REGISTERED CHARITY NUMBER: 327078
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2023
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 2023
| 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 2023
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 2023. 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 campus opened in full for in-person activities, as the Covid-19 pandemic subsided, and combined with online technology offered many communal, educational and welfare programmes, as well as religious services. The board implemented a range of support services 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.
Regular, high-level study groups in matters of Jewish tradition, philosophy, law and practice, including a daily Daf Yomi lecture continued.
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 £8,909 (2022: £74,672).
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 2023, the Treasurer conducted a review of forecast income and expenditure, 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, when available, 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.
Funds
At the year end, total funds held by the Charity amounted to £1,451,853 (2022: £1,442,944). Unrestricted funds amounted to £631,698 (2022: £623,457).
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.
Page 1
NER YISROEL EDUCATIONAL TRUST
Report of the Trustees FOR THE YEAR ENDED 5 APRIL 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Operational Structure
The Trustees work together with the Management Board of the Ner Yisroel community, "The Community", whose duties and responsibilities are governed by the constitution of the Community. 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 Trustees also employ 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 of The Community 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 Community 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 Community operated a Gemach fund for the alleviation of poverty within the local community for many years. a 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 Trust faces and confirm that systems have been established to mitigate those risks.
As the Covid-19 pandemic has ended, 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 for the future.
Constitution
The Ner Yisroel Educational Trust was founded in October 1984. It is a charity with the object of maintaining a place of public worship and advancing religious, educational, and charitable objects under registration number 327078. The Trustees work with the Ner Yisroel Community and make the premises available to the community for its use as a synagogue and Jewish educational establishment.
The Trust 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
Page 2
NER YISROEL EDUCATIONAL TRusr FOR THE YEAR ENDED 5 APAIL 2023 Trust R Gorney M Pollak K Rosenbery RIV Rabbl Elkzer ZoLNn Man•g•m•nt Bo•rd of the Iler Yl•n>d Communlty Moshe Shatzke5, Chairnn Slmon Gokj, Treasurer Ellott Benjamln Simon Bd5om Julle Cohn Benjy Epstebn Nell Ferber Arl Goklbery Geofftey Hollander Edward Howanl Shmull iAThtsbery Jonathan Marrf(rtt lfidep•nd•nt Examln•r Mellnek Flne LLP Flfst Fb)r, Wlnston House 349 Regents Parf( Road Lon(k)n N3 IDH B•nk¢r• HSBC Canada Place Canary Wharf London E14 SAH opr(Md by ord of the rd of truste¢$ on 22 January 2024 and gned on Its belwW ty,, Page 3
Endep¢ndent Examiner's Report to the Trustees of Ner Yisrool Educational Trust Independent examiner's report to the trustees of Ner Ylsroel Educational Trust I report to the charity trustees on my exarninèt*on of the accounts of Ner Yi5roel Educational Trust (the Trust) for the year ended 5 Ap¥il 2023. Responsibilities and basis of repoit As the charity trustee5 Of the Trust you are respon&ble for the preparatlon of the accounts in accordance wlth the requirements of the Chafitie5 Act 20111.the Art'}. I report in respert of my examination of the Trust's accounts rrIed out under Section 145 of the Act and in carryiThJ out my exarnination I have followed all applicable Direcknons given by the Charity Commisgon under Section L45151{b> of the Att. Indepondent examiner's statement Since your charity's gross income exceeded £250,OIX) your examiner must be a member of a listed body. I can confirm that I arn qualified to undertake the exaniination because l am a member of the Institute of Chartered Accountants in England and Walcs, which is one of the Ilsted bodie.s. I have completed my examination. I confirm that no material matters have come to rny attention in connection with the examination giving me cause to believe that in any material respert.. accounting records were not kept in respect of the Trust as qUIred by Section 130 of the Att; or the account5 do not accord with those records. or the accounts do not comply with the aPplicae requirements COnrning the fDrm 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 corne across no other matters in connection with the examination to whKh attention should be drawn In thi5 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 House 349 Regents Park Road London N3 IDH Page 4
NER YISROEL EDUCATIONAL TRUST
Statement of Financial Activities
FOR THE YEAR ENDED 5 APRIL 2023
| 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 £ 353,383 3,530 31,884 30,149 3,769 10,760 3,038 4,514 98,808 539,835 9,314 450,588 39,477 31,945 531,324 8,511 623,457 631,968 |
Restricted funds £ 20,916 - - - - - - - - 20,916 18,834 1,684 - - 20,518 398 819,487 819,885 |
2023 Total funds £ 374,299 3,530 31,884 30,149 3,769 10,760 3,038 4,514 98,808 560,751 28,148 452,272 39,477 31,945 551,842 8,909 1,442,944 1,451,853 |
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 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
NER YISROEL EDUCATIOIIAL TRusr 5 APRXL 2023 2023 2022 Notes TarKJlble assets li 1,688,757 1,697,766 CURRENT ASSErs Debtors Cash at bank and in hand 12 128.630 115,5CKJ 166,589 176,2 CREDm)RS Amunts falkn'ng due withln one year 13 (91,703) (95,030) NEf CURRENT ASSErs YOTAL ASSEfs LESS CURRENT UAMLrnES 1,763,643 1.779,016 CREDrroAS Amounts fallkng due after me than one year 14 (311,790) (336,0721 NEf ASSErs 1451853 FUNDS Unrestrtcted funds Resthcted fvnds 17 631,968 623,457 819 487 1451853 1442 944 The finaal statements approved by 8oard ofTrustees and authorlseo for Iue on 22 January 2024 arKI re sljned on Its tehaff by.. R Gorney- Tru#ee K Ro5enbeFg - Tnjstee The notes form part rfthese finanoal st*ements Page 6
NER YISROEL EDUCATIONAL TRUST
Cash Flow Statement
FOR THE YEAR ENDED 5 APRIL 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Loan repayments in year Net cash 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 Cash and cash equivalents at the end of the reporting period |
2023 £ 19,617 (18,155) 1,462 - - (24,283) (24,283) (22,821) 60,780 37,959 |
2022 £ 7,501 (9,602) (2,101) (29,890) (29,890) (20,685) (20,685) (52,676) 113,456 60,780 |
|---|---|---|
The notes form part of these financial statements
Page 7
NER YISROEL EDUCATIONAL TRUST
Notes to the Cash Flow Statement
FOR THE YEAR ENDED 5 APRIL 2023
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Net income for the reporting period (as per the Statement of | |||||
| Financial Activities) | 8,909 | 74,672 | |||
| Adjustments for: | |||||
| Depreciation charges | 9,010 | 12,013 | |||
| Interest paid | 18,155 | 9,602 | |||
| Increase in debtors | (13,130) | (108,650) | |||
| (Decrease)/increase in creditors | (3,327) | 19,864 | |||
| Net cash provided by operations | 19,617 | 7,501 | |||
| 2. | ANALYSIS OF CHANGES IN NET DEBT | ||||
| At 6.4.22 | Cash flow | At 5.4.23 | |||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank and in hand | 60,780 | (22,821) | 37,959 | ||
| 60,780 | (22,821) | 37,959 | |||
| Debt | |||||
| Debts falling due within 1 year | (18,555) | - | (18,555) | ||
| Debts falling due after 1 year | (336,072) | 24,282 | (311,790) | ||
| (354,627) | 24,282 | (330,345) | |||
| Total | (293,847) | 1,461 | (292,386) |
The notes form part of these financial statements
Page 8
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements FOR THE YEAR ENDED 5 APRIL 2023
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.
continued...
Page 9
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
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 |
2023 £ 93,310 241,818 39,171 - 374,299 |
2022 £ 176,072 198,942 41,023 514 416,551 |
|---|---|---|
Included in donations and gifts are donations to support the work of the Ner Gemach £2,349 (2022: £13,930). This operates a separate fund to alleviate poverty within the local community.
Grants received, included in the above, are as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Job retention scheme | - | 514 |
continued...
Page 10
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
| 3. OTHER TRADING ACTIVITIES Fundraising events 4. INVESTMENT INCOME Rental Income 5. INCOME FROM CHARITABLE ACTIVITIES Education Nedovoth Kiddushim and Functions Seats Security grants and donations Miscellaneous 6. CHARITABLE ACTIVITIES COSTS |
2023 £ 4,514 2023 £ 98,808 2023 £ 3,530 31,884 30,149 3,769 10,760 3,038 83,130 |
2022 £ 5,184 2022 £ 85,911 2022 £ 6,970 23,506 15,362 1,060 8,352 232 55,482 |
|---|---|---|
| Donations and Grants Synagogue running costs Kiddushim and Functions Educational and religious services and programmes |
Direct Costs £ 28,148 450,737 39,477 31,945 550,307 |
Support costs (see note 7) £ - 1,535 - - 1,535 |
Totals £ 28,148 452,272 39,477 31,945 551,842 |
|---|---|---|---|
Included in 'Donations and Grants' is £2,044 (2022: £16,155) paid to the Ner Gemach and £18,834 (2022: £17,966) paid to external organisations including the Board of Deputies, Adath Yisroel Burial Society and the North West London Mikveh.
7. SUPPORT COSTS
Synagogue running costs
Governance costs £ 1,535
continued...
Page 11
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
7. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | ||
|---|---|---|
| 2023 | 2022 | |
| Synagogue | ||
| running | Total | |
| costs | activities | |
| £ | £ | |
| Accountancy | 1,500 | 1,650 |
| Legal and professional | 35 | 898 |
| 1,535 | 2,548 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
9. STAFF COSTS
One employee received emoluments between £100,000 and £110,000.
The average monthly number of employees during the year was as follows:
| Management and administration | 2023 10 |
2022 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.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022)
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Education Nedovoth Kiddushim and Functions Seats Security related activities Miscellaneous Other trading activities Investment income Total |
Unrestricted funds £ 395,104 6,970 23,506 15,362 1,060 8,352 232 5,184 85,911 541,681 |
Restricted funds £ 21,447 - - - - - - - - 21,447 |
Total funds £ 416,551 6,970 23,506 15,362 1,060 8,352 232 5,184 85,911 563,128 |
|---|---|---|---|
EXPENDITURE ON
continued...
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NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (5 APRIL 2022) - continued |
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total |
|||||
| funds | funds | funds | |||||
| £ | £ | £ | |||||
| Charitable activities | |||||||
| Donations and Grants | 16,155 | 17,966 | 34,121 | ||||
| Synagogue running costs | 399,362 | 863 | 400,225 | ||||
| Kiddushim and Functions | 24,464 | - | 24,464 | ||||
| Educational and religious services | and | ||||||
| programmes | 29,646 | - | 29,646 | ||||
| Total | 469,627 | 18,829 | 488,456 | ||||
| NET INCOME | 72,054 | 2,618 | 74,672 | ||||
| RECONCILIATION OF FUNDS | |||||||
| Total funds brought forward | 551,403 | 816,869 | 1,368,272 | ||||
| TOTAL FUNDS CARRIED FORWARD | 623,457 | 819,487 | 1,442,944 | ||||
| 11. | TANGIBLE FIXED ASSETS | ||||||
| Fixtures | |||||||
| Freehold | and | Library | Computer | ||||
| property | fittings | Books | equipment | Totals | |||
| £ | £ | £ | £ | £ | |||
| COST | |||||||
| At 6 April 2022 and | |||||||
| 5 April 2023 | 1,661,727 | 167,594 | 45,721 | 11,332 | 1,886,374 | ||
| DEPRECIATION | |||||||
| At 6 April 2022 | - | 134,592 | 43,133 | 10,882 | 188,607 | ||
| Charge for year | - | 8,250 | 647 | 113 | 9,010 | ||
| At 5 April 2023 | - | 142,842 | 43,780 | 10,995 | 197,617 | ||
| NET BOOK VALUE | |||||||
| At 5 April 2023 | 1,661,727 | 24,752 | 1,941 | 337 | 1,688,757 | ||
| At 5 April 2022 | 1,661,727 | 33,002 | 2,588 | 450 | 1,697,767 | ||
| All assets are used in furtherance | of the charity's | activities. | |||||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other debtors | 103,500 | 101,500 | |||||
| Prepayments and accrued income | 25,130 | 14,000 | |||||
| 128,630 | 115,500 |
continued...
Page 13
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
13. 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 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 15) |
2023 £ 18,555 14,165 5,852 180 803 52,148 91,703 2023 £ 311,790 |
2022 £ 18,555 10,069 5,811 4,317 - 56,278 95,030 2022 £ 336,072 |
|---|---|---|
The HSBC loan amounting to £294,699 (2022: £309,356) 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 £35,646 (2022: £45,272) 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 |
2023 £ 18,555 20,555 67,665 223,570 |
2022 £ 18,555 20,555 67,937 247,580 |
|---|---|---|
continued...
Page 14
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Current assets Current liabilities Long term liabilities |
Unrestricted funds £ 868,872 166,589 (91,703) (311,790) 631,968 |
Restricted funds £ 819,885 - - - 819,885 |
2023 Total funds £ 1,688,757 166,589 (91,703) (311,790) 1,451,853 |
2022 Total funds £ 1,697,766 176,280 (95,030) (336,072) 1,442,944 |
|---|---|---|---|---|
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 |
At 6.4.22 £ 623,457 812,826 2,793 5,297 657 (2,086) 819,487 1,442,944 Incoming resources £ 539,835 1,900 13,771 5,245 - 20,916 560,751 |
Net movement in funds £ 8,511 - (60) 1,397 745 (1,684) 398 8,909 Resources expended £ (531,324) (1,960) (12,374) (4,500) (1,684) (20,518) (551,842) |
At 5.4.23 £ 631,968 812,826 2,733 6,694 1,402 (3,770) 819,885 1,451,853 Movement in funds £ 8,511 (60) 1,397 745 (1,684) 398 8,909 |
|
|---|---|---|---|---|
continued...
Page 15
NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
17. MOVEMENT IN FUNDS - continued
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 |
Net movement in funds £ 72,054 - 1,580 2,346 (445) (863) 2,618 74,672 |
At 5.4.22 £ 623,457 812,826 2,793 5,297 657 (2,086) 819,487 1,442,944 |
|---|---|---|---|
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 £ 541,681 1,580 14,817 5,050 - 21,447 563,128 |
Resources Movement expended in funds £ £ (469,627) 72,054 - 1,580 (12,471) 2,346 (5,495) (445) (863) (863) (18,829) 2,618 (488,456) 74,672 |
|---|---|---|
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 2023.
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.
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NER YISROEL EDUCATIONAL TRUST
Notes to the Financial Statements - continued FOR THE YEAR ENDED 5 APRIL 2023
18. RELATED PARTY DISCLOSURES
During the year, one of the trustees, M Pollak provided Daf Yomi Lectures for which £6,700 (2022: £6,878) was paid. At 5 April 2023 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 |
2023 £ 156,608 351,344 |
2022 £ 162,280 374,823 |
|---|---|---|
Financial assets are comprised of bank and cash deposits of £37,9858 (2022: £60,780) and other debtors of £118,650 (2022: £101,500).
Financial liabilities are comprised of short term bank loans and overdrafts of £18,555 (2022: £18,555), trade creditors of £14,164 (2022: £10,069), other creditors of £6,835 (2022: £10,127) and long term bank loans of £311,790 (2022: £336,072).
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