REGISTERED CHARITY NUMBER: 327078
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
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 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Cash Flow Statement | 7 |
| Notes to the Cash Flow Statement | 8 |
| Notes to the Financial Statements | 9 to 17 |
NER YISROEL EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
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 2022. 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, Ner Yisroel was able to open the campus more fully, as the Covid-19 pandemic subsided, and combined in-person and online technology to offer many communal religious services and educational and welfare programmes. The board implemented a range of support groups to help the community. Our Rav, Rabbi Zobin, and Rebbetzin Zobin offered leadership and guidance in all spiritual matters and many practical matters caused by lockdown restrictions.
Ner Yisroel continued to offer a range of daily community-based activities including life cycle celebrations, and the campus-based nursery and crèche were able to offer much needed support to local families who were key workers. The early adoption of online 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 £74,672 (2021: £2,956).
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 2022, the Treasurer conducted a review of forecast income and expenditure in light of the existing Covid-19 lockdown restrictions. A budget 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 2022
FINANCIAL REVIEW
Funds
At the year end, total funds held by the Charity amounted to £1,442,944 (2021: £1,368,272. Unrestricted funds amounted to £623,457 (2021: £551,403).
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
The Charity aims to provide full, participative, campus-based and online resources for members and visitors to enjoy and experience a full, communal, 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 Management 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 for many years. In 2019 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 the 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 plans.
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NER YXSROEL EDUCATIONAL TRLIST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 STRUCTURE, GOVERNANCE AMD MAMAGEMEKr Constltutlon The Neryisrael CA)mmunty was founded in Ottoter 1984. It is an a550ciation ofJew5 th the ob]'ert of maintslning a place of publ* worshlp ènd athnclng religious, edLKational. and charitsble objetts under reglstrètlon number 327078. The charty Is controlled by its gjveming dooJmenL a Declaration of Trust dated 20 February 1986, and constltutes an unlnoJrpJrat8J charty. REFeReNCE AND ADMINIsfRATIVE DETLs R•glgtered Charlty numbor 327078 Prlnclpal addr• The Crest off Brent Street London NW4 2HY Trust¢¢s R Gorney M Pollak K Rosenbwg Ratèl Ellezer Zobln Managemant Uoard M05he Shatzkes, chalman Slmon Gold, treagjrer Eliott Benjamln Slmon Bolsorn Julle Cohn Nell Ferber Arl Goldberg Jonathan Mathott 8enly Epsteln {appolnted 11 January 2022) Edward Howard (apwlnted 11 January 2022) Geoffrey Hollander {appolnted 11 January 20221 Shmull Landsberg lappoSnt& 11 January 20221 independent Examln Mellnek Hne LLP Chartered Accountants Flrst Floor, Wlnston House 349 Regents Park Road London N3 IDH Bbnkers HSBC Camd8 Ha Camry Wharf London E14 SAH Apwoved rder L>wd of trustee5 on 2 February 2023 and Sn on its behalf by.. R G{ey. Trustee Page 3
NER YISROEL EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| 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 Educational and religious services and programmes Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 395,104 6,970 23,506 15,362 1,060 8,352 232 5,184 85,911 541,681 16,155 399,362 24,464 29,646 469,627 72,054 551,403 **623,457 ** |
Restricted funds £ 21,447 - - - - - - - - 21,447 17,966 863 - - 18,829 2,618 816,869 **819,487 ** |
2022 Total funds £ 416,551 6,970 23,506 15,362 1,060 8,352 232 5,184 85,911 563,128 34,121 400,225 24,464 29,646 488,456 74,672 1,368,272 1,442,944 |
2021 Total funds £ 365,544 4,998 11,290 434 1,677 4,859 3,417 9,218 74,253 475,690 56,746 391,740 450 23,798 472,734 2,956 1,365,316 1,368,272 |
|---|---|---|---|---|
The notes form part of these financial statements
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NER YISROEL EDUCATIONAL TRUST BALA14CE SHEEr 5 APRIL 2022 2022 2021 Notes FIXED ASSETS Tanglble as5et5 li 1.697.766 1,679,890 CURREKf ASSETS Debtors Cash at bank and In hand 12 115,500 6,850 113 456 176,280 120,306 CREDITORS Amounts falling due wSthln one year 13 (95,030) 174,1661 NET CURREMT ASSETS TOTAL ASSETS LESS UJRRE14T UABILrriES 1,779,016 1,726,030 CREDrroRS Amounts falllng due after rnore than cffje year 14 {336,072) 1357,758) NET ASSErs 136B 272 FUNDS Unrestrlcted fiiTrJs Restrfcted fund5 17 623,457 551,403 819 7 816 869 TOTAL FUNI)S 1368 272 The financlal statents we approved by the Board ol Trustees aTh1 authcrflsed for Sssue on 2 February 2023 and were gned on Its tthalf R Gomey. Trustee M Pc41ak . Trustee The notes form part of these financol #aternents P4e6
NER YISROEL EDUCATIONAL TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022
| 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 Interest received Net cash (used in)/provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 7,501 (9,602) (2,101) (29,890) - (29,890) - (20,685) (20,685) (52,676) 113,456 60,780 |
2021 £ (29,386) (11,686) (41,072) - 2 2 50,000 (15,305) 34,695 (6,375) 119,831 113,456 |
|---|---|---|
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 2022
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 £ Net income for the reporting period (as per the Statement of Financial Activities) 74,672 Adjustments for: Depreciation charges 12,013 Interest received - Interest paid 9,602 (Increase)/decrease in debtors (108,650) Increase/(decrease) in creditors 19,864 Net cash provided by/(used in) operations 7,501 2. ANALYSIS OF CHANGES IN NET DEBT At 6.4.21 Cash flow £ £ Net cash Cash at bank and in hand 113,456 (52,676) 113,456 (52,676) Debt Debts falling due within 1 year (17,555) (1,000) Debts falling due after 1 year (357,758) 21,686 (375,313) 20,686 Total (261,857) **(31,990) ** |
2021 £ 2,956 6,055 (2) 11,686 1,450 (51,531) (29,386) At 5.4.22 £ 60,780 60,780 (18,555) (336,072) (354,627) **(293,847) ** |
|---|---|
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 2022
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 daily 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 2022
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 |
2022 £ 176,072 198,942 41,023 514 **416,551 ** |
2021 £ 113,394 209,069 28,366 14,715 |
|---|---|---|
| 365,544 |
Included in donations and gifts are donations to support the work of the Ner Gemach £13,930 (2021: £20,888). This operates a separate fund to alleviate poverty within the local community.
Grants received, included in the above, are as follows:
| Job retention scheme | 2022 £ 514 |
2021 £ 14,715 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
NER YISROEL EDUCATIONAL TRUST
3. OTHER TRADING ACTIVITIES
| Fundraising events 4. INVESTMENT INCOME Rental Income Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Education Nedovoth Kiddushim and Functions Seats Security grants and donations Miscellaneous 6. CHARITABLE ACTIVITIES COSTS Donations and Grants Synagogue running costs Kiddushim and Functions Educational and religious services and programmes |
Direct Costs £ 34,121 397,677 24,464 29,646 485,908 |
2022 £ 5,184 2022 £ 85,911 - 85,911 2022 £ 6,970 23,506 15,362 1,060 8,352 232 55,482 Support costs (see note 7) £ - 2,548 - - 2,548 |
2021 £ 9,218 2021 £ 74,251 2 74,253 2021 £ 4,998 11,290 434 1,677 4,859 3,417 26,675 Totals £ 34,121 400,225 24,464 29,646 488,456 |
|
|---|---|---|---|---|
Included in 'Donations and Grants' is £16,155 (2021 £30,500) paid to the Ner Gemach and £17,966 (2021: £26,396) 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 2022
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Synagogue running costs | 2,548 |
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | ||
|---|---|---|
| 2022 | 2021 | |
| Synagogue | ||
| running | Total | |
| costs | activities | |
| £ | £ | |
| Accountancy | 1,650 | 2,520 |
| Legal and professional | 898 | 973 |
| 2,548 | 3,493 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs One employee received emoluments between £90,000 and £100,000. The average monthly number of employees during the year was as follows: Management and administration |
2022 £ 241,930 16,906 14,550 273,386 2022 10 |
2021 £ 221,830 15,652 34,131 271,613 2021 10 |
|
|---|---|---|---|
The Management 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 2022
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2020) Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 343,018 22,526 Charitable activities Education 4,998 - Nedovoth 11,290 - Kiddushim and Functions 434 - Seats 1,677 - Security related activities 4,859 - Miscellaneous 3,417 - Other trading activities 9,218 - Investment income 74,253 - Total 453,164 22,526 EXPENDITURE ON Charitable activities Donations and Grants 30,350 26,396 Synagogue running costs 390,589 1,151 Kiddushim and Functions 450 - Educational and religious services and programmes 23,798 - Total 445,187 27,547 NET INCOME/(EXPENDITURE) 7,977 (5,021) RECONCILIATION OF FUNDS Total funds brought forward 543,426 821,890 TOTAL FUNDS CARRIED FORWARD 551,403 816,869 |
Total funds £ 365,544 4,998 11,290 434 1,677 4,859 3,417 9,218 74,253 475,690 56,746 391,740 450 23,798 472,734 2,956 1,365,316 1,368,272 |
|---|---|
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
11. TANGIBLE FIXED ASSETS
| COST At 6 April 2021 Additions At 5 April 2022 DEPRECIATION At 6 April 2021 Charge for year At 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 |
Freehold property £ 1,661,726 - 1,661,726 - - - 1,661,726 1,661,726 |
Fixtures and fittings £ 137,704 29,890 167,594 123,592 11,000 134,592 33,002 14,112 |
Library Books £ 45,721 - 45,721 42,270 863 43,133 2,588 3,451 |
Computer equipment £ 11,332 - 11,332 10,732 150 10,882 450 600 |
Totals £ 1,856,483 29,890 1,886,373 176,594 12,013 188,607 1,697,766 1,679,889 |
|---|---|---|---|---|---|
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 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Trade creditors Social security and other taxes Other creditors Pensions Accruals and deferred income |
2022 £ 101,500 14,000 115,500 2022 £ 18,555 10,069 5,811 4,317 - 56,278 95,030 |
2021 £ 1,500 5,350 6,850 2021 £ 17,555 7,441 5,419 1,419 694 41,638 74,166 |
|
|---|---|---|---|
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 15) | 2022 £ 336,072 |
2021 £ 357,758 |
|---|---|---|
The HSBC loan amounting to £309,356 (2021: £325,313) 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 £45,272 (2021: £50,000) 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 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 878,279 Current assets 176,280 Current liabilities (95,030) Long term liabilities (336,072) **623,457 ** |
Restricted funds £ 819,487 - - - 819,487 |
2022 £ 18,555 20,555 67,937 247,580 2022 Total funds £ 1,697,766 176,280 (95,030) (336,072) 1,442,944 |
2021 £ 17,555 20,555 67,665 269,538 2021 Total funds £ 1,679,890 120,306 (74,166) (357,758) 1,368,272 |
|---|---|---|---|
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 2022
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 6.4.21 £ 551,403 812,826 1,213 2,951 1,102 (1,223) 816,869 1,368,272 Incoming resources £ 541,681 1,580 14,817 5,050 - 21,447 563,128 At 6.4.20 £ 543,426 812,826 1,053 3,103 4,980 (72) 821,890 1,365,316 |
Net movement in funds £ 72,054 - 1,580 2,346 (445) (863) 2,618 74,672 Resources expended £ (469,627) - (12,471) (5,495) (863) (18,829) (488,456) Net movement in funds £ 7,977 - 160 (152) (3,878) (1,151) (5,021) 2,956 |
At 5.4.22 £ 623,457 812,826 2,793 5,297 657 (2,086) 819,487 1,442,944 Movement in funds £ 72,054 1,580 2,346 (445) (863) 2,618 74,672 At 5.4.21 £ 551,403 812,826 1,213 2,951 1,102 (1,223) 816,869 1,368,272 |
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NER YISROEL EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
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 £ 453,164 2,080 14,634 5,812 - 22,526 475,690 |
Resources Movement expended in funds £ £ (445,187) 7,977 (1,920) 160 (14,786) (152) (9,690) (3,878) (1,151) (1,151) (27,547) (5,021) (472,734) 2,956 |
|---|---|---|
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 2022.
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 £6,878 (2021: £6,379) was paid. At 5 April 2022 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 |
2022 £ 60,780 392,379 |
2021 £ 113,457 390,288 |
|---|---|---|
Financial assets are comprised of bank deposits.
Financial liabilities are comprised of short term bank loans and overdrafts of £18,555 (2021: £12,555), trade creditors of £10,069 (2021: £7,442), other creditors of £10,127 (2021: £7,532) and long term bank loans of £336,072 (2021: £357,759).
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