Registered number: 06000294 Charity number: 1117515 NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
NANCY REUBEN PRIMARY SCHOOL IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees, Report Independent Auditors, Report on the Financial Statements Statement of Financial Activities 7-11 12 Balance Sheet 13-14 Statement of Cash Flows 15 Notes to the Financial Statements 16-29
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Dayan A David Reuben Foundation whose Trustees are.. S D Reuben R D Reuben J A Reuben R Slone D L Reuben J H Reuben (appointed 11 November 20241 E Sawyer (resigned 1 November 20241 Company registered number 06000294 Charity registered number 1117515 Registered office 4th Floor Millbank Tower 21-24 Millbank London SW1 P 4QP Independent auditors Adler Shine LLP Chartered Accountants Aston House Cornwall Avenue London N3 1LF Page 1
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees who are also the directors for the purposes of company law, present their report together wth the audited financial statements of the Charity for the year ended 31 August 2024. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charitable company's governing document, the Companies Act 2006 and the Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Objectives and activities The objects of the charity are to advance and promote for the public benefit Jewish religion and culture as well a5 religious studies understanding by providing educational facilits'es abnd services for Children up to the age of eleven years. In order to achieve these objeclives the charity operates an independenl primary school which offers a safe and supportive environment for the education of Ihe children of the Jewsh faith. The school gives them a good grounding to progress into secondary school. The school's aims are to give a balanced curriculm of both secular and religious studies. The ethos of the school is the slrong belief that ignorance causes many of the difficulties in society today and therefore the aim is that all of their pupils leave school as an example of living and celebrating diversity. The Trustees confirm that they have given careful consideration to the Charity Commission's general guidance on public benefit in deciding what activities the charitable company Should undertake. The charity has a specific policy whereby bursaries are paid in the form of reduced fees to pupils who come from disadvantaged families in the Jewish community. Bursaries awareded in the year under review were £49,380 (2023.. £30.910) Achievements and performance Nancy Reuben Primary School INRPSI is an orthodox Jewish, independent, non-seleclive school for boys and girls aged 2 to 11. NRPS strives for academic excellence whilst endeavouring to create a caring and nuturing environment that will ensure the spiritual, moral and academic growth of each and every child in a Jewish framework. We inspire in our children a love of learning and a desire to acquire knowledge which extends to both secular and Jewish studies. We take great pride in the diversity of our pupil backgrounds and aim to create a community in the school which understands and values individual tradits'ons and Gustoms. The school continues to go from strength to strength both academically and in the community sense and our intake for September 2025 is full, with a waiting list. In June 2019, the school joined the Independent Schools Association (ISA). Founded in 1878, the ISA represents the interest of 690 members leading the best independent schools across the UK and beyond. ISA embers value innovation and inspiration, integrity and high standard, hard work and responsibility. Accreditation is only awarded to Heads if their schools meet the highest standards including rigorous inspection. Page 2
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance (continued) Success through Academic results Although nol obliged to perform national standardised tests, we benchmark the education of our children against these to ensure that we remain above national expectations and to allow parents to compare the quality of the education that we offer with other schools. GL Assessments are performed from Year 1 to Year 6 and are marked and verified externally. We then track the performance and progress of our pupils from their point of entry as they go through the school. It is worth noting that entry to NRPS is not based on academic ability. There is no entrance exam. Graduates of NRPS are able to go on to the secondary school of their choice. A significant proportion of our pupils continue their education at Hasmonean, JFS or Immanuel College as their families choose to keep their schooling in a Jewish environment. A number of families opting for alternatives in the private sector have seen their children obtain places and sometimes scholarships at Haberdasher, Aske's Boys School, North London Collegiate School, Haberdashers, Aske's Girls School and Immanuel College. Our graduates are consistently in top sets and performing well in whichever school they transfer to at age 11. Whilst academic success is important it is not our only measure of success. It is of vital importance to us and our pupils that NRPS operates as a community and a family and in an environment that helps children to grow into confident and responsible individuals. Central to our ethos is that children learn a sense of social responsibility, responsibility for each other, the wider community and themselves. Within the school a sense of responsibility is conveyed to the children through empowerment and friendship. There are many initiatives developing pupils, sense of responsibility. The Star of the Week initiative rewards children from each class in assembly (not just for academic success) who celebrate their success wth the Head Teacher each week at a Tea Party. Our school has a significant number of varied after school enrichment clubs such as sports, cookery, coding, theatre and Early Years performing arts and ballet. To develop an understanding and acceptance of diversity, we teach our children about different countries, and cultures. Further, we teach Modern Hebrew (Ivrit) as a modern foreign language. Externally, our children participate in wider community activities inclduing taking gifts to. and singing in local Jewish Residential Care Homes and competeing against other Jewish schools in the Etgar challenge. In addition, our children are empowered to select charits'es and raise funds e.g. for the Jewish Care Purim Zumba. NRPS is fortunate to have a strong and active parent body that values the education given to their children and help where possible to contribute to the success of their children and the school as a whole. They contribute in variety of ways including volunteering to read with children and helping with school outings. The PTA organise both several fundraising events annually and occasions for parents to soGialise. Our parent body practices and reinforces the values of the school by showing kindness and charity to others in need within the school. For example, meal rotas are often organised to help parents through difficult periods of time be it due to ill health, the loss of a family member or the birth of a new baby. Page 3
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and p8rfomiance {continued) We are very privileged to have wonderful staff, who work closely together and with parents to ensure that the academic standards and the welfare of the children is maintained. The school, parents and pupils know that the continued success of our school is due to the generosity of our benefactors the Reuben Foundation and the Od Ysef Hai Community and we look fomard to their continued support in developing the school further. Financial review Total income received was £2,027,57212023'. £1,834,074). Income from school fees amounted to £1,009,103 (2023.. £906,121) an increase of 11 D/.. Donations received amounted to £630,586 (2023.. £582,501) of which £500,000 (2023.. £500,000) related to donations from the Reuben Foundation. Total expenditure amounted to £1,926,80712023'. £1,929,292). The main element was staff costs of £1,228,618 12023.. £1,269,663). The net surplus for the year was £100.76512023'. net expenditure £95,218). Reserves pollcy The charity holds free reserves amounting to £306,466 (represented by general Lsnrestricted funds less deduction for fixed assets). These reserves are fequired to be retained to fi'nance the ongoing working capital requirements of the school. After a challenging period the Trustees have restored the school to comprartive financial health with the continued support and assistance of the Reuben Foundation. Even though the charity had free reserves as stated above such support is likely to continue to be required in order to maintain this position as the budget for the current year shoes a projected deficit. Designated funds held at the balance sheet date were £229,505 representing funds set aside for school building improvements. Structure, governance and management Nancy Reuben Primary School is registered as a charitable company limited by guarantee, and was set to provide educational facilities for Jewish children in North London. The Charitable company is governed pursuant to its memorandum and articles of association. The charitable Gompany commenced its activities on 1 September 2008. The Trustees, 0 are also the directors for the purposes of company law, and who served during the year are show on page 1. The Trustees may at any time co-opt any individual that they select to be a Trustee with such appointment lasting to the next annual general meeting. They may also formally appoint additional Trustees on a permanent basi5 at any time. None of the Trustees has any beneficial interest in the charity. All of the Trustees are members of the charity and guarantee to contribute £10 in the event of a winding up. Page 4
NANCY REUBEN PRIMARY SCHOOL IA Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structurep governance and management (continued) The current Trustees are appraised of new developments in charity law and practice. All new Trustees are provided wrth all relevant information appertaining to its affairs to ensure that they can understand and meet the responsibilities the role entails. The charity and the school are run by a Governing Council that maintains control of the funds retained and are solely responsible for their disbursement. The Governing Council consists of a representative of the Trustees and additional governoers appointed including from the local community. A list of the current Governing Council can be found on the school's website. The Headteacher, Rabbi Joshua Conway has the responsibility for the day to day running of the school and reports formally to the Governing Council on all matters relating to the school. The Board has examined the principal areas of the Charity's operations and considered the major risks faced in each of these areas. The review and assessment of the position was carried out in Gonjunction with the Foundation's auditors, with specific reference to the internal contro15 required, to ensure the followng criteria were met'.- Comprehensive strategic planning Comprehensive budgeting and management accounts Established organisational structure & lines of reporting wth clear authorisation & approval procedures In the opinion of the Trustees Ihe Charity has established suitable system which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations. Page 5
NANCY REUBEN PRIMARY SCHOOL (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Stat&ment of Truste6s' respon$ibllltlo8 The Tru5te8s (who are also th8 directors of the Charity for the purposes of cotnpany law) are responsib56 for preparing the Truste6s' Report and th8 financlol statements in accordance WIUI applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Awounting Practicè). Company law requires the Trustées to prepare financial statements for each financial year. Under company law, the Tnjstees must not approve the financial statem8nts unless they are satisfied that they give a true and fair view of the state of affairs of the Charily and of its incoming resources and application of resour5, including its income and expenditure, for that period. In preparlng these financiel statem8nts. the Trust8es ar8 required to: se18Ct suitable accounting polities and then apply them consistently, observe the methods and principles of the Charities SORP (FRS 102)- make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any materlal departures disclosed 8nd explained in the financlal statements., pr6pare the financial statements on the going Goncem basis unless it is Inappropriate to presume that the Charity will contlnua in business. Th8 Trust8es are responsible for keeplng adequal8 aoUntIng records that are sufficient to show and explaln the Charity's transactions and disclose wth reasonabl6 accuraw al any time the financial position of the Charity and enable them to f3nsure that the financial statements comply with the Comp8ni8s Act 2006. They ar8 abo respon5ibl8 for safeguarding th8 assets of thé Charity and hence for tsking reasonable steps for tre prevention and detection of fraud and other irregularitles. Disclosure of inforniation to audltors Each of the p6rsons who arè Trustées at the time when this Trustees, R8POrt is approv8d h85 conffirm8d that: so far as that Trustée is aware. therp is no relevant audit information of which the charlty's auditors are unaware, and that Trustee has taken all th8 Steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitys audltor5 are aware of that infomiation. Audltor8 In accordance with the Gharws articles. a resolution proposing that Adler Shine LLP be r8appointed as auditor of the charity will be put to a General Meeting. Approved by ord8r of the members of the board of Twstees and slgned on their behalf by- Dayan A David Date: li Page 8
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NANCY REUBEN PRIMARY SCHOOL Opinion We have audited the financial statements of Nancy Reuben Primary School (the 'charity') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law & United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK & Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resource5, including its income and expenditure for the year then ended, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance )Mth the requirements of the Companies Act 2006. Basi5 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 concem In auditing the financial slatements, 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 charitable company's ability to continue as a going concern for a period of at least e1ve 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. Page 7
NANCY REUBEN PRIMARY SCHOOL (A Company Limlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NANCY REUBEN PRIMARY SCHOOL {CONTINUED) Other infomiation The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the exlent otherwse explicitly stated in our report, we do not express any form of assurance conclusion thereon. Qur 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 course of 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 misstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance wth applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matter5 in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounling records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 8
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NANCY REUBEN PRIMARY SCHOOL (CONTINUED) Responsibilities of trustèes As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. Page 9
NANCY REUBEN PRIMARY SCHOOL IA Company Llmited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NANCY REUBEN PRIMARY SCHOOL (CONTINUED) Auditors, responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS {UK} will always detect a material misststement 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial statements, )thether due to fraud or error, and then design and perfom) audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material rnisstatement in respect of irregularities, including fraud and non- compliance wth laws and regulations, we have.. considered the nature of the industry and sectors, control environment and business performance., made enquires of management about their own identification and assessment of the risk of irregularities., performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting ests'mates for bias., undertaken appropriate sample based lesting of bank transactions., identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance.. discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. Because of the inherent limitation5 of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Goncealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page10
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarant88) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NANCY REUBEN PRIMARY SCHOOL (CONTINUED) Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company'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 charitable company and its members, as a body, for our audit work, for this report. or for the opinions we have formed. Sonia Yeshin (Senior Statutory Auditor) for and on behalf of Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF Date.. 23/0512025 Page11
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacieg Charitable activities 630,586 1,352,616 8,904 35,466 630,586 1,352,616 8,904 35,466 582,501 1, 182.013 4, 598 64,962 Investments Other income Total income 2,027,572 2,027,572 1,834.074 Expenditure on: Raising funds Charitable activities 41,872 1,884,935 41,872 1,884,935 29,441 1,899,851 Total expenditu 1,926,807 1,926,807 1,929,292 Net movement in funds 100,765 100,765 (95,218) Reconcillation of funds: Total funds brought forward Nel movement in funds 435,207 100,765 435,207 100,766 530.425 (95.218) Total funds carried fonNard 535,972 535,972 435,207 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 29 form part of these financial statements. Page 12
NANCY REUBEN PRIMARY SCHOOL (A Company Ltmited by Guarante8) REGISTERED NUMBER: 06000294 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets 14 79.028 99,514 79,028 99,514 Current assets Debtors 15 21,387 673,247 15,290 541,436 Cash at bank and in hand 694,634 1237,691) 556, 726 Creditors". amounts falling due within one year 16 (221,033) Net current assets 456,943 335,693 Total assets less current liabilities 535,971 435,207 Net asset5 excluding pension asset 535,971 435,207 Total net assets 535,971 435, 207 Charity funds Restricted fund$ Unrestricted funds 18 18 535,971 435, 207 Total funds 535,971 435,207 Page 13
NANCY REUBEN PRIMARY SCHOOL {A Company Limlted by Guarantee) REGISTERED NUMBER: 06000294 BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 The entity was entitled to exemption from audit under section 477 of the Companies A¢t 2006. Th8 members have not required the entity to obtain an audit for the year in question in accordanGe with secllon 476 of the Companles Act 2006. However, an audit is required in accordance with sectlon 144 of the Charities Act 2011. The Trusteés acknowledge their responslbilities for complwng with the requlrements of the Act wlth respect to accounting records and preparation of fin8nclal stat8ments. The finanGial statements have been prepared in accordance with the provisions applicable to entities subject to th8 small companies regime. The financial statements were approved and authorised for issue by the Trustees and signad on th8lr behalf by: Dayan A Davld Date: The notes on pagas 16 to 29 form part of these finandal statements. Page 14
NANCY REUBEN PRIMARY SCHOOL IA Company Limlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 131,769 23,915 Cash flows from investing activities Purchase of tangible fixed assets Interegt receivable (8,862) 8,904 (67,864) 4, 598 Net cash provided byl(used in) investing activities 42 (63,266) Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 131,811 541,436 139,351 > 580, 787 Cash and cash equivalents at the end of the year 673,247 541,436 The notes on pages 16 to 29 form part of these financial statements Page 15
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General infomiation Nancy Reuben Primary School is a public benefit entity and a private company limited by guarantee, registered in England and Wales. The address of the registered office is 4th Floor, Milbank Tower, 21-24 Millbank, London, SW1P 4QP. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 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 IFRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and Ihe Companies Act 2006. Nancy Reuben Primary School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence and meet their liabilities as they fall due for the forseeable future. The Reuben Foundation has also indicated their continued support and as such the Trustees believe that it is wholly acceptable to prepare the accounts on the going concern basis. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income lax re¢overable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 16
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs thich are not attributable to a single activity are apportioned between those aclivities on a basis consistent wth the use of resources. Central staff casts are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made excepl in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and d8preciation Tangible fixed assets are initially recogni5ed at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into rts intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis.. Leasehold iTnprovernents Fixtures, fittings & equipment 200A straight line 250kn reduang balance 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page17
NANCY REUBEN PRIMARY SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provisions Liabililies 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 eslimated reliably. Liabililies are recognised at the amount that the Charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects Ihe risks specific to the liability. The unwnding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value w7th the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.12 Taxation The charity is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and lch have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 18
NANCY REUBEN PRIMARY SCHOOL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 630,586 630,586 582,501 Income from charitabl8 activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Fees receivable 1,009,103 303,869 39,644 1,009,103 303,869 39,644 906, 121 238,018 37,874 Local aulhonty income Other income 1,352,616 1,352,616 1,182,013 Investhient incom8 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest receivable 8,904 8,904 4,598 Other incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 PTA Fundraising 35,466 35,466 64,962 Page 19
NANCY REUBEN PRIMARY SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on raising funds Costs of raising funds Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other fundraising costs 41,872 41,872 29,441 Analysis of grants Grants to Individuals 2024 Total funds 2024 Total funds 2023 Grants to individuals 49,380 49,380 30,910 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Direct costs 1,884,935 1,884,935 1,899,851 Page 20
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Direct costs 1,817,158 49,380 18,398 1,884,936 1,89g,851 Analysis of direct costs Total funds 2024 Tofal funds 2023 Activities 2024 staff costs 1,228,618 29,348 121,634 61,835 70,222 78,729 37,168 47,721 19,739 65,897 35,307 20,940 1,228,618 29,348 121,634 61,835 70,222 78,729 37,168 47,721 19,739 65,897 35,307 20,940 1,269,634 35,426 It7,799 44.282 60,051 66, 140 31,376 51, 748 20,012 103,507 30,829 19,274 Depreciation Establishment costs Educational supplie5 School trips & sports activities Security Office costs Repairs & maintenan Legal, professional & bookkeeping Bad debt write-off Sundry expenses Computer expenses 1,817,158 1,817,158 1,850,078 Page21
NANCY REUBEN PRIMARY SCHOOL (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of èxpenditure by activities (continued) Analysis of support Costs Governance costs Total funds 2024 Total funds 2023 2024 Audit fees 12,271 5,947 180 12,271 5,947 180 12, 128 6,611 124 Legal & professional Bank charges 18,398 18,398 18,863 11. Auditors. remuneration 2024 2023 Fees payable lo the Charitls auditor for the audit of the Charity's annual accounts 12,000 12,128 12. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,107,099 94,791 26,728 1, 140,030 98,789 30,815 1,228,618 1, 269, 634 The average number of persons employed by the Charity during the year was as follow5.. 2024 2023 Teachers 10 29 15 26 Support staff Adminislralion Site staff 43 44 Page 22
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Staff Gosts {Gontinued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 In the band £80,001 - £90,000 In the band £100.001 £110,000 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024, no Trustee expense5 have been incurred (2023- £NIL). 14. Tangible fixed assets Short-temi leasehold Fixtures and property fittings Total Cost or valuation At 1 September 2023 Additions 60,774 373,727 8,862 434,501 8,862 Al 31 August 2024 60,774 382,589 443,363 Depreciation At 1 September 2023 Charge for the year 60,774 274,213 29,348 334,987 29,348 At 31 August 2024 60,774 303,561 364.335 Net book value Al 31 August 2024 79,028 79,028 At 37 August 2023 99,514 99,514 Page 23
NANCY REUBEN PRIMARY SCHOOL (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Debtors 2024 2023 Due within one year Trade debtors 7,909 13,478 1,812 13,478 Prepayments and accrued income 21,387 15,290 16. Creditors: Amounts falling due within one year 2024 2023 Trade creditors 52,268 13,736 171,687 16,736 26, 540 177,757 Other taxation and social security Other creditors 237,691 221,033 17. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 673,247 541,436 Financial assets measured at fair value through income and expenditure comprise bank balances Page 24
NANCY REUBEN PRIMARY SCHOOL {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Building Improvements 229,565 (60) 229,505 General funds General Funds 205,642 2,027,572 {1,926,8081 60 306,466 Total Unrestricted funds 435,207 2,027,572 11,926,808) 535,971 Page 25
NANCY REUBEN PRIMARY SCHOOL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continued) ststement of funds - prior year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure Unrestricted funds Designated funds Building Improvements 229, 565 229, 565 General funds General Funds 300, 860 1, 778.842 (1,874,060) 205, 642 Total Unrestricted funds 530,425 1, 778,842 (1,874,060) 435,207 19. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Tran5fer5 inlout Income Expenditure Designated funds General funds 229,565 205,642 (60) 60 229,505 306,466 2,027,572 (1,926,8081 435,207 2,027,572 11,926,8081 535,971 Page 26
NANCY REUBEN PRIMARY SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Summary of funds Icontinuedl Summary of funds - prior year Balance at I Seplember 2022 Balance at 31 August 2023 Income Expenditure Designated funds General funds 229,565 300,860 229, 565 205, 642 1,778,842 (7,874,060) 530,425 1,778,842 (1,874,060) 435, 207 20. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets 79,028 79,028 694,634 694,634 (237,691) 1237,691) Creditors due within one year Total 535,971 535,971 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed 8s$ets Current assets 99,514 556, 726 (221, 033) 99,514 556, 726 (221, 033) Creditors due wthin one year Total 435,207 435,207 Page 27
NANCY REUBEN PRIMARY SCHOOL (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Reconciliation of net movement in funds to net cash flow from operating activitiès 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) 100,765 (95,218) Adjustments for: Depreciation charges Decreasellincreasel in debtors Increase in creditors Investment income 29,348 (6,098) 16,658 (8,904) 35.426 83,537 4. 768 (4, 598) Net cash provided by operating activities 131,769 23,915 22. Analysis of cash and Gash equivalents 2024 2023 Cash in hand 673,247 541.436 Total cash and cash equivalents 673,247 541,436 23. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash al bank and in hand 541,436 131,811 673,247 541,436 131,811 673,247 24. Pension commitm8nts The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £26,72812023- £30,815). Page 28
NANCY REUBEN PRIMARY SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Related party transactions During the year the charity entered into the following transactions with related parties.. 2024 2023 Rent paid lo Od Yosef Hai Yeshiva College of Rabbinical Studie$ Donation from the Reuben Foundation 48,000 500,000 9,500 42,000 500,000 9,500 Salary paid to close family member of the trustee Dayan A David 557,500 551,500 Dayan A David is a trustee of the registered charity Od Yosef Hai College of Rabbinical Studies. No formal lease exists under thi5 arrangement at present. Page 29