436,030 | |||
| ================================ | ======================= | ================================ | ||||
| Unrestricted | Restricted | Total Funds | ||||
| Funds | Funds | 2022 | ||||
| £ | £ | £ | ||||
| Tangible fixed assets | 396,647 | – | 396,647 | |||
| Current assets | 40,482 | – | 40,482 | |||
| Creditors less than 1 year | (1,200) | – | (1,200) | |||
| -------------------------------- | -------------- | -------------------------------- | ||||
| Net assets | 435,929 | – | 435,929 | |||
| ================================ | ============== | ================================ |
17. Related parties
Mr N Baddiel, Mr S Dunner and Mr Y A Sofer are trustees of Mechinoh L'Yeshiva.
During the year they all received remuneration for their duties as teachers in the school. The total of their net remuneration amounted to £19,771. They did not receive any remuneration for their duties as trustees of the charity.
The trustees are aware of the need for new trustees and are actively seeking new trustees to be responsible for the charity and the school, but they have yet to find any suitable candidates. Part of the difficulty is due to the charity being an unincorporated charity and as such any new trustee would be responsible for any potential liabilities.
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Mechinoh L'Yeshiva
Notes to the Financial Statements (continued)
Year ended 31 August 2023
18. Taxation
Mechinoh L'Yeshiva is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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