REGISTERED CHARITY NUMBER: 327078
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
NER YISROEL EDUCATIONAL TRUST
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
NER YISROEL EDUCATIONAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 18 |
NER YISROEL EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report, together with the financial statements, of the Ner Yisroel Educational Trust (the Charity) for the year ended 5 April 2021. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.
OBJECTIVES AND ACTIVITIES
Objectives, development, activities and achievements in the year
Each year the Trustees review the objectives and activities of the charity to ensure they are consistent. In carrying out this review the Trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for public benefit.
During the year under review (which was impacted by the Covid-19 pandemic) Ner Yisroel, while being forced to close the campus for several months because of lockdown, implemented online technology to offer as many communal religious services and educational and welfare programmes to support the community. The Board implemented a range of support groups to help the community. In particular, our Rav, Rabbi Zobin, and Rebetzin Zobin remotely, and where possible in person offered leadership and guidance in all spiritual matters and many practical matters caused by lockdown restrictions.
For almost the whole year under review, even while the Ner campus was closed, there continued to be daily community-based activities, where possible including life cycle celebrations, and careful planning enabled a local nursery and crèche to offer much needed support to local families who were key workers. The transformation to on line learning meant that the regular high level study groups in matters of Jewish tradition, philosophy, law and practice, including a daily Daf Yomi lecture, were able to continue.
ACHIEVEMENT AND PERFORMANCE
Transactions and financial position
Financial matters are run by the Treasurer, with the assistance of other Board members and member volunteers as needed.
The Statement of Financial Affairs shows a net surplus for the year of £2,956 (2020: 129,547 deficit).
FINANCIAL REVIEW
Principal funding sources
The principal funding sources of the Charity are membership income, donations and activities undertaken by the Charity to generate additional income. The Treasurer with the Board of Management reviews these funding sources on a regular basis to ensure that they are sufficient to cover the core running costs of the Charity and the annual loan repayment commitments. In April 2021, the Treasurer conducted a review of forecast income and expenditure in light of the Covid-19 lockdown restrictions. Action was taken to cut costs; furlough working staff and appeal to members for donations from membership pledges to raise funds. A new budget under restrictions was approved and the Treasurer has been monitoring income and costs on a regular basis since then to ensure that the Charity finances are kept in order.
Investment policy and returns
The Trustees have considered the most appropriate policy for investing funds and, as the Charity has only relatively small cash reserves, any excess monies are placed in interest bearing bank accounts. The Trustees consider the return on such investments in the year to be satisfactory.
Reserves policy
The Trustees have been able, and continue to be able, to meet the charity's liabilities as they fall due and they also hold sufficient funds which are restricted for various activities and projects. Therefore, at present, the Trustees do not consider it necessary to have a specific reserves policy. They are, however, taking concerted steps to develop a series of initiatives so as to further improve the Charity's financial position.
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NER YISROEL EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
FINANCIAL REVIEW
Funds
At the year end, total funds held by the Charity amounted to 1,368,272 (2020: £1,365,316). Unrestricted funds amounted to £551,403 (2020: £543,426).
Restricted funds
Note 17 records the description, balances and movements on various restricted funds set up by the Charity over time, where income has been received, and resources expended , on specific areas related to the Charity's activities, designated for those purposes.
Plans for the future
Subject to the gradual easing of lockdown restrictions , The Charity will continue to provide on line resources for members and look forward to a time when members will be able to enjoy a communal, participative, full and spiritual Jewish life, in accordance with orthodox custom and practice.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Operational Structure
The trustees of the Synagogue work together with the Management Board, and their respective duties and responsibilities are governed by the constitution of the Synagogue. On the occasion of the resignation of a trustee, nominations for appointment are solicited from members who have relevant skills and are already active in the community.
In accordance with the constitution, Management Board members offer themselves for election at the Annual General Meeting. Trustees are entitled to attend all Board meetings. The Board is engaged in various areas of interest, with members and co-opted volunteers taking responsibility for specific areas; comprising:
-Religious affairs -Education -Youth and children services
-Premises, facilities and security -Finance and membership
In addition to the structures and responsibilities detailed above, the Synagogue also employs administrative and caretaking teams, who are responsible for the day-to-day management of the building and organising of events and celebrations in co-ordination with the relevant Management board members and/or volunteers. The administrative team are often the first contact for members needing to deal with matters of a sensitive nature, relating to life events and bereavements.
All significant operational decisions are taken by the Executive board, in consultation with the Trustees, after taking appropriate external advice should this be deemed necessary.
External affiliations
The constitution provides that the Synagogue recognises the authority of the Court of the Chief Rabbi of the United Kingdom and British Commonwealth (London Beth Din), but there is no formal affiliation with any external ecclesiastical body.
In respect of bereavement, members may choose to make burial contributions to the Burial Society of the Union of Orthodox Hebrew Congregations, to cover burial costs.
The Synagogue operates a Gemach fund for the alleviation of poverty within the local community. Near the year-end a separate Gemach charity was established to enhance the fundraising capabilities of the Gemach's work.
Risk management
The trustees regularly examine the major strategic and operational risks which the Synagogue faces and confirm that systems have been established to mitigate those risks. In light of Covid-19 pandemic risk assessments were conducted around finance, health and safety and premises and actions taken to ensure that identified risks could be minimised.
Despite Covid-19 pandemic, the trustees do not consider there to be any significant factors within or outside the charity's control which have affected the achievement of its objectives in the year or its future plans.
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NER YISROEL EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution
The Ner Yisroel Community was founded in October 1984. It is an association of Jews with the object of maintaining a place of public worship and advancing religious, educational, and charitable objects under registration number 327078.
The charity is controlled by its governing document, a Declaration of Trust dated 20 February 1986, and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
327078
Principal address
The Crest off Brent Street London NW4 2HY
Trustees
R Gorney M Pollak K Rosenberg
Rav
Rabbi Eliezer Zobin
Management Board
Moshe Shatzkes, chairman Simon Gold, treasurer Eliott Benjamin Veronique Berman Simon Bolsom Julie Cohn Chaim Evers Neil Ferber Ari Goldberg Jonathan Marriott Dov Nevies Oliver Sanders Benjy Trent (appointed 1 July 2020)
Independent Examiner
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Bankers
HSBC Canada Place Canary Wharf London E14 5AH
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NER YISROEL EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 Approved by order of the board of trustees on .. , and gned on Its bthalf by: R Gorney- Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NER YISROEL EDUCATIONAL TRUST Independent examiner's report to the trustees of Ner Ylsroel Educatlonal Trust f report to the charity truStS on my examination of the accounts of Ner Yisroel Educational Trust (the Trust) for the year ended 5 April 2021. Responsibilitie5 and basis of report As the charity trustees of the Tiust you a responsible for the preparatlon of the accounts In accordan with the requirements of the Charitie5 Act 2011 {'the Act'l. I rewrt in respettof my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examlnatlon I have followed all applicable Directlons gSven by the Charity CornmissK)n under Secti 145{5)Ibl of the Act. Independent examiner's statement Since yourcharity's gross income exceeded E250,000 your examiner must be a memberof a listed body. I can confirm that l am qualified to undertake the exarnination because l arn a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed t))dies. I have completed my examination. J confimi that no material matters have come to rny attention in connectlon with the examination giving rne cause to belleve that in any material respect.. accounting records were not kept in respect of the Trust as requSred by section 130 of the Art. oi the accounts do not accord with those records,. or the accounts do not comply with the applKable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve a true and fair view which is not a matter COndered as part of an independent examination. I have no conrn5 and have come acr055 llo other matters in connection with the examSnation to which attention should be drawn in this report In order to enable a proper understanding of the accounts to be reached. Aryeh Melinek, FCA Melinek Fine LLP Chartered Accountants First Floor, Winston Hou 349 Regents Park Rtsad London N3 IDH Date.. 31. 2022 Pa9e 5
NER YISROEL EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Education Nedovoth Kiddushim and Functions Seats Security related activities Miscellaneous Other trading activities 3 Investment income 4 Total EXPENDITURE ON Charitable activities 6 Donations and Grants Synagogue running costs Kiddushim and Functions Daf Yomi Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 343,018 4,998 11,290 434 1,677 4,859 3,417 9,218 74,253 453,164 30,350 408,008 450 6,379 445,187 7,977 543,426 551,403 |
Restricted funds £ 22,526 - - - - - - - - 22,526 26,396 1,151 - - 27,547 (5,021) 821,890 816,869 |
2021 Total funds £ 365,544 4,998 11,290 434 1,677 4,859 3,417 9,218 74,253 475,690 56,746 409,159 450 6,379 472,734 2,956 1,365,316 1,368,272 |
2020 Total funds £ 395,036 3,460 42,392 35,089 7,045 6,414 6,306 57,004 95,195 647,941 79,372 650,226 39,903 7,987 777,488 (129,547) 1,494,863 1,365,316 |
|---|---|---|---|---|
The notes form part of these financial statements
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NER YISROEL EDUCATIONAL TRUST BALANCE SHEET 5 APRIL 2021 2021 2020 FIXED ASSErs TaJIble assets li I,67990 1,685,945 CURRENT ASSETS Debtors Cash at bank and In hand 12 6,850 113 456 8,300 119 838 120J06 L28,138 CREDITORS Amounts falling due wthln one year 13 (74,166) (120,704) NET CURRENT LSSETS TOTAL ASSETS LESS CURRENT LIABILMES 1,726,030 1,693,379 CREDITORS Amounts falllro due after more thèn one year 14 {357,758) (328,063) NEf ASSETS 1368 272 1365 316 FUNDS Unrestricted lunds Re5trtcted funds 17 551,403 816 869 543,426 821890 TOTAL FUNDS 1365 316 The flnancSal statements were approved by the Board of Truse$ and authorlsed for Issue on nd were slgnoj on its behalf by.. R Gorney- Trustee M Pollak- Trustee The Th)t&s form part of these financlal ststements P¥Je 7
NER YISROEL EDUCATIONAL TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received Net cash provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
2021 £ (29,386) (11,686) (41,072) - - 2 2 50,000 (15,305) 34,695 (6,375) 119,831 113,456 |
2020 £ (82,150) (13,173) (95,323) (33,782) 975,000 7 941,225 - (831,603) (831,603) 14,299 105,532 119,831 |
|---|---|---|
The notes form part of these financial statements
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Decrease in debtors (Decrease)/increase in creditors Net cash used in operations 2. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within Total cash and cash equivalents 3. ANALYSIS OF CHANGES IN NET DEBT Net cash Cash at bank and in hand Bank overdraft Debt Debts falling due within 1 year Debts falling due after 1 year Total |
the one year At 6.4.20 £ 119,838 (7) 119,831 (12,555) (328,063) (340,618) (220,787) |
2021 £ 2,956 6,055 (2) 11,686 1,450 (51,531) (29,386) 2021 £ 238 113,218 - 113,456 Cash flow £ (6,382) 7 (6,375) (5,000) (29,695) (34,695) **(41,070) ** |
2020 £ (129,547) 8,074 (7) 13,173 13,086 13,071 (82,150) 2020 £ 935 118,903 (7) 119,831 At 5.4.21 £ 113,456 - 113,456 (17,555) (357,758) (375,313) (261,857) |
|---|---|---|---|
The notes form part of these financial statements
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparation of 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.
Changes in accounting policies
There are no significant changes to accounting policies or reclassifications of any figures due to amendments to the SORP or FRS 102. However, the presentation has changed slightly as support costs are now allocated to the various categories of charitable expenditure, rather than being reported as a separate line in the Statement of Financial Activities. The comparatives have also been restated to reflect this change.
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. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.
Incoming resources from generated funds - this includes membership income, one-off activities undertaken during the year, and income received from the letting out of the charity's premises during the year.
Incoming resources from charitable activities - this is comprised of various activities undertaken by the charity on a daily basis where donations are accepted for taking part and making use of the activities and services provided by the charity.
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. Expenditure is classified as follows:
i) Charitable expenditure - this is comprised of all expenditure incurred by the charity in the delivery of its activities and services and includes salaries and other expenses related to the costs of the synagogue. These costs have been allocated to the charitable activities on a basis consistent with the use of resources.
ii) Governance costs - this is comprised of all costs associated with meeting the constitutional and other statutory requirements of the charity.
Allocation of support costs
Support costs have been allocated to governance costs and comprise costs involving the public accountability of the charity and its compliance with regulations.
Governance costs have been allocated to synagogue running costs under charitable activities.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Fixtures and fittings | - 25% on reducing balance |
|---|---|
| Library Books | - 25% on reducing balance |
| Computer equipment | - 25% on reducing balance |
Depreciation is not provided on freehold land and buildings because the estimated residual value of these assets is considered by the trustees to be in excess of the carrying value in the financial statements.
Tangible fixed assets are stated at cost.
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
1. ACCOUNTING POLICIES - continued
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. The 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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
Pension costs have been allocated to synagogue running costs under charitable activities and are paid out of unrestricted funds.
Library Fund
Library fund represent a separate fund created for books which is being depreciated at a rate of 25% on reducing balance.
Going Concern
The accounts have been prepared on the going concern basis. The trustees consider that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements.
Financial Instruments
Financial instruments are classified and accounted for as either debt instruments or financial liabilities. Both assets and liabilities are all measured at amortised cost.
2.
DONATIONS AND LEGACIES
| Donations and Gifts Membership voluntary donations and income Gift aid Grants |
2021 £ 113,394 209,069 28,366 14,715 365,544 |
2020 £ 173,662 189,846 31,528 - 395,036 |
|---|---|---|
Included in donations and gifts are donations to support the work of the Ner Gemach £20,888 (2020: £60,866). This operates a separate fund to alleviate poverty within the local community.
Grants received, included in the above, are as follows:
| Job retention scheme | 2021 £ 14,715 |
2020 £ - |
|---|---|---|
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
3. OTHER TRADING ACTIVITIES
Fundraising events
| 2021 £ 9,218 |
2020 £ 57,004 |
|---|---|
Included in fundraising events for 2020 is £51,811 raised from a special dinner to celebrate the achievements of the retiring Rabbi and Rebetzin.
4. INVESTMENT INCOME
| Rental Income Deposit account interest |
2021 £ 74,251 2 74,253 |
2020 £ 95,188 7 95,195 |
|---|---|---|
5.
INCOME FROM CHARITABLE ACTIVITIES
| Education Nedovoth Kiddushim and Functions Seats Security grants and donations Miscellaneous |
2021 £ 4,998 11,290 434 1,677 4,859 3,417 26,675 |
2020 £ 3,460 42,392 35,089 7,045 6,414 6,306 100,706 |
|---|---|---|
6. CHARITABLE ACTIVITIES COSTS
| Donations and Grants Synagogue running costs Kiddushim and Functions Daf Yomi |
Direct Costs £ 56,746 405,666 450 6,379 469,241 |
Support costs (see note 7) £ - 3,493 - - 3,493 |
Totals £ 56,746 409,159 450 6,379 **472,734 ** |
|---|---|---|---|
Included in 'Donations and Grants' is £30,500 (2020: £62,400) paid to the Ner Gemach and £26,396 (2020: £16,971) paid to external organisations including the Board of Deputies, Adath Yisroel Burial Society and the North West London Mikveh.
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Synagogue running costs | 3,493 |
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | ||
|---|---|---|
| 2021 | 2020 | |
| Synagogue | ||
| running | Total | |
| costs | activities | |
| £ | £ | |
| Accountancy | 2,520 | 3,107 |
| Legal and professional | 973 | 4,350 |
| 3,493 | 7,457 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2021 £ 221,830 15,652 34,131 271,613 |
2020 £ 249,688 18,099 230,124 497,911 |
|---|---|---|
One employees received emoluments between £90,000 and £100,000.
The average monthly number of employees during the year was as follows:
| Management and administration | 2021 10 |
2020 10 |
|---|---|---|
No employees received emoluments in excess of £60,000.
The Executive Board handles the day to day running of the charity and there are no other key management personnel. There is therefore nothing to disclose in respect of key management compensation.
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2020) Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 373,666 21,370 Charitable activities Education 3,460 - Nedovoth 42,392 - Kiddushim and Functions 35,089 - Seats 7,045 - Security related activities 6,414 - Miscellaneous 6,306 - Other trading activities 57,004 - Investment income 95,195 - Total 626,571 21,370 EXPENDITURE ON Charitable activities Donations and Grants 62,400 16,972 Synagogue running costs 645,893 4,333 Kiddushim and Functions 39,903 - Daf Yomi 7,987 - Total 756,183 21,305 NET INCOME/(EXPENDITURE) (129,612) 65 RECONCILIATION OF FUNDS Total funds brought forward 673,038 821,825 TOTAL FUNDS CARRIED FORWARD 543,426 821,890 |
Total funds £ 395,036 3,460 42,392 35,089 7,045 6,414 6,306 57,004 95,195 647,941 79,372 650,226 39,903 7,987 777,488 (129,547) 1,494,863 1,365,316 |
|---|---|
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
11. TANGIBLE FIXED ASSETS
| Fixtures Freehold and property fittings £ £ COST At 6 April 2020 and 5 April 2021 1,661,727 137,704 DEPRECIATION At 6 April 2020 - 118,888 Charge for year - 4,704 At 5 April 2021 - 123,592 NET BOOK VALUE At 5 April 2021 1,661,727 14,112 At 5 April 2020 1,661,727 18,816 All assets are used in furtherance of the charity's activities. 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Trade creditors Social security and other taxes Other creditors Net Wages Pensions Accruals and deferred income |
Library Books £ 45,721 41,119 1,151 42,270 3,451 4,602 |
Computer equipment £ 11,332 10,532 200 10,732 600 800 2021 £ 1,500 5,350 6,850 2021 £ 17,555 7,441 5,419 1,419 - 694 41,638 74,166 |
Totals £ 1,856,484 170,539 6,055 176,594 1,679,890 1,685,945 2020 £ 1,500 6,800 8,300 2020 £ 12,562 20,396 11,647 2,383 609 690 72,417 120,704 |
|
|---|---|---|---|---|
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 15) | 2021 £ 357,758 |
2020 £ 328,063 |
|---|---|---|
The HSBC loan amounting to £325,313 (2020: £340,619) is secured by a charge over the charity's freehold land and buildings. It is repayable in instalments with a final repayment date of February 2036. Interest was being charged at a five year fixed rate of 4.3% over base rate up to April 2021, since which date the rate is now variable at 3.5% over bank of England Base Rate.
Included in bank loans is a Covid Bounce Back loan of £50,000 (2020: nil) borrowed in October 2020 from HSBC. It was drawn down as a precaution to give the Charity access to funds to further the charity's objectives should income from donations reduce because of the Corona virus. The loan is repayable in 60 equal instalments starting from October 2021 and interest is being charged from the end of the first year at 2.5%.
15. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Bank overdrafts Bank loans and overdrafts Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds £ Fixed assets 863,021 Current assets 120,306 Current liabilities (74,166) Long term liabilities (357,758) 551,403 |
Restricted funds £ 816,869 - - - 816,869 |
2021 £ - 17,555 17,555 20,555 67,665 269,538 2021 Total funds £ 1,679,890 120,306 (74,166) (357,758) 1,368,272 |
2020 £ 7 12,555 12,562 12,555 37,665 277,843 2020 Total funds £ 1,685,945 128,138 (120,704) (328,063) 1,365,316 |
|---|---|---|---|
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
17. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Building fund Mikveh fund Burial society fund Board of Deputies fund Library TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Mikveh fund Burial society fund Board of Deputies fund Library TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Building fund Mikveh fund Burial society fund Board of Deputies fund Library TOTAL FUNDS |
At 6.4.20 £ 543,426 812,826 1,053 3,103 4,980 (72) 821,890 1,365,316 Incoming resources £ 453,164 2,080 14,634 5,812 - 22,526 475,690 At 6.4.19 £ 673,038 812,826 544 1,654 2,540 4,261 821,825 1,494,863 |
Net movement in funds £ 7,977 - 160 (152) (3,878) (1,151) (5,021) 2,956 Resources expended £ (445,187) (1,920) (14,786) (9,690) (1,151) (27,547) (472,734) Net movement in funds £ (129,612) - 509 1,449 2,440 (4,333) 65 (129,547) |
At 5.4.21 £ 551,403 812,826 1,213 2,951 1,102 (1,223) 816,869 1,368,272 Movement in funds £ 7,977 160 (152) (3,878) (1,151) (5,021) 2,956 At 5.4.20 £ 543,426 812,826 1,053 3,103 4,980 (72) 821,890 1,365,316 |
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|---|---|---|---|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
NER YISROEL EDUCATIONAL TRUST
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Mikveh fund Burial society fund Board of Deputies fund Library TOTAL FUNDS |
Incoming resources £ 626,571 2,429 12,511 6,430 - 21,370 647,941 |
Resources Movement expended in funds £ £ (756,183) (129,612) (1,920) 509 (11,062) 1,449 (3,990) 2,440 (4,333) (4,333) (21,305) 65 (777,488) (129,547) |
|---|---|---|
At the year end the Trustees have reviewed the balances on each of the restricted funds to assess the value of the charity's underlying commitment or liability for each fund given the resources expended or received in the last few years. The net movement in funds for each account includes an adjustment at the year end so that the year end balances are a reflection of the value of this commitment or liability as at 5 April 2021.
The Building fund represents the sums collected from members over many years for supporting the premises of the Ner Campus.
The Library fund represents library books purchased with the insurance proceeds, to replace those lost in the fire, after depreciation.
18. RELATED PARTY DISCLOSURES
During the year, one of the trustees, M Pollak provided Daf Yomi Lectures for which 6,379: (2020: £7,407) was paid. At 5 April 2021 there were no amounts outstanding.
19. ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party.
20. FINANCIAL INSTRUMENTS
Under FRS 102 financial instruments are disclosed in the notes to the accounts. A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of an other entity.
| Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
2021 £ 113,457 390,288 |
2020 £ 119,838 364,733 |
|---|---|---|
Financial assets are comprised of bank deposits.
Financial liabilities are comprised of short term bank loans and overdrafts of £17,555 (2020: £12,555), trade creditors of £7,441 (2020: £20,396), other creditors of £7,532 (2020: £15,329) and long term bank loans of £357,759 (2020: £344,597).
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