REGISTERED CHARITY NUMBER: 1028006
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
REPORT OF THE TRUSTEES
for the year ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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) and the Charities Act 2011.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Ilford Jewish Primary School Trust Fund (IJPS) works with children who attend the school and their families. In furtherance of its objectives, IJPS carries out the following activities for the public benefit of its users:
(a) Provision of orthodox Jewish education for children enrolled in the school.
(b) Provision of necessary security arrangements to protect children enrolled in the school.
(c) Contributions to the upkeep of the premises, as required by voluntary aided schools.
Public benefit
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has continued to support the school materially and financially in its ongoing improvement plan. The results from this have begun to bear fruit and the senior leadership team are pleased with the progress that has been made across all areas of activity. The charity believes that the need to build on the school's Jewish ethos has never been more crucial to its future and we continue to offer support in this area.
FINANCIAL REVIEW
Financial results
The financial results for the year to 31 March 2023 are shown in the attached financial statements.
Total income decreased by £21,305 from £110,127 to £88,822 in 2023 and expenditure has decreased by £28,864 from £82,317 to £53,453 in 2023.
There was a net increase in funds of £35,369 with total unrestricted funds carried forward of £71,142 (2022 : £35,773).
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary income. The trustees consider that the ideal level of reserves as at 31 March 2023 would be three months of resources expended which equates to £13,363.
The free reserves as at 31 March 2023 were £70,372 (excluding fixed assets of £770) which is significantly short of the target figure. In calculating the reserves, the trustees have excluded from total funds fixed assets and any restricted income funds.
The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility.
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
REPORT OF THE TRUSTEES
for the year ended 31 March 2023
FUTURE PLANS
The next twelve months will be both exciting and challenging for the school as it continues to maximise the ability to offer the best possible Jewish educational experience for our pupils from the modest income available. Careful and prudent management will ensure that this is achieved.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
IJPS' constitutional aim and power
In accordance with charity law, IJPS' activities are covered by our constitutional aims, objects and powers or be associated with, or a consequence of achieving or seeking to achieve our charitable objects. The principle object of the charity is to advance the education of the pupils in the School by the provision or assisting in the provision of facilities for education at the School, particularly religious education, not normally provided by the local education authority as the Trustees shall with the advice of the Head teacher and the Governors of the School decide.
IJPS Trust Fund legal status
The charity was founded in 1993. It is a registered charity (number 1028006). To enable us to achieve our constitutional aims, we have the normal range of charitable powers, including the ability to hold bank accounts, borrow money, support associated activities, employ staff, pay for work, enter into contracts etc.
Recruitment and appointment of new trustees
General meetings are held annually where management committee members (trustees) are elected by the members of the board, made up mainly by governors of the organisation. Membership is open to anyone interested in advancing the aims and objectives of the organisation and renewed annually. The management committee also has the power to co-opt new trustees if there are vacancies on the board.
Organisational structure
The board of trustees (hereinafter referred to as "the board") is the governing body of the organisation and meets approximately 3 times a year. The overall direction of the School is led by the School's Board of Governors (of which the Trustees are members). The day to day responsibility for the operation of the school is delegated to the head teacher.
Induction and training of new trustees
New trustees to the Board are given information about the organisation, their roles and responsibilities as a trustee and invited to attend the Centre to find out more about its work. Trustees are offered training during the course of their tenure.
Risk management
The Trustees keep all major risks to the organisation under review. The risk management strategy comprises: (a) An annual review of the risks the charity may face
(b) The establishment of systems and procedures to mitigate those risks
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1028006
Principal address
Wohl Ilford Jewish Primary School Forest Road Ilford Essex IG6 3HB
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
REPORT OF THE TRUSTEES
for the year ended 31 March 2023
Trustees
H E Kemp Trustee M J Martin Trustee D J Wynne Trustee
Independent Examiner
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 5 October 2023 and signed on its behalf by:
M J Martin - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
Independent examiner's report to the trustees of Ilford Jewish Primary School Trust Fund
I report to the charity trustees on my examination of the accounts of Ilford Jewish Primary School Trust Fund (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Thurairatnam Sudarshan
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
5 October 2023
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 March 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 88,681 Investment income 3 141 Total 88,822 EXPENDITURE ON Charitable activities 4 Grants paid 52,273 Provision of education 380 Support Costs 800 Total 53,453 NET INCOME 35,369 RECONCILIATION OF FUNDS Total funds brought forward 35,773 TOTAL FUNDS CARRIED FORWARD 71,142 |
2022 Total funds £ 110,124 3 |
|---|---|
| 110,127 | |
| - 82,317 - |
|
| 82,317 | |
| 27,810 7,963 |
|
| 35,773 |
The notes form part of these financial statements
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
BALANCE SHEET
31 March 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 770 CURRENT ASSETS Debtors 8 2,816 Cash at bank 9 67,556 70,372 NET CURRENT ASSETS 70,372 TOTAL ASSETS LESS CURRENT LIABILITIES 71,142 NET ASSETS 71,142 FUNDS 10 Unrestricted funds 71,142 TOTAL FUNDS 71,142 |
2022 Total funds £ 1,150 3,390 31,233 |
|---|---|
| 34,623 | |
| 34,623 | |
| 35,773 | |
| 35,773 | |
| 35,773 | |
| 35,773 |
The financial statements were approved by the Board of Trustees and authorised for issue on 5 October 2023 and were signed on its behalf by:
M J Martin - Trustee
The notes form part of these financial statements
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the 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 accounts have been prepared on the going concern basis as the trustees are of the opinion that the charity will meet its liabilities as and when due.
Exemption from preparing cash flow statement
The financial statements do not include a cash flow statement because the charity not a company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Charities SORP (FRS 102) Update Bulletin 1, Module 14.
Critical accounting judgements and key sources of estimation uncertainty
Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:
-
estimating the useful economic life of tangible fixed assets.
-
allocation of support costs across charitable activities.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material.
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.
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.
Grants payable are included in the period when any relevant conditions are met by the receiving entity. Payment of later instalments of a grant usually requires satisfactory progress reports from the project.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
continued...
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023
1. ACCOUNTING POLICIES - continued
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the accountancy fees and costs linked to the strategic management of the charity.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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. 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.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.
Creditors and provision
Creditors and provision are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Donated goods, facilities and services
Donated goods, facilities and services, including volunteers are included at the value to the charity where this can be quantified.
continued...
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023
| 2. DONATIONS AND LEGACIES Donations Gift aid 3. INVESTMENT INCOME Interest received 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) £ Grants paid 52,273 Provision of education - Support Costs - 52,273 5. GRANTS PAYABLE Grants paid The total grants paid to institutions during the year was as follows: Wohl Ilford Jewish Primary School |
2023 £ 76,778 11,903 88,681 2023 £ 141 Support costs £ - 380 800 1,180 2023 £ 52,273 2023 £ 52,273 |
2022 £ 95,850 14,274 |
2022 £ 95,850 14,274 |
|
|---|---|---|---|---|
| 110,124 | ||||
| 2022 £ 3 Totals £ 52,273 380 800 |
||||
| 53,453 | ||||
| 2022 £ 81,751 |
||||
| 2022 £ 81,751 |
continued...
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
7. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income CASH AT BANK Bank account Total |
2023 £ 2,816 2023 Total funds £ 67,556 67,556 |
Computer equipment £ 6,831 5,681 380 6,061 770 1,150 2022 £ 3,390 2022 Total funds £ 31,233 31,233 |
|---|---|---|
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9. CASH AT BANK
continued...
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023
10. MOVEMENT IN FUNDS
| At 1.4.22 £ Unrestricted funds General fund 35,773 TOTAL FUNDS 35,773 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 88,822 TOTAL FUNDS 88,822 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 7,963 TOTAL FUNDS 7,963 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 110,127 TOTAL FUNDS 110,127 |
Net movement At in funds 31.3.23 £ £ 35,369 71,142 35,369 71,142 Resources Movement expended in funds £ £ (53,453) 35,369 (53,453) 35,369 Net movement At in funds 31.3.22 £ £ 27,810 35,773 27,810 35,773 Resources Movement expended in funds £ £ (82,317) 27,810 (82,317) 27,810 |
Net movement At in funds 31.3.23 £ £ 35,369 71,142 35,369 71,142 Resources Movement expended in funds £ £ (53,453) 35,369 (53,453) 35,369 Net movement At in funds 31.3.22 £ £ 27,810 35,773 27,810 35,773 Resources Movement expended in funds £ £ (82,317) 27,810 (82,317) 27,810 |
|---|---|---|
| 27,810 |
continued...
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ILFORD JEWISH PRIMARY SCHOOL TRUST FUND
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.21 | in funds | 31.3.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 7,963 | 63,179 | 71,142 |
| TOTAL FUNDS | 7,963 | 63,179 | 71,142 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 198,949 | (135,770) | 63,179 |
| TOTAL FUNDS | 198,949 | (135,770) | 63,179 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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