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2021-08-31-accounts

Charity registration number 1142914

Company registration number 06596179 (England and Wales)

WISDOM SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

WISDOM SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Selcuk Bassoy Mr Mahmut Gunaydin Mr Rustam Aliyev Secretary Mr Huseyin Adak Charity number 1142914 Company number 06596179 Registered office 110 Colindeep Lane London Middlesex United Kingdom NW9 6HB Auditor KPSR LLP 58 High Street Pinner Middlesex HA5 5PZ

WISDOM SCHOOL

CONTENTS

Page
Trustees' report 1 - 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14 - 15
Statement of cash flows 16
Notes to the financial statements 17 - 26

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The trustees present their annual report and financial statements for the year ended 31 August 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Companies Act 2006 and "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)".

The charity operates under the name of North London Grammar School.

The Headteacher in the period under review was Mr H F Adak.

Objectives and activities

The principle object ives of the company are :

-As described in the Memorandum of Association is to hold funds and to utilise the income for charitable purposes for the benefit of the public including but not limited to the advancement of education;

-The relief of financial hardship by making grants of money for providing or paying for services or facilities;

-To establish and maintain such institutions as nurseries, weekend schools, schools, college and universities to promote the advancement of education of pupils at their schools and in out of school environments;

-To establish schools in order to have a positive impact in education and to emphasize importance and increase awareness of technology, mathematics, science education, music, sports, humanities and arts among students, parents and general public.

-To organise such courses and events as those which will assist the disadvantaged members of the community to develop capacity and skills that will help them participate fully in society by identifying and helping meet their needs;

-To promote equality and diversity for the benefit of the public in England by encouraging the elimination of discrimination on grounds of race, religion, disability or ethnic origin by raising awareness and understanding of the background, qualities and needs of individuals living in and organisations and groups operating in the area of benefit and by promoting attitudes, customs and practices in favour of equality.

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 AUGUST 2021

The strategies for achieving these objectives are:

In order to fulfil the above-listed objectives of the Charity more fully, the trustees together with the head of school and SLT have agreed that NLGS should aim to:

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Activities to Achieve Charity Objectives for Public Benefit

Bursary

It is important to NLGS that access to the education offered is not restricted simply to those that can afford the fees. During the year, 2 5 pupils (201 9 -20 20 : 2 1 pupils) were awarded fees assistance totalling £ 93 , 99 0 (201 9 -20 20 : £77,7 07 ). It is recognized that pupils benefit from learning within a diverse community and that learning occurs through social interaction and shared experience. The provision of means tested bursary support continues as a key feature of the school's admissions process with bursaries up to 100% of the fees being available and regularly awarded. In making decisions about the allocation of bursaries, a number of factors are considered including the pupil’s performance in the entrance assessment and interview, the potential for the pupil’s all-round contribution to NLGS, the family’s gross income and assets and any other important and relevant personal and family circumstances.

Scholarship

Each year the school offers several full or partial scholarships to eligible pupils across all year levels who demonstrate advanced academic potential with outstanding learning skills to benefit from our school’s rigorous academic programme. Scholarships are offered in the form of percentages deductible from the tuition fees. During the year 5 8 (201 9 -20 20 : 4 5 pupils) pupils were awarded fees assistance totalling £ 334 , 44 0 (201 9 -20 20 : £26 5 ,0 2 0).

Charitable Giving

The Charity strongly believes in the value of NLGS pupils being involved in partnerships, charitable events, and volunteering in a wide variety of ways. As such, it is committed to working closely with many local charities and like-minded organisations and aims to awaken in its pupils an awareness of the social context of the all-round education they receive. The pupils raised money for designated charities throughout the year. Additionally, many of our pupils take part in voluntary work in the community. This includes helping at local churches, care homes, hospitals, and numerous children's activity groups.

Community and Local Schools Support

NLGS sees itself very much as part of a wider community, and where we can assist the community without detriment to advancing the education of our pupils, and we are delighted to do so. We provide public benefit to the community through a number of lettings at subsidised rates to local clubs and societies. We host joint events with other local schools and local clubs. The school hosts various events, competitions and festivals throughout the year enabling children of all ages and adults from across the region to use our facilities.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.

The major activities of the company during this period have been :

Teaching

English, reading, mathematics, science, design technology, science, history, art & design, music, physical education, personal, social, health education and citizenship, religious education, geography, information and communication technology.

Student services

School bus service, school lunch and hall hires.

These have been delivered from the company's preeminent site at North London Grammar School in Hendon.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Achievements and performance

NLGS has a vision that all pupils in our care will enjoy success. NLGS aims to encourage all of our pupils to participate in a variety of activities and opportunities, both curricular and extracurricular. This helps to maximize their personal development and confidence and just as importantly encourage them to enjoy all aspects of NLGS whilst forging lifelong friendships. Co - curricular activities are spread across a wide range of sports and the performing arts as well as many other clubs and opportunities. A wide range of achievements are detailed below together with the pupils’ excellent academic results:

Achievements and Other Activities

NLGS were unable to carry out most of the events, clubs, activities and extra-curriculars planned due to the lockdown in England from November 5, 2020 until March 8, 2021.

NLGS Boarding became a member of the Boarding Schools' Association (BSA).

The first visit to the London International Model United Nations (LIMUN) occurred during the financial year and a group of students were able to act out scenes from the United Nations and collaborated to address the world's most critical challenges.

This year NLGS students participated in the United Kingdom Mathematics Trust (UKMT) Mathematical Challenge 2020-2021 and achieved :

a. Year 7 and 8 :

3 Silver, 10 Bronze

b. Years 9 and 10 :

1 Gold, 1 Silver, 5 Bronze

c. Year 11 :

d . Grey Kangaroo

e . Pink Kangaroo

NLGS also competed and completed the following achievements;

a. We also competed in the Junior Physics Challenge category of the British Physics Olympiad. There were 6171 students from 122 schools that participated, and we are delighted to state that 17 of our students received the Bronze Award.

b. The International Online i-STEM Olympiad Final, held virtually in Germany, was attended by North London Grammar School pupils. In April 2021, 23 students successfully completed the National Online i-STEM Olympiad Final.

International level achievements;

a. Year 7

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

b. Year 10

9th place award in the World-Honourable Mention in General Exam Category

Started a robotics club in prep school because it provides an extracurricular opportunity for students to learn more about robotics outside of the classroom.

Students signed up to become members of Wings of Hope, organised fund-raising events to help contribute towards students getting an education in Malawi and India. They were also involved in various other activities at the school.

Mr Peter Richards, South London artist and art educator, visited NLGS and taught the Year 11's, helping them prepare their exam portfolios.

NLGS UFP programme was recognized by 1 more university and the total number reached 9 2 universities (201 9 -20 20 : 91 Universities) .

As part of NLGS attempts to elevate the present high quality to even higher heights, we want to accredit our UFP programme to make it exceptional.

In addition to our rigorous curriculum and engaging extra-curricular activities at North London Prep School (NLPS), LAMDA and Lemon Jelly helped our students to experience everything that the world of performing arts has to offer, providing them with essential skills for life.

During COVID-19

NLGS made great use of educational technologies and continued to offer remote learning and intervention sessions in the form of live lessons via Microsoft Teams when school closures during the COVID-19 epidemic disrupted numerous schools and curtailed educational services in many ways.

We were also able to continue some of our popular extracurricular activities and school events in the form of virtual activities as we believed they were important to support the mental wellbeing of our pupils and their families alike during the pandemic. A few examples of the activities and events that were offered remotely are Fitness, Yoga, Minecraft, Film Clubs and virtual home visits.

Maths matters - NLGS launched an Online Mathematics Club for students in Year 5 to 10 which lasted for the total duration of the school closure period of 8 months. The syllabus was designed and delivered by an academic committee comprised of experienced volunteer teachers and young mathematicians under the guidance of the schools. The syllabus's purpose was to connect Mathematics to real-life situations in order to improve students' comprehension and awareness however, the subjects were not specified or organised according to the pupil's mathematics teachings.

Its website is: https://mathsmatters.northlondongrammar.com

A virtual coffee gathering was held through Zoom for all parent/guardians to get together and have an open discussion with the Headteacher. The coffee morning had no set agenda; however, as previously said, we believed it would be a good time for parents to socialise and meet with the Headteacher.

The students in Years 3-6 were enabled to participate in the Zoos 4 You session. The students took advantage of the chance to demonstrate their knowledge of animals and to pique their interest by asking a slew of scientific questions about snakes, huge cockroaches, parrots, chinchillas, geckos, and even a rowdy teenage meerkat who treated its caregiver like one of his own.

School-parent communication:

During the pandemic, we developed stronger communication with our parents and pupils alike using alternative communication channels including telephone, live audio and video calls via Microsoft teams and online surveys. Mental wellbeing support and resources were offered. One-on-one 20-30 minute live sessions with pupils and parents.

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

NLGS also offered several Reach Out Projects to support the wider school community, which included:

-We raised funds for the Comic Relief organisation. We sincerely feel that it has never been more vital for our children to participate in fun activities, dress up, and collect money to help others who are going through difficult times.

-Evening dinners were hosted within student bubbles during COVID to raise funds for those in need and to focus on those who do not have access to food and water. Students helped to make the event a success by baking cookies and serving dinner.

-We have invited some of our students in November 2020 to discuss about the transition to sixth-form including, the interview stages, A-Level choices and personal statements. Our Year 11's had a very informative careers event.

Financial review

The results for the year are set out on page 12.

The trustees are satisfied with the financial position of the charity at the year end.

Fee income and contributions that support the major objectives continue to be the primary financial sources for NLGS. The income has been increased due to increase in number of students.

Staff salaries form NLGS’s largest category of expenditures, but staff are also the school’s greatest asset. The trustees’ policy is to reward staff appropriately to ensure NLGS recruits and retains quality teaching and support staff for the efficient operation of NLGS and to deliver an exceptional educational experience for our pupils. The trustees also very carefully review and consider staff and other costs in relation to school fee affordability and have endeavoured to keep fee increases consistently as low as possible

It is the policy of the that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure that the day-to-day working capital requirements of the school are met . The level of reserves is kept under review by the trustees .

Risk Management

The trustees has assessed the major risks to which the is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The board of trustees are responsible for the overseeing of the risks faced by NLGS. Detailed considerations of risk are delegated to the head and SLT in the school. Risks are identified, assessed and controls are established throughout the year. A formal review of NLGS's risk management processes is undertaken on an annual basis. The main risks that the board of trustees have identified and the plans to manage those risks are:

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Through the risk management processes established for NLGS, the board of trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Future developments

Structure, governance and management

The Charity is governed by its Memorandum and Articles of Association, issued on 15 May 2008 (amended by Resolution on 14 May 2011)., and constitutes a L imited company, L imited by guarantee, as defined by the Companies Act 2006.

The principal objects of the company is to achieve the highest academic standards in a secure and happy environment, promote the spiritual, moral, cultural, mental and physical development of pupils at the school and of society, prepare pupils at schools for the opportunities, responsibilities and experiences of later life for the benefit of the public.

Trustees during the year

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Selcuk Bassoy

Mr Mahmut Gunaydin

Mr Rustam Aliyev

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 AUGUST 2021

The management of the company is the responsibility of the board of Trustees who are elected and co-opted under the terms of the Articles of Association.

Trustee's interests

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Appointment and training of new trustees

Nominations for new trustees are made by any member of the Charity or the existing trustees. Trustee candidates are considered by the board of trustees to ensure the board has the breadth of skills to offer effective strategic leadership and guidance to the Charity, in conjunction with the head of school. New trustees are appointed by the board of trustees. Trustees appointed by the board retire at the next annual general meeting (AGM) and can be re-elected by resolution of the members. New trustees can also be elected directly at the AGM. One third of the board who have served the longest in the office since their last appointment retire at the AGM each year to give space to new trustee candidates. Retired trustees may also be re-elected by resolution of the members at the AGM.

New trustees are provided with information about the Charity and appropriate training and induction is arranged. On appointment, trustees are briefed on their responsibilities as directors and trustees. Trustees are also given regular presentations by the head of school and senior leadership team (SLT) on specific curricular developments, and they are invited and encouraged to link up with a department and observe lessons and activities at first hand.

New trustees are also issued with the school and board details including:

Current trustee details - Skills and experience matrix. Minutes of the recent board meetings. The constitution and charitable status. The Memorandum and Articles of Association. Recent trustees’ report and financial accounts. The school's prospectus.

The trustees are legally responsible for the overall management of the Charity and meet as a board at least four times a year. All trustees give their time freely and no remuneration or expenses were paid in the year. No trustee or person connected to a trustee received any benefit from either means tested bursaries or scholarships awarded to our pupils.

The day-to-day management of the school (NLGS) is delegated to the head of school supported by the SLT. The head undertakes the key leadership role overseeing the educational, pastoral and administrative functions in conjunction with the SLT. The head and relevant SLT members attend board of trustee meetings as/when required.

The Memorandum and Articles of Association state that charity may not have more than 50 (fifty) members at any one time.

WISDOM SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

Statement of trustees' responsibilities

The trustees, who are also the directors of Wisdom School for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

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

Auditor

In accordance with the company's articles, a resolution proposing that KPSR LLP be reappointed as auditor of the company will be put at a General Meeting.

The impact of the coronovirus Pandemic

-At the time of signing this report the pandemic has subsided, the trustees will keep a close eye on the situation and be prepared to take steps should the coronavirus re-emerge.

The trustees' r eport, including the strategic report, was approved by the Board of Trustees.

Mr Selcuk Bassoy Trustee Dated: 20 June 2022

Mr Rustam Aliyev Trustee Dated: 20 June 2022

WISDOM SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WISDOM SCHOOL

Opinion

We have audited the financial statements of Wisdom School (the ‘’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 ’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

WISDOM SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISDOM SCHOOL

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the for the purpose 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 ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

WISDOM SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISDOM SCHOOL

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters: Coronavirus

It is difficult to evaluate all the potential implications on the charity and wider economy should Coronavirus reemerge.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Rishil Patel (Senior Statutory Auditor) for and on behalf of KPSR LLP 20 June 2022 Chartered Accountants Statutory Auditor 58 High Street Pinner Middlesex HA5 5PZ

KPSR LLP is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WISDOM SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
2
192,443
-
Charitable activities
3
2,434,165
-
Total income
2,626,608
-
Expenditure on:
Charitable activities
5
2,259,494
-
Other
10
68,681
-
Total expenditure
2,328,175
-
Net income for the year/
Net movement in funds
298,433
-
Fund balances at 1
September 2020
1,626,062
4,895,196
Fund balances at 31 August
2021
1,924,495
4,895,196		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
192,443
155,372
-
2,434,165
2,043,032
-
2,626,608
2,198,404
-
2,259,494
2,028,342
-
68,681
77,710
-
2,328,175
2,106,052
-
298,433
92,352
-
6,521,258
1,533,710
4,895,196
6,819,691
1,626,062
4,895,196		 Total
2020
£
155,372
2,043,032
2,198,404
2,028,342
77,710
2,106,052
92,352
6,428,906
6,521,258

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

WISDOM SCHOOL

BALANCE SHEET

AS AT 31 AUGUST 2021

Notes
Fixed assets
Intangible assets
11
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets
Income funds
Restricted funds
Unrestricted funds		 2021
2020
£
£
£
£
33,864
33,864
8,941,890
8,936,160
8,975,754
8,970,024
163,647
307,566
207,385
108,688
371,032
416,254
(898,703)
(1,118,954)
(527,671)
(702,700)
8,448,083
8,267,324
(1,628,392)
(1,746,066)
6,819,691
6,521,258
4,895,196
4,895,196
1,924,495
1,626,062
6,819,691
6,521,258

WISDOM SCHOOL

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2021

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2021, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

The financial statements were approved by the Trustees on 20 June 2022

Mr Selcuk Bassoy Mr Rustam Aliyev Trustee Trustee Company registration number 06596179

WISDOM SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

2021
Notes
£
£
Cash flows from operating activities
Cash generated from operations
19
247,004
Investing activities
Purchase of intangible assets
-
Purchase of tangible fixed assets
(43,596)
Net cash used in investing activities
(43,596)
Financing activities
Repayment of bank loans
(104,711)
Net cash used in financing activities
(104,711)
Net increase in cash and cash equivalents
98,697
Cash and cash equivalents at beginning of year
108,688
Cash and cash equivalents at end of year
207,385		 2020
£
£
260,202
(33,864)
(73,693)
(107,557)
(75,127)
(75,127)
77,518
31,170
108,688

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

Company information

Wisdom School is a private company limited by guarantee incorporated in England and Wales. The registered office is 110 Colindeep Lane, London, Middlesex, NW9 6HB, United Kingdom.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements , the trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the financial statements .

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements .

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Income

Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

1.5 Expenditure

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

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs Over expected life of project

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings not provided Fixtures and fittings 15% on reducing balance Computers 15% on redsucing balance Motor vehicles 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.8 Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the 's balance sheet when the 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Donations and legacies

Donations and gifts
Government grants
Charitable activities
Teaching and school services
Other income		 2021
£
8,019
184,424
192,443
2021
£
2,304,185
129,980
2,434,165		 2020
£
40,483
114,889
155,372
2020
£
1,937,829
105,203
2,043,032

3 Charitable activities

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

5 Charitable activities

Staff costs
Depreciation and impairment
Hire of plant and equipment
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Books and exam fees
Canteen and welfare
Advertising
Computer and software
Fire and security
Cleaning
Repairs and maintenance
School bus
Legal and professional
Student related
Travel and subsistence
Uniform
Recruitment costs
Bank charges
Bad debt provision
Grant funding of activities (see note 7)
Share of governance costs (see note 7)		 2021
£
1,272,377
33,871
2,915
932
43,698
18,557
28,583
10,563
23,301
13,021
31,559
43,680
34,110
14,793
6,716
14,035
26,306
11,977
61,079
22,581
111
550
18,434
51
68,564
1,802,364
446,930
10,200
2,259,494		 2020
£
1,222,750
35,724
4,413
75
39,502
20,870
53,810
3,825
23,807
3,879
30,719
43,671
34,751
11,949
6,349
20,770
10,162
10,848
38,303
10,865
1,760
230
17,124
64
15,075
1,661,295
356,627
10,420
2,028,342

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

6 Grants payable

School School
activities activities
2021 2020
£ £
Grants to institutions: - -
Grants to individuals 446,930 356,627
446,930 356,627

7 Support costs

Support
costs
Governance
costs
£
£
Audit fees
-
7,800
Legal and professional
-
2,400
-
10,200
Analysed between
Charitable activities
-
10,200		 2021
Support
costs
Governance
costs
£
£
£
7,800
-
7,200
2,400
-
3,220
10,200
-
10,420
10,200
-
10,420		 2020
£
7,200
3,220
10,420
10,420

Governance costs includes payments to the auditors of £ 7,200 (2020- £ 6,600 ) for audit fees.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the during the year.

9 Employees

The average monthly number of employees during the year was:

Management staff
Teaching staff
Total		 2021
Number
3
42
45		 2020
Number
3
25
28

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

9
Employees
Employment costs
Wages and salaries
Social security costs
There were no employees whose annual remuneration was more than £60,000.		 (Continued)
£
£
1,187,359
1,141,744
85,018
81,006
1,272,377
1,222,750

10 Other

Unrestricted Unrestricted
funds
funds
2021
2020
Net loss on disposal of tamgible fixed assets 3,993
-
Other interest 6,606
9,851
Financing costs 58,082
67,859
68,681
77,710
Intangible fixed assets
Development costs
£
Cost
At 1 September 2020 and 31 August 2021 33,864
Amortisation and impairment
At 1 September 2020 and 31 August 2021 -
Carrying amount
At 31 August 2021 33,864
At 31 August 2020 33,864

11 Intangible fixed assets

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

12
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 September 2020
8,737,035
332,611
Additions
19,400
24,196
Disposals
-
(23,289)
At 31 August 2021
8,756,435
333,518
Depreciation and impairment
At 1 September 2020
-
174,689
Depreciation charged in the year
-
27,318
Eliminated in respect of disposals
-
(21,028)
At 31 August 2021
-
180,979
Carrying amount
At 31 August 2021
8,756,435
152,539
At 31 August 2020
8,737,035
157,922		 Computers Motor vehicles
£
£
113,461
28,545
-
-
(5,127)
(15,800)
108,334
12,745
75,987
24,818
5,621
932
(3,922)
(15,273)
77,686
10,477
30,648
2,268
37,475
3,728		 Total
£
9,211,652
43,596
(44,216)
9,211,032
275,494
33,871
(40,223)
269,142
8,941,890
8,936,160

The trustees believe that the value of the freehold property is in excess of £10.5m. The accounts have not been adjusted to reflect this.

13 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
89,849
19,408
54,390
163,647		 2020
£
217,796
21,108
68,662
307,566

14 Loans and overdrafts

Bank loans
Payable within one year
Payable after one year		 2021
£
1,754,046
125,654
1,628,392		 2020
£
1,858,757
112,691
1,746,066

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

14 Loans and overdrafts

(Continued)

The bank loan is secured by a fixed and floating charge over the assets of the company including the freehold property.

The loan was originally taken out at the end of 2012 and has a term of 20 years. Interest is payable at 3% above the banks base rate.

15 Creditors: amounts falling due within one year

Notes
Bank loans
14
Other taxation and social security
Trade creditors
Deposits and deferred income
Accruals		 2021
£
125,654
2,298
36,811
722,807
11,133
898,703		 2020
£
112,691
230,544
129,686
619,014
27,019
1,118,954

16 Creditors: amounts falling due after more than one year

Notes
Bank loans
14
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total Unrestricted
funds
2021
2021
2021
2020
£
£
£
£
Fund balances at 31
August 2021 are
represented by:
Intangible fixed assets
33,864
-
33,864
33,864
Tangible assets
2,292,648
6,649,242
8,941,890
2,182,207
Current assets/
(liabilities)
(402,017)
(125,654)
(527,671)
(590,009)
Long term liabilities
-
(1,628,392) (1,628,392)
-
1,924,495
4,895,196
6,819,691
1,626,062		 2021
2020
£
£
1,628,392
1,746,066
Restricted
funds
Total
2020
2020
£
£
-
33,864
6,753,953
8,936,160

(112,691)
(702,700)
(1,746,066) (1,746,066)
4,895,196
6,521,258

17 Analysis of net assets between funds

The freehold property was purchased using restricted funds advanced for this specific purpose, the associated bank loan has also been regarded as 'restricted' funds.

18 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

19
Cash generated from operations
Surplus for the year
Adjustments for:
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from operations
20
Analysis of changes in net (debt)/funds
At 1 September
2020
£
Cash at bank and in hand
108,688
Loans falling due within one year
(112,691)
Loans falling due after more than one year
(1,746,066)
(1,750,069)		 2021
2020
£
£
298,433
92,352
3,993
-
33,871
35,724
143,919
(55,165)
(233,214)
187,291
247,002
260,202
Cash flows
At 31 August
2021
£
£
98,697
207,385
(12,963)
(125,654)
117,674
(1,628,392)
203,408
(1,546,661)