REGISTERED COMPANY NUMBER: 0339187Z (England and Wales) REGISTERED CHARITY NUMBER: 1063815 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR KEREM SCHOOLS Xeinadin Audii Liiniled, Stalutory Auditor 8th Floor, BLLkLt House .36 Old Jewry London EC2R 8DD
KEREM SCHOOLS CONTENTS OF THE FINANCIAL STATEMENTS for tl)L' 'e&r Lndc.d 31 Au ust 20?4 Page Report of the Trustees Report of the Independent Audltors Statement ot. Flnanclal Actlvltles io Balance Sheet Cash Flow Statement 12 Lyotes to the Cash Flow Statemenl 13 r•4otes to the Fln&nclal Statement5 14 to 21
KEREM.SCHOOLS (REGJSTERED NUMBER: 03391872) REPORT OF THE TRLSTEES for the 'ear ended 31 Au ust 2024 The Irustees who are also directors of the cliarity for th¢ purtK)5es of the Compaiiies Act £006, present their report with the financial slalemenls of Ihe charity for the vear ended 31 August 2024. The Irlislees liave adopted the provisions of Accounting and Reporting by CharitlLkb Statement ot" RLLuinincnded PruLtiLL thppliLdble to LharitiL% preparing their aLcounl% in uLLordunLc with thL FinunLial Reporting Standard applicable in the UK and Republic ofTreland (FRS 1021 (effective l Jaiiuary 2019). OBJECTIVES AND ACTIVITIES Objectlves and alms a. Policies and objectiw¢s The Charity was founded in June 1997 10 take over the operation of a kindergarten (Kerem House) and a primary school knoivn as 'Kerein School%" a modern ortliodox Jewish day %chnol. It comnieneed ils operation on I September 1997 when it acquired Ihe assels and liabiliiies of the Triisl ivhich had previously operaled the Kerem School. l. The principal activity ot'ihe charity 15 providing education at primary level. 2. The proinolion and d¢velopm¢nt of a balanced modern orthodox education for Jewish children is a corn¢rstone of the charity. In seiiing objeciives and planning for activities, the Trustees l)ave given due congideralion lo general guidance published by the c.harity Cominission relating to PLJblic benefit. b. Strategles tor achleilng objectlves The chariiy ensures Ihar lis resources are focused iowards ihe recruiiineni and reieniion of high qualiiy siaff ensuring Ihai the eihos of the school ib Lontinued and that the children receive a very good eduLAtion within u modern orthodo.K background. c. Aftlvltles undertaken to aehleve objectlves The proiiiolioii 4ind dev¢lopmenl of a balanced orthodox education for Jewish cliildren is the keyslone of the charity. This is tlie illain aLlivity ivhich is undertaken lo further the Charity's purposes for the publiL benefit. d. Main actlvltles undertaken to further the Charlty's purposes for the publlc benefit The cliarily operaies the scliool known as Kerein SCtroI Inainly for the benefit of local children. Page I
KEREM.SCHOOLS (REGJSTERED NUMBER: 03391872) REPORT OF THE TRLSTEES for the 'ear ended 31 Au ust 2024 ACHIEVEMENT AND PERFORMANCE Achievements and Performance . Maln achievements of the Charltv Thu sLhool LontinuLs to operate well with QXPLn%es well Lonlrnllcd. During the year, two Inajor improveinent projecls were undertaken new playground equipmenl for the early years ull il and Ihe building of a STEAM (bcience, technology, art, engineering and maths) Lab. rhe lab, which opened An September 2023, greatly enhance5 the childrens, learninby with many opporh]iiitiei> to ube new and difterent equipment. Both ot these ere well received by the slaff and the PLipiIs. b. Kei performance indicators The Ley pei'lorinance indicators used by the Lharily are.. Aiiendance dt tlie %chool. Resiilis of regulatory inspeciions. IIiLotnL in Ilic yLar rLlativc to LxpLnditurc. Adequacy ol. ils reseTh'es. c, Revieiv of activities ThL Lhdrity conlilluLd in ils pursuit in the provision of an excepiional orthodox education, and speni £2.325,421 directly toward8 thai end (2023- £2:341,48L)) Uf this dmounl. £1,668,376 (2023_ LI,662,235) related directly to staff. The Lhdrity Inade d surplus and was able lo increase its net res¢rve5 10 £1,016,221 (2023- £910,080). d. FaLtors rel¢vant to aLhieve objeLtlves The main faciors relevanr 10 ihe Chariiy's abiliiy 10 acliieve its objectives are as follows.. The adeciuaLy of its financial reserves. The ability of ihe scliool io recruit and relaiii competeiil aiid experienced statl. Inembers. The abilily of the school 10 conliniie 10 receive exceptional feedback from ils regulalor. e. Fundraising activities und income generation The main iiiconie generdlion of the school is via lees. f. Investment polle), and performance Any surplu¥ flind¥ al any time are held in an intere%t bearing depo%it aLLuiint in vrd¢r tu generate t.unds t¢J help fund Lhuritubl activities and any fuiure projects. FINANCIAL REVIEW Investment pollLy objectlves UndLr ils MLIIIOI"dnduiM uf AssoLldtiun, thL Lhdrity h<L% ihL PUWLr tu invL%l in any wdy IhL Iru%lLL.4 wish. Reserves poliev The reserves policy of the school is driven by the need to ensure the ability lo continue providing a modern Jewish education lo the pupils. R¢porls following r¢cenl regulatory inspections have been excellent. Th¢ Iruglees coniinue lo b¢ forlifi¢d in Ihe knowl¢dge that KLfLLn SLhool% offLr liigh quality LduLdlion in a %timulating modcin LnvironmLnt. The trustees have established the level of reserves (that is those funds that are freely available) that the eharily ought to have. Reserves are needed lo bridgpe the fiinding, gyaps between spendingy oil activities and receivingy resources througyh donations and parental c.onlribiilions. The 1171sle?.s c.onside.r the 1de.al le.vel of reserve.g Al I l Aiigusl 2024 ivoiild be three inonilis of resources which would bc appruximdlcly L6UO.UOO. The free res¢ri'eb {total rescrves less resti'icled fundb and fixed assets) as at 31 August 2024 were £894,719. FUTURE PLAIYS ThL eharity plans to run thc SLhool at its curreiit pupil ILvcIs Lonlinuing to ejisiirc thc current high standards at thc scliool. Page 2
KEREM.SCHOOLS (REGJSTERED NUMBER: 03391872) REPORT OF THE TRLSTEES for the 'ear ended 31 Au ust 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chanly is a company limiled by gLiaranlee without share capital and incorporaied on 25 June 1997 and registered as a charity on 6 Auguit 1997. The Lompany was established under a Memorandum of Association which established the objeLls and powers of the charitable coinpaiiy and is gFoverned under ils Articles ot A.55OCiatioii. Recruitiilenl ind appointin¢nt ol neiv truslees The manageinent ot Ihe C.harily is the reswnsibility ot ihe TTUStees who are elected and co-opted under the lerins of. Ilie Trnsl deed. All new trustees are subject to a recruitment and induction process and are selected with a view lo ensuring that the board has an appropriate bdl¥ince ot experience relevant lo Kerem Schools Ytrategiic aiid operational requirements. Trustccs ni&y bL appoinlLd by thc cxisting Irlislccs at any timl, LlthLr to fill a casual vAc&ncy or as addition to thc Lxisling trustLcs. Any trustees so appointd will hold oflice only until the next Annual General Meeting and will then be eligible for re-election. No trustee had any beneficial interesr in any contract willi the charitable ¢nttly during ihe year. OrganlsatlonAI strueture The SLhool was run during the year by an excellent team ol. teaLhers led by Naoini Simon. The Governors delemiine the general policy ot'the School. The day to day rniining of th¢ School is deleg7at¢d lo the Head, supported by senior slatT, Tlie Charity and it% 4chool are adniini4tered by il% board ot Iru.%tees and variou* 4ub-¢ominitlee% including the boai'd of govei'nors, The major risks 10 which ihe chariiy is exposed have been reviewed by Ihe Irusiees and sysiems are in place 10 Ininiinise ihese risks. Induction and training of new truslees All new Inislees are SLihjLul to a recrliilmeni and induciion proLebs and are seleuled wilh a view 10 ensuring Ihal the board has an ppruprillte balunLe of experience relevant 10 Kerem S¢hools %trdlegiL aiid operulional requirements. Page 3
KEREM.SCHOOLS (REGJSTERED NUMBER: 03391872) REPORT OF THE TRLSTEES for the 'ear ended 31 Au ust 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk management Printipthl risks- un¢¢rt*intii's The Trustees regularly undertake a review of the major risks lo which the Charily is exposed, and syslenis designed to Iniligale those risks are considered on an ongoing basis. The Trustees recognise Ihe absolule necessity of ensuring the proleelion and safety of all those that the charily serves. This means Ihal tlic trustces, cmployLcs of thc school and all tliosc who work or voluntccr for thc school and work with childrcn must obtain clearance trom the Disclosure and Barring Service. The school has developed a safeguarding policy and one ot tlie truslees is responsible for ensuring this policy is adhered to. Safeguardintp training is Lompulsory for all staff. The kev risks identified b!, mana%ement are as follows: Rcpulaiion -Thc school's SUCLCSS is built on its rL'putation t.or the ediication aiid wcll bcing of pupils. Risk is managcd Ihiough various policies including sateguarding, slafl. recruilmenl and healtli and satety. The manageinent ot the school are conlinually investigating additional ways lo l¢ach and impletnenling thern as soon as rh¢y are availabl¢. Piipil niimbers The Iru%tee% recoLFnise thal pupil numhers are u key driver of the %chool'% financidl %11,4taindhility dnd overdll perfL)rnianLe. A sustaiiied fall in enrolrnLnl could adversely affeci the sel)ool's income, InakingT this a siginificanl drea of 8trategic risk. To rniligate the risk the school Inoiiitors enrolinent trends Llosely and niaiiilains a strong focus on pupil recruitment and reteniion. Markelingi inilialives are regiularly reviewed and retined. Funding -The ability for the school to continue is relian¢ on piipil fees and the ability of the scliool io pay bills ag they fall due. The risk 1.4 Imdndged by control% pul in pldce by the mandgemenl an(1 Irii4lee% and d Ino(lern orthodox etho% in the .%chool. Fiiini)cial risk mAnageinenl objeetives and policies The irusiees are responsible foi- Il)¢ rnanag)eii)eni of risks faced by the school. The gyovernors routinely consider any perceived risks faced by the school and are assisled in this by Ilie head and oiher key members of the schools senior Inanagemenl learn. Key conlrols u4ed to identity and Lolltrol finunLial ri%k% during Ihe yeur in¢lude'. Fomial ag¢nda items for goveimors ¢ominillee me¢iii)gs. Established organisational striiLture and lines of reporting. Maiiilainiiibv appropriale insurance. Regular review of budgets against actual performance. Cuniprvhen%ive ¥trateillL planiiing? bLid¥etiiig and managemvnt aLLuunlinB. Principal t'unding The principal source ol, tundingy is tees tor the school year. REFERENCE AND ADMTNISTRATIVE DETAILS Registered Compan>, number 033YI 872 (England and Wales) Reglstered Chxrlty number 1063815 Registered office Kerem School Norrice Lea London N2 ORE Trustees Mis S Abrahallls lappoiiitcd 17.11).23) MrA D MillLr Mr JD Taylor Ms S Leek Tslee (resigned 17.10.23) Company Seeretari MrA D MillLr Page 4
KEREM.SCHOOLS (REGJSTERED NUMBER: 03391872) REPORT OF THE TRLSTEES for the 'ear ended 31 Au ust 2024 REFERENCI AND ADMTNISTRATIVE DETATLS Senior Statutory Auditor Mr Ycdidyu Zdiden, FC.CA Audltors Xeii)adin Audit Limit¢d, Statytory Auditor 8th Floor, Beekel Hoiise 36 Old Jcwry London EC2R 8DD PUBLJC BENEFIT REPORT Thc IruslLCS havc rctLrrLd lo thu guidancL Lonlaincd in Ihc Chdrily Cominission's gciieral guidanLc on publiL bciicfit aiid 'ThL Advanceinent ot. Religion tor the Public Benefi1, in particular, when reviewing Ilie aim and objectives and in planning the cliarity's fuiure acrivitie8. In particular, the trustees consider how planned activities will contribute to the aims and objectives sel. STATELVAELNT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Kerein Schools for the piirposeg of Lompany law) fAre respoiisible for preparing the Report ol. the Trusiees and Ihe Iinancial stateinenis in accordanc¢ with appli¢abl¢ law aiid United King,dom Accoiinting Standards (United Kingdoin Generally Accepted Accounting Praciice). Company law requires Ihe Irusiees (o prepare financial siaieinenis for each fiiiancial year wliich giwe a irue and fair view of rhe siaie of al'fairs of the iliariiable ionipany and of the incoi)iin4 resourc¢s and applicaiion of rebOUI'C¢S, inLluding the income and expendilure. of tli¢ ¢harilable conipai)y for thai p¢riod. In preparingi ihose finaiicial stateineiiis, the trustees arc required TO 4eleLt suitable dL¢oullling poliLie4 and then apply thein Lonsisteiiily; observe the Inethods aiid priii¢ipl¢s in the Cliariiy SORP: niake jlidgements und estimaiei Ihlli are reasonable and prudent; prepare the tinancial stateinenls on the ¥ioingr concern basis unless il is inappropriate lo presunie that tlie Charitable company will conlii)ue in business. The Iruslees are responsible for keeping proper accounting re¢ords which disclose with reasonable accuracy al any time the financial position of the charitable coinpany and lo enable them lo ensiire that the financial slaiements comply with the C'.ompanies Act ?006. They are also responsible tor 5ategTuardin&' the asiels ot the charitable company and hence tOT lakingy reasonable steps lor the prevention and delec(ion or rraLid and other irregularities. In so far as Ihe ¢rusiees are aware.. there is no relevant audit informlllion of which the charitable coimpany's auditors are uiiaware,. kind Ili¢ Irusiees have taken all steps that they ought lo have taken lo Inake Ih¢mselves aware of any relevant audit information and lo L%lablish thdt IhL auditors dfc aWdrL of that infonnation. AUDITORS The audilor5, Xeinadin Audit Liniiled, Statutory Auditor, will be proposed for re-appoinlmenl al the forlhcoining, Aniiual General Meeting. This repoTI has been prepared ill accordance witl) the special provisions ot Part 15 of. Ilie Coinpanies Act 200CI relating lo small companies. Approvcd by oi'dci of Ili¢ boaid of IrustC¢5 011 21 May 2025 alld 5igiicd on its bclialf by.. Mr A D Miller- Tru%tee Page 5
REPORT OF THE JiNDEPENDEiNT AUDJTORS TO THE MEMBERS OF Opinion We have audited the financial staiements of Kerern Scl)ools (the '¢harilable company,) for tlie year ended I I August 2024 whicl) comprise the Statement of Financial Actii ities, the BalanLe Sheet, the Cash Flow Statement and notes lo the financial statements, iiicluding a suininary of sigvnificant accountinLF policies. The financial reportiiig framework that has been applied iii their preparation is applicable law and Uniied Kingdom Accounting Standards (United Kingdoin Generally Accepted Accounting Practice). In our opinion the financial stateTnenl5'. give a true and fair view of the slate of the charitable company's atyairb as al 31 August 2024 and of its incoming resour¢ei and application of resource5, in¢ludingF its iiicome and expenditure, t.or the year theii ended- have been properly prepared li) accordance with Llniled Kingdom Generally Accepted Accounting Praciice. and havc bccIi prcparcd in accordance with thc rcquircmcnls of thL CompaniLs ALI 20U6. Basls for oplnlon We coiiducted our audil in accordktiice with International Sland(Ird4 on Auditing (UK) (ISA8 (UK)) and applicable Idw. Our respongibiliiies under those slc2ndards are further described in Il)e Auditors, responsibilities for 11)e audit of Ihe finaii¥ial slalejnenls scction ot" OLir rcport. IW"c arL indLPLndenl L)f thL Lharitublc Lompany in accordanLC Wlth tlic eihicthl rcquirLmLnts tliat arc rclcvant to our audit ot. the tinancial statements in the UK, includin¢Y the FRC'S Etliical Standard, and we have tultilled our other eihical responsibilitiei in accordance with these reqiiirernents. We believe that the audit evidence we hai'e obtained is sufficieni and dppropridte to provide u ba%is for our opinion. Conelllsions relating to going concern In audiliiigy the tiiiancial stalenients, we have coiiclud¢d that the Irust¢¢s' us¢ of the gvoingy concern basis of accounlingy in th¢ preparation of Ihe financial slaiemenis is appropriate. Based on the work we have performed. we have noi ideniified any inaierial unceiyainiies relaiing 10 evenis or condiiions Thai, individually or ¥olleLlively, may Last signilicanl doubt on the Lhai'itabl¢ Ltsmpaliy' ability lo continue as a going Loncem for a period ol'at least twelve nionihs trom when Ihe tinaiicial siateinents are auiliorised tol. issue. Our respvnsibil ilieb and tlie re¥pun%ibilitie% of the Iru8lees with respeLI lo going LOI)Lern are de4¢ribed iii the relevant %eLlivns of thi. report. Other Informatlon The Iruslees are responbible for the other informalion. The other iiiforinalion cornprises the informalion included in the Annual Report, uther than the finanL iul 5lateillenLs and LTriir R¢port of the Independent Auditur% ther¥on. Our opinion on the fLnancial slalements does not cover the oiher infomation and, except lo the extent otherwise explicitly slated in our report, we do not express any forni of. assurance conclusion thereon. In L'onnL'L'iion with uur dudit of thL finunLi&I stutLmL'iil.%, oui- rL'%pon%ibility is lu rcud thu othLr infomiutiun dnd, in duing su, LonsidLr whether the other inforination is materially inconsistent with the financial siatemenls or our knowledge obiained In the aiidit or othenvise appear5 to be materially mis51ated. If we identify siich material inLonsistencies or apparent material misslalemenls, we are required to delerniine wlietlier this gTives rise to a niaterial niisslalement iii the tiiiancial statenieiils Iheinselve5. If, bas¢d on the work we hav¢ performed, we conclude Ihal there is a material mis41alemenl of Iliis oih¢r inforinalion, we are required lo report Ihal faci. WL huvL nothing to rLport in Illi% rLgiird. Opinions on other motters prescribed by the Companies Act 2006 In our opinion. based oll the work underlakell in tlie iourse of'the audit.. Ihe infomiation given in the Re.porl of the Tnislees for the financial year for whieh the financial slalements are pre.pired 18 LOTl%l%tLnt with thc findnLial 4talcmLnt%; and the Report ot. the Trustees has been prepared in accordance with applicable legal requirements. Page 6
REPORT OF THE JiNDEPENDEiNT AUDJTORS TO THE MEMBERS OF lat¢ers on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identitied material Inisstatements in the Report of the Trustees. We have nothing tu IL'PUrt in resPLCt ot" thtr tollowing mutter5 whcrL the Companies Act ?UU6 reqiiirc% tL) repurt to yuu if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been reLeived from branches not visited by us; or the financial slalemenls are not in agreement wi(b the aeeoLinting records and returns; or ccrtain disLlosurcs ot trustccs, rLmunLralion spcciticd by law arL not Inadc,. 4)r we have not received all Ihe intonnation and explanations we require tor our audit; or the trustees were not entitled lo take advantage of the small companies exemptLon from the requirement lo prepare a Strategic Report or in prepdrinby the Reporl of Ihe Trustees. Responsibilities of trustees A5 explained more tul ly in the Statement of. Trustees, Responsibi lities, Ihe trustees (wlio are also the directors ot. the charitable company for the purposes of ColpanY lawl are r¢sponsible for the preparation of the financial statements and for being satisfied thal tliey gTive d true anil fail- view, and for Such internul control as the Trii%tees delerinine 1% nece%%dry lo enable the preparalion ot finanLial stateinenls thai are free from malerial misstdiemenl, wl)eLher due lo frauLI ur error. In preparingi tlie tinancial stateinents, the trustees are responsible tor a5sessingy the charitable company's ability lo coiitinue as a going, concern. disclobing, ab applicable, m1& tterg related to going concern and usii)g Ihe going concern basis ot" accoiiiiling unless the tru%tee% either intend 10 liqiiidate the charitable eompuny or io cea.%e operation%. or lidve no reuli%tic dlterndlive bul to do %0, Page 7
REPORT OF THE JiNDEPENDEiNT AUDJTORS TO THE MEMBERS OF Our responsibilities for the audil of the financial staten]ents Our objectives are lo obtain reabonable asburance about whether the finaiicial statements as a whole are free from material misstateillent, whether du¢ to traud or error, and to Issue a Report ot the Independent Auditors tliat includes our opinion. Reasoiiable assurance is a high level of assiirance, bul is not a guarantee that an aiidil conducted in accordance with ISAS (UK) will always delecl a malL'rial mi%btulLment whLn it LXl%t%. Mit>%tdtcmL'nts Lun arise fruin fraud or Lrror and ure Lun%idercd niutcridl if, individuully or in the aggregate, they could reasoiiably be expected io influence tlie econoTnic decisions of users taken on tlie basis of these fii)ancial 51atemenls. The extent lo which our procedures are capable of deteciing irregularities. including Iraud is detailed below.. Our approach to identifying and assessing the risks ot. material Inisstateinent in respect of. irregularities, including traud and non-compliance with laws and regulations, was as follows.. the enbydi gyement Pdrtner ensured that the engyai giement teain collectively hud the appropriate competence, capabilitie% and .4kills to ideniify or recognise non-compliance wilh applicable laws and regulations; WL idcntifLLd thL laws and rLgulations applicablL lo thL Lhdrily Ilirougli discussions with trustccs and othLr niantsgeincnt, and from oiir commercial knowledge and experience ot tlie charity sector. W¢ locused on specifii laws and regulations which we considei'ed may hav¢ a direct material effect on the accouiits or the activities ot the charity. The%e inclii(le(I hut were nol limiled lo the Charitie% Act 2Q I I . Accoiinting an(1 Reportingy by Charities.. Sthienienl of Reconiinended Practice appliLable to charilieg prepdring IhLir accounis in accordance with Ihe Financial Reporting Stdndard pplicable to the United Kingdom and RepubliL of Irelaiid (FRS 1021 (etTeLtive l January 2019). Employment Ldw; Data ProleLlion L¢gTrislation; Th¢ Cod¢ Df Fundraisin&' Practic¢; and Saf¢gpuardin&i R¢biulalions as they atf¢¢t the direct cliarilable ailiviti¢s of the chai'ily,. we as%e4%ed the extent ot'complidnce with the IJw.s dnd re¥uldiions identitied ubove ihrough making enquirie% ot. managemeni and inspeciing legal correspondence where necessary. We assessed rhe siisceplibilily of the charity's fiiiancial statenients to rnalerial niisslateinent. includingy obtainin&Tr ali understanding of how fraud might occur, by,. makiii¥ enquirieg ot nidiiayemenl as to where tliey ¢on%idered there was SUbLeptibilily to tr¢iud, their knowledge of aLiuuI, suspeLted and alleged fraud: aiid Lonsidering the internal Lontrols in plaLe 10 mitigate risks of traud and non-Loinpliance with laws and regulations. To address the risk of fi'aud Il)rough manageinenl bias and override of CDnlrols, we.. perl"ornied analytical procedures lo identify any iinusual or unexpected Iransaclions. tested the appropriotenesb of journal entries; tested autliorisalion of e¥penditui-e- assessed wheilier judgemenls and assumptions made in delerniining the accouniing es(imales were indicative of potential bias; and invL%ligalLd IhL fdtiunalL bihind %ignificanl or LJnu.%uul traii4aLliun%. To address the risk that revenue could be misslaled due lo fralid. we.. we obtained an underslandingF Ot the coinpaiiy's reveniie recobTnilion policies and compared these to the accounting standard,. perionned a walkilirough lo Confirin our undersianding ofthe processes and Controls through which the businegs initidlL%, fLLord%, prvLc4.%L% and report% rLvLnuL Iran%dLliun%' tested a sample of revenue transactions lo supporling eN'idence. In respoii.se lo the risk of irregyularities and non-compliance with laws and regyulations, we desigrned procedures which included, bul were not limited to.. grccing finanLiAI %tatcincnt disclu%uTC% to undLrlying %upportin¥ duLumentdtion; reading the rniilutes ot Ineetings ot Ihose charged 'Ith governance. et)quiring of Inanagement as lo aLlual and potential liligalion and elaims. Tlicre arc iiiliei'cLiI liinitatlOll5 ill oiir audit proccdui'cs dcscribcd abovc. Tlic iiiorc rciiiovcd that law5 aiid rcgulat10115 ait fi'oiii finaneial IransaLtions, IhL Icss likcly it is that WL woiild bcLOtne aware of non-compliancL. Auditing standards also liittit Ihc audit procediires required to idenlily non-compliance wilh laws and regulations to enquiry ot. Ihe trnstees and other management and the inspection of regulatory and legal correspondence, if any. Material misstateinenls that arise due lo fraud can be hai-der to delecl than those ihal arise from error as they" may involve deliberale LollLealment or LoIILlSiOn. Page 8
REPORT OF THE JiNDEPENDEiNT AUDJTORS TO THE MEMBERS OF A further description of our responsil)ililies for ihe audit of the financial statements is locaied on the Financial Reporting Council's website al www.frc.org.uklauditorbresponsibilitieb. This description forjns part of our Report of the Independent Auditors. Use of our report Thi% rcport is Made svlely to the Lhurilable company'kb mLmbLf%, LLS u budy, in aLcordanLL with Chupter 3 of Purt 16 of the CompuniL Act •006. Our audil work has been undertaken so ¢hal we mighi slate to the cliaritable coinpany's member5 those matters we are required lo stale lo them in an auditors, report and for no other purpose. To the fullest extent pemlilted by law, we do not accept or assunie responsibility to anyoiie other than the charitabl¢ conipany and the charitable compaiiy's Imembers as a bod)., for our audit work, lor this repori. or for the opinions we have fom]ed. Mr Yedidya Zaiden, FCCA (Senior Sialuiory Audilor} for and on bclialf of Xcinadin Audit LiinilLxI, Stalulory Auditor 8th Floor, Becket House 36 Old Jewi'y London EC2R 8DD 21 May 2025 Page 9
KEREM SCHOOLS STATEMELNT OF FINANCIAL ACTINITIES for the 'ear ended 31 Au ust 2U24 2024 Total funds 2023 Total fiinds Unrestricted lund Restricted funds INCOME AND ENDOWMENTS FROLWI Donatloiis and legaLies 40,770 18,215 58,985 49,023 Charltable actlvltles Provision of education 2,330,139 291 2,J3fj.431l 2,312,72h Invcstincnt inLomL Other income Total 42,147 42,147 14,5711 2.413 056 IX 50() 2 431562 2 3931427 EXPENDITURE OiN Charitable activities Provision of eduLalion 2,292 343 33,078 2 32$ 421 2 341,489 NET INCOME/(EXPENDITURE) 120,713 {14,572) 106,141 52,338 RECONCILIATION OF FUNDS Total tunds brought torward 1121,324 88,756 I)10,080 1157,742 TOTAL FUNDS CARRIED FORWARD 1016 221 910080 C()NTINIIINC. nPF.RATI()NS All income aiid expenditure has arisen from Lontinuing aclivilies. The notes fonn parl of iliese finaneial statements Page 10
KEREM.SCHOOLS (REGJSTERED NUMBER: 03391872) BALANCE SHEET 31Au ust 2U24 2024 Total funds 2023 Total fiinds Unrestricted lund Restricted funds FIXED ASSETS Tangible assets 47,318 74,138 121,456 134,086 CURRENT ASSETS Dcbior Cash al bank and in hand 12 -677,046 1.799 072 2,176,718 316,343 1904 C)00 2,2•0,I)43 46 46 1799 11 s 2,176,764 CREDITORS Aillount.4 falling duL within onc ycur 13 (L)45,090) {944,090) (1,046,745} NET CURRENT A.SSETS 1,231.62% 46 1,231.674 1,174,19% TOTAL ASSETS LESS CURRENT LIABILITIES 1,278,946 1,353,130 1,308,284 CREDITORS Ami)iinls fulling due after more Ihaii one year 14 13.36,909) (336 1)09) (398,204) NET ASSETS FUNDS Unrestricted funds Restricted tunds TOTAL FUNDS 10162?1 )10080 15 942,037 821,324 88 75CI Y10080 1016 ?21 These financial sl&leinenls have been prepared in aLcordanLe with the provisions appliLable lo charitable coinpanies subject lo the small coinpaiiie% relIne. The tinancial stateillenls were approved by Ilie Board ol. Trustees and auihorised tor issue on 21 May 2025 and were signed on its behalf by.. Mr A D Miller- TrLl%tee The notes fonn parl of iliese finaneial statements Page 11
KEREM SCHOOLS CASH FLOMR STATE]ElYT for the 'ear ended 31 Au ust 2024 2024 2023 Notes Cthsh llows from operthting a¢tiviti¢$ Cash generated froni operatioiis Interest paid Net cash (used in)/provided by operating activities (132,470) 15.141 133 441) C95h flows from investing activities Purchase ol tangible fixed ass¢ls Sale ot" langible fixed assels Inkr¢51 receiN'¢d Nel casli provided by/{Lised in) investing activities {l4,188) {117.010) 21,(MlO 27.959 81.432) Change In cash and cash equlTralents In the reporting period Cash and eAsh equivlllents at the beginning of th¢ i'epoi-ting period C*.sli and cish equivilents at the end of the reportlng perlod (105,482) 32,326 1904.600 1.872 274 1799 118 1904 (rf)O The notes fonn parl of iliese finaneial statements Page 12
KEREM SCHOOLS IIOTES TO THE C.ASH FLOM, STATEMENT for the 'ear ended 31 Au ust 2U24 RECONCILIATION OF NET IP4COME TO NET CASH FLOW FROM OPERATING ACTITrITIES 2024 2023 Net in¢ome for th¢ reporting period (ths p¢r lh¢ stteMNt of Finan¢ithl Activities) Adjustment5 for: Depreciation charges Prufit Dn di4po4al uf fixcd as4ct Inierest received Interest paid Iiicrea5e in debtorb (Decrease)/increase in eredilors Net c#sh (used in)/provided by operations 106,141 52.338 26,818 4,269 (17,500) (14.578) 1,383 (80,861) 170.090 115 141 (42,147) g71 (61,303) 162 950) 132 470) ANALYSIS OF CHANGES ILN NET FULNDS At 1.9.23 Cash flow Ai 31.8.24 Net L'llsh Cash al bank and in hand 1904 600 1,9U4.600 105.482) 105.48?) 1.799.118 179L).II¥ 1 799 118 Total The notes fonn parl of iliese finaneial statements Page 13
KEREM SCHOOLS NOTES TO THE FINANCI.4L ST.4TEIWIEINTS for the 'ear ended 31 Au ust 2U24 ACCOUNTING POLICIES Basls of preparlng the financial statements ThL finunLial %tatcmLnt% of the Lliaritdble conipuny, whiLh 1% a public benefit Lntily under FRS 102, huve becn prep£Ld in accordance with the Charilies SORP (FRS 102) 'Accounting ai)d Reporting by Charilies- Sialeinent of Recoinm¢nded Practice applicable lo charities preparing their accounis it) aLcordance with the Financial Reporting Standard applicable in the UK and Republic of Jreland {FRS 102) (etlective l Janiiary 2019}', Financial Reporting Standard 102 'The Financial Reporiing Standard applicable in the UK and Republic of Ireland, and the C,ompaiiies Aet 2006. The financial slalements IiawL bccn prLparL'd undcr thc hisloriLal Lost LollvLntion. Golng Concer At the liine ot" apprnving ihe findncial statemeiil.4, tlie tru4tees have u rea%oiiable expectatioii that tlie charit! has adequule resources lo coniinue in operational exislence for the foreseeable fulure. Thiis Ihe In)slees continue 10 adopt Ihe going conLLrn basis of aLLounting in prLparing thL financial slalcmLnls. Legal status of the Chi)rlt)' The churily 1% d priviile comptiny limited bv gijurantee incorpnrated in F.nglanil an(1 Wdles and hds no %hure capitul. In the event of the charily being wound up, Ihe lidbility in re%pecl of Ilie gyuaranlee 15 lirnilcd io £ I per mL'mber of ihe -harity. Income Doi)ations are recognised as income when the charity has entillemeiil to the funds, the atnoiint can be measured reliabl J, and il 1% probdble Ihdt the incorne will be receivecl. DonÉilions given tor %pe¢itie piirpose% dre Ireaied d% re%lricied income. while Iliose given for general use are recognised as unresiricied income. School tees income is re¢oLyiiised 011 an accruals basis over the period lo whicli the fees relaie. Fees received in advance of (he academic period are deferred and recognised as income in the relevant financial period. Inleresl income froin d¢wJsit a¢couiits is recognised on an accruals b41SiS, usiiig the effe¢tii'e interest l'ate method. Income is inLluded in the Statenienl of Financial Aciiiilies whert it is probable that the income M'ill be received dnLI Iht aiiiount Lan be Ineasured reliably. Expenditure Expeiidiiiire is recognised once there is a legal or conslruciive obligation 10 transfer econoinic benefit lo a third party, il is probable that a transfer ol" economic benefits will be qUired in settlement and the amount of the obligation can be measured reliably. Expellditure i5 cla$5ified by activity. The costs ot each aclivit). are made up of tli¢ total of direct costs and shared cosis, including support costs iniioliied in underlaking each aclivily. Direct costs allribulable lo a single aelivily are allocated Llirucily to Ihdt aulivlty. SharLd Lus14 whilh LonlributL to rnuro than unL' dLlivily dnd 4uiiport LU.St% wlllLh dl'L' not aitribuldblL' to a single activity are apportioned between Ihose activities on a basis consisient with the use of resources. Central siaff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's iise. Expenditure on charilable acliviiies is incurred on directly undertaking the aciivilies which further the Chariiy's objectives. as wcll as any d.%4OLiated sUPPOrt Losti. All expeiiditure is inclusive of irreLoverable V A T. ChArltxble lleilvlifies ThL LO.%t of Lharildblc aL*ivLtiC% Lompri%cs thu%c iT]curred by thL Charity in the dLlivery ol. il% ALtLVitic% and .%crviLLS for it beneficiaries. It includes both costs that can be allocated directly lo such activities and Ihose costs ot an indirect nature neceSry to support them. Governance costs GovcrnanLL LOStS LomprisL thosL Losts assoeialcd witli mccting the Lonstitutional aTJd slrAILgie rcquirLmcnts of the Lharity and the audit lees and costs linked lo the stralegic managernent ol. the charity. P¥AEe 14 continued..-
KEREM SCHOOLS
OTES TO THE FINANCIAL STATETrIENTS - continued
for the
'ear ended 31 Au
ust 2U24
ACCOUNTING POLICIES - continued
Tanglble flxed assets and depreelatlon
TungiblL fixed a%seL% Lo%ting £5UO or inore urL Lapitdli%cd and reLo¥nised when future eLonomiL bLnLtLt% UTe probablc Und
the cost or value of the asset can be measured reliably.
Tanbyible fixed assets are initially recogvnised at cost. After recognition, uiider the cost model, tangible tixed assiets are
measured 81 cost less aceumulaled depreciation and any accumulated iinpairmei)I losses. All costs incurred lo bring a tangible
fixLd assct into ils inlcndcd worki1 condition should be inLludcd in Ihc mcasurLmcnt of Lost.
DepreLialion is charged so as to allocate the cost of tangible fixed assets less their residual value over theii. estimated useful
live4, nn a reducing, balance basis.
DcprL'Liation is providcd on Ilic following bascs..
Long-term l¢asehold property - Over leas¢ t¢mi
Improvement% to properly- 20,/0 per anniilm on re(lucingy b
KEREM SCHOOLS OTES TO THE FINANCIAL STATETrIENTS - continued for the 'ear ended 31 Au ust 2U24 ACCOUNTING POLICIES - continued Flnanelal Instruments The Lharity unly ha.s findnLiul LL%SetS dnd finunliul littbilitiL.4 uf d Icind thut qualify LL% bd%iL finunLiul in%trument%. Bd8lL fiiiancial inslruinenls are initially recognised at transaction value and subsequentlv measur¢d al tlieir seiileinenl N'alue excepl for bank loaiis which are subsequently measured al the carrying value plus acLrued interest less repayments. The financing hargye lo expeiidityre is at a constant rate calculated usiiigy the etyective interest m¢thod. Crilical a¢¢ountiiiE estimates und jiidg¢ments Estimates and judgements are continually evalualed and are based on historical experience and other factors, including expeLtalions of future events that are beliei'ed to be reasonable under the circurnstances. The Charity makes estimate and ds%umptioii.4 coiiceriiingi Ilie future. The resulting¥ accountiiigy estimules and as%umption4 will, by definition, %eldom equal the related aciual resulis. No judgements (apart trorn those involving estimates) have been made in Ihe proce55 Ot applying the above aCcolting poli¢i¢s. Penslons The chtsrity operates t0 pension schemes. A defined benefit scheine ivith the Teachers, Peiigion Schetne (TPS), which is only available to ieachiiigi statt. The adininislraiion ot. this 5cheine is deali with by th¢ T¢achers' Peiision Agy¢11cy. In addition there 1> a Personal Peiision ScheLne which is available to all other einplosees. Coniributions io boih scheines are cliarged th'recily io ihe Siaieineni of Financial Activiiies. DOIYATIONS AND LEGACIES 2024 2023 Donations INVESTMENT INCOME 2024 2023 Deposit accoLinl inieresl INCOME FROM CHARITABLE ACTIVITIES 2024 202.1 A¢iivity Provision of education Provision of educaiion 2 330410 2312726 P¥AEe 16 continued..-
KEREM SCHOOLS OTES TO THE FINANCIAL STATETrIENTS - continued for the 'ear ended 31 Au ust 2U24 CHARITABLE ACTIVITIES COSTS Support cos(s (see nolL 6) Direct CLi%l4 Provision of education 2 102 754 222 667 2 325421 SUPPOR T COSTS CJovernanLe ¢osls Management Total3 Provi5101i Ot education 205 ()67 222 667 NET INCOMEI{EXPENDITURE) Net inLomel(expenditure) is stated after chargiiiW(crediling): 2024 2023 Depreciation owned assels Surplus on disposal of fixed assets 26,818 4.26)L AUDITORS, REMUNEIiATION 2024 2023 Fcc% payablL 10 Ihc Lharily'% dudilor% lor Ihc (iiidit of thc Lhui'ily'% findnLiuI slaleinents 40 There were t¢¢s payable lo Ratlingyers Holdingys Limited ot. £3,600 (2023.. £3.600) tor lion audit services. TRUSTEES, REMUNERATION AND BENEFITS There were no Irusiees, remuneration or other benefits for the year ended 31 August 2024 noi. tor the year ended 31 August 2023. Trustees, expenses There were no trustees, expense% paid for the year ended 31 August 2024 nor for the year ended 31 Augiust 2023. P¥AEe 17 continued..-
KEREM SCHOOLS
OTES TO THE FINANCIAL STATETrIENTS - continued
for the
'ear ended 31 Au
ust 2U24
io.
STAFF COSTS
2024
2023
WdgL% und %uldrie%
Social Security costs
Other pensioii costs
1,336,9?2
112,248
?19.206
16()8 37()
1 •64,348
116.846
1662 235
The ai'era¥e montlily nuiiiber ot'ernployee4 during the yedf t'oll0.5..
2024
41
2023
40
Teaching,
Adininislralion and support
48
48
ThL nurnbLr of employLL% wI)O%L LimpIoyL'L bLllLfiLs (LxLluding LmpluyLr PLnsion Lo%f%) LXLL'LdLd £60,000 wa%..
2024
£6n.QO1- £70.(x)o
£80,001 £90,000
L90.001 £100,000
ii.
TANGIBLE FIXED ASSETS
Improvements
lo
properly
Long
le
KEREM SCHOOLS OTES TO THE FINANCIAL STATETrIENTS - continued for the 'ear ended 31 Au ust 2U24 12. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 2024 2023 TrddL debtors Other debtors Prepayments and accrued income 284,487 954 92.205 377 64() •61,315 249 316343 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade ¢redito Other creditors A¢¢rual% And deferred inLome ACCed expenses 44,689 67,477 77(),131 56 5l)3 945.U90 57,012 76.586 7x2,202 130.945 1046 745 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAiY ONE YEAR 2(124 2023 DLpo%it 33() 909 39X 204 15. MOVEMENT IN FUNDS Net movenienl in t.und At 1.9,23 31.8,24 Uiirestricled funds Gen¢ral Iuiid 821.324 120.713 942,037 Restrllted funds (IO.C)83 25,000 112 1.163 79% (11.544) (5,OOU) {67) (1,163) {79X) 54,139 20,000 45 Steam room Stcltl. &?itls Sponsored readings STP ¥rant Bikes 14.572) 106 141 TOTAL FUNDS 910080 1016 221 P¥AEe 19 continued..-
KEREM SCHOOLS OTES TO THE FINANCIAL STATETrIENTS - continued for the 'ear ended 31 Au ust 2U24 15. MOVEMENT IN FUNDS - continued Net movement in lunds. included in the above are as follows.. Tncoining resources Resources eApended Movement in funds" Unrestrlcted funds GLnLr&l fund 2,41.3,050 (2,292,34.3) 12U,713 Restrleted funds Big, gyraiit Steam room Stafl. gifts Sponsored readings STP grant 4,189 (10,733) (5.000) (358) (I IC)3) {(1,544) (5,000) (671 {1 163) 291 ( 1,000) (4.096) (247) (5.6881 3 91)5) 331178) 2 325 421) { I,()00) Securiiy guard8 Siddurim Acliv¢ wall CCT 4.096 247 5.C)R8 14 572) Iub 141 TOTAL FUIYDS 2431562 Cumparatives for movement In funds Net moveinenl in funds Al Ai 1.9.22 Unrcstrictcd funds Geiieral fund 800,505 20,819 821,324 Restrlcted fullds Big grdlll Steam room Slatf gifts School equipmerbt Sponsored readings STP ¥rdiit Bikes 53,808 6,875 25.000 112 {468) 60,6113 25,000 112 468 1.163 798 7911 31.519 TOTAL FUNDS 857 742 910 080 P¥AEe 20 continued..-
KEREM SCHOOLS OTES TO THE FINANCIAL STATETrIENTS - continued for the 'ear ended 31 Au ust 2U24 15. MOVEMENT IN FUNDS - continued Comparative nei moveinent in funds, included in the above are as follows: Tncoining resources Resources eApended Movement in funds" Unrestrlcted funds GLnLr&l fund 2,350,471 (2,335,t)52) 20,819 Restrleted funds Big, gyraiit IT equipmenl Sports Equipmciit Steain room Staff gifts School equipment O,S75 5.000 69 25,000 412 fi,875 (5.000) (69) 25,LK)O 112 4()8) 31.519 (300) 77,156 5.817) TOTAL FUNDS Unrestricted funds repre%enl fund% avdilable lo the Irublee4 for the general puTrn4es ot.the charily. Restri¢ted funds Duringp the year, the charity received donalions and glranls to be applied tor specitic purposes as listed below.. Blg grant - This t.uiid is used tor the developinent ot'a iiew playgyround. IT equlpment - This fund is used for the purchase of sLhool IT eqiiipment. Steam room This fuiid is used for a Llassroom refurbishment. Statl. xifts- This I"ui)d 1% u%ed loi. 4ldll' gitl4 (Ind refi'e%linients. Scliool cquipment - This fui)d is Lised for tlie purcl)ase of school equipmet)t. Spvnsor¢d readings This t'und is used for Sponsored readingis. STP Grant - This fiind is UsLd for a sLhool Iravcl plan whiLh LllLoiiragLS thL Lhildrcn to walk to school. Bike5 - This is a fund used lo buy balance bikes for the Early Years Unil. Secijrily giJrds - Thi% 1% (I tuiid use<J to pay tor extra security post the 7111 October trugpedy. Siddurim - This is a fund used to buy Jewish prayer books. CCTI, Tlii5 is a tund used tor additional school security, RELATED PARTY DISCLOSURES There were no related pthrty tratisaLlions for the year under review. 17. RETIRED BENEFIT SCHEMES The charity operates a defined conli'ibulion pension scheme for all qualifying einployees. The asseis of the scheme are held separately from those of the L'harils, in an independently administered fund. The charge to profil or loss in respeel of defjned contribution schemes was £219,206 (2023.. £281.041). The chariiy has 2 pension scheines. Teachers Pension Scheine {TPS) for teachers and Nesi for other staff. Tlie TPS is an unfunded scherne and contributions are calculated so to spread Ihe cost ot pensions oN'er employees, working lives with the group iii such a laY that the pension cosi is al a 8ubslaniially level percentage of current and luture pen%ionuble payroll. The Lulltribulions are determined by the Governnieiil ALtU(iry on the ba%1% of quadrennial i'dludlion using a prospective unil credit meihod. TPS is an unfunded Lnulti-eLnployer s¢heine wilh no underlying asset lo assign betiveen employers. ConsequentlJ' the TPS is treuled as a detined Lontribution SLheme for acLounting purpose and the contributions recogFnised in the period to which they relate. Page21
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