CHARITY REGISTRATION NUMBER: 803129
FRIENDS OF BEIS YISROEL TRUST UNAUDITED FINANCIAL STATEMENTS
31 DECEMBER 2020
FRIENDS OF BEIS YISROEL TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
FRIENDS OF BEIS YISROEL TRUST
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Friends of Beis Yisroel Trust Charity registration number 803129 Principal office New Burlington House 1075 Finchley Road London NW11 0PU
THE TRUSTEES Mr J S Prager Mr R Wechsler Mr M Kesselman
INDEPENDENT EXAMINER David Goldberg FCA, DCHA
New Burlington House 1075 Finchley Road London NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is constituted as a charitable trust, and is therefore governed by its Trust Deed dated 14 March 1990.
The day-to-day affairs of the charity are administered by trustees. None of the trustees have any beneficial interest in the charity.
It is not currently the intention of the trustees of the Charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and procedures.
OBJECTIVES AND ACTIVITIES
The charity's object and its principal activity continues to be that providing grants for the enhancement of education and religion and for the relief of poverty.
The charity receives income from donations which it utilises in the provision and distribution of grants and donations, and in particular to assist the Beis Yisroel Yeshiva Talmudical College of Jerusalem.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
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FRIENDS OF BEIS YISROEL TRUST TRUSTEES. ANNUAL REPORT (c•w YEAR EIYDED 31 DECEMBER 2020 ACHIEVEMENTS AND PERFORMANCE Dunng the l'ear the chanh. Continu its planthrop1¢ litieS in supp)rt of Teligiijus, ¢duClOnal, and othor ¢htiritabl¢ fftstitutione and. gregth donatio in the 111m nf f l)7,(KX) (21119. £17Q.(K)O) were paid in the year 31 December 2020. Th¢ financial rcsults of the charits s tIl.11]eS for the !'¢ar ended 31 Dccember 2020 are fully reflected In Ihc attached financial w¥ether wi(h th¢ i¥JL<S dicrw FINANCIAL REVIEW Reserve Policy It 15 thc of the chan'ty to mainthin unrestrictrd funds at a level M'hich the tnle¢S ibj'nk. appropriate, aft¢r ¢onsidcnng th¢ futsue commitsn¢nts of thc chan'ts, and thc likcl!. w of the ¢harity for the neyt N'ear. As al 31 D¢c¢mbcr 2020 the ¢harits' funds of£5.362. all of wkn'ch are unrestricted rcserv¢s. CwrAnt mkin8 policy Cirants arc mad¢ io chan'thble i]LStituiions and tyganisauons w.¢h x¢cfd with thc oly'ects of the charit!., and in particular to Bcis Yisrctl Y¢shiN'a. Risk Mana£ement The truslecs hai'¢ id¢niified and rci'i¢ii'¢d thc major risk5 to Mhich thc chariti. is exwscd. in particular thosc rclatcd thc Okxratson5 and financc orth¢ ¢hanty'. and arc satssficd that S%erns are in pla¢¢ to mana¥e th(v£ nsks. PLANS FOR FUTURE PERIODS Thc twst¢¢s plan to contthue lo mak.e th"Stn'tO in xcordancc M'ith their an1 making FK)licv and to ensure thal an appropria lth'el of rcseTh'es is mainlaincd. Th¢ trustees, annual was approvcd m 23 Augusi 2021 and sId on haIr of thc iM)ard or trustoeB Efv,: MRJSP GER Trus¢
FRIEiYDS OF BEIS YISROEL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF BEIS YISROEL TRUST YEAR ENDED 31 DECEMBER 2020 I report lo the trustees on rny examination of thc financial statem¢niS of Friends of Bels Yisroel Trust I'the charity,) for the year ended 31 Dcceinber 2020. RESPONSIBILITIES AND BASIS OF REPORT As ihe trustees of tlic charity you are responsible for the prcparation of the fii)ancial staternents in Accordan¢e will) tlie T¢quircments of th¢ Charities Act 2011 ('the A¢t'). repom in respcct of my examination of the charity'5 financial statcmenis Cal¢d out under section 145 of tlic 2011 Act and in carrying out my exaininalion I have followcd all the applicjblc Direc¢ion5 given by the Charity Commission und¢r section 145(5){bl of ihe Act. INDEPENDENT EXAMINER'S STATEMENT Sin¢e the charity's gross income Cxceedcd £250,0 your cxaminer Inu$t be a Inember of a 1KY listed in seclion 145 of the 2011 Acl. I confirm ihot l arn qualified io undertake thc cxainination becaus¢ I ain a member of the Instilute of Chg4rtcr¢d Accounlanis in England and Wale5 {ICAEW). which is one of thc listcd b(Trdies. I hav¢ coinplcled my cxamination. I confim) that no material matters hav¢ come to my allention in Connection wilh the examination giving me cause lo believe that in any material respv¢t.. accounting records were noi kept in respect of the charity a5 required by 5eclion 130 of the Act- or the financial stalcments do not accord with those rccords: or the finaneilll ststemcn¢s do noi comply with thc applicable rcquircments con¢¢rning the fonn and ¢onteni of accounts set oul in the Charitie5 (Accoun15 and R¢ponsl Regulations 2008 oth¢r than any requirement ¢liat the accounts giv¢ a 'true and fair, view which 15 nol a Inatter considered a5 P&rt of an independent examination. I havc no eonccrns 8nd have coine across no other Inatters in coni)ection wilh thc cxaminaiion to wliich atiention should be drawn in this report in order to enable d pi'oper understanding of thc accounts to bc reached. DAVI BERG FCA, DCHA 'Ilt Exarniner Ncw Burlingtoii House 1075 FinLhley Road London NWI I OPU 23 August 2021
FRIENDS OF BEIS YISROEL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | 4 | 317,273 | 317,273 | 343,463 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL INCOME | 317,273 | 317,273 | 343,463 | |
| ===================================== | ===================================== | ===================================== | ||
| EXPENDITURE | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 5 | (100) | (100) | (3,905) |
| Expenditure on charitable activities | 6,7 | (329,025) | (329,025) | (372,130) |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL EXPENDITURE | (329,125) | (329,125) | (376,035) | |
| ===================================== | ===================================== | ===================================== | ||
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| NET EXPENDITURE AND NET MOVEMENT | IN | |||
| FUNDS | (11,852) | (11,852) | (32,572) | |
| ===================================== | ===================================== | ===================================== | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 17,214 | 17,214 | 49,786 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| TOTAL FUNDS CARRIED FORWARD | 5,362 | 5,362 | 17,214 | |
| ===================================== | ===================================== | ===================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 9 form part of these financial statements.
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FRIENDS OF BEIS YISROEL TRUST STATEMEwf OF FINANCIAL POS10 31 DECEMBER 2020 2020 2019 CURREf4T ASSETS Cash at bank and in hfu CREDITORS: amount5 falling due within one year 7,162 19,014 (i.xm) (1.8) 17.214 17,214 17,214 NET CURREYI T ASSETS TOTAL ASSF.TS LESS CURREKf LIABILITILS NET ASSETS 5.362 5,362 5.362 FUNDS OF THF. CHARITY unrcstricd fund5 5.362 17.214 TOTAL CHARITY FUNDS 12 5,362 17,214 Th¢se fancial slatemcnts wcrc approi'cd . the Lx)ard of trus*e$ and authoris¢d for issue on 23 Aususi 2021, and are 8n(l m b¢half of th¢ ikiard h.: RJSP Trust¢¢ Tht ILot¢S pAg¢•6 lo Y part of thttst Jt•lrmtNI&
FRIENDS OF BEIS YISROEL TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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FRIENDS OF BEIS YISROEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2020
3. ACCOUNTING POLICIES (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Charitable activities
Grants payable are charged to the statement of financial activities once the charity has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been paid, whichever is earlier.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations | 317,273 | 317,273 | 343,463 | 343,463 |
| ===================================== | ===================================== | ===================================== | ===================================== |
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FRIENDS OF BEIS YISROEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2020
5. COSTS OF RAISING DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Costs of raising donations | 100 | 100 | 3,905 | 3,905 |
| ================ | ================ | ========================== | ========================== | |
| EXPENDITURE ON CHARITABLE | ACTIVITIES BY FUND TYPE | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Grants to Beis Yisroel Yeshiva | 327,000 | 327,000 | 370,000 | 370,000 |
| Support costs | 2,025 | 2,025 | 2,130 | 2,130 |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | |
| 329,025 | 329,025 | 372,130 | 372,130 | |
| ===================================== | ===================================== | ===================================== | ===================================== |
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total funds | ||
| directly | Support costs | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Grants to Beis Yisroel Yeshiva | 327,000 | – |
327,000 | 370,000 |
| Governance costs | – | 2,025 |
2,025 | 2,130 |
| ------------------------------------- | -------------------------- | ------------------------------------- | ------------------------------------- | |
| 327,000 | 2,025 |
329,025 | 372,130 | |
| ===================================== | ========================== | ===================================== | ===================================== | |
| INDEPENDENT EXAMINATION FEES | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,800 | 1,800 | ||
| ========================== | ========================== |
8. INDEPENDENT EXAMINATION FEES
9. STAFF COSTS
No salaries or employee benefits were paid during the year (2019: £Nil).
10. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
The charity did not meet any expenses incurred by the trustee for services provided to the charity. (2019: £Nil).
11. CREDITORS: amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 1,800 | 1,800 |
| ========================== | ========================== |
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FRIENDS OF BEIS YISROEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2020
12. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 January | 31 December | |||
| 2020 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| General funds | 17,214 | 317,273 | (329,125) | 5,362 |
| =============================== | ===================================== | ===================================== | ========================== | |
| At | At | |||
| 1 January | 31 December | |||
| 2019 | Income | Expenditure | 2019 | |
| £ | £ | £ | £ | |
| General funds | 49,786 | 343,463 | (376,035) | 17,214 |
| =============================== | ===================================== | ===================================== | =============================== | |
| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | |||
| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Current assets | 7,162 | 7,162 | ||
| Creditors less than 1 year | (1,800) | (1,800) | ||
| -------------------------- | -------------------------- | |||
| Net assets | 5,362 | 5,362 | ||
| ========================== | ========================== | |||
| Unrestricted | Total Funds | |||
| Funds | 2019 | |||
| £ | £ | |||
| Current assets | 19,014 | 19,014 | ||
| Creditors less than 1 year | (1,800) | (1,800) | ||
| ------------------------------- | ------------------------------- | |||
| Net assets | 17,214 | 17,214 | ||
| =============================== | =============================== |
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
14. RELATED PARTIES
No related party transactions were made in the year under review.
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