Yeshiva Gedola Nezer Hatorah
Trustees' Report and Unaudited Accounts
31/03/2021
Yeshiva Gedola Nezer Hatorah Contents
| Pages | |
|---|---|
| Trustees'AnnualReport | 2 to 3 |
| Statement of FinancialActivities | 4 |
| BalanceSheet | 5 |
| Notesto the Accounts | 6 to 11 |
| DetailedStatement of FinancialActivities | 12 to 13 |
Page 1
Yeshiva Gedola Nezer Hatorah Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the period ended 31/03/2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1180499
Principal Office
82 Bensham Road Gateshead NE8 1PS
Trustees
The following Trustees served during the year:
J. Brand
Z. Winegarten
S. Zahn
Accountants
S J Sheldon Ltd 20 Clarence Road
Hale
Cheshire WA15 8SG
Bankers
Barclays Bank
OBJECTIVES AND ACTIVITIES
The purpose of the charity is set out in its governing document, constituted by trust deed on the 15th March 2018.
During the year the charity received £560,008 in donations (2020: £235,164) and grants of £94,962 (2020: nil) Yeshiva Gedola Nezer Hatorah was set up to advance education and training of young people in subjects which will develop their capacity and skills to reach their full potential. The Charity also helps relieve financial hardship in particular but not exclusively by the provision of grants.
ACHIEVEMENTS AND PERFORMANCE
The trustees are satisfied with the performance in the year.
FINANCIAL 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 the charities exposure to those risks.
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure and they feel fortunate in having been able to maintain that level of reserves.
PLANS FOR FUTURE PERIODS
Page 2
Yeshiva Gedola Nezer Hatorah
Trustees Annual Report
As part of ongoing plans for the future, we are looking to carry on with our successful work and are constantly fundraising to cover our expenses.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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.
Statement of trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the charity's trustees
J. Brand Trustee 23/11/2021
Page 3
Yeshiva Gedola Nezer Hatorah Statement of Financial Activities
for the period ended 31/03/2021
| for the period ended 31/03/2021 | |||
|---|---|---|---|
| Notes Income and endowments from: Donationsandlegacies 2 Other 3 Total Expenditure on: Charitableactivities 4 Other 6 Total Netgainsoninvestments Netincome 7 Transfersbetweenfunds Netincome before other gains/(losses) Othergainsandlosses Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
Unrestricted funds 31/03/2021 £ 560,008 94,980 |
Totalfunds 31/03/2021 £ 560,008 94,980 |
Totalfunds 31/03/2020 £ 235,164 - |
| 654,988 42,582 341,016 |
654,988 42,582 341,016 |
235,164 3,487 228,030 |
|
| 383,598 - |
383,598 - |
231,517 - |
|
| 271,390 - |
271,390 - |
3,647 - |
|
| 271,390 | 271,390 | 3,647 | |
| 271,390 54,703 |
271,390 54,703 |
3,647 51,056 |
|
| 326,093 | 326,093 | 54,703 |
Page 4
Yeshiva Gedola Nezer Hatorah Balance Sheet
at 31/03/2021
| at 31/03/2021 | ||
|---|---|---|
| Charity No.1180499 Fixed assets Tangibleassets 9 Current assets Cashat bankandin hand Creditors: Amountfallingdue within one year 10 Netcurrent assets/(liabilities) Totalassets lesscurrentliabilities Creditors: Amountsfallingdueafter more than one year 11 Net assetsexcludingpension asset orliability Totalnet assets Thefundsofthecharity Restrictedfunds 12 Unrestrictedfunds 12 Generalfunds Reserves 12 Totalfunds Approved by the trusteeson 23/11/2021 Andsigned on their behalfby: |
31/03/2021 £ 384,058 384,058 311,719 311,719 (8,270) 303,449 687,507 (361,414) 326,093 326,093 326,093 326,093 326,093 |
31/03/2020 £ 254,641 |
| 254,641 8,331 |
||
| 8,331 (208,269) |
||
| (199,938) 54,703 - |
||
| 54,703 | ||
| 54,703 | ||
| 54,703 | ||
| 54,703 | ||
| 54,703 | ||
J. Brand Trustee 23/11/2021
Page 5
Yeshiva Gedola Nezer Hatorah Notes to the Accounts
for the period ended 31/03/2021
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 6
Yeshiva Gedola Nezer Hatorah Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs.
-
Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other - short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 7
Yeshiva Gedola Nezer Hatorah
Notes to the Accounts
- 2 Income from donations and legacies
| 2 Incomefrom donationsandlegacies |
|||
|---|---|---|---|
| 3 Otherincome Grants HMRCGrants Bankloyalty reward 4 Expenditure oncharitable activities Expenditureoncharitable activities Grantsmade Governancecosts Accountancy Fundraising Professionalfees Bankcharges 5 Analysisof grants Activity or programme Grantsmade Activity or programme Grantsmade |
Unrestricted £ 560,008 560,008 Unrestricted £ 80,750 14,212 18 94,980 |
Total 31/03/2021 £ 560,008 |
Total 31/03/2020 £ 235,164 |
| 560,008 | 235,164 | ||
| Total 31/03/2021 £ 80,750 14,212 18 |
Total 31/03/2020 £ - - - |
||
| 94,980 | - | ||
| Unrestricted £ - - 33,515 3,097 5,970 42,582 |
Total 31/03/2021 £ - - 33,515 3,097 5,970 |
Total 31/03/2020 £ 1,304 900 455 677 151 |
|
| 42,582 | 3,487 | ||
| Total 31/03/2021 £ - |
Total 31/03/2020 £ 1,304 |
||
| - | 1,304 | ||
| Total 31/03/2021 £ - |
Total 31/03/2020 £ |
||
| 1,304 | |||
| - | 1,304 |
Page 8
Yeshiva Gedola Nezer Hatorah Notes to the Accounts
6 Other expenditure
| 6 Other expenditure |
|||
|---|---|---|---|
| Food & refreshments Activities Recreation Othercharitableactivities Employeecosts Premises costs Amortisation,depreciation, impairment,profit/losson disposalof fixedassets Generaladministrativecosts 7 Netincome before transfers Thisis statedaftercharging: Depreciation ofownedfixedassets 8 Staffcosts Salariesand wages No employee received emolumentsin excessof£60,000. 9 Tangiblefixed assets Cost or revaluation At 4January 2020 Additions At 31/03/2021 Depreciation and impairment At 4January 2020 Depreciationchargefor the year At 31/03/2021 Net bookvalues At 31/03/2021 At 3January 2020 |
Unrestricted £ 102,966 - 2,727 - 99,838 129,429 583 5,473 341,016 31/03/2021 £ 583 99,838 99,838 £ 251,722 130,000 381,722 - - - 381,722 251,722 |
Total 31/03/2021 £ 102,966 - 2,727 - 99,838 129,429 583 5,473 |
Total 31/03/2020 £ 89,559 11,659 1,504 1,170 73,193 45,228 730 4,987 |
| 341,016 | 228,030 | ||
| £ 4,561 - |
31/03/2020 £ 730 73,193 |
||
| 73,193 | |||
| £ 256,283 130,000 |
|||
| 4,561 | 386,283 | ||
| 1,642 583 |
1,642 583 |
||
| 2,225 | 2,225 | ||
| 2,336 | 384,058 | ||
| 2,919 | 254,641 |
Page 9
Yeshiva Gedola Nezer Hatorah Notes to the Accounts
| Yeshiva Gedola Nezer Hatorah Notesto the Accounts |
|||
|---|---|---|---|
| 10 Creditors: amountsfallingdue within one year Othercreditors Accrualsand deferredincome |
31/03/2021 £ 8,270 - 8,270 |
31/03/2020 £ 207,369 900 |
|
| 208,269 | |||
| 11 Creditors: amountsfallingdueafter more than one year Bankloansand overdrafts 12 Movementinfunds At 4 January 2020 Restrictedfunds: Unrestrictedfunds: Generalfunds 54,703 RevaluationReserves: Totalfunds 54,703 13 Analysisofnet assetsbetweenfunds Fixedassets Netcurrentassets Creditorsduein more than one yearand provisions |
31/03/2021 £ 361,414 361,414 |
31/03/2020 £ - |
|
| - | |||
| Incoming resources (including other gains/losses) £ 654,988 654,988 |
Resources expended £ |
At 31/03/2021 £ 326,093 |
|
| (383,598) | |||
| (383,598) | 326,093 | ||
| Unrestricte dfunds £ 384,058 303,449 (361,414) |
Total £ 384,058 303,449 (361,414) |
||
| 326,093 | 326,093 |
Page 10
Yeshiva Gedola Nezer Hatorah Notes to the Accounts
14 Reconciliation of net debt
| Cashandcash equivalents Bankloans Net debt |
At 4January 2020 £ |
Cashflows £ |
At 31/03/2021 £ |
|---|---|---|---|
| 8,331 | 303,388 | 311,719 | |
| 8,331 - |
303,388 | 311,719 (361,414) |
|
| (361,414) | |||
| - 8,331 |
(361,414) | (361,414) | |
| (58,026) | (49,695) | ||
Page 11
Yeshiva Gedola Nezer Hatorah Detailed Statement of Financial Activities
for the period ended 31/03/2021
| for the period ended 31/03/2021 | |||
|---|---|---|---|
| Income and endowmentsfrom: Donationsandlegacies Other Grants HMRCGrants Bankloyalty reward Total income and endowments Expenditure on: Charitableactivities Grantsmade Governancecosts Accountancy Fundraising Professionalfees Bankcharges Totalofexpenditure oncharitable activities Other expenditure Food & refreshments Activities Recreation Othercharitableactivities Employeecosts Salaries/wages Premises costs Rent Rates Light,heatand power Premises cleaning Premisesrepairsand maintenance Other premises costs |
Unrestricted funds 31/03/2021 £ 560,008 560,008 80,750 14,212 18 94,980 654,988 - - - 33,515 3,097 5,970 42,582 42,582 102,966 - 2,727 - 105,693 99,838 99,838 4,766 2,070 8,133 1,813 96,266 16,381 |
Totalfunds 31/03/2021 £ 560,008 560,008 80,750 14,212 18 94,980 654,988 - - - 33,515 3,097 5,970 42,582 42,582 102,966 - 2,727 - 105,693 99,838 99,838 4,766 2,070 8,133 1,813 96,266 16,381 |
Totalfunds 31/03/2020 £ 235,164 |
| 235,164 | |||
| - - - |
|||
| - | |||
| 235,164 1,304 |
|||
| 1,304 | |||
| 900 455 677 151 |
|||
| 2,183 | |||
| 3,487 89,559 11,659 1,504 1,170 |
|||
| 103,892 | |||
| 73,193 | |||
| 73,193 | |||
| 18,050 2,200 5,346 3,507 13,947 2,178 |
Page 12
Yeshiva Gedola Nezer Hatorah Detailed Statement of Financial Activities
| Yeshiva Gedola Nezer Hatorah DetailedStatement ofFinancialActivities |
|||
|---|---|---|---|
| Generaladministrativecosts, includingdepreciationand amortisation Depreciation of General insurances Postageandcouriers Software,ITsupportand related costs Sundry expenses Telephone,fax and broadband Totalofexpenditure ofothercosts Totalexpenditure Netgainsoninvestments Netincome Netincome before other gains/(losses) Other Gains Net movementinfunds Reconciliation of funds: Totalfundsbroughtforward Totalfundscarriedforward |
129,429 583 3,631 336 438 54 1,014 6,056 341,016 383,598 - 271,390 271,390 - 271,390 54,703 326,093 |
129,429 583 3,631 336 438 54 1,014 6,056 341,016 383,598 - 271,390 271,390 - 271,390 54,703 326,093 |
45,228 |
| 730 3,066 598 - - 1,323 |
|||
| 5,717 | |||
| 228,030 | |||
| 231,517 - |
|||
| 3,647 | |||
| 3,647 - |
|||
| 3,647 | |||
| 51,056 | |||
| 54,703 |
Page 13