REGISTERED CHARITY NUMBER: 1116922
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
FOR
YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
RAFFINGERS 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 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 14 |
YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
REPORT OF THE TRUSTEES
for the year ended 31 August 2022
The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. 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 Yesodey Hatorah Primary Schools were 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.
Although they operated on different sites, the primary school for boys and the primary school for girls shared some resources and operated under a single registration with the Department for Education. The trustees recognised that in order to cater for the different needs of the growing student bodies in each of the schools, a more formal separation between the schools was warranted. In line with guidance from the DfE, the primary school for girls was registered under a new entity, Yesodey Hatorah Girls School Limited.
Although operations are now carried out within the new entity, in accordance with its objects, Yesodey Hatorah Primary School Trust continues to support the school as well as undertaking other charitable activities.
FINANCIAL REVIEW
Financial position and results
The financial results for the year to 31 August 2022 are shown in the attached financial statements.
Total income decreased from £2,548,449 to £156,466 and total expenditure decreased from £2,472,256 to £167,969 in comparison with the previous period.
There was a net decrease in funds of £11,503 (2021 increase of £76,193) with total unrestricted funds carried forward of £525,866 (2021 - £537,369).
Investment policy and objectives
Under its governing deed the charity has power to invest in any way the trustees wish.
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
REPORT OF THE TRUSTEES
for the year ended 31 August 2022
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 2022 would be three months of resources expended which equates to approximately £50,000.
The actual free reserves as at 31 August 2022 were £416,766. In calculating the reserves, the trustees have excluded from total funds, fixed assets, related loan obligations and any restricted funds.
FUTURE PLANS
The trustees will continue to maintain their support of the school and their other charitable endeavours.
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.
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.
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
REPORT OF THE TRUSTEES
for the year ended 31 August 2022
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
Independent Examiner
Yedidya A Zaiden FCCA RAFFINGERS 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
REPORT OF THE TRUSTEES
for the year ended 31 August 2022
REFERENCE AND ADMINISTRATIVE DETAILS Principal bankers HSBC Bank plc 465 Bethnal Green Road Bethnal Green London E2 9QW Natwest 153 Stamford Hill London N16 5LG
Approved by order of the board of trustees on 21 June 2023 and signed on its behalf by:
Mr D B Halberstam - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
Independent examiner's report to the trustees of Yesodey Hatorah Primary Girls School Trust
I report to the charity trustees on my examination of the accounts of Yesodey Hatorah Primary Girls School Trust (the Trust) for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Yedidya A Zaiden FCCA
RAFFINGERS 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
21 June 2023
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of education and relief of poverty Other income Total EXPENDITURE ON Charitable activities Provision of education and relief of poverty Governance costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 72,466 - 84,000 156,466 162,569 5,400 167,969 (11,503) 537,369 525,866 |
Restricted funds £ - - - - - - - - - - |
2022 Total funds £ 72,466 - 84,000 156,466 162,569 5,400 167,969 (11,503) 537,369 525,866 |
2021 Total funds £ 458,864 2,041,168 48,417 |
|---|---|---|---|---|
| 2,548,449 | ||||
| 2,472,256 - |
||||
| 2,472,256 | ||||
| 76,193 461,176 |
||||
| 537,369 |
CONTINUING OPERATIONS
All amounts relate to continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes form part of these financial statements
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
BALANCE SHEET
31 August 2022
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 457,758 484,645 4,330 488,975 (72,209) 416,766 874,524 (348,658) 525,866 |
Restricted funds £ - - - - - - - - - |
2022 Total funds £ 457,758 484,645 4,330 488,975 (72,209) 416,766 874,524 (348,658) 525,866 525,866 525,866 |
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 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 21 June 2023 and were signed on its behalf by:
Mr D B Halberstam - Trustee
The notes form part of these financial statements
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YESODEY HATORAH PRIMARY GIRLS SCHOOL
TRUST
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022
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 2022. 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
-
allocation of support costs across charitable activities.
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...
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2022
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 company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes..
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...
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2022
2. GRANTS PAYABLE
| GRANTS PAYABLE | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Provision of education and relief of poverty | 110,250 | 284,691 |
Grants payable in the year represents grants made to individuals.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Charitable activities Administration |
2022 - - - |
2021 101 6 |
|---|---|---|
| 107 |
No employees received emoluments in excess of £60,000.
5.
INDEPENDENT EXAMINERS FEES
The Independent Examiners fees for the period were £5,400.
continued...
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022
6. TANGIBLE FIXED ASSETS
| COST At 1 September 2021 Additions Disposals At 31 August 2022 DEPRECIATION At 1 September 2021 Charge for year Eliminated on disposal At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021 |
Improvements to property £ 1,043,251 - - 1,043,251 559,496 48,370 - 607,866 435,385 483,755 |
Fixtures and fittings £ 83,798 3,600 - 87,398 61,076 3,949 - 65,025 22,373 22,722 |
Computer equipment £ 20,091 - (20,091) - 10,731 - (10,731) - - 9,360 |
Totals £ 1,147,140 3,600 (20,091) |
|---|---|---|---|---|
| 1,130,649 | ||||
| 631,303 52,319 (10,731) |
||||
| 672,891 | ||||
| 457,758 | ||||
| 515,837 |
Improvements to property relates to 153 Stamford Hill, London, N16 5LG.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors |
2022 £ - 484,645 484,645 |
2021 £ 33,518 471,941 |
|---|---|---|
| 505,459 |
continued...
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2022
| 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 10) Trade creditors Other creditors 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 10) 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans Amounts falling due between two and five years: Bank loans 11. SECURED DEBTS The following secured debts are included within creditors: Bank loans |
2022 £ 37,500 - 34,709 72,209 2022 £ 348,658 2022 £ 37,500 37,500 311,158 2022 £ 386,158 |
2021 £ 37,500 62,963 42,431 |
|---|---|---|
| 142,894 | ||
| 2021 £ 386,158 |
||
| 2021 £ 37,500 |
||
| 37,500 | ||
| 348,658 | ||
| 2021 £ 423,658 |
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.
continued...
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2022
12. MOVEMENT IN FUNDS
| At 1.9.21 £ Unrestricted funds General fund 537,369 TOTAL FUNDS 537,369 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 156,466 TOTAL FUNDS 156,466 Comparatives for movement in funds At 1.9.20 £ Unrestricted funds General fund 461,176 TOTAL FUNDS 461,176 Comparative 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 |
Net movement in funds £ (11,503) (11,503) Resources expended £ (167,969) (167,969) Net movement in funds £ 76,193 76,193 Resources expended £ (1,941,906) (530,350) (2,472,256) |
At 31.8.22 £ 525,866 525,866 Movement in funds £ (11,503) (11,503) At 31.8.21 £ 537,369 537,369 Movement in funds £ 76,193 - 76,193 |
|---|---|---|
continued...
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2022
12. MOVEMENT IN FUNDS - continued
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 requirements |
| set by SEN | |
| CST grants | Provision and upgrading of security systems. |
Unrestricted funds represent funds available to the trustees for the general purposes of the charity.
13. EMPLOYEE BENEFIT OBLIGATIONS
The defined contribution scheme operated by Yesodey Hatorah Primary Girls School Trust has been transferred to Yesodey Hatorah Girls School Limited.
14. CONTINGENT LIABILITIES
There were no contingent liabilities at either the beginning or end of the financial year.
15. CAPITAL COMMITMENTS
At 31 August 2022 and 31 August 2021 the charity had no capital commitments which had been contracted for but not provided in the financial statements.
16. RELATED PARTY DISCLOSURES
At the balance sheet date, Yesodey Hatorah Schools, a connected charity, owed the charity £347,020 (2021 - £334,537).
At the balance sheet date, the charity owed Yesodey Hatorah Girls School Limited, a connected charity, £31,108 (2021 - £Nil).
During the year the charity received £84,000 for use of its toddler area (2021 - £48,000) from Yesodey Hatorah Nursery, a connected charity of which Rabbi C Pinter is also a trustee.
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