**REGISTERED CHARITY NUMBER: 1116922**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2020**
## **FOR**
## **YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
Raffingers LLP 19-20 Bourne Court
Southend Road Woodford Green Essex IG8 8HD
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 August 2020**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Report of the Independent Auditors**|5|to|6|
|**Statement of Financial Activities**||7||
|**Balance Sheet**||8||
|**Cash Flow Statement**||9||
|**Notes to the Cash Flow Statement**||10||
|**Notes to the Financial Statements**|11|to|18|
|**Detailed Statement of Financial Activities**|19|to|20|
**YESODEY HATORAH PRIMARY GIRLS SCHOOL**
**TRUST**
## **REPORT OF THE TRUSTEES**
## **for the year ended 31 August 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the charity are as follows:
a) The advancement of the Orthodox Jewish religion and education, particularly by maintaining the Yesodey Hatorah Primary Girls School, an Independent School serving the Stamford Hill Jewish Community of North London.
b) The relief of poverty, sickness and infirmity among persons of the Jewish faith.
c) The trustees shall hold capital and income of the trust fund upon trust to apply the income and all or such parts of the capital at such time or times and in such a manner as the trustees may in their absolute discretion determine, including payments by way of gift or loan (with or without interest) to individual persons in any part of the world provided that such persons qualify as objects of the charity and in particular for the charitable activities of the school as determined by English Law.
## **Public benefit**
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities.The aims of the charity for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charity's aims for the public benefit are outlined under 'Achievements and Performance' below.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The School was founded in 1942 by refugees from Eastern Europe, with an ethos that has continued until today of instilling into our pupils a value system that helps them flourish in the wider society. Many of our alumnae have gone on to play leading roles in both the local community and in other communities throughout the UK, Europe and beyond.
The number of pupils registered with the school is in excess of 475 with the intake of pupils growing steadily year on year. The reflects the growth of the community the school serves and is testament to the success of the school.
The onset of the Covid 19 pandemic in the Spring of 2020 brought fresh challenges to the school. Measures were put in place at short notice to enable pupils to be taught remotely. Staff adapted their lessons and developed innovative methods to enable them to deliver remote lessons and to maintain a high level of pupil engagement in spite of the constraints.
The trustees and senior leadership team were cognisant of the effects the lockdown and other restrictions on the physical and mental wellbeing of the student body, particularly those who are reliant on the daily meals provided by the school. To this end, and in line with Government guidelines, they continued to provide regular meals to those identified as most vulnerable.
The trustees continue to monitor the guidance issued by the Government to ensure that pupils are able to return to school in a safe and responsible manner.
## **FINANCIAL REVIEW**
## **Financial position and results**
The financial results for the year to 31 August 2020 are shown in the attached financial statements.
Total income increased from £1,979,214 to £2,158,338 and total expenditure rose from £2,020,368 to £2,081,860 in comparison with the previous period.
There was a net increase in funds of £76,478 (2019 - decrease of £41,154) with total unrestricted funds carried forward of £461,176 (2019 - £384,698).
Page 1
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **REPORT OF THE TRUSTEES**
## **for the year ended 31 August 2020**
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
Under its governing deed the charity has power to invest in any way the trustees wish.
## **Reserves policy**
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary income. The trustees consider that the ideal level of reserves as at 31 August 2020 would be three months of resources expended which equates to approximately £500,000.
The actual free reserves as at 31 August 2020 were £397,724 which is below our target figure. In calculating the reserves, the trustees have excluded from total funds, fixed assets and any restricted funds.
The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide for future financial stability and flexibility to help with the growth of the school.
## **FUTURE PLANS**
Yesodey Hatorah Primary Girls School Trust will continue to expand and develop its activities to provide encouragement for active parental participation in their children's education.
Additional measures to monitor and ensure the health and safety of our employees, volunteers and end beneficiaries have been put in place. At this stage the impact on our ability to continue with our charitable activities has not been significant. We have adapted the ways we carry on our day to day charitable activities and fundraising activities to comply with government's policies and guidance.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The School is an unincorporated registered charity (1116922) governed by its Trust Deed, dated 5 November 2006.
## **Recruitment and appointment of new trustees**
Trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election.
No trustee had any beneficial interest in any contract with the charitable entity during the year.
Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally individual trustees may undertake external training in a particular area of their role on the Governing Body.
## **Organisational structure**
The board of trustees administers the charity. The board meets quarterly. The day to day management of Yesodey Hatorah Primary Girls School Trust is delegated by the trustees to the Principal.
## **Induction and training of new trustees**
The charitable entity strives to ensure equal opportunities and diversity in the employment of staff and trustee appointments. Selection criteria and procedures are regularly reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities.
## **Wider network**
At present Yesodey Hatorah Primary Girls School Trust does not consider itself part of a wider network.
Page 2
**YESODEY HATORAH PRIMARY GIRLS SCHOOL**
**TRUST**
## **REPORT OF THE TRUSTEES**
## **for the year ended 31 August 2020**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management**
The Trustees regularly undertake a review of the major risks to which the charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
The Trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that the trustees, employees of the school and all those who work or volunteer for the school and work with children must obtain clearance from the Disclosure and Barring Service. The school has developed a safeguarding policy and one of the trustees is responsible for ensuring this policy is adhered to. Safeguarding training is compulsory for all staff.
## **Fundraising**
The charity has a good reputation within the local community and has a large pool of regular donors who wish to have a part in the charitable activities of the charity. Existing donors often recommend and encourage other philanthropists to pledge their support to the success of the charity. As such, the trustees do not engage professional fundraisers nor do they undertake public collections or cold calls
. The charity is committed to the principals set out by the Fundraising Regulator in its Code of Fundraising Practice. When donors are approached, this is done with sensitivity and respect and with regard to their circumstances.
The trustees are pleased to report that no complaints were received in the past twelve months in relation to its fundraising activities.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
1116922
## **Principal address**
153 Stamford Hill London N16 5LG
## **Trustees**
Mr A Rand Mr A S Kahn (resigned 14.7.20) Rabbi C Pinter Mr D B Halberstam Trustee (appointed 1.7.20)
## **Auditors**
Raffingers LLP 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
## **Principal bankers**
HSBC Bank plc 465 Bethnal Green Road Bethnal Green London E2 9QW
Natwest 153 Stamford Hill London N16 5LG
Page 3
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **REPORT OF THE TRUSTEES**
## **for the year ended 31 August 2020**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the 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 detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr C Pinter - Trustee
Page 4
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **Opinion**
We have audited the financial statements of Yesodey Hatorah Primary Girls School Trust (the 'charity') for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 August 2020 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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 if, in our opinion:
- the information given in the Report of the Trustees 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 returns; or
- we have not received all the information and explanations we require for our audit.
Page 5
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal 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 but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors 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 error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 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 if, 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.
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.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Raffingers LLP
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 19-20 Bourne Court
Southend Road Woodford Green Essex IG8 8HD
Date: .............................................
Page 6
## **YESODEY HATORAH PRIMARY GIRLS SCHOOL**
## **TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 31 August 2020**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
3
Provision of education and relief of poverty
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Provision of education and relief of poverty
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
301,886
1,399,247
58,758
1,759,891
1,683,413
76,478
384,698
461,176|Restricted
funds
£
-
398,447
-
398,447
398,447
-
-
-|2020
Total
funds
£
301,886
1,797,694
58,758
2,158,338
2,081,860
76,478
384,698
461,176|2019
Total
funds
£
343,634
1,567,394
68,186
1,979,214
2,020,368
(41,154)
425,852
384,698|
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
## **YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **BALANCE SHEET**
## **31 August 2020**
|Notes
**FIXED ASSETS**
Tangible assets
9
**CURRENT ASSETS**
Debtors
10
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
12
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
487,110
526,663
4,802
531,465
(133,741)
397,724
884,834
(423,658)
461,176|Restricted
funds
£
-
-
-
-
-
-
-
-
-|2020
Total
funds
£
487,110
526,663
4,802
531,465
(133,741)
397,724
884,834
(423,658)
461,176
461,176
461,176|2019
Total
funds
£
480,876
562,505
2,586
565,091
(200,111)
364,980
845,856
(461,158)
384,698
384,698
384,698|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr C Pinter - Trustee
The notes form part of these financial statements
Page 8
## **YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **CASH FLOW STATEMENT**
## **for the year ended 31 August 2020**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash used in investing activities
**Cash flows from financing activities**
Loan repayments in year
Net cash used in financing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
2
**Cash and cash equivalents at the end of**
**the reporting period**
2|2020
£
96,267
(1,144)
95,123
(62,400)
(62,400)
(37,500)
(37,500)
(4,777)
(6,510)
(11,287)|2019
£
58,599
(1,483)
57,116
(30,781)
(30,781)
(37,500)
(37,500)
(11,165)
4,655
(6,510)|
|---|---|---|
The notes form part of these financial statements
Page 9
## **YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE CASH FLOW STATEMENT**
## **for the year ended 31 August 2020**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
||**OPERATING ACTIVITIES**||||
|---|---|---|---|---|
||||2020|2019|
||||£|£|
||**Net income/(expenditure) for the reporting period (as per the**||||
||**Statement of Financial Activities)**||76,478|(41,154)|
||**Adjustments for:**||||
||Depreciation charges||56,166|56,112|
||Interest paid||1,144|1,483|
||Decrease in debtors||35,842|8,400|
||(Decrease)/increase in creditors||(73,363)|33,758|
||**Net cash provided by operations**||96,267|58,599|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**||||
||||2020|2019|
||||£|£|
||Cash in hand||416|-|
||Notice deposits (less than 3 months)||4,386|2,586|
||Overdrafts included in bank loans and overdrafts falling due within|one year|(16,089)|(9,096)|
||Total cash and cash equivalents||(11,287)|(6,510)|
|3.|**ANALYSIS OF CHANGES IN NET DEBT**||||
|||At 1.9.19|Cash flow|At 31.8.20|
|||£|£|£|
||**Net cash**||||
||Cash at bank and in hand|2,586|2,216|4,802|
||Bank overdraft|(9,096)|(6,993)|(16,089)|
|||(6,510)|(4,777)|(11,287)|
||**Debt**||||
||Debts falling due within 1 year|(37,500)|-|(37,500)|
||Debts falling due after 1 year|(461,158)|37,500|(423,658)|
|||(498,658)|37,500|(461,158)|
||**Total**|(505,168)|32,723|(472,445)|
The notes form part of these financial statements
Page 10
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Assessment of going concern**
The trustees, having made appropriate enquiries , consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the year ended 31 August 2020. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. In arriving at the conclusion, the trustees have considered the potential implications of the effects of Covid 19 on the charity. The figures for the period under consideration have not been significantly impacted by Covid 19 and the trustees are confident that no adjustments are necessary to the carrying value of the assets held at the balance sheet date.
Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity's financial position or going concern.
## **Critical accounting judgements and key sources of estimation uncertainty**
Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:
- estimating the useful economic life of tangible fixed assets.
- allocation of support costs across charitable activities.
- estimating the value of meal and rent to be recognised in accordance with FRS 102.
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to be present value of the future cash receipt where such discounting is material.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Grant income**
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attached to them; and
(b) the grants will be received.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
continued...
Page 11
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **for the year ended 31 August 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Charitable activities**
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.
## **Allocation and apportionment of costs**
Any overhead and support costs relating to charitable activities have been apportioned based on usage.
## **Tangible fixed assets**
Tangible fixed asset are carried out at cost less accumulated depreciation and accumulated impairment loss.Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvement to property - 10% on reducing balance Fixtures and fittings - 15% on reducing balance Computer equipment - 33% on reducing balance
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Loans and borrowings**
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Donated goods, facilities and services**
Donated goods, facilities and services, including volunteers are included at the value to the charity where this can be quantified.
## **Creditors and provisions**
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.
continued...
Page 12
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020**
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Grants
Provision of education and relief of poverty
Parental contributions
Provision of education and relief of poverty
Grants received, included in the above, are as follows:
Hackney Learning Trust
Haringey Council
Community Security Trust
CJRS
**4.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
Provision of education and relief of
poverty
1,386,870
129,240
**5.**
**GRANTS PAYABLE**
Provision of education and relief of poverty
The total grants paid to institutions during the year was as follows:
Yesodey Hatorah Schools
Ichud Talmudei Yesodey Hatorah
Shir Chessed
Others less than £5,000|2020
£
295,571
6,315
301,886
2020
£
629,747
1,167,947
1,797,694
2020
£
245,211
47,345
105,891
231,300
629,747
Support
costs (see
note 6)
£
565,750
2020
£
129,240
2020
£
97,310
1,100
-
30,830
129,240|2019
£
339,219
4,415
343,634
2019
£
392,600
1,174,794|2019
£
339,219
4,415|
|---|---|---|---|
||||343,634|
|||1,567,394||
|||2019
£
217,345
45,261
129,994
-
392,600
Totals
£
2,081,860|2019
£
217,345
45,261
129,994
-|
||||392,600|
||||2019
£
131,254|
||||2019
£
83,472
7,500
10,000
30,282|
||||131,254|
continued...
Page 13
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020**
## **6. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Management|costs|Totals|
||£|£|£|
|Provision of education and relief of poverty|544,150|21,600|565,750|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
## **8. STAFF COSTS**
|**STAFF COSTS**|||
|---|---|---|
|Wages and salaries
Social security costs
Other pension costs|2020
£
1,124,176
19,117
2,149
1,145,442|2019
£
1,067,670
17,442
2,271|
|||1,087,383|
The average monthly number of employees during the year was as follows:
|Charitable activities
Administration|2020
134
7
141|2019
137
10|
|---|---|---|
|||147|
No employees received emoluments in excess of £60,000.
continued...
Page 14
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **for the year ended 31 August 2020**
## **9. TANGIBLE FIXED ASSETS**
|Improvements
Fixtures
to
and
property
fittings
£
£
**COST**
At 1 September 2019
910,110
75,148
Additions
62,400
-
At 31 August 2020
972,510
75,148
**DEPRECIATION**
At 1 September 2019
453,886
53,878
Charge for year
51,860
3,190
At 31 August 2020
505,746
57,068
**NET BOOK VALUE**
At 31 August 2020
466,764
18,080
At 31 August 2019
456,224
21,270
Improvements to property relates to 153 Stamford Hill, London, N16 5LG.
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 13)
Trade creditors
Other creditors|Computer
equipment
Totals
£
£
8,386
993,644
-
62,400
8,386
1,056,044
5,004
512,768
1,116
56,166
6,120
568,934
2,266
487,110
3,382
480,876
2020
2019
£
£
667
2,975
525,996
559,530
526,663
562,505
2020
2019
£
£
53,589
46,596
33,387
35,608
46,765
117,907
133,741
200,111|Totals
£
993,644
62,400|
|---|---|---|
|||512,768
56,166|
|||568,934|
|||487,110|
|||480,876|
|||2019
£
2,975
559,530|
|||562,505|
|||2019
£
46,596
35,608
117,907|
|||200,111|
Page 15
continued...
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020**
|**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2020
£
Bank loans (see note 13)
423,658
**13.**
**LOANS**
An analysis of the maturity of loans is given below:
2020
£
Amounts falling due within one year on demand:
Bank overdrafts
16,089
Bank loans
37,500
53,589
Amounts falling between one and two years:
Bank loans
37,500
Amounts falling due between two and five years:
Bank loans
386,158
**14.**
**SECURED DEBTS**
The following secured debts are included within creditors:
2020
£
Bank loans
461,158|2019
£
461,158|
|---|---|
||2019
£
9,096
37,500|
||46,596|
||37,500|
||423,658|
||2019
£
498,658|
The loan is secured on the property, 153 Stamford Hill, London, N16 5LG which is owned by Yesodey Hatorah Schools, a registered charity connected to Yesodey Hatorah Primary Girls School Trust.
## **15. MOVEMENT IN FUNDS**
|**MOVEMENT IN FUNDS**||||
|---|---|---|---|
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.19
£
384,698
384,698|Net
movement
in funds
£
76,478
76,478|At
31.8.20
£
461,176|
||||461,176|
Page 16
continued...
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020**
## **15. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
1,759,891
**Restricted funds**
School activities- Grants
398,447
**TOTAL FUNDS**
2,158,338
**Comparatives for movement in funds**
At 1.9.18
£
**Unrestricted funds**
General fund
425,852
**TOTAL FUNDS**
425,852
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
1,586,614
**Restricted funds**
School activities- Grants
392,600
**TOTAL FUNDS**
1,979,214|Resources
expended
£
(1,683,413 )
(398,447)
(2,081,860 )
Net
movement
in funds
£
(41,154)
(41,154)
Resources
expended
£
(1,627,768 )
(392,600)
(2,020,368 )|Movement
in funds
£
76,478
-
76,478
At
31.8.19
£
384,698
384,698
Movement
in funds
£
(41,154)
-
(41,154)|
|---|---|---|
## **Restricted funds:**
The charity's restricted funds during the year were made up as follows:
|**Name of fund**|**Description, nature and purpose of fund**|
|---|---|
|Local authority grants|Grants to assist with the provision of learning support and facilities within the SEN|
||department|
|CST grants|Provision and upgrading of security systems.|
Unrestricted funds represent funds available to the trustees for the general purposes of the charity.
continued...
Page 17
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020**
## **16. EMPLOYEE BENEFIT OBLIGATIONS**
Yesodey Hatorah Primary Girls School Trust operates a defined contribution scheme. The assets of the scheme are held separately from the charity. Contributions paid by the charity to the scheme amounted to £2,149 (2019 - £2,271) in the year. Outstanding contributions as at 31 August 2020 were £1,085 (2019- £1,110).
## **17. CONTINGENT LIABILITIES**
There were no contingent liabilities at either the beginning or end of the financial year.
## **18. CAPITAL COMMITMENTS**
At 31 August 20120 and 31 August 2019 the charity had no capital commitments which had been contracted for but not provided in the financial statements.
## **19. RELATED PARTY DISCLOSURES**
(i) During the year the charity paid rent of £60,000 (2019 - £36,000) to Yesodey Hatorah Schools, a connected charity of Yesodey Hatorah Primary Girls School Trust. The rent paid relates to the property 153 Stamford Hill, London, N16 5LG, a property owned by Yesodey Hatorah Schools.
(ii) During the year the charity also paid £44,496 (2019 - £77,330) to Yesodey Hatorah Schools for school meal expenses.
(iii) During the year donations were made to Yesodey Hatorah Schools amounting to £97,310 (2019 - £83,472).
(iv) At the balance sheet date, Yesodey Hatorah Schools owed the charity £324,375 (2019 - £413,351).
(v) During the year the charity received £48,000 for use of its toddler area (2019 - £48,000) from Yesodey Hatorah Nursery, a connected charity in which Rabbi C Pinter is also a trustee.
## **20. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES**
In common with many other organisation of our size and nature we use our auditors to prepare and assist with the preparation of the financial statements.
## **21. AUDITOR LIABILITY LIMITATION AGREEMENT**
The charity has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 August 2020. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements.
Page 18
## **YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 31 August 2020**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Charitable activities**
Grants
Parental contributions
**Other income**
Income from services
Interest on HMRC refunds
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Food and pupil welfare
Educational material and activities
Staff welfare and training
Grants to institutions
**Support costs**
**Management**
Wages
Social security
Insurance
Light and heat
Telephone
Cleaning supplies and services
Advertising
Office and sundry expenses
Legal fees
Rent and service charges
Equipment and maintenance charges
Repairs and renewals
Carried forward|2020
£
295,571
6,315
301,886
629,747
1,167,947
1,797,694
57,080
1,678
58,758
2,158,338
1,052,556
16,464
2,149
142,774
155,581
17,346
129,240
1,516,110
71,620
2,653
21,098
41,841
2,110
34,318
381
37,643
15,223
62,086
25,840
63,497
378,310|2019
£
339,219
4,415|
|---|---|---|
|||343,634
392,600
1,174,794|
|||1,567,394
68,186
-|
|||68,186|
|||1,979,214
983,322
13,113
2,271
167,887
118,556
21,957
131,254|
|||1,438,360
84,348
4,329
16,207
41,485
1,965
29,811
1,038
40,669
12,211
39,021
38,649
57,829
367,562|
This page does not form part of the statutory financial statements
Page 19
**YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 31 August 2020**
|**Management**
Brought forward
Security expenses
Improvements to property depn
Fixtures and fittings depn
Computer equipment depn
Bank interest and charges
**Governance costs**
Auditors' remuneration
Auditors' remuneration for non audit work
Total resources expended
**Net income/(expenditure)**|2020
£
378,310
108,530
51,860
3,190
1,116
1,144
544,150
19,600
2,000
21,600
2,081,860
76,478|2019
£
367,562
143,651
50,692
3,754
1,666
1,483
568,808
11,000
2,200
13,200
2,020,368
(41,154)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 20