Registered Company Number: 03437589 CLORE TIKVA SCHOOL FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STAfEMENTS F()R THE YEAR ENDFD 31 AUGUST 2024 Charity Number . 1073942
CLORE TIKVA SCHOOL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR TllE YEAR ENDED 31 AUGUST 2024 INDEX Page Number Report of the TteeS Independent Exarninerfs Report ststement of Financial Activities Balance Sheet 9-14 Notes to the Financial Statements
Page I CLORE TIKVA SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their trustees, report and also present the directors, report with the financial statements of the charity for the year ended 31 August 2024. The fllmncial statements have been prepared in accordance with the accounlillg policies wbich can be found on pag&8 9 and 10 and comply with the Charities Act 2011. the Companies Act 2006. the Mernorandum and Articles of Association. and Accounting and Reporting by Charities: Statemcnt of RecOended Practice applicable to cbarities prepaLing their accounts in accordance with the Financial Reporting Standard applicable in the trK and Republic of Ireland (FRS 102) (effective I January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number 03437589 Registered Charity Number 1073942 Reglstered Office 115 Fulwell Avetwe Barkingside Essex IG6 2JN Trustees Paul D Bournc (Chai[m) John C Morrison Rabbi D Hulbert Andrew K Lewis Cheryl Petar (resigned 17 January 2024) Valerie H Garnelas (resigned 17 January 2024) James L Bloo Jason Levy Christopher J. Robson (re5igncd 17 January 2024) Claire A Hartley (appointed 22 July 2024) Jndependent Examiners Ms J A Riclder, FCA Alwyns LLP Crown House 151 High Road Lougbtoll IGIO 4LG STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Th¢ Cbarity is ¢ontrollcd by its governillg d¢)cument, a deed of tn¢ and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. Bet Sefer Limited is a con]pany limited by guarantee governed by its Memorandum and Articles of A580ciation dated 22 Septemkn 1997. The charity changed its name to Clore Tikva School Foundation on 17 June 2019. It is re8lStered &s a charity with the Charity Conmiission. Anyone over the age of18 can become a member of the company by application to the trnstees and there are currently 20 members, each of whom agree to contribute £10 in the event of the charity winding up.
Page 2 CLORE TtKVA SCHOOL FoDATIoN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNAINCE AND MANAGEMENT Recrultment and appointment of new trustees As set out in the Articles of Association the members of the company elect the tntee8, who, in elect the Chairnwi. All tnembers are circulated not less thau 8Lvcn or more than twcnty-cight clear days before the date appoitLted for holding a gcllcral meeiing. with notice being given of trustees retiring by rotation and persons being reconunended for appointmenl as trustees. Illduetion and training of new trustees New trustees are briefed on their legal obligations under ¢barity and company law. tbe content of the Memordndum and Articles of AssociatiotL the decision n]aking processes" the business plan and recent financial perforniance of the charity. Trustees are encouraged to attend appropriate external traillillg ¢vellts where thes¢ WIEI facilitate the undertaking of their role. Organisatiollal structure The board of trustees, which can have up to 9 members, nieets three times a year and adminAsters the charity. The chariws day-to-day activities are conducted from the otYic¢ of the Clore Tikva S¢hool. Company secretarial services and fhclaI administration are carried out by Mr P D Bourne. Related parties The charity has a close relationship Thith Clore Tikva SchooL which is sited in the pmnises owned by the charity. It also has a relationship with JS7 fornwly JCDSAB (Jewish COMnllty Day School AdvÉsory Board), whose remit is to estsblish and work with Jewish schools sharing its plurdlist ethos and is also the Admission Authority designated by the Department for Education. Risk Dnagement The tNstees are satisfied that all major risks have been identified and revieweAI, and tbat systems are being &8tablished to mitigate those risks. The Trustees are continuing.. an annual review of the risks the charity may face. to review systems and procedures to mitigate those risks identified. the implenLentation of procedures designed to minit¢ ally potential impact on the charity should those risks materialise. OWECTIVES AND ACTIVITIES DELIVER PUBLIC ThTEREST Objectives and ain The clwitys objectives are:_ advancement of education in accordance with progre&sive Jewish principles. to be the guardians of the school ctho¥ and be fully supportive of sattle at all times. maintenance and development of premises for the purposes of such advancement" fidIng of that part of the school's Curriculum which is outside state assistance, viz Hebrew teacbinE and Jewish studies; to provide up to 10 % of all school Capital Expenditure as covered by SCA funding. to provide the balance of funding for school capital prOjts that are not covered by state fiUillg. The Trustees are mindful of the need to meet the Public Benefit requirement and have been made aware of the guidance given to the Tntee8 by the Charity Commission. Th¢y consider that the onus upon them is discharged by the pmmotion of advancement of the education in accordance with PTogrg&sive Jewish principlc8, provide Hebrcw teaching and Jewi¥h studies which ar¢ outside State School curriculum. However, wh¢re are vawci¢s th¢ srhool is open to children of all faiths and the diversity this britigs to the school helps promote inter faith dialogue and Cowoperaliofy thereby prOlltIng good con)munity relations and helping to ¢ombat anti Sernitisrn and religious prejudices from an early age. Volunteers The ¢harity is dependent on the voluntary work of the trustees in admintstering its funds and otber volunteers who give their time supporting the charitys activities. The value of this support cannot be readily quantified and has not been included in tbe
Page 3 CLORE TIKVA SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ACHtEVEMENT AND PERFORML ANCE Charitable activltles The current cost of living crisis following on the effects of the covid l9 pandemic has continued to have an infiuence on and affect the education and lives of the pupils, staff and families of Clore Tikva SCI01 and Clore Tikva School foundation. We have been able to nintaill voluntary contributions at a level that provides the basic Ivrit and Jewish StLleS curriculum. Since September 2006, the School has been in full occupancy but over the past 5 years tbe intake in to nursery and reception has been under the allocated spaces whioh in tLwn has put increased pressure on fundraising as full years graduate from year 6. The number of children in prinwy education across Redbridge and Greater London has been impacted by the pandemic and Brexit and is not expected to reach the pre pandemic levels for a significant number of years, This is affecting not just the new children joining nursery and reception but right through the entire school with lower pupil numbers than spaces in most yea which h88 an effect on the amount of donations that we receive. The school has consulted on an updated Pupil Admission Number (Pan) which will be based on a 1.5 forn] enty of 45 pupils. This will take effect fronL September 2024. This along with mixed age cla88¢s will reduce the number of pupils in school and the number of parents to n]ake voluntary contrkbutions. Despite ongoing problelljs re the level of income received from Voluntary Parental Contributions (VPCS), Clore Tikva School foundation has again been able to fimd its obligations regarding the school's Hebrew teaching and Jeish studies Curriculum. However, sh fimding continues to be under review. The spending has been checked and reduced where possible to maximize the available fimding for our core activities. The challenge facillg us now is to continue to irnprove on th¢ uptake of VPCS to secure the school's future for the next 10 years. FAcf (FundraiseL3 at Clore Tikva) the fundraising arn of the Clore Tll<va School Foundation h&s nm a number of successfi events and this has enabled new playground equipnwlt and structures to be I8tlled. This has greatly improved the play environment for the entire school oommunity. The next school year will be the 25tb year of Clore Tikva and there are a number of events planned to take place to celebrate tbis achievement. The School and Foundation continue to work closely with the lo¢al ¢ommunity, ECAMP'S rabbis, UJIA, PAJES and the JS7. FlNCIAL REVIEW Reserves policy The trustees have established the level of Unrestricted reserves (i.e. those funds that are freely available and useable) that the charity should have: to fimd the sc1Kl's Hebrew teaching and Jewish stydies programnLe; to meet possible emergency premises repair8, and other exp¢ndithre. The trustees consider that the ideal level of unrestricted reserves as at 31 August 2024 would be £200,(KIO. The actual unrestricted reserves at 31 August 2024 were £170,230 (£29,770 short of the targeted figure of £200,000). As ststed in the Perforn]ance and Financial Review sections, whilst the cutrent level of reserves are at a critical level in the short tern], it remai the lntees, intention to Increase the unrestricted rery¢s so they nlay ensure a sufficiency of T&8erves to provide financial flexibility in filture years. Investmellt pollcy and objectives Tnte¢S n]ay invest the charitys fillLds, not inynediately required for its purp08e8, in or upon such inveslments, securities or property as nY be thought fit. The trustees, having regard to the liquidity requirements of providing funds for that programme, and to the reserve8 poli¢y of keeping available funds in interest bearing aCull, seek to receive a rate of deposlt interest which nMt¢hes or exceeds infiation as measured by the retail prices index. The results for the year and flljancial position of the company are as shown in the annexed fmancÈai statements.
Page 4 CLORE TtKVA .SCHOOT, FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The principal unrestricted funding sources during the year were: Parental contributions Gift Aid tsx recovered Interest on cash deposits Donations 72,360 13,001 4,330 8.220 Total 97,911 The principal cost to the clwity was contributions to religious teaching whicb aEllounted to £92.865 in the year. In year to 31 Augusi 2024 thcrc was an Unrestricted Fund Deficit of £7.078 with net current assets of £168,425 at the balance sheet date. FtrruRE PLANS The charitys plans for the filture are to continue to sLport the School, to the School's Hebrew t¢aching and Jewish studies progrdnune, to nKct ongoing liabilities arising from the School's Capital work8 programme, specialist security costs and other expenditure. With the present level of filnds sufficient to support the School only in the very short tern4 the trustees are engaged in serious consideration of the charitys financial ability to continue pmviding sufficient fid8 to meet these full Costs. Parental contributions, which are the main source of fLmds are well below expectations, and efforts are continually being made to increase the level of income from this source. Going forward as a company and board of Dire¢tors we need io take COLSanCe that our local demograpbic has Chang since the school initially opened in 2000. In our early years children whose parents were members of our supporting Progressive Synagogues fonned the njOrity of our annual intake, this is no longer the case as it is now children from families who belong to traditional orthodox synagogues who now forni the majority of our annual intake of Jewish children. Jewish families are moving* and not as some believe to nortb or nortbwe8t Londo but fier out into Fssex and surroundlllg neighbourhoods. The School will be updating its Published Admission number in tILe next flllancial year and reducing its total class numbers which may have an effect on VPC'S but this change will ensure that the School is structwed to nwtch its current size and improve its financial position. Going forward witb the measures idelltificd above together with the recruitment of younger pro-active dynamic active board we Gan State that the TTUStees are not pessimistic, but optimistic in going forward and are confident that the following 12 montlLS shall see an improvement in our ov¢rall financial positio GOING CONCERN The TnL8tees are pleased to report the EoinE concern status of the clwity bas improved this year &8 meawred by increased cash reserves at the end of the year . Nonetheless, the day to day affairs of the charity neeA to be maintained as pru(knlly as po&8ible whilst fu8]ng on nWXinIllg parental contributions and other income. Having regard to tbe position of the conlpangs uDrestTiCted fids, the trustees continually monitor Hebrew teaChg and Jewish studies co8 and also costs in connection with Security and Administratio Continued fund raising activities will Continue to be reflected in subsequent years, flllancial statements. The trustees have also considered the Conseque¢$ of COVID-19 and other events and conditions, and have determined that they do not create a nterIaL uncertainty that casts significant doubt upon the charitys ability to ¢ontinue as a going concern.
Page 5 CLORE TIKVA SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEESI RESPONStBILITIES The trustees (who are also the directors of Clore Tikva School Foundation for the purpose8 of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. Compally law requires the trustees to prepare fmancial statements for each fjnallcial year. Under that law the trustees must prepare the flllancial statemenls in accordance with United Kingdom Generally Accepted Aounting Practice (United Kingdom Accounting Standards and appIlble law). Under cotnpany law the trustees must not approve the financial ststements unless they are satisfied that they give a trne and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable company for that period. tn preparing these fmancial statements, the tsustees are required to:. select Suitable accounting policies and then apply them consistently. observe the methods and principles in the chlty SORP. n]ake judgments and estimafrs that are reasonable and pnent. state whether applicable UK Accounting Standards have becn followed, 8ubje¢t to any n)aterial departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue to operate. The trustees are responsible for keeping adequate accounting recoriLs that are sufficient to Show and explain the clwitable Companls trdnsactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements mplY with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The report has been prepared in accordance with the special provisions oEPart 15 of the Companies Act 2006 relating to small companies. ON BEllALF OF TllE TRUSTEES: P D Bourne - Tnte¢ Date g I -, MAI lol£
Page 6 CLORE TIKVA SCHOOL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLORE TIKVA SCHOOL FOUNDATION I report to the trustees (who are the Directors for the purpose of eompany law) on my examination ofthe fmancial statements of Clore Tikva School Foundation (%he charitabEe cornpan the year ended 31 August 2024 which comprise the Ststernent of Financial Activities the Balance Sheet and related notes from page 9 to 14. This report is made solely to the charity's trustc¢s, as a b¢xiy, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might ate to tILe charity's trustees those nmtters l am required to statc to them in this report and for no othcr putP05c. To the fullest extent pennitted by law. I do not accept or assume TespoTLsibility to anyone oth¢T than the charity and the charity's truste as a body. for my worK for this report, or for the opinions I have formed. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the trustees of the charitable company you are responsible for the preparation of thc financial statcments in accordance with the requirernenLs of the Cornpanies Act 2006 ('the 2006 Act,). Having satisfied myself that the financial statemenls of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examinalion. I report in respect of my ¢xaTninatii)n of thc charitable company's financial statements Caled out under section 145 of the Charities Act 2011 (he 2011 Act,) and in canying out my examinalion I ha followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Ad. As pemlitted by Direction 2, issued by the Charity Commission th¢ firnl for which I work has provided the Company with bookkeeping services during the year ended 31 August 2024. As a cffls¢quen¢e I have followa the requirement of the FRC'S Etbical Standard when undertaking tbis assigmnent. An independent examinatim does not involve gathering all the cvidence that would be required in an audit and consequently d(Ks not ¢ov¢r all th¢ matt¢rs that an auditor ¢onsiders in giving their opinion on the financial statemetrts. The planning and conduct of an audit goes beyond th¢ limited assurance that an independent examinati] can provide. Consequently I express no opinion as to whether the financial statements pr¢scnt a 'true and fair, view and my report is limited to thos¢ specific matters set out in th¢ indep¢ndcnt examiner's statement. INDEPENDENT EXAMINERIS STATEMENTS I have eompleted my examrnation. l ¢onfinn that no material matters have come to my attention in connection with the cxamination gtving me uSe to believe that in any material respect: accounting records were not kept in rest of the charitable cotrwany as required by section 386 of thc 2006 Act.- thc financial statcments do not accord with those reconLs" or the firwicial statements do not comply with the accounting requirements of section 396 of the 2006 Act irther than any requirement that the financial statements give a Inie and fair view which is not a matter considcrcd as part of an indwd¢nt ¢xamination' or the financial statements have not been prepared in accordance with the methods and principles of th¢ Statement of Rcwnunended Practice for accounting and reporting by clwities applicable to charlties preparing their accounts in awordance with the Financial Reporting Standard applicable in the UK and Republic of Ir¢land (FRS 102). I have no concerns and have come across no other matters An comiection with the examination to which attention should be drawn in this report in order to enable a proper uThderstanding of the fmancial statements to be reached. Ms J A Rickler. FC Alwyns LLP Chartered Accountants Crown House 151 High Road tnughton E&8ex IGIO 4LG Date.. Ig
Page 7 CLORE TIKVA SCllOOL FOUNDATION STATELVIEIYT OF FINAIYCIAL ACTivrrIEs fflYCORPORATINC AN INCOME AI¥D EXPENDITURE ACCOUNT) FOR THE YEAR EIIDED 31 AUGUST 2024 Unrestrieted Restritted 2024 2023 Funds Funds Total Totsl Notes INCOME FROM: Donations and lega¢i¢s Other trading activities tnvestments 103,581 53,883 4,330 17,000 120,581 53,883 4.330 124,089 11,962 2,126 Total 161,794 17,000 178.794 138,177 EXPENDITURE ON: Clwitable activities Other 104.670 64,202 104,670 141,839 93,965 76,361 77,637 Total 168,872 77,637 246,509 170,326 Net movement in funds (7.078) (60,637) (67,715) (32,149) Reeonciliatlon of funds Total funds brought forward 177,308 3,406,494 3,583,802 3.615,951 TOTAL FUNDS CARRIED FORWARD 13 170,230 3.345.857 3,516,087 3,583,802 All incoming resources and resources expended derive from continuing activities. The notes on pages 9 to 14 form part of these fula1 statements.
Page 8 CLORE TIKVA SCHOOL FOi]NDATION BALANCE SHEET AS AT 31 AUGUST 2024 Unrestricted Restrlcted Funds Funds 2024 Total 2023 Total Notes FIXED ASSETS Tangiblc assets CURRENT ASSETS DebtotB Casb at bank and in hand io 1,805 3,340,610 3.342,415 3.403,406 li 4,617 167,363 4,617 L95,610 7,410 176,153 28,247 171,980 28,247 200,227 183,563 CREDrroRS Amounts falling due within one year 12 {3,555) (23,000) (26,555) (3,167) NET CURRENT ASSETS 168,425 5,247 173,672 180,396 TOTAL ASSETS LESS CURRENT LIABILITIES 170,230 3,345,857 3,516,087 3,583,802 NET ASSETS 170,230 3,345,857 3,516,087 3,583,802 FUNDS Unrestricted funds: Genernl fund Designat fund 13 (44,270) 214,500 (27,192) 204,500 170,230 3,345,857 177,308 3,406,494 Restricted funds TOTAL FUNDS 3,516,087 3,583,802 For the financial year ended 3 L August 2024 the ¢ompany w&8 entitled to exemption from audit under Section 477 of the Companies Act 2006. The d1CtorS acknowledge their responsibilxties for Complying with the trquimnents of the Act with Tespect to accounting records and the prepaT&tion of financial statements. The members have not required the company to obtain an audit of its financial statements for the period in question in a¢¢ordance with Section 476. fu1&1 statements have been prepared in accordance with the pvISiOnS applicable to companies subject to the small companies regime. Approved by the Trustees for issue on 21 S T Thl P D Bourne - Tntee Company Regtstration No: 03437589 The notes on pages 9 to 14 fonn part of these financial statements.
Page 9 CLORE TIKVA SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTLYG POLICIES Accounting conventloD These financial statements have been prepared in accordance with Accounting and Rq)orting by Charities: Statement of Recommended Practice applicable to charities preparing thetr accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic of treland IFRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Compaoies Act 2006 and Charities Act 2011. Clore Tikva SLhool Foundation meets the defjnition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cosl or transaction valuL uthcss otherwise stated in the relevant accounting policy notes. Going conccrn The Trustees have ¢onsidered the consequences of COVID-19 and other events and conditio* and have determined that they do not create a material uncertainty that casts SiEnficant doubt upon the trusvs ability to continlue as a going ncern. Reconciliation with previous Cenerally Accepted Accounting Pracllce In preparing these accounts, the trustees have considered whetlw in applyin8 the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was rcqLSired. No restatements were rcquircd. Incoming resources Illcome is received by way of parental Contributions, donations and gifts and is included in full in the Ststement of Financial Activities when receivable. Gifts donated for resale are Iluded as income when they sold. Donated assets are included at the value to the charity where this ¢an be quantified and a Ihird paty is bearing the cost. The value of services provided by volunteers has llot been included. Grants received relating to the following year are defeed until the crileria for income recognition are meL Income frojn investments is included in tbe year in which it is receivable. Resources expended ExELnditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headinbs they have been allocated to activities on b&sis consistent with the use of resources. TAngible fixed assets Tangible red other than freehold land are stated at cost or valuation less depreciatio Depreciation is providcd at the following annual Tates in order to write off each asset over its tIn}ated useful life. Ftt%hold pmpety Free1Id land Improvements to property Fixtures and fittings Nil 150/0 on reducing balance 250/0 on reducing balance Fund accounting UnrestrA¢ted fimds can be used in accordance with the CIlIable objectives at the discretion of the tnte¢s. Designated funds comprise unrestricted fimds that have been set aside by the directOTS for planned repair purposes. Re8trictyJ fid8 can only be used for particular restricted purposes within the objects of the charity. Restri¢tions arise when specified by the donor or when funds are raised for particular restri¢t¢d puxyoses.
Page 10 CLORE TIKVA SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Debtors Trade and other debtors are recogDised at the settlement aOUnt due after any trade discount offered. Prepayfftcnts are valued at the amount prepaid net of any trade discounts due. Accrned income and tax rVerable is included at the best estitnate of the amounts receivable at the balallGe sheet date. Cash at bank and in hand Cash at bank and cash in hand include8 cash and d¢posits held at call with bath. Creditor8 and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be rneasured or estimated reliably. Creditors and provisions are nornthlly recognised at their settlement amount after allowing for any trade discounts due. Flnanclal Instruments The charity only has fU]cIal a&8ets and financial liabilities of a kind that qualkfy as basic financial in¥tnnnents. Basic financial tnstruDMts are initially recognised at transaction value and subsequently eaSured at their settlellllt vaIuc with the exception of bank loans which are subsequently measured at amortised cost using the c1Ve interest method. Taxation The charity is ex¢mpt from corlIation t&T on its charitable activities. Value Added Tax VAT is not 0Verable by the charity and as such Is included in the relevant costs in these fula1 statements. INCOME FROM DONATIONS AND LEGACtES 2024 2023 Donations Grants received Gift Aid Parental contributions 8,220 27,000 13.001 72,360 38.575 13.622 71,892 120,581 124.089 The income from grants received was £50,000 of which £IO.000 was unrestricted and £40.000 restrActed from an anonymous generous donor to help filnd SEN facih'ties within school. £23,000 relating to the following year are deferred. 3 OTHER TRADING INCOME 2024 2023 Event sales and fimd raising 53,883 11,962 INVESTMEIYf INCOME 2024 2023 Deposit account interest 4,330 2,126 CHARrrABLE ACTIVITIES COSTS 2024 2023 Education ¢osts (note 6) Governance costs (note 7) Clorc Tikva School loan ThTitten off (note I l and 15) 92,865 6,317 5.488 87,024 6,941 104,670 93,965
Page 11 CLORE TIKVA SCHOOL FOUNDATIOIY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EDUCATION COSTS 2024 2023 Education direct costs 92.865 87,024 The charity contributed towards the staff costs of Clore Tikva School 92,865 87,024 GOVERNANCE COSTS 2024 2023 Accountancy Book-keeping Professional fees VAT on governance costs 2,771 2,493 2,639 2,374 925 1,003 1,053 6.317 6,941 8. OTHER 2024 2023 Unrestricted funds Bank charges Insurance Depreciation Advertising Repairs and maintenance Other donations Security costs Challah & grape juice & seders Educational donations Event expenses Computer costs School Condition allowance School kippot Meeting room hire Sunthies 784 234 354 120 392 429 154 1.577 1,464 2,807 1,890 5,280 2,335 3,009 591 2,423 4,966 27,549 10,656 11,283 742 360 509 18 64,202 15,724 estrleted tunds Grants spent- Cubbie Sensory Hub Depreciation 17,000 60,637 60,637 77,637 - 60,637 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 August 2024 nor for the period ended 31 August 2023. Trnsteesl Expenses There were no trustees, expe8eS paid for the year ended 31 August 2024 tr for tbe period ended 31 August 2023.
Page 12 CLORE TIKVA SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS Freehold property Improvements to property Flxtures alld tlttlngs Totals COSTtVALUATION At I September 2023 Additions 4,754,932 23,644 21,058 4,799,634 At 31 August 2024 4,754,932 23,644 21,058 4.799,634 DEPRECIATION At I September 2023 Charge for year 1,353,685 60.637 21,791 278 20,752 76 1,396,228 60.991 At 31 August 2024 1,414,322 22,069 20,828 1,457,219 NET BOOK VALUE At 31 August 2024 3,340,610 1,575 230 3,342,415 At 31 August 2023 3,401,247 1,853 306 3,403,406 Included in cost or valuation of land and buildings is freehold land of £1.723.046. 11. DEBTORS.. AMOUNTS FALLING DUE wfTHIN ONE YEAR 2024 2023 Clore Tikva School loan Gift Aid receivable Prepa)rynent 5,488 650 1,272 2,363 2,254 4,617 7,410 12. CREDrroRS AMOUNTS FALLllYG DUE TllIN ONE YEAR 2024 2023 AccnlS and defer1 income Grant 3,555 23,000 3,167 26,555 3,167
Page 13 CLORE TIKVA SCHOOL FoUThATIoN NOTES TO THE FL¥AI¥4CIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2024 13. MOVEMENT IN FUNDS Net movemellt ill funds Transfers between funds At 11912023 At 3118124 Unrestricted funds General fund DeS1tea fund (27,192) 204,500 (7,078) (io,000} 10,000 (44,270) 214,500 177,308 (7,078) 170,230 Restrleted funds Restricted funds 3.406,494 (60,637) 3,345,857 TOTAL FUNDS 3,583,802 (67,715} 3,516,087 Net movement in fids, included in the above aTe as follows: Incoming resourees Resources expended Movement in fund$ Unrestricted funds General Fund 161,794 168,872 (7.078) Restricted funds Restricted funds 17,000 77,637 (60.637) TOTAL FUNDS 178.794 246,509 (67,715) 14. CONTINGEIYT LIABtLITtES Donations were received during the 2002 and 2003 fmancial years from the Clore Duffield Foundation totalling £600,000. This amount would become repayable in the event of the school closing or ceasing to filltiOtt as a Jewish school and is secured by way of a legal charge against the freehold propety. 15. RELATED PARTY DISCLOSURES At the balance sheet date the clwity was owed £nil by Clore"I'ikva School (2023 - £5,488}. This loan was written off during the year. 16. CONTROLLING PARTY The Company does not have a controlling paty.
Page 14 CLORE TIKVA SCHOOI. FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 AUGUST 2024 17. COMPARATIVE STATEMENT OF FINANCIAL ACTtVIlIES FOR THE PERIOD ENDED 31 AUGUST 2023 Unrestricted Funds Restricted Funds Tot 2023 Notes INCOME FROM: Donations and legacies 124,089 11.962 2,126 124,089 11,962 2,126 Investments Total 138,177 138,177 EXPENDITURE OIY: CILaritable activities Other 93,965 15,724 93,965 76,361 60.637 Total 109,689 60,637 170,326 Net movement in funds 28,488 (60.637) (32,149) Total funds brought forTrvard 148,820 3,467,131 3,615,951 TOTAL FUNDS CARRIED FORWARD 13 177,308 3,406,494 3,583,802