Charity number: 1114730 Company number: 03942126 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUS CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees, report Trustees, responsibilities statement Independent auditors, report on the financial statements 7-10 Statement of financial activities Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-22 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Board of Trustees Richard Kafton Ishai Novick, Chair David Moody Mark Hurst (appointed 1 September 2024) Andrew Moss (resigned 1 September 2024) Stephen Pack Robert Gershon Charity number 1114730 Principal office JFS School The Mall Kenton Harrow Middlesex HA3 9TE Company Secretary Ms Manpreet Bal Company Number 03942126 Independent auditors BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Barclays Bank PIC PO Box 3474 London NW17NQ Page 1 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Introduction The Trustees {who are also the Directors of the charitsble company) submit Ihe Report and audited Financial Statements of the JFS Charitable Trust (the Trust) for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice 'Accounting and Reporting by Charities. in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the aGGounts and comply with the chariws goveming document, the Companies Act 2006, the Chartties Act 2011 and the Statement of Recommended Practice "Accounting and Reporting by Charities" Legal and Administrative Infomiation The charity is incorporated as a company limited by guarantee, registration number 3942126. The governing instrument is the Memorandum and Articles of Association dated 2 March 2000. as amended on 17 February 2006. The charity was considered to be an exempt charity under the Charities Act 2011 on incorporation as it was under the control of the Governing Body of the JFS School. itself an exempt charity. Following the decision of the Governing Body to relinquish control of the Trustee Body. the charity registered with the Charity Commission on 17 June 2006. The governan￿ of the charity is vested in the Trustees. The Trustees who served during the year are listed on page 1 and 50°/0 were Govemors of the JFS School for most of the time during the year. The Trustees are selected to ensure that there is an appropriate balance of skills and experience within the Trustee Board. New Trustees are appointed by the existing Trustee Board. Structure. governance and management The day to day running of the Trust is delegated to an administrator and overseen by the Trustees who meet quarterly. Trust Objects and Public Benefit The objects of the Trusl are to advance the education of pupils at the JFS School (the School) by the acquisilion of land for the School and the provision of resources, equipment, teaching and facilities for education in addition to those provided out of public funds. The Trustees confirm that they have paid due regard to the Charity Commission's guidance on Charities and Public Benefit when reviewing the activities of the Trust. Objectives and Activities The objectives of the charity as per its goveming document are: To advance the education of pupils at the School by the acquisition of land for the School- and The provision of resources, equipment, teaching and facilities for education in addttion to those provided out of public funds In furtherance of its charitable objects, during the year to 31 March 2024. the Trust raised charitable donations to enable JFS to continue to advance the education of all children who attend the school, including Jewish religious education. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefft. induding the guidance 'Public benefit.. running a charity IPB2)'. Page 2 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategies for achieving objectives The Irustees have the key strategic objective of raising charitable funds in order to support JFS and enable the school to= Maintaining the school premises to provide a facility that ensures the highest quality of education for the children Continuing maximum potential pupil inlakes in each year Retaining and recruiting leading-edge staff members to drive the delivery of the school's ethos whilst supporting staff training and development needs Achieving core financial stability The delivery of this is underpinned by a comprehensive and detailed fundraising plan. Activities and Achievements The trustees will continue to undertake a number of fundraising activities and maintain spending priorities for the school, in line with the strategic priorities of JFS. During the year the charity has supported developments in the school including curriculum development as well as investment in the physical and academic structure of Ihe school through a series of financial donations made to the school in support of its overall budget. The Trust administers the system of parental Voluntary Contributions, claiming Gift Aid on qualifwng donations, together with general fundraising activities in support of JFS. During the year the Trust ran a fundraising campaign that was suc￿Ssful in raising in excess of £1 million plus Gift Aid. Following the year end the Trust, acknowledging the financial support that is required by JFS to meet its target to be the leading Comprehensive educational estsblishment in the UK, undertook a major review of its governance structure and future strategic direction. leading to: Enhanced Governance and Administrative oversight including the adoption of updated govemance instruments Direct employmenl of a dedicated Director of Fundraising Focus on increasing parental Voluntary Contribution rates Revlew of the Buslness and Future Plans The financial results for the year are set out on Page 11. The Trust will continue to support the development of JFS School. Further support will be provided to curriculum development and the School infrastructure. Page 3 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial Review Goin concem After making appropriate enquiries. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operalional existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going con￿rn basis can be found in the accounting policies. Reserves olic As of 31 March 2024, the trust had total funds of approximately £303,168, all of which were unrestricted funds. Princi al fundin The major sources of incoming resources during 2023-24 were charitable donations. It is only with this range of donations that the Trust can provide the quality and range of services expected by the school community. The costs of providing charitable activities are met entirely from donations. Reserves Funds as at 31 March 2024 amounted to £303.168 (2023- £444,052) of which all was unrestricted (2023 - all). Following the completion of the new School project. the primary purpose of the Trust is to raise funds for JFS School and to consider funding requests from the School for purposes in accordance with the objects of the Trust. It is the intention of the Trustees to maintain a significant level of unrestricted reserves to enable the settlement of expenses associated with the continuing expansion of the School and to provide for its future development needs. Investment Policy The policy of the charity is to combine security with higher-than-average income in a managed portfolio of investments. The Trustees have decided the portfolio should be reviewed againsl benchmarks; in the short to medium term against appropriate indices and in the longer term. CPI plus 4 /0 per annum. During the year, Trustees moved the investment portfolio into cash management funds thereby reducing the short-term market volatility risk with the requirements for financial certainty supporting the school's financial planning. The Trustees are satisfied that the Trust can continue lo meet all its financial obligations on an on-going basis. Risk Management The Trustees have examined the principal areas of the Trust's operations and considered the major risks fa￿d in each of these areas. In the opinion of the Trustees. the Tnjst has an effective review system and has allocated sufficient resources to ensure that those risks identified will be mitigated to a level awptable for the Trust's day to day operations. Page 4 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of Infonnation to Auditors The Trustees who held office at the date of approval of this Trustees, Report confirm that, so far as they are individually aware, there is no relevant audit information of which the Gharitls auditors are unaware. and eaGh Trustee has taken all reasonable steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit infomiation and to estsblish that the charitys auditors are aware of that information. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Auditors Our independent auditor BKL Audit LLP has signified its willingness to continue in office. Approved 1911212024 by order the members board and signed on their behalf by- Trustees on Ishai Novick Chaimian of the Trustees Page 5 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of ils incoming reSoUr￿S and application of resources. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislently., observe the methods and principles of the Charities SORP (FRS 102)- make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time Ihe financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Approved by order of the members of the board of and signed on its behalf by.. Trustees on 1911212024 Ishai Novick Chaimian of the Trustees Page 6 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) Opinion We have audited the financial statements of JFS Charitable Trust (formerly JFS Developmenl Charitable Trust) {the'charitable company) for the year ended 31 March 2024 which comprise the Statement offinancial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). The financial stalements have been prepared in accordance with Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reportir)g by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extanl regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally AC￿pted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements= give a true and fair view of the state of the chantable companys affairs as at 31 March 2024 and of its incoming resourGes and application of resources for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordance with the Charities Act 2011 and the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audil of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparalion of the financial statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concem for a penod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the TrUSt￿S with respect to going cOn￿M are described in the relevant sections of this report. Page 7 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (CONTINUED) Other information The other information comprises the information induded in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other informalion is materially inconsistent with the financial statements, or our kno¥Medge obtained in the course of the audit, or otherwise appears to be materially misstated. If V￿ identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we Gondude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you rf. in our opinion= the information given in the Trustees. report is inconsistent in any material respect with the financial statements- or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records and retums. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. Page 8 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUST) (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or e￿Or, and to issue an Auditors, report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-complian￿ with laws and regulations. We design procedures in line with our resF)onsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to vA)ich our procedures are capable of detecting irregularities. including fraud is detailed below.. We obtained an understanding of the charitable company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We oblained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. We detennined the principal laws and regulations relevant to the charitable company in this regard to be those arising from Charities (Accounts and Reports) Regulations 2008, Charities Act 2011 and Companies Act 2006. We designed our audit procedures to ensure the audit team (x)nsidered whether there were any indications of non-compliance by the charitable company with those laws and regulations. These prO￿dureS included, bul were not limited to enquiries of applicable management and review of minutes. We also identified the risks of material misstatement of the financial statements due to fraud. We do not consider there to be any further areas of risk in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls. As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included. but were not limited to= the testing of journals., reviewing accounting estimates for evidence of bias- and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wilh regulation. This risk increases Ihe more Ihat Complian￿ wilh a law or regulation is removed from the evenls and transaclions reflected in the financial statements. as we will be less likely to become aware of InStan￿S of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .ukJauditorsres onsibilities. This description forms part of our Auditors, report. Page 9 **Carly Pinkus (Senior Statutory Auditor) For and on behalf of BKL AUDIT LLP Statutory Auditor** ## 20/12/2024 BKL AUDIT LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations Investments 2.370.947 71,275 2.370.947 71,275 1,435,244 50, 862 Total income 2.442.222 2.442,222 1,486, 106 Expenditure on: Activities for generating voluntary income Charitable activities 21,011 2,501,126 41,022 21,011 2,501,126 41,022 5,909 1, 757,640 13.819 Support costs Total expenditure 2,563,159 2,563,159 1,777,368 Net expenditure before net losses on investments Net losses on investments {120.937) {19,947) (120.937) (19,947) (291, 262) (119, 809) Net movement in funds {140.884) (140,884) (411,011) Reconciliation of funds: Total funds brought forward Net movement in funds 444,052 {140,884) 444,052 (140,884) 855, 123 (411,071) Total funds carried forward 303.168 303,168 444,052 The funds of the Trust derive from continuing activities. The Trust had no recognised gains and losses other than those included above. The notes on Pages 14 to 22 form part of these financial statements. Page11 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments Current assets 1.910.471 1,047,144 Deblors 126,672 747,896 55.174 42,662 Cash at bank and in hand 874.568 97,836 Creditors- amounts falling due within one year 12,481,871) (700,928) Net current liabilities {1.607,303) (603,092J Net Assets 303,168 444, 052 Funds Unrestricted 303,168 444,052 303,168 444,052 The financial statements were approved and authorised for issue by the Trustees 1911212024 and signed on their behalf by- on Ishai Novick Chainnan of the Trustees The notes on Pages 14 to 22 fomi part of these financial statements. Page 12 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 1,477,339 (1, 131,131J Cash flows from investing activities Investment income Proceeds from sale of investments 71,275 50, 862 681,191 Purchase of investments <843.380) Net cash (used In)Iprovlded by Investlng actlvltles (772,105) 732,053 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 705,234 (399,078) 441,T40 42,662 Cash and cash equlvalents at the end of the year 747,896 42, 662 The notes on Pages 14 to 22 form part of these financial ststements Page 13 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndards applicable tin the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has been withdrawn.. JFS Charitable Trust (formerfy JFS Development Charitable Trust) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once the Chartty has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.3 Expenditure Expenditure is recognised On￿ there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charivs objectives, as well as any associated support costs. All expenditure is indusive of irrecoverable VAT. 1.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deFMlSited. Page 14 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.5 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. 1.7 Taxation The Trust as a registered charity is not liable to income tax or corporation tax on income derived from its charitable activities. Income arising from non Unrealised losses At 31 March 2024 1,910,471 Market value At 31 March 2024 1,910,471 At 31 March 2023 1,047, 144 Page 18 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Portfolio 2024 2023 Equities Bonds Portfolio Funds Alternative Funds 637, 733 126,426 8, 105 162.238 48,666 Other 983. 168 Cash equivalents (Money Market) 1,910,471 63,976 1,910,471 1,047,144 Investments include cash equivalents of £1.910,471 held in Cazenove-managed money market funds. These are highly liquid, short-term investments that are readily convertible into cash with minimal risk of changes in value. Debtors 2024 2023 Due within one year Gift Aid tax refund re￿1vable Prepayments 116.961 9,711 50, 889 4,285 126,672 55,174 Page 19 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Creditors: Amounts falling due within one year 2024 2023 Accruals Amounts owed to JFS Student Fund Trust funding committed to the JFS School 1,719,802 309.378 452,691 6, 730 294,348 399, 850 2,481,871 700, 928 The amount owed to the JFS Student fund constitutes funds transferred to the Charitable Trust to maximise investment returns and minimise associated fees on behalf of the Student fund. Trust funding committed to the school reflects historic funding commitments which are yet to be drawn down including previous years. The majority of the accruals figure represents VC and fijndraising committed to the school and not drawn down by the year end. It is the intention of Trustees that all liabilities are deared in the 2024-2025 financial year to allow for greater transparency. 10. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net expenditure for the period (as per Statement of Financial Activities) {140.884) (411,071) Adjustments for". Losses on investments Investment income 19.947 (71,275) (62,635) 1,780.943 119,809 (50, 862) 4,842 (793, 849) Decreasel(increase) in debtors Increasel(decrease) in creditors Net cash provided byl (used in) operating activities 1,526,096 (1, 131, 131) Page 20 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Analysis of cash and cash equivalents 2024 2023 Cash in hand 747,896 42,662 Total cash and cash equivalents 747,896 42,662 12. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 42.662 705.234 747.896 42,662 705,234 747,896 13. Contingent liabilities There were no contingent liabilities at 31 March 2024 or 31 March 2023. 14. Connected Charities and related party transactions The JFS Charitable Trust was set up in order to raise funds to acquire land on behalf of and to support other activits'es of the JFS School, an exempt charity and voluntsry aided school. At 31 March 2024, the Charity had committed to providing specific funding to JFS School of £452,691 (2023 - £399,850) which the school is yet to draw down. The Charitable Trust has accrued fundraising donations and voluntary contributions totalling £1 ,698,778 to JFS School during the financial year. The school is a related paty by virtue of the headteacher being a trustee of the trust. The donations were made to support general operations of the school and were approved in accordance with the trust's g0Veman￿ and financial policies. At the year-end. the total accrued balance of £1.698,778 remained outstanding and is included within creditors on the trust's balance sheet. Page 21 JFS CHARITABLE TRUST (FORMERLY JFS DEVELOPMENT CHARITABLE TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Limitation of Liability and Distribution of Assets The Company is limited by guarantee having no share capital. If the Charity is dissolved, every member remaining or who was a member within 12 months of the winding up has agreed to contribute up to £1 towards the costs of dissolution and the liabilities incurred by the Charity whilst the contributor was a member. If the Charity is dissolved the assets remaining (if any, after provision has been made for all ils liabilities) shall be transferred to the JFS School or in the event of the closure of the School, applied either by transfer to one or more bodies established for charitable purposes similar to the objects nominated by the body or organisation that at the time has the power to appoint the foundation governors of the School or in such other manner consistent with charitable status as the Charity Commission shall approve in writing in advance. 16. Ultimate Controlling Party The Trustees do not consider that there is an Ultimate Controlling Paty. Page 22 JFS CHARITABLE TRUST LIMITED JFS School The Moll, Kenton, Homyw, HA3 9TE Date.. 19/121.2024 Your ref.. 30501CPITJ Berg Kaprow Lewis LLP 35 Ballards Lane London N3 IXW Dear Sirs JFS Charitable Trust Limited This representation letter is provided in connection with your audit of the financial statement5 of the Charitable Company for the year ended 31st March 2024 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of the Charitable Company in accordance with the Companies Act 2(K)6, the Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). GENERAL We have fulfilled as dirertors/trustees our responsibility under the Companies Act 2006 and the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards IUK Generally Accepted Accounting Practice) which give a true and fair view and for making accurate repre5entation5 to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the Charitable Company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and trustee meetings, have been made available to you. We also ensured you had unrestricted access to persons from whom you determined necessary to obtain audit evidence. We confirm that the financial statements are free of material misstatements, including omissions. We believe that the effect of uncorrected misstatements is immaterial both individually and in total. INTERNAL CONTROL AND FRAUD We acknowledge our responsibilityforthe design, ifflplementation and maintenance of internal control systems to prevent and detect fraud and error. We confirm that following our risk assessment, in our opinion, the financial statements are not materially misstated as a result of fraud. We have disclosed to you all instance5 of known or suspected fraud affetting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. Registered officeJFS School The Mall. Kenton. Harrow. HA3 9TE Charity number= 1114730 Company numk*r: 03942126 JFS CHARITABLE TRUST LIMITED JFS School The Moll. Kenton, Horrow, HA3 9TE We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity's financial statements communicated by current or former employees, analysts. regulators or others. ASSETS AND LIABILITIES We confirm that assets are included in the financial statements at no more than their recoverable amounts and that liabilities are included at their expected cost to the Charitable Company. We confirm that the Charitable Company has satisfactory title to all assets and there are no liens or encumbrances on the Charitable Company's assets, except for those that are disclosed in the notes to the financial statements. We confirm that we have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the note5 to the financial statements all guarantees that have been given to third parties. 10. We confirm that we have no plan5 or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements. ACCOUNTING ESTIMATES 11. Significant assumptions used by us in making accounting estimates. including those measured at fair value, are reasonable. LEGAL CLAIMS 12. We confirm that all claims in connection with litigation that have been or are expected to be received have been properly accrued for in the financial statements. LAWS AND REGULATIONS 13. We confirm that we are not aware of any irregularities, including fraud, involving management or employees of the Charitable Company- nor are we aware of any breaches or possible breaches of statute. regulations. contrarts, agreements or the Charitable Company's Memorandum and Articles of Association which might prejudice the Charitable Company's going concern status or that might result in the Charitable Company suffering significant penalties or other loss. We further confirm that no allegations of such irregularities. including fraud. or such breaches have come to our notice. LOANS AND ARRANGEMENTS WITH DIREcfoRS 14. We confirm that the Charitable Company has not had nor entered into at any time during the year, any arrangement, transaction or agreementto provide credit facilities (including loans. quasi-loans or credit facilities) for directors nor to guarantee or provide security for such matters Other than those disclosed in the financial statements. Registered officeJFS Sthool The Mall. Kenton. Harrow. HA3 9TE Charity number 1114730 Company number: 03942126 JFS CHARITABLE TRUST LIMITED JFS School The Moll, Kenton, Homyw, HA3 9TE TRANSACTIONS WITH OTHER RELATED PARTIES 15. We confirm that we have disclosed to you the identity of the entitvs related parties and all related party relationships and transartions relevant to the Charitable Company that we are aware of. SUBSEQUENT EVENTS 16. We confirm that there have been no events since the year-end date which necessitate revision of the figures included in the financial statements or inclusion of a note thereto. Should further material events occur, which may nece55itate revision of the figures included in the financial statement5 or inclusion of a note thereto, we will advise you accordingly. GOING CONCERN 17. We believe that the Charitable Company's financial statements should be prepared on a going concern basis on the ground5 that current and future source5 of funding and or 5UPPOrt will be more than adequate for the Charitable Compan￿5 needs. We have considered a period of twelve months from the date of approval of the financial statements. RESTRicfED INCOME AND EXPENDITURE 18. We confirm that all grants. donations and other income, the receipt of which is subjert to specific term5 or conditions. have been notified to you and properly recorded in the financial statements as restricted funds. We further confirm that there have been no breaches of terms or conditions in this application of income. 19. We confirm that expenditure from restricted funds during the year is as shown in the financial statements. We further confirm that there have been no breaches of terms or conditions in this application of expenditure. We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that, so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each director has taken all the steps that helshe ought to have taken as a director in order to make himselflherself aware of any relevant audit information and to establish that you are aware of that information. Yours faithfully Signed on behalf of the Board of Directors JFS Charitable Trust Limited Registered officeJFS School The Mall. Kenton. Harrow. HA3 9TE Charity number= 1114730 Company numk*r: 03942126 ## **Signature:** ## Carly Pinkus **Email:** carly.pinkus@bkl.co.uk