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 t￿aY 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 T￿￿t 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 rel 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 ll￿mber 1116922 Prin 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 Ul￿es￿iCted fi￿dS 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. continued... Page 8 ## **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. continued... Page 9 ## **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. continued... Page 10 ## **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| continued... Page 11 ## **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| |||-| continued... Page 12 ## **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| continued... Page 13 ## **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. continued... Page 14 ## **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. Page 15