REGISTERED CHARITY NUMBER: 277818
YAKAR EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
YAKAR EDUCATIONAL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION
Registered Charity number
277818
Principal address
C/o 75 Maygrove Road West Hampstead London NW6 2EG
Trustees
Judah Elstein (resigned on 9 May 2024) Ian Gamse (appointed on 9 May 2024) Charles Ratzersdorfer Mrs Sharmaine Amsellem
Investment Managers
Smith & Williamson 45 Gresham Street London EC2V 7BG
Independent Examiner
Anthony Epton Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
YAKAR EDUCATIONAL FOUNDATION CONTENTS FOR THE YEAR ENDED 31 AUGUST 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
YAKAR EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
The trustees present their report with the accounts of the charity for the year ended 31 August 2024.
The financial statements have been prepared in accordance with 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 (FRS102- effective 1 January 2015- (Charities SORP FRS 102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation was created by a trust deed dated 7 June 1976 and was registered with the Charity commission on 1 July 1976.
The Foundation is dedicated to teaching the theory and practise of Judaism in an intellectually open and non-judgemental way to anyone, regardless of their background or denomination, interested in furthering their knowledge or commitment.
The trustees who served throughout the year were:
Judah Elstein (resigned on 9 May 2024) Ian Gamse (appointed on 9 May 2024) Charles Ratzersdorfer Mrs Sharmaine Amsellem
The current trustees are constantly searching for people who share the values and ideals of the Foundation and would make suitable trustees. In addition, personal experience of the Yakar atmosphere is regarded as essential.
Risk management
The trustees have assessed the major risks to which the charity is exposed. In particular, they have reviewed the bank overdraft arrangements and the ability of the charity to meet its future commitments. The trustees are satisfied that systems are in place to mitigate such risks.
OBJECTIVES, ACTIVITIES, ACHIEVEMENT AND PERFORMANCE
The aims of the Foundation are to further its message and ideology both through lecturing and teaching and through the maintenance of its centres. The Foundation has a very specific ideology that is particularly relevant in the current climate of religious extremism and the challenge of a multi-cultural society. Rooted in traditional Judaism, Yakar’s message is directed to both the Jewish and the wider community. It is that religion need not be enclavist and inward looking and can play a wider civic role.
The efforts of the Yakar Educational Foundation are mainly directed towards supporting its two centres in Israel, one in Jerusalem, one in Tel Aviv.
The two centres, are simultaneously both independent and inter-dependent of each other, work harmoniously towards common objectives; namely to continue philosophy and thinking of Yakar`s founder, Rabbi Dr, Mickey Rosen. They combine Tradition with Creativity whilst emphasizing a sense of Social Responsibility.
Yakar Jerusalem is led by Rabbi Shlomo Dov Rosen. Yakar Tel Aviv is led by Rabbi Chananel Rosen.
Both centres comprise a synagogue, a study centre and a community centre. Both offer programs and courses in Hebrew and in English to students from post high school age to retirees.
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YAKAR EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024
Yakar Jerusalem (part of “The Yakar Centre for Tradition and Creativity”, a separate charity in Israel) owns and runs its centre at 10 Halamed Heh Street, Jerusalem. Yakar Tel Aviv operates in a building leased from the Tel Aviv Municipality.
The centres services in excess of 10,000 people a year, and have a record of continues growth in terms of the range of activities and in terms of numbers of people attending.
FINANCIAL REVIEW
The total incoming resources for the year amounted to £55,844 (2023: £57,103). The principal funding sources for the charity are voluntary donation income and income and gains arising on the Investment portfolio. The charity has made investment gain of £72,424 in the year (2023: loss of £22,157). The foundation contributed funds towards the costs of running the two Yakar centres in Jerusalem and Tel Aviv amounting to £75,000 (2023: £120,000).
It is the Foundation’s policy that unrestricted funds that have not been designated for a specific use should be maintained at a level equivalent to at least the next twelve month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a sudden drop in funding, the Foundation will be able to continue its current level of activity whilst consideration is given to ways in which additional funds may be raised.
The Trustees have invested the assets of the Designated Fund in a portfolio of investments managed by Smith & Williamson Investment Management Limited.
RESERVES POLICY
The charity`s reserves policy is to create sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from investments, the trustees review this position annually.
PLANS FOR THE FUTURE
The aims of the Foundation are to continue the successful patterns of dissemination already tested and proven. The shift of emphasis will continue towards centres in Israel, which can draw on greater availability of teaching expertise and through them to fertilize and stimulate teaching throughout the Diaspora.
Development of the new centre in Tel Aviv under the auspices of Yakar Israel continues with the continued financial support of the Foundation. In addition, the Foundation continues to support more teaching and preaching in communities less well served than London. Both the centres in Israel have begun to train lay leaders to lead workshops of their own on the Yakar model. In addition, the centre in Tel Aviv has developed courses especially relevant to journalists and to diplomats. It is intended that both of these areas are further developed in the future.
PUBLIC BENEFIT
The principal activities of the charity during the year continued to be to achieve the objectives as stated above. The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by advancing educational needs.
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YAKAR EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024
RESPONSIBILITIES OF THE TRUSTEES
The charity's trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material
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departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to
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presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 Charities Act 2011. 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.
SIGNED ON BEHALF OF THE TRUSTEES BY:
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Ian Gamse Trustee
Date: 25th June 2025
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF YAKAR EDUCATIONAL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024
I report to the trustees on my examination of the accounts of Yakar Educational Foundation for the year ended 31 August 2024.
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 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
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Anthony Epton BA FCA CTA FCIE Goldwins Limited Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
12/02/2025
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YAKAR EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
| Notes Income from Donations 3 Investment income 4 Total income Expenditure on Charitable activities Education 5 Total expenditure Net (expenditure) before net gains/(losses) on investments Net gains/ (losses) on investments Net income/(expenditure) for the year Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds £ £ 40,000 - 15,844 - 55,844 - 121,632 - 121,632 - (65,788) 72,424 6,636 - - - 788,848 7,731 795,484 7,731 |
Total 2024 £ 40,000 15,844 55,844 121,632 121,633 (65,788) 72,424 6,636 796,579 803,215 |
Total 2023 £ 41,668 15,435 |
|---|---|---|---|
| 57,103 | |||
| 167,112 | |||
| 167,112 | |||
| (110,009) (22,157) (132,166) 928,745 |
|||
| 796,579 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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YAKAR EDUCATIONAL FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2024
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Cash at bank LIABILITIES Creditors: amounts falling due within one year 9 NET CURRENT (LIABILITIES)/ ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS Restricted funds 10 Unrestricted funds 11 TOTAL FUNDS |
2024 Total funds £ 625 803,589 804,214 3,271 (4,270) (999) 803,215 7,731 795,484 803,215 |
2023 Total Funds £ 695 793,478 794,173 6,676 (4,270) 2,406 796,579 |
|---|---|---|
| 7,731 788,848 796,579 |
The financial statements were approved by the Board of Trustees on 25th June 2025. and were signed on its behalf by:
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Ian Gamse
Trustee
The notes on the attached pages form part of these financial statements.
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YAKAR EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Charities Act 2011.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern The trustees consider that there are no material uncertainties about the charity`s ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
d) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
e) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
f) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
g) Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Scribe scroll
10% reducing balance
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YAKAR EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
i) Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities.
j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
k) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- Detailed comparatives for the statement of financial activities
| Notes Income from Donations 3 Investment income 4 Total income Expenditure on Charitable activities Education 5 Total expenditure Net (expenditure)before net gains/(losses) on investments Net gains on investments Net income for the year Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds £ £ 41,668 - 15,435 - 57,103 - 167,112 - 167,112 - (110,009) (22,157) (132,166) - - - 921,014 7,731 788,848 7,731 8 |
Total 2023 £ 41,668 15,435 |
|---|---|---|
| 57,103 | ||
| 167,112 | ||
| 167,112 | ||
| (110,009) (22,157) (132,166) 928,745 |
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| 796,579 | ||
YAKAR EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
3. Donations
| Unrestricted funds Designated funds Restricted funds £ £ £ Donations 40,000 - - 40,000 - - 4. Investment Income Unrestricted funds Designated funds Restricted funds £ £ £ Interest receivable 3,380 - - Dividends 12,464 - - 15,844 - - |
Total 2024 £ 40,000 40,000 Total 2024 £ 3,380 12,464 15,844 |
Total 2023 £ 41,668 41,668 Total 2023 £ 2,952 12,483 15,435 |
|---|---|---|
5. Analysis of expenditure
| Analysis of expenditure | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds 2024 | Funds 2023 | |
| £ | £ | |
| CHARITABLE ACTIVITIES | ||
| Donations to overseas institutions - Education | 75,000 | 120,000 |
| Consultancy fees | 35,000 | 35,000 |
| Management fees | 7,227 | 7,765 |
| Depreciation | 70 | 77 |
| Bank charges | 35 | - |
| Independent examination fee | 3,950 | 3,950 |
| Accountancy fee | 350 | 320 |
| ______ | ______ | |
| 121,632 | 167,112 | |
| ===== | ===== |
6.
Net income/(expenditure) for the year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| This is stated after charging/ (crediting): | ||
| Depreciation | 70 | 77 |
| Independent examiner’s fee | 3,950 | 3,950 |
| ====== | ====== |
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YAKAR EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
| 7. COST At 1st September 2023 Additions At 31st August 2024 DEPRECIATION At 1st September 2023 Charge for the year Disposals At 31st August 2024 NET BOOK VALUE At 31st August 2024 At 31st August 2023 8. FIXED ASSET INVESTMENTS Investment funds Listed investments- UK Market value at the end of the year Movements: Market value at the start of the year Additions at cost Disposals proceeds Net gain/ (loss) on investments Market value at the end of the year |
Scribe scroll £ 7,934 - --------- 7,934 --------- 7,239 70 - --------- 7,309 -------- 625 ==== 695 ==== 2024 £ 688,559 115,030 803,589 793,478 111,766 (174,079) 72,424 803,589 |
Totals £ 7,934 - --------- 7,934 --------- 7,239 70 - --------- 7,309 --------- 625 ==== 695 ==== 2023 £ 688,552 104,926 |
|---|---|---|
| 793,478 | ||
| 912,143 226,251 (322,759) (22,157) |
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| 793,478 |
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YAKAR EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
| 2024 £ 4,300 4,300 |
2023 £ 4,270 |
|---|---|
| 4,270 |
10. RESTRICTED FUNDS
| Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|
| Balance at | Balance at | |||||
| 1 | September | Incoming | Resources | 31 August | ||
| 2023 | resources | expended | Transfers | 2024 | ||
| £ | £ | £ | £ | £ | ||
| Yakar Israel | **7,731 ** | - | - | - | **7,731 ** | |
| **7,731 ** | - | - | - | **7,731 ** |
The Yakar Israel fund was established to carry out the charitable objectives of the Yakar Educational Foundation in Israel. The balance of £7,731 comprises the unexpended balance of donations and grants held on trust for this specific purpose.
10a. RESTRICTED FUNDS (prior year)
| Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|
| Balance at | Balance at | |||||
| 1 | September | Incoming | Resources | 31 August | ||
| 2022 | resources | expended | Transfers | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Yakar Israel | 7,731 | - | - | - | 7,731 | |
| 7,731 | - | - | - | 7,731 |
The Yakar Israel fund was established to carry out the charitable objectives of the Yakar Educational Foundation in Israel. The balance of £7,731 comprises the unexpended balance of donations and grants held on trust for this specific purpose.
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YAKAR EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 11. | ANALYSIS OF NET ASSETS BETWEEN F | UNDS | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| Funds | Funds | |||
| £ | £ | £ | ||
| Fund balances are represented by: | ||||
| Tangible fixed assets | 625 | - | 625 | |
| Investments | 803,589 | - | 803,589 | |
| Current assets | (4,430) | 7,731 | 3,271 | |
| Creditors: amounts falling due within | (4,300) | - | (4,300) | |
| one year | ------------- | -------- | ------------- | |
| TOTAL FUNDS | 795,484 | 7,731 | 803,215 | |
| ======== | ===== | ======= | ||
| 11a. | ANALYSIS OF NET ASSETS BETWEEN FUNDS (prior year) | |||
| Fund balances are represented by: | ||||
| Tangible fixed assets | 695 | - | 695 | |
| Investments | 793,478 | - | 793,478 | |
| Current assets | (1,055) | 7,731 | 6,676 | |
| Creditors: amounts falling due within one | (4,270) | - | (4,270) | |
| year | ------------- | -------- | ------------- | |
| TOTAL FUNDS | 788,848 | 7,731 | 796,579 | |
| ======== | ===== | ======= |
12. Emoluments of the trustees
Trustees did not receive any remuneration during the year (2023: Nil).
There were no employees in the year (2023: none). There were no employee benefits payments to key management personnel in the year (2023: Nil).
13. Related party transactions
There are no related party transactions to disclose during the year (2023: Nil).
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