**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 2024** 

## **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 2024** 

|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|4|
|**Statement of Trustees' Responsibilities**||5||
|**Report of the Independent Auditors**|6|to|8|
|**Consolidated Statement of Financial Activities**||9||
|**Consolidated & Charity Statement of Financial Position**|<br>10|to|11|
|**Consolidated Statement of Cash Flows**||12||
|**Notes to the Consolidated Statement of Cash Flows**||13||
|**Notes to the Consolidated Financial Statements**|14|to|24|





**VISHNITZ GIRLS SCHOOL LTD** 

**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2024** 

**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 2024** 

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 2024. 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 group 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 each girl her Charedi Jewish identity while enabling her to experience success, and progress and enjoyment academically, personally and socially. 

- in each girl her thinking, skills and creativity 

- in each girl a moral understanding and a range of skills, talents and values in particular: modesty, tolerance, respect of others, courtesy and the general demeanour as a Bas Yisroel. 

- in each girl leadership, initiative, tolerance and self-discipline. 

- a respect for the environment and an understanding of the world in which we live. 

- skills to be an upright citizen. 

- career opportunities. 

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 group 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. 

Page 2 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024** 

## **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 group's future activities. 

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

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

## **Volunteers** 

The majority of the group'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 group generated £1,135,104 (2023: £1,006,252) from the provision of childcare services. The group also received funding in the form of donations and grants totalling £1,437,309 (2023: £1,762,802). These funds will be spent in their entirety to further the group’s objectives and support the running of the school. 

## **Financial review** 

## **Key Performance Indicators** 

The trustees monitor the group’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 group are income from charitable activities, funding, expenditure on charitable activities and net income. 

The latest Ofsted review of the school rated it’s overall effectiveness as requires improvement, an improvement from the previous rating of inadequate. An further action plan has been put in place by the Trustees to address the relevant key issues noted and improve the schools rating going forward. 

## **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. 

## **Reserves policy** 

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

As at 31.05.2024 the group’s unrestricted funds were £2,073,034 (2023: £2,456,283). 

## **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. 

Page 3 



**VISHNITZ GIRLS SCHOOL LTD** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2024** 

## **STRATEGIC REPORT** 

## **Future plans** 

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

## **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 group 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 group. 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. 

## **STREAMLINED ENERGY AND CARBON REPORTING** 

The trustees ensure that the activities of the charity are performed in a way that has as little damaging effect on the environment as possible. 

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 March 2025 and signed on the board's behalf by: 

## **Rabbi M Steren - Trustee** 

Page 4 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MAY 2024** 

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 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. 

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: 

- there is no relevant audit information of which the group's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

Page 5 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS 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 2024 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 Consolidated 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'. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the group’s and company’s affairs as at 31 May 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

Page 6 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VISHNITZ GIRLS SCHOOL LTD** 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **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. 

Page 7 



**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VISHNITZ GIRLS SCHOOL LTD** 

## **Our 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 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: 

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements. These included but were not limited to FRS 102, Charities Act 2011, Companies Act 2006, Employment law, Data protection legislation, Health & Safety laws and Safeguarding Regulations as they affect the direct charitable activities of the group and the parent charity. 

- We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations. 

- We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks. 

- We assessed the susceptibility of the group's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. Specific areas identified were the completeness of income and going concern. 

- Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. We performed appropriate audit testing on the recognition and completeness of income and management’s assessment of going concern. 

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. 

## **Use of our report** 

This report is made solely to the group’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s members 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 members as a body, for our audit work, for this report, or for the opinions we have formed. 

Malcolm Venitt (Senior Statutory Auditor) for and on behalf of Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL 

Date Signed: 26 March 2025 

Page 8 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2024** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**Charitable activities**<br>4<br>Childcare<br>Investment income<br>3<br>Other income<br>**Total**<br>**EXPENDITURE ON**<br>**Charitable activities**<br>5<br>Community Services<br>Special Education needs<br>School running cost<br>Security expenses<br>Other<br>**Total**<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>20<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>Net income/(expenditure) before tax<br>Taxation|Unrestricted<br>funds<br>£<br>411,276<br>1,135,104<br>76,811<br>2,148<br>1,625,339<br>184,520<br>-<br>1,645,814<br>-<br>14,520<br>1,844,854<br>(219,515)<br>(14,250)<br>(75,000)<br>(280,265)<br>(102,984)<br>(383,249)<br>2,456,283<br>2,073,034|Restricted<br>funds<br>£<br>1,026,033<br>-<br>-<br>-<br>1,026,033<br>-<br>47,016<br>1,056,434<br>62,139<br>-<br>1,165,589<br>(139,556)<br>-<br>-<br>(139,556)<br>102,984<br>(36,572)<br>95,808<br>59,236|31.5.24<br>Total<br>funds<br>£<br>1,437,309<br>1,135,104<br>76,811<br>2,148<br>2,651,372<br>184,520<br>47,016<br>2,702,248<br>62,139<br>14,520<br>3,010,443<br>(359,071)<br>(14,250)<br>(75,000)<br>(419,821)<br>-<br>(419,821)<br>2,552,091<br>2,132,270|31.5.23<br>Total<br>funds<br>£<br>1,762,802<br>1,006,252<br>65,900<br>1,530<br>2,836,484<br>378,642<br>72,526<br>2,277,553<br>55,060<br>13,640<br>2,797,421<br>39,063<br>-<br>-<br>39,063<br>-<br>39,063<br>2,513,028<br>2,552,091|
|---|---|---|---|---|



## **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 9 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 MAY 2024** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>11<br>Investments<br>12<br>Investment property<br>13<br>**CURRENT ASSETS**<br>Debtors<br>14<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>15<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**CREDITORS**<br>Amounts falling due after more than one year<br>16<br>**PROVISIONS FOR LIABILITIES**<br>19<br>**NET ASSETS**<br>**FUND**20<br>Unrestricted funds:<br>General fund<br>Revaluation Reserve<br>Restricted funds:<br>Grants<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>1,294,943<br>-<br>575,000<br>1,869,943<br>541,506<br>22,168<br>563,674<br>(339,641)<br>224,033<br>2,093,976<br>(16,854)<br>(4,088)<br>**2,073,034**|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>58,112<br>1,124<br>59,236<br>-<br>59,236<br>59,236<br>-<br>-<br>**59,236**|31.5.24<br>Total<br>funds<br>£<br>1,294,943<br>-<br>575,000<br>1,869,943<br>599,618<br>23,292<br>622,910<br>(339,641)<br>283,269<br>2,153,212<br>(16,854)<br>(4,088)<br>**2,132,270**<br>2,051,516<br>21,518<br>2,073,034<br>59,236<br>**2,132,270**|31.5.23<br>Total<br>funds<br>£<br>1,259,057<br>-<br>650,000<br>1,909,057<br>556,861<br>396,759<br>953,620<br>(266,169)<br>687,451<br>2,596,508<br>(26,079)<br>(18,338)<br>**2,552,091**<br>2,359,765<br>96,518<br>2,456,283<br>95,808<br>**2,552,091**|
|---|---|---|---|---|



The financial statements were approved for issue by the Board of Trustees and authorised for issue on 26 March 2025 and were signed on its behalf by: 

**B Steiner – Trustee            M Steren – Trustee            I Zieg – Trustee** 

The notes form part of these financial statements 

continued... 

Page 10 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **CHARITY STATEMENT OF FINANCIAL POSITION 31 MAY 2024** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>11<br>Investments<br>12<br>**CURRENT ASSETS**<br>Debtors<br>14<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>15<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**CREDITORS**<br>Amounts falling due after more than one year<br>16<br>**NET ASSETS**<br>**FUND**20<br>Unrestricted funds:<br>General fund<br>Restricted funds:<br>Grants<br>**TOTAL FUNDS**<br>Charity’s net income/ expenditure for the period|Unrestricted<br>funds<br>£<br>1,294,943<br>1<br>1,294,944<br>1,046,183<br>21,184<br>1,067,367<br>(315,331)<br>752,036<br>2,046,980<br>(16,854)<br>**2,030,126**|Restricted<br>funds<br>£<br>-<br>-<br>-<br>58,112<br>1,124<br>59,236<br>-<br>59,236<br>59,236<br>-<br>**59,236**|31.5.24<br>Total<br>funds<br>£<br>1,294,943<br>1<br>1,294,944<br>1,104,295<br>22,308<br>1,126,603<br>(315,331)<br>811,272<br>2,106,216<br>(16,854)<br>**2,089,362**<br>2,030,126<br>59,236<br>**2,089,362**<br>(359,071)|31.5.23<br>Total<br>funds<br>£<br>1,259,057<br>1<br>1,259,058<br>1,063,594<br>396,719<br>1,460,313<br>(244,859)<br>1,215,454<br>2,474,512<br>(26,079)<br>**2,448,433**<br>2,352,625<br>95,808<br>**2,448,433**<br>39,062|
|---|---|---|---|---|



The financial statements were approved for issue by the Board of Trustees and authorised for issue on 26 March 2025 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** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Interest paid<br>Net cash (used in)/provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Interest received<br>Net cash used in investing activities<br>**Cash flows from financing activities**<br>Loan repayments in year<br>Net cash used in financing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|31.5.24<br>£<br>(288,403)<br>(1,320)<br>(289,723)<br>(78,332)<br>101<br>(78,231)<br>(5,513)<br>(5,513)<br>(373,467)<br>396,759<br>23,292|31.5.23<br>£<br>176,062<br>(1,040)<br>175,022<br>(59,490)<br>26<br>(59,464)<br>(5,514)<br>(5,514)<br>110,044<br>286,715<br>396,759|
|---|---|---|



The notes form part of these financial statements 

Page 12 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024** 

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

|**OPERATING ACTIVITIES**|||
|---|---|---|
|**Net (expenditure)/income for the reporting period (as per the**<br>**Statement of Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Losses on investments<br>Interest received<br>Interest paid<br>Decrease in provision<br>Increase in debtors<br>Increase in creditors<br>**Net cash (used in)/provided by operations**|31.5.24<br>£<br>(419,821)<br>42,447<br>75,000<br>(101)<br>1,320<br>(14,250)<br>(42,757)<br>69,759<br>(288,403)|31.5.23<br>£<br>39,063<br>41,810<br>-<br>(26)<br>1,040<br>-<br>(90,788)<br>184,963|
|||176,062|



## **2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)** 

||At 1.6.23|Cash flow|At 31.5.24|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|396,759|(373,467)|23,292|
||396,759|(373,467)|23,292|
|**Debt**||||
|Debts falling due within 1 year|(12,518)|(3,713)|(16,231)|
|Debts falling due after 1 year|(26,079)|9,225|(16,854)|
||(38,597)|5,512|(33,085)|
|**Total**|358,162|(367,955)|(9,793)|



The notes form part of these financial statements 

Page 13 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO CONSOLIDATED THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. 

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 Ltd meets the definition of a public benefit entity under FRS 102. 

## **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. 

In accordance with the Financial Reporting Standard (FRS 102), the charity group prepares consolidated financial statements. As permitted under the reporting framework, the group has chosen to prepare a consolidated cash flow statement only, and has not prepared an entity-only cash flow statement for the parent charity. 

## **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 is provided at the following annual rates in order to write off each asset over its estimated useful life. 

continued... 

Page 14 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **1. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

Improvements to the property - 2% on cost Fixtures and fittings - 15% on reducing balance 

All categories of fixed assets are initially recognised at cost and then held on the balance sheet at historic cost less accumulated depreciation other than the investment property balance which is held at fair value. 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 the Statement of Financial Activities. 

## **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 corporation 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 services or facilities are recognised 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 of the item is probable and that economic benefit can be measured reliably. 

Donated professional services and facilities are included in income at the estimated value of the gift to the group when received, based on the amount that the group would have been prepared to pay for these services or facilities had it been required to purchase them, with a corresponding entry in the appropriate expenditure heading for the same amount. Donated fixed assets are similarly taken to income at the value to the group with the other entry being capitalised in fixed assets. 

The value of the services provided by volunteers is not incorporated into these financial statements. Further details of their contribution is provided in the trustees’ report. 

continued... 

Page 15 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **1. ACCOUNTING POLICIES - continued** 

## **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. 

## **2. DONATIONS AND LEGACIES** 

|General donations<br>Grants|Unrestricted<br>funds<br>£<br>411,276<br>-|Restricted<br>funds<br>£<br>104,001<br>922,032|31.5.24<br>Total<br>funds<br>£<br>515,277<br>922,032|31.5.23<br>Total<br>funds<br>£<br>1,012,571<br>750,231<br>1,762,802|
|---|---|---|---|---|
||411,276|1,026,033|1,437,309||



Included within the donation total for the period ending 31st May 2024 is £104,000 relating to donated facilities. 

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

|Government Grants<br>LB Hackney Grants<br>Other Grants|31.5.24<br>£<br>142,539<br>716,229<br>63,264<br>922,032|31.5.23<br>£<br>59,362<br>640,987<br>49,882|
|---|---|---|
|||750,231|



## **3. INVESTMENT INCOME** 

|**INVESTMENT INCOME**|||||
|---|---|---|---|---|
||||31.5.24|31.5.23|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
||£|£|£|£|
|Rents received|76,710|-|76,710|65,874|
|Deposit account interest|101|-|101|26|
||76,811|-|76,811|65,900|



continued... 

Page 16 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **4. INCOME FROM CHARITABLE ACTIVITIES** 

|Childcare services|31.5.24<br>£<br>1,135,104|31.5.23<br>£<br>1,006,252|
|---|---|---|



## **5. CHARITABLE ACTIVITIES COSTS** 

|Community Services<br>Special Education needs<br>School running cost<br>Security expenses<br>The total donations paid to institutions during the period was as follows<br>Advancement of Education<br>Advancement of Religion<br>Aged infirm and disabled<br>Relief of Poverty<br>**SUPPORT COSTS**<br>Other resources expended|31.5.24<br>£<br>62,320<br>-<br>21,500<br>100,700<br>184,520|Direct<br>Costs<br>£<br>184,520<br>47,016<br>2,702,248<br>62,139<br>2,995,923<br>31.5.23<br>£<br>193,642<br>1,000<br>-<br>184,000<br>378,642<br>Governance<br>costs<br>£<br>13,200|
|---|---|---|



## **6. SUPPORT COSTS** 

continued... 

Page 17 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **6. SUPPORT COSTS - continued** 

Support costs, included in the above, are as follows: 

31.5.24 31.5.23 Other resources Total expended activities £ £ Auditors' remuneration 13,200 12,600 

## **7. NET INCOME/(EXPENDITURE)** 

Net income/(expenditure) is stated after charging/(crediting): 

31.5.24 31.5.23 £ £ Depreciation - owned assets 42,446 41,811 

## **8. AUDITORS' REMUNERATION** 

The auditors remuneration payable for the audit of the 31.05.24 consolidated financial statements is £8,500 plus VAT. The auditors remuneration payable for the audit of the 31.05.24 subsidiary financial statements is £2,500 plus VAT. 

## **9. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023. 

## **Trustees' expenses** 

There were no  trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. 

## **10. STAFF COSTS** 

|Wages and salaries<br>Social security costs|31.5.24<br>£<br>1,636,267<br>6,638<br>1,642,905|31.5.23<br>£<br>1,384,973<br>5,279|
|---|---|---|
|||1,390,252|



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

||31.5.24|31.5.23|
|---|---|---|
|Charitable activities|186|184|



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

continued... 

Page 18 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **11. TANGIBLE FIXED ASSETS** 

## **GROUP & CHARITY** 

|**COST**<br>At 1 June 2023<br>Additions<br>At 31 May 2024<br>**DEPRECIATION**<br>At 1 June 2023<br>Charge for year<br>At 31 May 2024<br>**NET BOOK VALUE**<br>At 31 May 2024<br>At 31 May 2023|Improvements<br>to<br>property<br>£<br>1,323,838<br>71,562<br>1,395,400<br>163,093<br>27,192<br>190,285<br>1,205,115<br>1,160,745|Fixtures<br>and<br>fittings<br>£<br>174,036<br>6,770<br>180,806<br>75,724<br>15,254<br>90,978<br>89,828<br>98,312|Totals<br>£<br>1,497,874<br>78,332|
|---|---|---|---|
||||1,576,206|
||||238,817<br>42,446|
||||281,263|
||||1,294,943|
||||1,259,057|



## **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: 

||31.5.24|31.5.23|
|---|---|---|
||£|£|
|**INCOME STATEMENT**|||
|Turnover|28,560|28,574|
|Administrative Expenditure|(4,589)|(3,000)|
|**Operating profit**|**23,971**|**25,574**|
|Gain/ loss on revaluation|(75,000)|-|
|Distribution to parent|23,971|25,574|
|Tax|14,250|-|
|**Profit for the financial period**|**(60,750)**|**-**|
|**BALANCE SHEET**|||
|Assets|588,530|660,133|
|Liabilities|(545,621)|(556,474)|
|**Net Assets**|**42,909**|**103,659**|
|Share Capital|1|1|
|Revaluation Reserve|21,518|96,518|
|Retained Earnings|21,390|7,140|



continued... 

Page 19 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **13. INVESTMENT PROPERTY** 

|**GROUP**<br>**FAIR VALUE**<br>At 1 June 2023<br>Revaluation<br>At 31 May 2024<br>**NET BOOK VALUE**<br>At 31 May 2024<br>At 31 May 2023<br>Fair value at 31 May 2024 is represented by:<br>Valuation in 2021<br>Valuation in 2024<br>Cost|£<br>650,000<br>(75,000)<br>575,000<br>575,000<br>650,000<br>£<br>96,518<br>(75,000)<br>553,482<br>575,000|
|---|---|



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

|Cost<br>Aggregate depreciation|31.5.24<br>£<br>553,482<br>(64,019)|31.5.23<br>£<br>553,482<br>(52,949)|
|---|---|---|



Investment property was valued on a fair value basis on 31 May 2024 by the Director. 

## **14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|**GROUP**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br> **CHARITY**<br>Amounts owed by group undertakings<br>Other debtors<br>Prepayments and accrued income<br>1|31.5.24<br>£<br>6,462<br>535,044<br>58,112<br>599,618<br>31.5.24<br>£<br>517,223<br>528,960<br>58,112<br>,104,295<br>|31.5.23<br>£<br>2,966<br>458,087<br>95,808<br>556,861<br>31.5.23<br>£<br>516,826<br>450,960<br>95,808<br>1,063,594|
|---|---|---|



continued... 

Page 20 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|31.5.24<br> **GROUP**<br>£<br>Bank loans and overdrafts (see note 17)<br>16,231<br>Tax<br>5,828<br>Other creditors<br>72,081<br>Accrued expenses<br>141,672<br>Deferred government grants<br>102,984<br>Deferred Rental Income<br>845<br>339,641<br>31.5.24<br> **CHARITY**<br>£<br>Bank loans and overdrafts (see note 17)<br>16,231<br>Other creditors<br>64,884<br>Accrued expenses<br>131,232<br>Deferred government grants<br>102,984<br>315,331<br>**16.**<br>**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**<br>31.5.24<br> **GROUP & CHARITY**<br>£<br>Bank loans (see note 17)<br>16,854<br>**17.**<br>**LOANS**<br> **GROUP & CHARITY**<br>An analysis of the maturity of loans is given below:<br>31.5.24<br>£<br>Amounts falling due within one year on demand:<br>Bank loans<br>16,231<br>Amounts falling between one and two years:<br>Bank loans - 1-2 years<br>16,231<br>Amounts falling due between two and five years:<br>Bank loans - 2-5 years<br>623|31.5.23<br>£<br>12,518<br>5,828<br>130,081<br>48,926<br>67,971<br>845<br>266,169<br>31.5.23<br>£<br>12,518<br>122,884<br>41,486<br>67,971<br>244,859<br>31.5.23<br>£<br>26,079<br>31.5.23<br>£<br>12,518<br>12,518<br>13,561|31.5.23<br>£<br>12,518<br>5,828<br>130,081<br>48,926<br>67,971<br>845<br>266,169<br>31.5.23<br>£<br>12,518<br>122,884<br>41,486<br>67,971<br>244,859<br>31.5.23<br>£<br>26,079<br>31.5.23<br>£<br>12,518<br>12,518<br>13,561|
|---|---|---|
|||12,518|
|||13,561|



The loan balance as at 31st May 2024 consists of a COVID bounceback loan totalling £33,084. The loan is unsecured, 100% guaranteed by the Government and interest is capped at 2.5%. 

continued... 

Page 21 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **18. LEASING AGREEMENTS** 

## **GROUP & CHARITY** 

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

|Within one year<br>Between one and five years<br>**19.**<br>**PROVISIONS FOR LIABILITIES**<br> **GROUP**<br>Provisions<br>Balance at 1 June 2023<br>Property revaluation<br>Balance at 31 May 2024|31.5.24<br>£<br>50,000<br>92,308<br>142,308<br>31.5.24<br>£<br>4,088|31.5.23<br>£<br>50,000<br>142,308|31.5.23<br>£<br>50,000<br>142,308|
|---|---|---|---|
|||192,308||
|||31.5.23<br>£<br>18,338<br>Deferred<br>tax<br>£<br>18,338<br>(14,250)<br>4,088||
||||4,088|



## **20. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>Revaluation Reserve<br>**Restricted funds**<br>Grants<br>**TOTAL FUNDS**|At 1.6.23<br>£<br>2,359,765<br>96,518<br>2,456,283<br>95,808<br>2,552,091|Net<br>movement<br>in funds<br>£<br>(205,265)<br>(75,000)<br>(280,265)<br>(139,556)<br>(419,821)|Transfers<br>between<br>funds<br>£<br>(102,984)<br>-<br>(102,984)<br>102,984<br>-|At<br>31.5.24<br>£<br>2,051,516<br>21,518<br>2,073,034<br>59,236<br>2,132,270|
|---|---|---|---|---|



continued... 

Page 22 



## **VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **20. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>1,625,339<br>Revaluation Reserve<br>-<br>1,625,339<br>**Restricted funds**<br>Grants<br>1,026,033<br>**TOTAL FUNDS**<br>2,651,372<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General fund<br>Revaluation Reserve<br>**Restricted funds**<br>Grants<br>**TOTAL FUNDS**<br>Comparative net movement in funds, included in the above are a<br>**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>Grants<br>**TOTAL FUNDS**|Resources<br>expended<br>£<br>(1,830,604)<br>-<br>(1,830,604)<br>(1,165,589)<br>(2,996,193)<br>At 1.6.22<br>£<br>2,416,510<br>96,518<br>2,513,028<br>-<br>2,513,028<br>s follows:<br>Incoming<br>resources<br>£<br>1,982,254<br>854,230<br>2,836,484|Gains and<br>losses<br>£<br>-<br>(75,000)<br>(75,000)<br>-<br>(75,000)<br>Net<br>movement<br>in funds<br>£<br>(56,745)<br>-<br>(56,745)<br>95,808<br>39,063<br>Resources<br>expended<br>£<br>(2,038,999)<br>(758,422)<br>(2,797,421)|Movement<br>in funds<br>£<br>(205,265)<br>(75,000)<br>(280,265)<br>(139,556)<br>(419,821)<br>At<br>31.5.23<br>£<br>2,359,765<br>96,518<br>2,456,283<br>95,808<br>2,552,091<br>Movement<br>in funds<br>£<br>(56,745)<br>95,808<br>39,063|
|---|---|---|---|



continued... 

Page 23 



**VISHNITZ GIRLS SCHOOL LTD** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2024** 

## **20. MOVEMENT IN FUNDS - continued** 

The charity operates a restricted fund that is specifically designated for educational purposes. This fund has been established to manage and track income and expenditure related to education grants and grants supporting the running of the school. The purpose of this fund is to ensure that resources are used in accordance with the donor's wishes and any legal or regulatory requirements associated with the grant. 

## **Transfers between funds** 

In the current year, the charity has used £102,984 of deferred income that was recorded as restricted funds. These funds had not yet been recognised as income, resulting in a shortfall in the restricted reserves as at period end. To cover this shortfall, the Trustees authorised a transfer of £102,984 from the unrestricted general reserves. 

The charity’s accounting policy is to recognise income from restricted donations and grants as income when the conditions attached to them are met. In this case, the income will be recognised in the next financial year when the time conditions of the grant are met. 

The transfer from unrestricted to restricted funds was made to ensure that the charity could continue to meet its obligations related to the restricted purpose. It is noted that once the deferred income is recognised in future periods, the transfer will be reversed, and the unrestricted reserves will be replenished accordingly. 

## **21. RELATED PARTY DISCLOSURES** 

As at 31st May 2024 First Buy Ltd, a wholly owned subsidiary of Vishnitz Girls School, owes Vishnitz Girls School £517,223. Rise and Shine, an entity which shares three Trustees with Vishnitz Girls School, also owes Vishnitz Girls School £528,960. 

In addition, Yomtov Ltd, an entity which shares one Director with Vishnitz Girls School, owes the group £6,084. As at 31st May 2024 the group owes £7,197 to Starfield Estates Ltd, an entity which shares one Director with Vishnitz Girls School. 

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, two of Mr I Zieg's (Trustee) daughters were employed by Vishnitz Girls School throughout the period and paid for childcare services provided by the charity. The Trustees relatives pay the same rate as all other customers for the charity's childcare services. 

Finally, during the period Vishnitz Girls School donated £29,120 to Viznitz Institutions Trust, an entity which shares one Trustee with the charity (Mr M Steren). The charity also paid £87,500 to Vishnitz Seminary Ltd for education services provided, an entity which shares one Director with the charity (Mr M Steren). 

No other related party transactions have been noted during the period ended 31 May 2024. 

Page 24