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2021-08-31-accounts

REGISTERED CHARITY NUMBER: 1116922

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 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 2021

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 20

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

REPORT OF THE TRUSTEES for the year ended 31 August 2021

The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. 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 500 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.

Measures implemented in the school during the Covid 19 pandemic allowed the school to build its resilience and the school has emerged in a strong position. The trustees and senior leadership teams continue to seek innovative and creative methods to enhance the education of the children both within and outside of formal lessons and have ambitious plans for the future.

The Covid 19 pandemic highlighted the importance of making the physical and mental wellbeing of the student body a priority. Many within the student body are reliant on the daily meals provided by the school, and the trustees have continued to provide regular meals and other assistance to those identified as most vulnerable.

FINANCIAL REVIEW

Financial position and results

The financial results for the year to 31 August 2021 are shown in the attached financial statements.

Total income increased from £2,158,338 to £2,548,449 and total expenditure rose from £2,081,860 to £2,472,256 in comparison with the previous period.

There was a net increase in funds of £76,193 (2020 - £76,478) with total unrestricted funds carried forward of £537,369 (2020 - £461,176).

Investment policy and objectives

Under its governing deed the charity has power to invest in any way the trustees wish.

Page 1

YESODEY HATORAH PRIMARY GIRLS SCHOOL

TRUST

REPORT OF THE TRUSTEES for the year ended 31 August 2021

FINANCIAL REVIEW

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 2021 would be three months of resources expended which equates to approximately £600,000.

The actual free reserves as at 31 August 2021 were £445,190 which is below our target figure. In calculating the reserves, the trustees have excluded from total funds, fixed assets, related loan obligations 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

The trustees together with the senior leadership team will continue to expand and develop the activities and curriculum of the school so that all pupils can grow in confidence and develop the skills they need to achieve their dreams.

Opportunities to involve parents as active participants in the education of the students is vital to the success of the school and will be continue to be actively encouraged.

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 2021

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 Rabbi C Pinter Mr D B Halberstam Trustee

Auditors

Raffingers LLP, Statutory Auditor Chartered Certified Accountants 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 2021

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

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 27 June 2022 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 2021 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:

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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 this gives rise to a material misstatement in the financial statements themselves. 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:

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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

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, Statutory Auditor Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

27 June 2022

Raffingers LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

Page 8

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2021

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
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
458,864
1,510,818
48,417
2,018,099
1,941,906
76,193
461,176
537,369		 Restricted
funds
£
-
530,350
-
530,350
530,350
-
-
-		 2021
Total
funds
£
458,864
2,041,168
48,417
2,548,449
2,472,256
76,193
461,176
537,369		 2020
Total
funds
£
301,888
1,797,694
58,756
2,158,338
2,081,860
76,478
384,698
461,176

The notes form part of these financial statements

Page 9

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

BALANCE SHEET

31 August 2021

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
£
515,837
505,459
45,125
550,584
(142,894)
407,690
923,527
(386,158)
537,369		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
515,837
505,459
45,125
550,584
(142,894)
407,690
923,527
(386,158)
537,369
537,369
537,369		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2022 and were signed on its behalf by:

Mr C Pinter - Trustee

The notes form part of these financial statements

Page 10

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

CASH FLOW STATEMENT

for the year ended 31 August 2021

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		 2021
£
185,882
(874)
185,008
(91,096)
(91,096)
(37,500)
(37,500)
56,412
(11,287)
45,125		 2020
£
96,267
(1,144)
95,123
(62,400)
(62,400)
(37,500)
(37,500)
(4,777)
(6,510)
(11,287)

The notes form part of these financial statements

Page 11

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 August 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2021 2020
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 76,193 76,478
Adjustments for:
Depreciation charges 62,369 56,166
Interest paid 874 1,144
Decrease in debtors 21,204 35,842
Increase/(decrease) in creditors 25,242 (73,363)
Net cash provided by operations 185,882 96,267
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
£ £
Cash in hand 87 416
Notice deposits (less than 3 months) 45,038 4,386
Overdrafts included in bank loans and overdrafts falling due within one year - (16,089)
Total cash and cash equivalents 45,125 (11,287)
3. ANALYSIS OF CHANGES IN NET DEBT
At 1.9.20 Cash flow At 31.8.21
£ £ £
Net cash
Cash at bank and in hand 4,802 40,323 45,125
Bank overdraft (16,089) 16,089 -
(11,287) 56,412 45,125
Debt
Debts falling due within 1 year (37,500) - (37,500)
Debts falling due after 1 year (423,658) 37,500 (386,158)
(461,158) 37,500 (423,658)
Total (472,445) 93,912 (378,533)

The notes form part of these financial statements

Page 12

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

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 2021. 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.

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, and

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.

Charitable activities

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

continued...

Page 13

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2021

1. ACCOUNTING POLICIES - continued

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 14

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2021

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
1,545,196
284,691
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
S Pinter Youth Project
Others less than £10,000		 2021
£
444,251
14,613
458,864
2021
£
720,505
1,320,663
2,041,168
2021
£
326,094
43,926
160,329
204,768
735,117
Support
costs (see
note 6)
£
642,369
2021
£
284,691
2021
£
107,500
11,000
26,228
43,359
188,087		 2020
£
295,573
6,315
301,888
2020
£
629,747
1,167,947		 2020
£
295,573
6,315
301,888
1,797,694
2020
£
245,211
47,345
105,891
231,300
629,747
Totals
£
2,472,256		 2020
£
245,211
47,345
105,891
231,300
629,747
2020
£
129,240
2020
£
97,310
1,100
-
30,830
129,240

Page 15

continued...

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2021

5. GRANTS PAYABLE - continued

The total grants paid to individuals during the year was as follows:

6.

2021 2020
£ £
Grants paid to individuals 96,604 -
SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Provision of education and relief of poverty 626,169 16,200 642,369

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities
Administration		 2021
£
1,221,395
20,673
2,791
1,244,859
2021
101
6
107		 2020
£
1,124,176
19,117
2,149		 2020
£
1,124,176
19,117
2,149
1,145,442
2020
134
7
141

No employees received emoluments in excess of £60,000.

Page 16

continued...

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2021

9. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 September 2020
972,510
Additions
70,741
At 31 August 2021
1,043,251
DEPRECIATION
At 1 September 2020
505,746
Charge for year
53,750
At 31 August 2021
559,496
NET BOOK VALUE
At 31 August 2021
483,755
At 31 August 2020
466,764		 Fixtures
and
fittings
£
75,148
8,650
83,798
57,068
4,008
61,076
22,722
18,080		 Computer
equipment
Totals
£
£
8,386
1,056,044
11,705
91,096
20,091
1,147,140
6,120
568,934
4,611
62,369
10,731
631,303
9,360
515,837
2,266
487,110		 Computer
equipment
Totals
£
£
8,386
1,056,044
11,705
91,096
20,091
1,147,140
6,120
568,934
4,611
62,369
10,731
631,303
9,360
515,837
2,266
487,110
568,934
62,369
631,303
515,837
487,110

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		 2021
£
33,518
471,941
505,459
2021
£
37,500
62,963
42,431
142,894		 2020
£
667
525,996
526,663
2020
£
53,589
33,387
46,765
133,741

continued...

Page 17

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2021

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£ £
Bank loans (see note 13) 386,158 423,658
13. LOANS
An analysis of the maturity of loans is given below:
2021 2020
£ £
Amounts falling due within one year on demand:
Bank overdrafts - 16,089
Bank loans 37,500 37,500
37,500 53,589
Amounts falling between one and two years:
Bank loans 37,500 37,500
Amounts falling due between two and five years:
Bank loans 348,658 386,158
14. SECURED DEBTS
The following secured debts are included within creditors:
2021 2020
£ £
Bank loans 423,658 461,158
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
Net
movement At
At 1.9.20 in funds 31.8.21
£ £ £
Unrestricted funds
General fund 461,176 76,193 537,369
TOTAL FUNDS 461,176 76,193 537,369

continued...

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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2021

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
2,018,099
Restricted funds
School activities- Grants
530,350
TOTAL FUNDS
2,548,449
Comparatives for movement in funds
At 1.9.19
£
Unrestricted funds
General fund
384,698
TOTAL FUNDS
384,698
Comparative 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		 Resources
expended
£
(1,941,906 )
(530,350)
(2,472,256 )
Net
movement
in funds
£
76,478
76,478
Resources
expended
£
(1,683,413 )
(398,447)
(2,081,860 )		 Movement
in funds
£
76,193
-
76,193
At
31.8.20
£
461,176
461,176
Movement
in funds
£
76,478
-
76,478

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 19

YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2021

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 £2,791 (2020 - £2,149) in the year. Outstanding contributions as at 31 August 2021 were £1,655 (2020 - £1,085).

17. CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or end of the financial year.

18. CAPITAL COMMITMENTS

At 31 August 2021 and 31 August 2020 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 (2020 - £60,000) 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 £82,824 (2020 - £44,496) to Yesodey Hatorah Schools for school meal expenses.

(iii) During the year donations were made to Yesodey Hatorah Schools amounting to £107,500 (2020 - £97,310).

(iv) At the balance sheet date, Yesodey Hatorah Schools owed the charity £338,234 (2020 - £324,375).

(v) During the year the charity received £48,000 for use of its toddler area (2020 - £48,000) from Yesodey Hatorah Nursery, a connected charity of 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 2021. 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 20