COMPANY REGISTRATION NUMBER: 06647580 CHARITY REGISTRATION NUMBER: 1126187
The New Girls School Company Limited by Guarantee Financial Statements
31 July 2024
HAFFNER HOFF AUDITORS LTD
Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
The New Girls School
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the trustees | 8 |
| Statement of financial activities (including income and | |
| expenditure account) | 14 |
| Statement of financial position | 15 |
| Statement of cash flows | 16 |
| Notes to the financial statements | 17 |
The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2024
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 July 2024.
Reference and administrative details
| Registered charity name | The New Girls School |
|---|---|
| Charity registration number | 1126187 |
| Company registration number | 06647580 |
| Principal office and registered | 2nd Floor Parkgates |
| office | Bury New Road |
| Manchester | |
| M25 0TL | |
| The Trustees | Mr A Neumann |
| Mr M M De Vries | |
| Mr M Luftig | |
| Mr J Roitenbarg | |
| Auditor | Haffner Hoff Auditors Ltd |
| Accountants & statutory auditor | |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL | |
| Bankers | Santander UK Plc |
| BBAM | |
| Bridle Road | |
| Bootle | |
| Merseyside | |
| L30 4GB |
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The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2024
Structure, governance and management
The New Girls School is constituted by Memorandum of Association and is a company limited by guarantee. It was incorporated on 15 July 2008 as a company and the company number is 6647580. It was registered as a charity on 07 October 2008 with a charity number 1126187.
Governing Body
The trustees of the Charity are legally responsible for the overall management of the school. The day to day running of the school is undertaken by the principal and the senior teaching staff. The principal is aware of the need to follow best practice and is actively reviewing the organisational structure of the school and the method by which new trustees are appointed. This ongoing review has concluded that the organisational structures in place are sufficient and robust to take the school into the future. The Trustees are kept informed of the running of the school and new Trustees will be appointed when and if the need arises.
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day financial affairs are managed by Mr M M De Vries and Mrs H Knopfler on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
Training and induction of trustees is applied as applicable.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective running of the school. These risks are managed by the trustees ensuring the right staff are utilised and the right policies are implemented.
In terms of financial risk, this is dependent on the efficient collection of voluntary contributions from parents and on charitable contributions from members of the local community. If external fund raising is not maximised this can have a negative impact on the school with regard to the recruitment of the most suitably qualified teachers as well as on extra curricular activities. Acquisition of educational material would also be restricted.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all aspects of the school management.
Risk management
The Trustees are responsible for the management of the risks faced by the Charity. A formal review of the charity's risk management processes is undertaken on an annual basis.
The key controls used by the charity include:
- Comprehensive strategic planning and budgeting;
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The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2024
-
Established organisational structure and lines of reporting;
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Clear authorisation and approval levels.
Through the risk management processes established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
The objects of the charity are the advancement of Jewish religious education and the relief of poverty.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Aims
The main aim of the Charity continued to be the provision of educational and childcare facilities to Jewish girls ages 3 to 16.
Objectives for the year
This year, the focus has been on the continued achievement of academic performance.
The trustees consider they have met the public benefit test and outline these achievements below. The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Principal Activities of the year
The school provided education and childcare to 386 girls aged 3 to 16. This was achieved by the charity operating a childcare facility, an infants section, a primary school and a high school all on one campus.
Grant making policy
The charity gives out grants in line with the above objects.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
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The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2024
Achievements and performance
A summary of the results and movements of funds for the year are shown in the Statement of Financial Activities. The most recent OFSTED inspection for the school was in November 2022. The trustees are proud to report that the school attained a GOOD grading from the inspectors along with some recommendation that the trustees have welcomed and are implementing.
Fundraising costs incurred during the year are as disclosed in the notes to the accounts.
The charity has support and governance costs comprising professional fees, administrative wages and sundry other costs.
There were no investments made during the year.
Related party transactions in the reporting period are as disclosed in the notes to the accounts.
There was an overall net expenditure and net movement in funds for the year amounting to £6,017 representing zero net income on the restricted fund as well as £6,017 net expenditure on the unrestricted fund. This compares to 2023 where there was an overall net income and net movement in funds of £32,896 representing £50,000 net income on the restricted fund as well as £17,104 net expenditure on the unrestricted fund.
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The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2024
Financial review
Results for the year
Donation income this year amounted to £194,782 (2023: £310,404). Income in respect of contributions amounted to £320,316 (2023: £288,568) and childcare was £992,524 (2023:894,154). Grants receivable for security were £56,128 (2023: £44,462). Income from local authorities amounted to £239,323 (2023: £260,200). Other income was £31,670 (2023: £20,985)and interest income was £469 (2023: £8).
Direct educational expenditure in the year amounted to £1,624,063 (2023: £1,592,279). Welfare expenses were 53,795 (2023:53,645) Support costs were £163,371 (2023: £127,523).
Review of activities and achievements
The charity operated a kindergarten for girls of pre school age as well as a primary and high school. The student roll was 246 girls in the primary school as well as 140 girls in the high school during the year. The school has been inspected by OFSTED (being given a rating of good in November 2022) and continues to be monitored by them.
Development
The long term aim is to maintain the school with classes of all ages up to and including age 16.
Reserves Policy
The trustees have reviewed the level of reserves held by the Charity. The review has concluded that to allow the Charity to be managed efficiently and to provide a buffer for uninterrupted services the level of free reserves, being those not tied up in fixed assets, needs to be maintained at not less than six months expenditure. This is not the case currently, and the trustees are looking at ways to improve the present position.
The Unrestricted Fund is lower than the reserves level mentioned above. The trustees consider this to be acceptable as they are confident that increased reserves will be made up through fundraising in future periods.
The free reserves of the charity, being the net current liabilities of the charity, amounted to a deficit of £138,251 all of which are unrestricted. The departure from the reserves policy was due to the increase in cost of living. However this should be mitigated in future years as the impact of increases in child care are felt as well as other charity fundraising events including one that is due to take place in the summer of 2025 which is expected to raise £100,000.
Going Concern
Although the short term funds are in a negative position, the trustees are confident that the charity is a going concern. This is due to the following two events: 1) The school is planning on having a fundraising campaign in the summer of 2025. 2) From September 2023 the school increased the childcare fees by 24%. The impact of this is already evident from the fact that the current liability reduced from July 2023 to July 2024. It should also be noted that the school continues to attract more pupils within the Jewish community and in the most recent OFSTED report in November 2022 the school was rated as good.
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The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2024
Plans for future periods
The trustees plan to continue raising funds for projects in line with the memorandum and articles of association and to pursue those educational objectives and projects by operating and maintaining the school with all the resources available to the charity.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
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The New Girls School
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2024
The trustees' annual report was approved on 29 May 2025 and signed on behalf of the board of trustees by:
Mr M M De Vries Trustee
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The New Girls School
Company Limited by Guarantee
Independent Auditor's Report to the Trustees
Year ended 31 July 2024
Opinion
We have audited the financial statements of The New Girls School (the 'charity') for the year ended 31 July 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, 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 and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and 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 charity's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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The New Girls School
Company Limited by Guarantee
Independent Auditor's Report to the Trustees (continued)
Year ended 31 July 2024
Emphasis of matter
As discussed in note 3 to the financial statements, the charity has net current liabilities and an overall deficit on its reserves.
The charity has elected to continue to prepare the financial statements on a going concern basis.
Our opinion is not modified with respect to that matter.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
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The New Girls School
Company Limited by Guarantee
Independent Auditor's Report to the Trustees (continued)
Year ended 31 July 2024
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity 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 matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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The New Girls School
Company Limited by Guarantee
Independent Auditor's Report to the Trustees (continued)
Year ended 31 July 2024
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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, whether due to fraud or error, and then design and perform 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 misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to (a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; (b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; (c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; (d) the matters identified as to how and where fraud might occur in the financial statements and any potential indicators of fraud.
In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code, UK tax legislation and UK Charity Act.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
As a result of performing the above, we identified no key audit matters relating to the potential risk of fraud.
Our procedures to respond to risks identified included the following:
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The New Girls School
Company Limited by Guarantee
Independent Auditor's Report to the Trustees (continued)
Year ended 31 July 2024
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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The New Girls School
Company Limited by Guarantee
Independent Auditor's Report to the Trustees (continued)
Year ended 31 July 2024
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr H Schwalbe (Senior Statutory Auditor)
For and on behalf of Haffner Hoff Auditors Ltd Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
29 May 2025
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The New Girls School
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 July 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 194,782 | 56,128 | 250,910 | 354,866 |
| Charitable activities | 6 | 1,472,034 | 80,129 | 1,552,163 | 1,442,922 |
| Other trading activities | 7 | 31,670 | – | 31,670 | 20,985 |
| Investment income | 8 | 469 | – | 469 | 8 |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total income | 1,698,955 | 136,257 | 1,835,212 | 1,818,781 | |
| ========================================= | ================================ | ========================================= | ========================================= | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 9 | – | – | – | 12,438 |
| Expenditure on charitable activities | 10,11 | 1,654,971 | 186,257 | 1,841,229 | 1,773,447 |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total expenditure | 1,654,971 | 186,257 | 1,841,229 | 1,785,885 | |
| ========================================= | ================================ | ========================================= | ========================================= | ||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Net (expenditure)/income and net | |||||
| movement in funds | 43,984 | (50,000) | (6,017) | 32,896 | |
| ========================================= | ================================ | ========================================= | ========================================= | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 741,384 | 50,000 | 791,384 | 758,489 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 785,368 | – | 785,368 | 791,385 | |
| ========================================= | ================================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 17 to 27 form part of these financial statements.
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The New Girls School
Company Limited by Guarantee
Statement of Financial Position
31 July 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 17 | 1,093,633 | 1,138,840 |
| Current assets | |||
| Debtors | 18 | 10,478 | 9,437 |
| Cash at bank and in hand | 82,136 | 63,409 | |
| ---------------------------- | ---------------------------- | ||
| 92,614 | 72,846 | ||
| Creditors: amounts falling due within one year | 19 | 230,865 | 232,820 |
| -------------------------------- | -------------------------------- | ||
| Net current liabilities | 138,251 | 159,974 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total assets less current liabilities | 955,382 | 978,866 | |
| Creditors: amounts falling due after more than one year | 20 | 170,015 | 187,481 |
| -------------------------------- | -------------------------------- | ||
| Net assets | 785,367 | 791,385 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Restricted funds | – | 50,001 | |
| Unrestricted funds | 785,368 | 741,384 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 22 | 785,368 ================================ |
791,385 ================================ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 29 May 2025, and are signed on behalf of the board by:
Mr M M De Vries Trustee
The notes on pages 17 to 27 form part of these financial statements.
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The New Girls School
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 July 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net (expenditure)/income | (6,017) | 32,896 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 93,396 | 69,008 |
| Other interest receivable and similar income | (469) | (8) |
| Interest payable and similar charges | 16,919 | 13,409 |
| Accrued expenses/(income) | 2,145 | (3,937) |
| Changes in: | ||
| Trade and other debtors | (1,041) | (850) |
| Trade and other creditors | (5,490) | 39,134 |
| ---------------------------- | -------------------------------- | |
| Cash generated from operations | 99,443 | 149,652 |
| Interest paid | (16,919) | (13,409) |
| Interest received | 469 | 8 |
| ---------------------------- | -------------------------------- | |
| Net cash from operating activities | 82,993 | 136,251 |
| ============================ | ================================ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (48,189) | (111,138) |
| ---------------------------- | -------------------------------- | |
| Net cash used in investing activities | (48,189) | (111,138) |
| ============================ | ================================ | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | (16,076) | (15,699) |
| ---------------------------- | -------------------------------- | |
| Net cash used in financing activities | (16,076) | (15,699) |
| ============================ | ================================ | |
| Net increase in cash and cash equivalents | 18,728 | 9,414 |
| Cash and cash equivalents at beginning of year | 63,409 | 53,995 |
| ---------------------------- | ---------------------------- | |
| Cash and cash equivalents at end of year | 82,137 | 63,409 |
| ============================ | ============================ |
The notes on pages 17 to 27 form part of these financial statements.
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The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2nd Floor Parkgates, Bury New Road, Manchester, M25 0TL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Although the short term funds are in a negative position, the trustees are confident that the charity is a going concern. This is due to the following two events: 1) The school is planning on having a fundraising campaign in the summer of 2025. 2) From September 2023 the school has successfully asked parents to increase their child care payments by 24%. The impact of this is already evident from the fact that the current liability reduced from July 2023 to July 2024.It should also be noted that the school continues to attract more pupils within the Jewish community and in the most recent OFSTED report in November 2022 the school was rated as good.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the fair value of the land and buildings.
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The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
3. Accounting policies (continued)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Freehold property | - | 2% straight line |
|---|---|---|
| Fixtures and fittings | - | 15% straight line |
| Portacabins | - | 15% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
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The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
3. Accounting policies (continued)
Financial instruments (continued)
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The New Girls School is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
- 20 -
The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Donations | ||||
| Donations | 194,782 | – | 194,782 | |
| Grants | ||||
| Grants receivable - C S T security grants | – | 56,128 | 56,128 | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 194,782 | 56,128 | 250,910 | ||
| ================================ | ============================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Donations | ||||
| Donations | 260,404 | 50,000 | 310,404 | |
| Grants | ||||
| Grants receivable - C S T security grants | – | 44,462 | 44,462 | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 260,404 | 94,462 | 354,866 | ||
| ================================ | ============================ | ================================ | ||
| 6. | Charitable activities | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Voluntary Contributions | 320,316 | – | 320,316 | |
| Payments from governments or public authorities in | ||||
| the normal course of trading | 159,194 | 80,129 | 239,323 | |
| Childcare | 992,524 | – | 992,524 | |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ||
| 1,472,034 | 80,129 | 1,552,163 | ||
| ========================================= | ============================ | ========================================= | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Voluntary Contributions | 288,568 | – | 288,568 | |
| Payments from governments or public authorities in | ||||
| the normal course of trading | 179,355 | 80,845 | 260,200 | |
| Childcare | 894,154 | – | 894,154 | |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ||
| 1,362,077 | 80,845 | 1,442,922 | ||
| ========================================= | ============================ | ========================================= |
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The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
7. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Other income | 31,670 | 31,670 | 20,985 | 20,985 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 8. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 469 | 469 | 8 | 8 | |
| ============== | ============== | ============== | ============== | ||
| 9. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and | |||||
| legacies | – | – | 12,438 | 12,438 | |
| ============== | ============== | ============================ | ============================ | ||
| 10. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Educational expenditure | 1,437,805 | 186,257 | 1,624,063 | ||
| Welfare expenses | 53,795 | – | 53,795 | ||
| Support costs | 163,371 | – | 163,371 | ||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |||
| 1,654,971 | 186,257 | 1,841,229 | |||
| ========================================= | ================================ | ========================================= | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Educational expenditure | 1,466,973 | 125,306 | 1,592,279 | ||
| Welfare expenses | 53,645 | – | 53,645 | ||
| Support costs | 127,523 | – | 127,523 | ||
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | |||
| 1,648,141 | 125,306 | 1,773,447 | |||
| ========================================= | ================================ | ========================================= |
- 22 -
The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
11. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Support |
Total funds | Total fund | ||
| directly | costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Educational expenditure | 1,624,063 | 151,735 | 1,775,798 | 1,709,026 | |
| Welfare expenses | 53,795 | – | 53,795 | 53,645 | |
| Governance costs | – | 11,636 | 11,636 | 10,776 | |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| 1,677,858 | 163,371 | 1,841,229 | 1,773,447 | ||
| ========================================= | ================================ | ========================================= | ========================================= | ||
| 12. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | Total 2024 | Total 2023 | |||
| £ | £ | £ | |||
| Staff costs | 119,432 | 119,432 | 102,917 | ||
| General office | 32,303 | 32,303 | 13,384 | ||
| Governance costs | 11,636 | 11,636 | 10,776 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 163,371 | 163,371 | 127,077 | |||
| ================================ | ================================ | ================================ | |||
| 13. | Net (expenditure)/income | ||||
| Net (expenditure)/income is stated after charging/(crediting): | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 93,396 | 69,008 | |||
| ============================ | ============================ | ||||
| 14. | Auditors remuneration | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 7,260 | 7,260 | |||
| ======================= | ======================= | ||||
| Fees payable to the charity's auditor and its associates for other services: | |||||
| Other non-audit services | 2,904 | 2,904 | |||
| ======================= | ======================= | ||||
| 15. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Wages and salaries | 1,159,912 | 1,120,341 | |||
| Social security costs | 15,181 | 17,586 | |||
| Employer contributions to pension plans | 7,017 | 7,103 | |||
| ----------------------------------------- | ----------------------------------------- | ||||
| 1,182,110 | 1,145,030 | ||||
| ========================================= | ========================================= |
- 23 -
The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
15. Staff costs (continued)
The average head count of employees during the year was 134 (2023: 132) and is analysed as follows:
| follows: | ||
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| Number of teaching staff | 129 | 127 |
| Number of administrative staff | 5 | 5 |
| -------------- | -------------- | |
| 134 | 132 | |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
16. Trustee remuneration and expenses
Mr De Vries trustee of the charity received a wage from the charity which totalled £6,824 for bookeeping work that he does throughout the year and is not payment for his duties as a trustee. The memorandum of association of the charity allows the charity to pay remuneration to a trustee for other services provided. No remuneration or other benefits from employment with the charity or a related entity were received by the other trustees nor were any expenses reimbursed to the trustees.
17. Tangible fixed assets
| Freehold | Fixtures and | |||
|---|---|---|---|---|
| property | fittings | Portacabins | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 August 2023 | 902,973 | 122,586 | 378,281 | 1,403,840 |
| Additions | – | 21,782 | 26,407 | 48,189 |
| -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------- | |
| At 31 July 2024 | 902,973 | 144,368 | 404,688 | 1,452,029 |
| ================================ | ================================ | ================================ | ========================================= | |
| Depreciation | ||||
| At 1 August 2023 | – | 96,765 | 168,235 | 265,000 |
| Charge for the year | 18,060 | 18,594 | 56,742 | 93,396 |
| -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------- | |
| At 31 July 2024 | 18,060 | 115,359 | 224,977 | 358,396 |
| ================================ | ================================ | ================================ | ========================================= | |
| Carrying amount | ||||
| At 31 July 2024 | 884,913 | 29,009 | 179,711 | 1,093,633 |
| ================================ | ================================ | ================================ | ========================================= | |
| At 31 July 2023 | 902,973 | 25,821 | 210,046 | 1,138,840 |
| ================================ | ================================ | ================================ | ========================================= | |
| Debtors | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Other debtors | 10,478 | 9,437 | ||
| ============================ | ======================= |
18. Debtors
- 24 -
The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
19. Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 16,582 | 15,192 |
| Trade creditors | 66,480 | 71,720 |
| Accruals and deferred income | 46,767 | 44,622 |
| Social security and other taxes | 9,136 | 5,426 |
| Other creditors | 32,082 | 36,042 |
| Loans | 59,818 | 59,818 |
| -------------------------------- | -------------------------------- | |
| 230,865 | 232,820 | |
| ================================ | ================================ | |
| Creditors: amounts falling due after more than one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Bank loans and overdrafts | 170,015 | 187,481 |
| ================================ | ================================ |
20. Creditors: amounts falling due after more than one year
The bank loans are secured on the property of the charity.
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,017 (2023: £7,103).
22. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| 1 | August 202 | At | |||
| 3 | Income | Expenditure | 31 July 2024 | ||
| £ | £ | £ | £ | ||
| General funds | 741,384 | 1,698,955 | (1,654,971) | 785,368 | |
| ================================ | ========================================= | ========================================= | ================================ | ||
| At | |||||
| 1 | August 202 | At | |||
| 2 | Income | Expenditure | 31 July 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 758,489 | 1,643,474 | (1,660,579) | 741,384 | |
| ================================ | ========================================= | ========================================= | ================================ |
- 25 -
The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
22. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||
|---|---|---|---|---|
| At | ||||
| 1 August | At | |||
| 2023 | Income | Expenditure | 31 July 2024 | |
| £ | £ | £ | £ | |
| Restricted Fund - grants receivable | 50,000 | 136,257 | (186,257) | – |
| ============================ | ================================ | ================================ | ============== | |
| At | ||||
| 1 August | At | |||
| 2022 | Income | Expenditure | 31 July 2023 | |
| £ | £ | £ | £ | |
| Restricted Fund - grants receivable | – | 175,307 | (125,306) | 50,001 |
| ============== | ================================ | ================================ | ============================ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 1,043,633 | 50,000 | 1,093,633 | |
| Current assets | 92,614 | – | 92,614 | |
| Creditors less than 1 year | (230,865) | – | (230,865) | |
| Creditors greater than 1 year | (170,015) | – | (170,015) | |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ||
| Net assets | 735,367 | 50,000 | 785,367 | |
| ========================================= | ============================ | ========================================= | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 1,088,840 | 50,000 | 1,138,840 | |
| Current assets | 72,846 | – | 72,846 | |
| Creditors less than 1 year | (232,820) | – | (232,820) | |
| Creditors greater than 1 year | (187,481) | – | (187,481) | |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ||
| Net assets | 741,385 | 50,000 | 791,385 | |
| ========================================= | ============================ | ========================================= |
23. Analysis of net assets between funds
24. Contingent asset
On 12/7/23 Delapage issued a contract to pay the charity £50,000 subject to certain conditions. At the date of signing it was probable but not certain that these conditions would be met and that if the conditions were met then the grant would be received.
- 26 -
The New Girls School
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2024
25. Analysis of changes in net debt
| At | At | ||
|---|---|---|---|
| 1 Aug 2023 | Cash flows | 31 Jul 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 63,409 | 18,727 | 82,136 |
| Debt due within one year | (15,192) | (1,390) | (16,582) |
| Debt due after one year | (187,481) | 17,466 | (170,015) |
| -------------------------------- | ---------------------------- | -------------------------------- | |
| (139,264) ================================ |
34,803 ============================ |
(104,461) ================================ |
26. Related parties
Mrs De Vries, wife of Mr M De Vries, trustee of The New Girls School(NGS), is a paid employee of the school. She received £13,943 during the year.
Sarah De Vries daughter in law of Mr M De Vries, trustee of The New Girls School (NGS), is a paid employee of the school. She received £504 during the year.
Tzippora De Vries daughter of Mr M De Vries, trustee of The New Girls School (NGS), is a paid employee of the school. She received £1631 during the year.
Trustee Mr M De Vries is a paid employee of the school. He received £6,824 during the year.
Mr A Neumann is also a trustee of NGS. At 31/7/24 he was personally owed £34,818 by the charity based on a loan extended on an interest free basis.
Yemin Charitable Trust (YCT) is a related party to the NGS. This is by virtue of the fact that Mr P Neumann father of the above mentioned Mr A Neumann has significant influence over YCT. YCT donated £4,500 to the NGS during the year ending 31/7/24.
27. Taxation
The New Girls School is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
- 27 -