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2023-05-31-accounts

REGISTERED COMPANY NUMBER: 06919686 (England and Wales) REGISTERED CHARITY NUMBER: 1135285

REPORT OF THE TRUSTEES AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

VISHNITZ GIRLS SCHOOL LTD

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

VISHNITZ GIRLS SCHOOL LTD

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Statement of Trustees' Responsibilities 6
Report of the Independent Auditors 7 to 9
Consolidated Statement of Financial Activities 10
Consolidated & Charity Statement of Financial Position
11		 to 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Notes to the Consolidated Financial Statements 15 to 25

VISHNITZ GIRLS SCHOOL LTD

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2023

TRUSTEES B Steiner Rabbi M Steren I Zieg REGISTERED OFFICE 115 Craven Park Road South Tottenham London N15 6BL PRINCIPAL ADDRESS 49 Amhurst Park London N16 5DL REGISTERED COMPANY 06919686 (England and Wales) NUMBER REGISTERED CHARITY 1135285 NUMBER INDEPENDENT AUDITORS Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

Page 1

VISHNITZ GIRLS SCHOOL LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the group for the year ended 31 May 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are the advancement of Jewish religious education, the advancement of the Jewish religion, the relief of poverty and the relief of the aged infirm and disabled. This is achieved mainly through the running of a School in North London.

The school is a friendly and welcoming school with a positive atmosphere. We have a very hard working staff that put tremendous focus on developing achievements for every learner. Their dedication and high expectations are evident in many areas of the school. An important factor is to provide individual attention enabling students to achieve their maximum potential.

Pupils take their studies seriously and apply themselves fully. They show good attitude to learning because the school sets and demands high expectations. Systems have been developed to help pupils make good progress within a framework that promotes equality, respect and positive relations between pupils and between staff and pupils.

As our Torah teaches us total respect for all people, no matter who and where they come from, therefore it is inline that we abide by all the laws of equality and the land which incorporates British Values and any other laws relevant to the upkeep and order of our country. It is also well known that in our prayers, we pray for the King and our country and we feel a sense of pride towards our Monarch.

Our vision is to deliver high-class education, which is firmly based on Torah principles and combined with a strong Chol Curriculum and to enable our pupils to be productive, upstanding citizens.

We aim to develop:

In summary, our aims are:

CHALLENGE- we aim to promote challenge through high expectations of learning and behaviour. CARING- children will be happy and secure, and their achievements will be celebrated and valued by all. CONSISTENCY- the school will grow and change but will remain true to our vision. COMMUNICATION- we realise the importance of efficient, effective communication.

CONTRIBUTION - from all members of the school community will be valued and recognised. To be upstanding citizens that will be an asset to our country.

Significant activities

The charity aims to achieve its main objective of the advancement of Jewish religious education through the running of a school based in North London and the provision of funding to other entities that support the same charitable objectives.

During the year the charity continued to work towards its charitable objectives. Demand for the services provided by the charity increased, further supporting the community.

Page 2

VISHNITZ GIRLS SCHOOL LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023

OBJECTIVES AND ACTIVITIES

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities.

The main purpose and objective of the charity is the provision of high quality education in a safe and supporting learning environment.

The charity's funds are utilised by its school to fund staff and activities to enable high quality education to be provided on an ongoing basis. When considering which pupils to admit, the school do not discriminate between them based upon the personal circumstances of their parents.

The charity also utilises its funds in furtherance of its other objectives, which are the advancement of the Jewish religion, the relief of poverty and the relief of the aged infirm and disabled.

Our vision is to deliver a high-class education, which is firmly based on Torah principles and combined with a strong Chol Curriculum. To enable our pupils to be productive, upstanding citizens.

Grant making

The charity provides donations to various institutions and individuals whose objectives align closely with its own.

Volunteers

The majority of the charity's work is undertaken by paid employees. Occasional voluntary assistance is provided by Governors and Parents.

STRATEGIC REPORT

Achievement and performance

Charitable activities

During the year the charity generated £1,006,252 (2022: £932,234) from the provision of childcare services. The charity also received funding in the form of donations and grants totalling £1,762,802 (2022: £1,472,526). These funds were and will be spent in their entirety to further the charity’s objectives and support the running of the school.

Club is a very exciting part of school life where the girls experience opportunities in dance and drama as well as baking and crafting. We held an exhibition evening at which their talent was displayed. The public were fascinated and impressed.

The library is being very active and successful, although it constantly needs reviving with a new collection of up-to-date books and equipment.

For those girls needing extra provision in Numeracy, we have enrolled them with the Kumon program, taking place in house. The tracking graphs indicate the huge improvements in their mental maths level.

All in all, the school management and staff are constantly analysing their performance and deliverance and seeking where to improve.

Financial review

Key Performance Indicators

The trustees monitor the charity’s performance against its charitable objectives on a regular basis. Performance is assessed against the objectives and expectations using financial and non-financial indicators. The key financial performance indicators used by the charity are income from charitable activities, funding, expenditure on charitable activities and net income.

The latest full Ofsted review of the school rated it’s overall effectiveness as inadequate, in particular on personal development and early years provision. An action plan has been put in place by the Trustees to address the relevant key issues noted and improve the schools rating going forward. The Trustees have continued to work on improving the schools rating in the year by following the action plan in place.

Page 3

VISHNITZ GIRLS SCHOOL LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023

STRATEGIC REPORT Financial review

Principal funding sources

The major sources of income during the year were donations from various institutions, income from the provision of childcare services and various Government grants to support the school.

Investment policy and objectives

The charity's memorandum authorises the trustees to make and hold investments using the general funds of the charity.

Reserves policy

It is the policy of the charity to try and maintain unrestricted funds at a level which the trustees think appropriate after considering the future commitments of the charity, unplanned emergency expenditure and the likely administrative costs of the charity for the next year.

As at 31.05.2023 the charity’s unrestricted funds were £2,352,585 (2022: £2,409,370).

Going concern

The trustees have a reasonable expectation that the group has adequate resources and support to continue operational existence for the foreseeable future. For this reason, the group has adopted the going concern basis of accounting in preparing the annual financial statements.

Future plans

There are no current plans to change the activities or modus operandi of the group for the foreseeable future.

The Trustees are still in the process of implementing the relevant recommendations within the latest Ofsted report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.

Organisational structure

There are three trustees who also act as directors. They meet on a regular basis to discuss the affairs of the charity. All decisions are based on a majority decision of the directors but in almost all cases the votes are unanimous.

The group comprises of Vishnitz Girls School Ltd (Parent) and First Buy Ltd (100% owned subsidiary)

Related parties

Related party transactions and balances are disclosed in the notes to the financial statements where required.

Risk management

Those charged with governance have a duty to identify and review the risks to which the group is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Systems of internal controls are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Those charged with governance pay particular attention to the financial sustainability and they regularly review the available funding sources to ensure that the group has sufficient liquid funds to meet its short term working capital needs and sustainable funding sources to meet its mid to long term obligations.

The principle risks are financial including items such as a decrease in grant and donation income. In addition, the school risks negative implications if they don’t comply with the key Ofsted recommendations going forward.

Page 4

VISHNITZ GIRLS SCHOOL LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023

Report of the trustees, incorporating a directors’ report and strategic report, approved by order of the board of trustees, as the company directors, on 28 March 2024 and signed on the board's behalf by:

Rabbi M Steren - Trustee

Page 5

VISHNITZ GIRLS SCHOOL LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MAY 2023

The trustees (who are also the directors of Vishnitz Girls School Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and the parent charity and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the group and the parent charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the parent charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VISHNITZ GIRLS SCHOOL LTD

Opinion

We have audited the financial statements of Vishnitz Girls School Ltd (the 'parent charity') and its subsidiary (the ‘group’) for the year ended 31 May 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated & Charity Statement of Financial Position, the Consolidated Statement of Cash Flows and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 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 misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VISHNITZ GIRLS SCHOOL LTD

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the parent 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 group'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 group or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Independent Auditors.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF VISHNITZ GIRLS SCHOOL LTD

Use of our report

This report is made solely to the group's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the group'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 group and the group's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

M A Venitt – Senior Statutory Auditor

for and on behalf of Venitt and Greaves Statutory Auditors Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 115 Craven Park Road South Tottenham London N15 6BL

Date Signed: 28 March 2024

Page 9

VISHNITZ GIRLS SCHOOL LTD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Childcare
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Community Services
Special Education needs
School running cost
Security expenses
Other
Total
Net income/(expenditure) before tax
Taxation
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
908,572
1,006,252
28,600
38,830
1,982,254
378,642
16,250
1,623,140
5,178
15,830
2,039,040
(56,786)
-
(56,786)
2,512,338
2,455,552		 Restricted
funds
£
854,230
-
-
-
854,230
-
56,276
652,264
49,882
-
758,422
95,808
-
95,808
-
95,808		 31.5.23
Total
funds
£
1,762,802
1,006,252
28,600
38,830
2,836,484
378,642
72,526
2,275,404
55,060
15,830
2,797,462
39,022
-
39,022
2,512,338
2,551,360		 31.5.22
Total
funds
£
1,472,526
932,234
27,526
21,845
2,454,131
597,706
52,841
1,768,328
232,289
13,037
2,664,201
(210,070)
4,796
(214,866)
2,727,204
2,512,338

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities of the group

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes form part of these financial statements

Page 10

VISHNITZ GIRLS SCHOOL LTD

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 MAY 2023

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
PROVISIONS FOR LIABILITIES
19
NET ASSETS
FUNDS
20
Unrestricted funds:
General fund
Revaluation Reserve
Restricted funds:
Grants
TOTAL FUNDS		 Unrestricted
funds
£
1,259,057
-
650,000
1,909,057
461,053
328,748
789,801
(198,889)
590,912
2,499,969
(26,079)
(18,338)
2,455,552		 Restricted
funds
£
-
-
-
-
95,808
67,971
163,779
(67,971)
95,808
95,808
-
-
95,808		 31.5.23
Total
funds
£
1,259,057
-
650,000
1,909,057
556,861
396,719
953,580
(266,860)
686,720
2,595,777
(26,079)
(18,338)
2,551,360
2,359,034
96,518
2,455,552
95,808
2,551,360		 31.5.22
Total
funds
£
1,241,378
-
650,000
1,891,378
466,073
286,715
752,788
(80,181)
672,607
2,563,985
(33,309)
(18,338)
2,512,338
2,415,820
96,518
2,512,338
-
2,512,338

The financial statements were approved for issue by the Board of Trustees and authorised for issue on 28 March 2024 and were signed on its behalf by:

B Steiner - Trustee M Steren - Trustee I Zieg - Trustee

The notes form part of these financial statements

Page 11

VISHNITZ GIRLS SCHOOL LTD

CHARITY STATEMENT OF FINANCIAL POSITION 31 MAY 2023

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
20
Unrestricted funds:
General fund
Restricted funds:
Grants
TOTAL FUNDS
Charity’s net income/ expenditure for the period		 Unrestricted
funds
£
1,259,057
1
1,259,058
967,746
328,748
1,296,494
(176,888)
1,119,606
2,378,664
(26,079)
2,352,585
 Restricted
funds
£
-
-
-
95,808
67,971
163,779
(67,971)
95,808
95,808
-
95,808
 31.5.23
Total
funds
£
1,259,057
1
1,259,058
1,063,554
396,719
1,460,273
(244,859)
1,215,414
2,474,472
(26,079)
2,448,393
2,352,585
2,352,585
95,808
2,448,393
39,022		 31.5.22
Total
funds
£
1,241,378
1
1,241,379
982,963
286,715
1,269,678
(68,378)
1,201,300
2,442,679
(33,309)
2,409,370
2,409,370
2,409,370
-
2,409,370
(235,315)

The financial statements were approved for issue by the Board of Trustees and authorised for issue on 28 March 2024 and were signed on its behalf by:

B Steiner - Trustee M Steren - Trustee I Zieg - Trustee

The notes form part of these financial statements

Page 12

VISHNITZ GIRLS SCHOOL LTD

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Tax paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.5.23
£
176,022
(1,040)
-
174,982
(59,490)
26
(59,464)
(5,514)
(5,514)
110,004
286,715
396,719		 31.5.22
£
223,705
(1,179)
4,796
227,322
(114,380)
23
(114,357)
(5,889)
(5,889)
107,076
179,639
286,715

The notes form part of these financial statements

Page 13

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 31.5.23
£
39,022
41,810
(26)
1,040
(90,788)
184,964
176,022		 31.5.22
£
(214,866)
39,750
(23)
1,179
515,975
(118,310)
223,705

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.22 Cash flow At 31.5.23
£ £ £
Net cash
Cash at bank 286,715 110,004 396,719
286,715 110,004 396,719
Debt
Debts falling due within 1 year (10,803) (1,715) (12,518)
Debts falling due after 1 year (33,309) 7,230 (26,079)
(44,112) 5,515 (38,597)
Total 242,603 115,519 358,122

The notes form part of these financial statements

Page 14

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Companies Act 2006 and the Charities Act 2011.

The accounts are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £1.

Vishnitz Girls School meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting estimates and judgements

In the application of the group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income

All income is recognised in the Statement of Financial Activities once the group has evidence of entitlement to the funds, receipt is probable and the amount can be measured reliably. Grant income is recognised when there is evidence of entitlement to the gift unless performance conditions require deferral of the amount. Rental income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and sales taxes.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the group to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary First Buy Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by Companies Act 2006, s. 408.

Governance costs

Governance costs are associated with the governance arrangements of the group and relate to the general running of the group. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the costs of Trustee meetings and the preparation of the statutory accounts

Cash

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Tangible fixed assets depreciation

All categories of fixed assets are held on the balance sheet at historic cost less accumulated depreciation other than the investment property balance which is held at fair value. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Improvements to the property - 2% on cost

continued...

Page 15

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets depreciation

Fixtures and fittings - 15% on reducing balance

If an event occurs which indicates a material reduction in a fixed asset's carrying value, an impairment review will be carried out. Any impairment charge is recognised in the statement of financial activities.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Financial activities and Reserves, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

The parent charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the group. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the group has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the group of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the friends is not recognised. Readers should refer to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the group which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

Investment in subsidiary

The investment in subsidiary balance within the charity only balance sheet has been measured on a cost less impairment basis.

continued...

Page 16

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

2. DONATIONS AND LEGACIES

General donations
Grants		 Unrestricted
funds
£
908,572
-
908,572		 Restricted
funds
£
104,000
750,230
854,230		 31.5.23
Total
funds
£
1,012,572
750,230
1,762,802		 31.5.22
Total
funds
£
850,001
622,525
1,472,526

Included within the donation total for the period ending 31st May 2023 is £104,000 relating to donated facilities.

Grants received, included in the above, are as follows:

Special Education Needs
Government Grants
LB Hackney Grants
Other Grants		 31.5.23
£
56,277
59,361
584,710
49,882
750,230		 31.5.22
£
118,629
86,627
348,882
68,387
622,525

3. INVESTMENT INCOME

Unrestricted
Restricted
funds
funds
£
£
Rents received
28,574
-
Deposit account interest
26
-
28,600
-
INCOME FROM CHARITABLE ACTIVITIES
Childcare services		 31.5.23
Total
funds
£
28,574
26
28,600
31.5.23
£
1,006,252		 31.5.22
Total
funds
£
27,503
23
27,526
31.5.22
£
932,234

4. INCOME FROM CHARITABLE ACTIVITIES

continued...

Page 17

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

5. CHARITABLE ACTIVITIES COSTS

Community Services
Special Education needs
School running cost
Security expenses
The total donations paid to institutions during the period was as follows
Advancement of Education
Advancement of Religion
Aged infirm and disabled
Relief of Poverty
All donations paid in the period were to institutions in the UK,
6.
SUPPORT COSTS
Other resources expended
Support costs, included in the above, are as follows:
Audit and accounting fees
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 31.5.23
£
193,642
1,000
-
184,000
378,642
31.5.23
Total
activities
£
14,790
31.5.23
£
41,811		 Direct
Costs
£
378,642
72,526
2,275,404
55,060
2,781,632
31.5.22
£
329,904
10,000
15,000
242,802
597,706
Governance
costs
£
14,790
31.5.22
Total
activities
£
11,858
31.5.22
£
39,749

continued...

Page 18

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

8. AUDITORS' REMUNERATION

The auditors remuneration payable for the audit of the 31.05.23 consolidated financial statements is £8,000 plus VAT

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.

10. STAFF COSTS

Wages and salaries
Social security costs		 31.5.23
£
1,384,973
5,279		 31.5.22
£
1,039,273
2,091
1,390,252 1,041,364

The average monthly number of employees during the year was as follows:

Teaching staff
Management & Administration staff		 31.5.23
136
48
184		 31.5.22
152
48
200

No employees received emoluments in excess of £60,000.

11. TANGIBLE FIXED ASSETS

GROUP
COST
At 1 June 2022
Additions
At 31 May 2023
DEPRECIATION
At 1 June 2022
Charge for year
At 31 May 2023
NET BOOK VALUE
At 31 May 2023
At 31 May 2022		 Improvements
to
property
£
1,282,514
41,324		 Fixtures
and
fittings
£
155,870
18,166		 Totals
£
1,438,384
59,490
1,323,838
137,029
26,064
163,093
1,160,745
1,145,485		 174,036
59,977
15,747
75,724
98,312
95,893		 1,497,874
197,006
41,811
238,817
1,259,057
1,241,378

continued...

Page 19

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

11. TANGIBLE FIXED ASSETS - continued

CHARITY
COST
At 1 June 2022
Additions
At 31 May 2023
DEPRECIATION
At 1 June 2022
Charge for year
At 31 May 2023
NET BOOK VALUE
At 31 May 2023
At 31 May 2022		 Improvements
to
property
£
1,282,514
41,324
1,323,838
137,029
26,064
163,093
1,160,745
1,145,485		 Fixtures
and
fittings
£
155,870
18,166
174,036
59,977
15,747
75,724
98,312
95,893		 Totals
£
1,438,384
59,490
1,497,874
197,006
41,811
238,817
1,259,057
1,241,378

12. FIXED ASSET INVESTMENTS

The charity's investment as at the balance sheet date is comprised of a 100% holding in First Buy Ltd (Company number 09382659), a company registered in England and Wales. The primary activity of First Buy Ltd is property investment and management. The charity holds 1 share of £1 in its wholly owned trading subsidiary company First Buy Ltd which is incorporated in the United Kingdom. These are the only shares allotted, called up and fully paid. The activities and results of this company are summarised as follows:

31.5.23 31.5.22
£ £
INCOME STATEMENT
Turnover 28,574 27,503
Administrative Expenditure 3,000 2,258
Operating profit 25,574 25,245
Gain/ loss on revaluation - -
Profit before tax 25,574 25,245
Distribution to parent 25,574 -
Tax - 4,796
Profit for the financial period - 20,449
BALANCE SHEET
Assets 660,093 657,684
Liabilities (557,124) (554,715)
Net Assets 102,969 102,969
Share Capital 1 1
Revaluation Reserve 96,518 96,518
Retained Earnings 6,450 6,450

continued...

Page 20

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

13. INVESTMENT PROPERTY

GROUP

FAIR VALUE
At 1 June 2022
and 31 May 2023
NET BOOK VALUE
At 31 May 2023
At 31 May 2022
Fair value at 31 May 2023 is represented by:
Valuation in 2021
Cost		 £
650,000
650,000
650,000
£
96,518
553,482
650,000

If investment property had not been revalued it would have been included at the following historical cost:

Cost
Aggregate depreciation		 31.5.23
£
553,482		 31.5.22
£
553,482
(52,949) (41,879)

Investment property was valued on a fair value basis on 31 May 2023 by the Director. There were no investment assets outside the UK.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

GROUP
Trade debtors
Other debtors
Prepayments and accrued income
CHARITY
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
1		 31.5.23
£
2,966
458,087
95,808
556,861
31.5.23
£
516,786
450,960
95,808
,063,554		 31.5.22
£
-
458,644
7,429
466,073
31.5.22
£
524,574
450,960
7,429
982,963

continued...

Page 21

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23 31.5.23 31.5.22
GROUP £ £
Bank loans and overdrafts (see note 17) 12,518 10,803
Tax 5,828 5,828
Other creditors 130,082 4,884
Accrued expenses 48,926 14,040
Deferred government grants 67,971 43,091
Deferred Rental Income 1,535 1,535
266,860 80,181
31.5.23 31.5.22
CHARITY £ £
Bank loans and overdrafts (see note 17) 12,518 10,803
Other creditors 122,884 4,884
Accrued expenses 41,486 9,600
Deferred government grants 67,971 43,091
244,859 68,378
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
GROUP & CHARITY
31.5.23 31.5.22
£ £
Bank loans (see note 17) 26,079 33,309
17. LOANS
An analysis of the maturity of loans is given below:
GROUP & CHARITY
31.5.23 31.5.22
£ £
Amounts falling due within one year on demand:
Bank loans 12,518 10,803
Amounts falling between one and two years:
Bank loans - 1-2 years 12,518 10,803
Amounts falling due between two and five years:
Bank loans - 2-5 years 13,561 22,506

The loan balance as at 31st May 2023 consists of a COVID bounceback loan totalling £38,597. The loan is unsecured, 100% guaranteed by the Government and interest is capped at 2.5%.

continued...

Page 22

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:


Within one year
Between one and five years
19.
PROVISIONS FOR LIABILITIES

Deferred tax provision
20.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Grants
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Grants
TOTAL FUNDS

At 1.6.22
£
2,415,820
96,518
2,512,338
-
2,512,338
Incoming
resources
£
1,982,254
854,230
2,836,484

continued...

Page 23

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Revaluation Reserve
Restricted funds
Grants
TOTAL FUNDS
Comparative net movement in funds, included in the above are a
Unrestricted funds
General fund
Restricted funds
Grants
TOTAL FUNDS		 At 1.6.21
£
2,539,340
96,518
2,635,858
91,346
2,727,204
s follows:
Incoming
resources
£
1,831,606
622,525
2,454,131		 Net
movement
in funds
£
(123,520)
-
(123,520)
(91,346)
(214,866)
Resources
expended
£
(1,955,126)
(713,871)
(2,668,997)		 At
31.5.22
£
2,415,820
96,518
2,512,338
-
2,512,338
Movement
in funds
£
(123,520)
(91,346)
(214,866)

21. CONTINGENT LIABILITIES

During the year ended 31 May 2022 a claim was lodged by an ex-employee against the charity in respect of their termination, which requests compensation for alleged losses suffered. Should the claim be successful, the Trustees estimate that the maximum liability is £138,823. The case remains unsettled however the charity has sought further legal advice which suggests that the claim is highly unlikely to be successful. Accordingly no provision has been recognised in the financial statements as at 31 May 2023.

continued...

Page 24

VISHNITZ GIRLS SCHOOL LTD

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023

22. RELATED PARTY DISCLOSURES

As at 31st May 2023 First Buy Ltd, a wholly owned subsidiary of Vishnitz Girls School, owes Vishnitz Girls School £516,786. Rise and Shine, an entity which shares three Trustees with Vishnitz Girls School, also owes Vishnitz Girls School £449,450.

In addition, as at 31st May 2023 Yomtov Ltd, an entity which shares one Director with First Buy Ltd, owes First Buy Ltd £7,127.

Finally, as at 31st May 2023 First Buy Ltd owes £7,197 to Starfield Estates Ltd, an entity which shares one Director with First Buy Ltd.

The wives of Mr M Steren (Trustee), Mr I Zieg (Trustee) and Mr B Steiner (Trustee) were employed by Vishnitz Girls School throughout the period. In addition the daughter of Mr I Zieg (Trustee) was also employed during the period.

During the period Vishnitz Girls School donated £4,500 to Viznitz Institutions Trust, an entity which shares one Trustee with the charity. Vishnitz Girls School also donated £20,000 to Blossoms London Ltd, an entity which shares one Trustee with the charity.

In addition Vishnitz Girls School donated £5,000 to Vishnitz Seminary Ltd, an entity which shares one Director with the charity.

Finally, Vishnitz Girls School donated £53,000 to Kollel Viznitz London; one of the Trustees of this entity is the son of Mr I Zieg (Trustee)

No other related party transactions have been noted during the period ended 31 May 2023.

Page 25