REGISTERED CHAIUTY NUMBER: 1116922 UNAUDITED FINANCLIL STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 FOR YE Rl RY GIRLS SCHOOL Raff)ng¢ts LLP Chartertd Certified Accounianis 19_20 Boiirne Coiirt Southend Road Woodford Green Esscx IG8 8HD
ODEY HATORAH PRIMAR TRUST GIRLS CHO CONTETrrrs OF THE FINANCIAL STATEMENTS for the ear ended JI Au ust 2023 Pxge Report of theTrustee$ Independent Ex*mlneVs Report Statement olFan9n¢lg1 A¢tAvltl¢$ Balance Sheet Notes to the Flnanclal Stxttments 8 to 15
YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST for the ear ended IAU st 202 The trustees pres¢nt their report with the financial 5tateTnents of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Acwunting and Rtpotling by Chanties." Siatemertt of Recomtnended PractiLe applicable to charities prcparing their accounts in accordanc¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effertive l January 2019). ORVECTIVES AND ACTIVITIES Objective5 and aims The tsbjectiTr¢5 of the Charity as follows.. a) The advancern¢nt of the Orthodox JewL5h religion and education. parti¢ularly by maittt2ining the Yesodey Haiorah Primary Girls School, an Independent School sejving the Stamford Hill Jewish Community of North London. bl Th¢ r¢lief of FK>v¢rty, sickn¢s$ 2nd infimiity zmong persons of the Jewish faith. ¢1 The ttustees shall hold capital and income of th¢ twst fvnd upon tnLsI to apply the income and all or such parts of the capital at such tinic or times alld such a nCr as Ihc trustccs n]ay their absolute discretion deieNnine, including payments by way of gift or 102n (with or withoui interes1} to individual persons in any part of the ivorld provided that such persons qualify as objects of the charity and in partlClLlaT for the charitable activities of the school a5 deleniiined by English Law. Publlc benellt The tNstees have ref¢ed to the guidance contained in th¢ Charity Cotnmi55ion's gcneral guidanr¢ on public benefk¢, artd The Advancement of Religion for thc Public Bencfil. in particular, whcn rcvicwing the aims and obj¢ctiv¢s and in planning thc charity'5 future activitics.Thc aim5 of thc charity for thc public benefit are detailed in the 'Obje¢tives and A¢tivili¢s' section of this r¢port and the main activities undertaken in order to carry out the charity's aillLS for the public bcncfit arc outlincd ulldcr 'Achievetnents and PcrfomMJcc' bclow. ACHIEVEMENT AND PERFORMANCE Charitable activitie5 The Ye50dey Hatorah Primary sch(15 W¢Te founded in 1942 by refiigees from Eastern Europe, with an ethos that has coniiniied Imtil taY of instillin8 into our pupils a valiie system that helps thern flourish in the wider society. Many of our 31umna¢ have gone on to play lcading Tole5 in both the local community Jnd In other¢ommunities throughout the UK, Europe artd beyond. In lirte with guidance from the DfE. the primary school for rIS w&$ registered under a new eniity. Yesodey Hatorah Girls School Limited. In accordance witli its objects, YesodeyHatorah Primary School Tt continues to support the school a5 well as und¢rtakin¥ oth¢r charit2bl¢ a¢livili¢s. FINANCIAL REVtEW Fln#nci#l posttitsth #nd result$ The financial resiilts for the year to 31 Augusi 2023 are shown in the attached financial 5tatemetJts. Totsl itJCOTne incre&sed froTn £156.466 to £191.306 and total expenditur¢ de¢teased from £167,969 to £167,642 in eomparison with th¢ previous P¢TiOd. There was a nel increase in funds of £23,6fA 12022 decreas¢ of £l1.503} with total uiirestricled fund5 carti lotW3td of £549,530 12022- £525,866). Page I
YESODEY HATORAH PRIMARY GJ TRU LS RT FTHETR ef4r ended 31 Au STEE ust 2023 for the FINANCLIL REVIEW Invesfment policy and objectives Under ils governing detd th¢ charity ha5 power ¢0 invest in any way the trusl¢e5 wksh. Reserves policy The trustees have established the level of Teserves Ithiit is those fvnds that are freely availabl¢l thai the charity ought lo have. Reserves are needed to bridge the fi]nding gaps between spending on activities and receiving resources through voluntary income. The trustee5 consider that the ideal level of re5erve5 as at 31 Au.iSt 2023 would be three months of resour¢¢s expended which equates to approximately £40,000. Th¢ actual free reserves as al 31 August 2023 were £490,070. In calLulating the reserves, the tswslees have ¢xclud¢d from total funds, rjxed asset5, related loan obligations and any restricted funds. FUTURE PLANS The trustccs will continue to maintain their support of the school and theirother charitable endeavour5. STRucfuRE, GOVERNANCE AND MAF4AGEMETr fmoverning document The School i5 an unincon)otaled registered chaTity11116922) govetned by its T¥t Dee¢l dated 5 Novemkr 2006. Recruitment and appoiiitment of new tru$tees Trustees may be appointed by the exisling ttU5tees a¢ any tin]e. either to fill a Casual varJn¢y or as an addition lo the exislirt¥ tnLSt¢e$. Any Iruslees so appoinlcd will hold office only until the next Annual ticncral McclinuT aiid will Ilieii be eligible for re<l¢ction. No trystee had any b¢nefi¢ial Inte$1 io any contract with the charitable entity during the year. Potential Masiees arc invitcd to infommlly aiiend trnstcc mcctings prior appoinimcnt and a comprehensive induction prO.Mm¢ is
vailable. Additionally indibidual trustees undetthke exteTn411 training it) a particular area of their rol¢ on the Goveming Body.
Organisational 5trneture The bvard of tTU51¢e5 adii)inis*TS th¢ charily. The boaTd Tneets quarterly. lThduction and training of new trustees The chatiiable eniiiy strives to ensure equal opportunities and diversiry in the employment of staff and trustee apwintments. Selection ¢riteria and pro¢edur¢s are regulaTly reviewed io enswe that Individ1]S ar¢ seleded, promoted and iwi¢d on the basis of their relei'ant meriis and abilities. Wlder network At present Yesodey Hatorah Primary Girls School TTr doe5 not con5ideritself part of a wider netWOTk. Page 2
DEY HATORAH PRIMA REP ror the RT F THE TRU ear ended 31 Au TEE ust 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management Ttle Tru51ees regularly und¢rtak¢ a review of the tnajor risks ¢0 which the rharily is exposed. and systems designed to miiigaie those risks are considered OJJ an ojigoing basis. The TNsiees recognise the absolute necessity of ensuring the protecrion and safety of all those that the charity serves. This mean5 that the trustee5. eniployees of the school and all those who work OT volunteer for the sch1 and work with childn musi obtain clearance from the T)is¢lo%iire #rtd Barrirtg SeNice. The 8chix)I ha8 developed 2 %afeguarding rH)liey and one of the tn]stccs is responsible for ensuring this policy is adhered to. SafeguardiJ]g training is compulsory for all staff. Fundralslng Tlie clwily has a gd reputhtion within th¢ local coiwnunity and ha5 a large ]xK>l of regular dollo who WL5h to have a tyart in tlie haritJbl¢ arlivilie5 of the chariiy. Existing dvnors often recommend dnd ¢n¥ourdge other philantliropists lo pledge iheir support io the suceess o(the chzrily. As such, the tsustees do not engage professional fundraisers nor do they undertake public collections or cold alls. The charity is ¢OTntnit*d io the PTincipBls set oul by the Fundraising Regulator in its Code of Fwithxising Pwti¢¢. When donors are approached. this is done with sensitivity and respect and with regard to their circiim5tance5. The tswiees are pleLsed lo report that no complaints were received in the past twelve months in relalioji to its fundraising activitie5. REFERENCE AND ADIMIYI ISTILITIVE DETAIiS Registered Charity llmber 1116922 Prin<iplll Mddr¢$$ 153 Stamford Hill London N165LG Trustees Mr A Rand Mr C Pinlcr Mi D B Halb¢t5tam IndtptNdent Examintr Yedidya A Z2iden FCCA Raffing¢TS LLP Chartered Certified Accountants 19-20 BouTn¢ Court Soutliend Road Woodford Green Esscx IG8 8HD Pag¢ 3
YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST ILEEOBT_QS_IHEJKU_S.TEES for the year ended l August 2023 REFERENCE AIND ADIMINISTIL4TIVE DETAILS PrlntlP21 bankers HSBC Ilank pl 465 Btihrtal Green Road Bethnal Green London E2 9QW Natwest 153 stamfo Hill London N165LG Approved by order of thc board of tru5tC¢S Oll 12 July 2024 and 5iglled on its bchalf by.. Mr D B Halberstam- Trnstee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YESODEY HATORAH PIUf*IARY GIRLS SCHOOL TR IndepcndcNt examiner'5 report to the trustees of Yesodev Hatorah Primary Girls School Trust I repon lo the chariry tn]stees on n)y examinaiion of the a¢counts of Yesodey Hatorah Primary Girls School Tnjst (the Tn1) for the year ended 31 August 2023. Re$pon$lbllltlu And ba$ls (bf report A5 the chaTity tte¢S of the Trust you are responsible for the preparatson of the accounts in accordance with the requirements of the Ch&iiies ALt 2011 ('the ALt'I. I report ij) respect of my examination of tlie TTusI's a¢¢ounts ¢aTried out undcr S¢clion 145 Of the Act and in ¢aTrying out my examination I have followed all applicable DectionS given by the Chariry Commission under Section 145(5llbl of the Act. Ind¢p¢ndent ¢xamln¢r's statement I havc complcicd my examination. I confimi that no rnaterial matters have come to my atteniion in conneciion with the examtnation gI1g tne ¢ause to believe that in any material reSl acrounting record5 w¢r¢ noi kq)t in respect of the TnLSt as required by Secliou 130 of the Acl: or the arix)unts do nol accord with thos¢ TeLord5," or tli¢ accoullls do iiot cojnply with the applicable requirements concerning the fonn and content of accounts set out in the Chariiies {A¢counis atjd Reponsl Regulations 2008 otheT than any Tequiiemertt that the accounts give a true and faiT Vlew which i5 tx)t a matter considered a5 part of 4ui independent examinatLOn. I have no concems and have come acros5 no other matters in connection with the examination to which attention shollld be drawn in this repon irt order to ¢nabl¢ a proper undeTSIalllg of th¢ a¢¢ounts' to be Tea¢hed. Yidya A Zaid¢n FCCA Raifing¢r5 LLP Chanercd Ccrtificd Atcountants 19-20 BouTne Court Southclld Road Wovdford Green EX IG8 8HD 12 July 2024 Page 5
YESODEY HATORAH PIUMARY GIRLS SCHOOL TRUST 2023 Totsl furtds 2022 Tothl fiTrnds Unrestsicted fund Restricted fid5 Notes INCOME ALYD ENDOWMEIYTS FROM Don3tioiis and l¢gyaci¢s 107,306 107.306 72.466 Other income 84,000 84,000 84,0 Total 191,306 191,306 156,466 EXPENDITURE ON Charitable activities Provision of education alld relief ofpoverty Gov¢mallce costs 157,682 9,960 157.682 9,960 162,569 167,642 167,642 167,969 NET INCOMEIIEXPENDITURE) 23.664 23.664 (11.503) RECONCILIATION OF FUNDS Total fwid5 brought lorward 525,866 525,866 537,369 TOTAL FUNDS CARRIED FORWARD 549,530 549,530 525,866 CONTINUING OPERATIONS All amounts r¢lat¢ 10 continuing a¢iiwities. The Sthiement of Financial A¢iiviiies includes all gains and losses recognised in the year. The notes foTm part of thtse fjnancial 5taletnents Page 6
YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST 2023 Total futlds 2022 Tothl funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangibl¢ Jsset5 520.618 520.618 457.758 CURRENT ASSETS Debtors Cash at bank and in hand 532,503 135,150 532,503 135,150 484,645 4,330 667,653 667,653 488,975 CREDITORS Amounts fallitib> due within one year {177,583) (177,583) {72,209) NET CURREP4T ASSETS 490,070 490,070 416.766 TOTAL ASSETS LESS CURRENf LIABtLITIES 1,010.688 1,010,688 874,524 CREDITORS Amounts falling due after Jnore than one year {461,1581 1461,158) 1348,658) NET ASSETS 549,530 549,530 525,866 FUNDS UlesiCted fidS 549.530 525,866 TOTAL FUNDS 549,530 525,866 The finan¢i21 statements were approved by the Boatd of Trustees and authtsrised for issue on 12 July 2024 and were signed on it5 behalf by.. Mr D B HalbEf5tam- Tru5t¢¢ The notes fomi part olthese fift¢1#1 staiements Page 7
YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023
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 2023. 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.
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YESODEY HATORAH PRIMARY GIRLS SCHOOL
TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023
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 - 5% on reducing balance Fixtures and fittings - 25% 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.
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.
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2023
1. ACCOUNTING POLICIES - continued
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.
2. GRANTS PAYABLE
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Provision of education and relief of poverty | 117,304 | 110,250 |
The total grants paid to institutions during the year was as follows:
| The total grants paid to institutions during the year was as follows: | |
|---|---|
| 2023 | |
| £ | |
| Agudas Israel Housing Association | 6,124 |
| Chasdei Esther | 12,500 |
| Grants less than £5,000 | 35,910 |
| 54,534 | |
During the year, grants paid to individuals totalled £62,770 (2022: £110,250).
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
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YESODEY HATORAH PRIMARY GIRLS SCHOOL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2023
4. INDEPENDENT EXAMINERS FEES
The independent examiners fees for the period were £6,000.
5. TANGIBLE FIXED ASSETS
6.
| COST At 1 September 2022 Additions At 31 August 2023 DEPRECIATION At 1 September 2022 Charge for year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 31 August 2022 Improvements to property relates to 153 Stamford Hill, London, N16 5LG. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Improvements to property £ 1,043,251 94,968 1,138,219 607,866 26,515 634,381 503,838 435,385 |
Fixtures and fittings £ 87,398 - 87,398 65,025 5,593 70,618 16,780 22,373 2023 £ 532,503 |
Totals £ 1,130,649 94,968 |
|---|---|---|---|
| 1,225,617 | |||
| 672,891 32,108 |
|||
| 704,999 | |||
| 520,618 | |||
| 457,758 | |||
| 2022 £ 484,645 |
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YESODEY HATORAH PRIMARY GIRLS SCHOOL
TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2023
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 9) Other creditors 8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 9) 9. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Bank loans Amounts falling between one and two years: Bank loans Amounts falling due between two and five years: Bank loans Amounts falling due in more than five years: Repayable by instalments: Bank loans |
2023 £ 38,096 139,487 177,583 2023 £ 461,158 2023 £ 596 37,500 38,096 37,500 112,500 311,158 |
2022 £ 37,500 34,709 |
|---|---|---|
| 72,209 | ||
| 2022 £ 348,658 |
||
| 2022 £ - 37,500 |
||
| 37,500 | ||
| 37,500 | ||
| 311,158 | ||
| - |
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YESODEY HATORAH PRIMARY GIRLS SCHOOL
TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2023
10. SECURED DEBTS
The following secured debts are included within creditors:
Bank loans
| 2023 | 2022 |
|---|---|
| £ | £ |
| 498,658 | 386,158 |
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.
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1.9.22 in funds 31.8.23 £ £ £ 525,866 23,664 549,530 525,866 23,664 549,530 Incoming Resources Movement resources expended in funds £ £ £ 191,306 (167,642) 23,664 191,306 (167,642) 23,664 |
At 31.8.23 £ 549,530 |
|---|---|---|
| 549,530 | ||
| 23,664 |
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YESODEY HATORAH PRIMARY GIRLS SCHOOL
TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1.9.21 in funds 31.8.22 £ £ £ 537,369 (11,503) 525,866 537,369 (11,503) 525,866 Incoming Resources Movement resources expended in funds £ £ £ 156,466 (167,969) (11,503) 156,466 (167,969) (11,503) |
|---|---|
12. CONTINGENT LIABILITIES
There were no contingent liabilities at either the beginning or end of the financial year.
13. CAPITAL COMMITMENTS
At 31 August 2023 and 31 August 2022 the charity had no capital commitments which had been contracted for but not provided in the financial statements.
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YESODEY HATORAH PRIMARY GIRLS SCHOOL
TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023
14. RELATED PARTY DISCLOSURES
At the balance sheet date, Yesodey Hatorah Schools, a connected charity, owed the charity £364,504 (2022 - £347,020).
At the balance sheet date, the charity owed Yesodey Hatorah Girls School Limited, a connected charity, £133,487 (2022 - £31,108).
During the year the charity received £84,000 for use of part of its premises (2022 - £84,000) from Yesodey Hatorah Nursery, a connected charity of which Rabbi C Pinter is also a trustee.
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