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2022-08-31-accounts

Registered Charity No. 1151459 Registered Company No. 8203599

NOAM EDUCATIONAL TRUST

REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 AUGUST 2022

NOAM EDUCATIONAL TRUST

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

CONTENTS Page
Charity information 1
Trustees’annual report 2 - 4
Independent Auditor`s report 5-7
Statement of financial activities 8
Balance sheet 9
Statement of cash flow 10
Notes to the accounts 11–16

NOAM EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

Registered Charity Number : 1151459
Company Registration Number : 8203599
Trustees : Dr J Rees
Mr R Denton
Mrs H Cohen
Mr D Goldberg
Mr G Hollander
Mrs S Richman
Registered Office : C/o 75 Maygrove Road
West Hampstead
London
NW6 2EG
Independent Auditor : Goldwins Limited
75 Maygrove Road
West Hampstead
London
NW6 2EG

1

NOAM EDUCATIONAL TRUST REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2022

Introduction

The trustees present their report and accounts for the year ended 31 August 2022. Although they are referred to as Trustees, they are technically directors of the charitable company, registered at Companies House in England.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102- effective 1 January 2015- (Charities SORP FRS 102) and the Companies Act 2006.

Name, registered office and constitution of the charity

The full name of the charity is Noam Educational Trust.

The legal details are:

The legal details are:
Date of incorporation : 6 September 2012
Company registration number : 8203599
Charity registration number : 1151459

Objectives and Activities

The objects of the charity are the advancement of education for the benefit of the public, in particular but without limitation the provision and maintenance of a school or schools and by ancillary or incidental educational activities for the benefit of the community, in particular but not exclusively for Jewish children.

The charity was originally established by the same individuals who founded Noam Primary School (“Noam”) in 1999 as an Orthodox Jewish primary school in North West London. In March 2021, the school, which is now Voluntary Aided, changed its name to Shalom Noam Primary School (“Shalom Noam”). The aim of the trustees is to support the excellent work which Noam does to promote excellence in education generally and in particular to promote excellence in Jewish education that is founded upon Orthodox Jewish law, heritage and culture.

Currently, the activities of the charity remain focussed on (1) raising additional funds to support the operational costs of Shalom Noam, (2) supporting other charitable institutions and to provide grants to other educational projects. The charity also has a formal role as the foundation body of Shalom Noam and is responsible for appointing a majority of the governors of Shalom Noam.

Fundraising activities

Noam Educational Trust’s fundraising activities involve primarily seeking donations from a spectrum of individuals and organisations who wish to support Jewish education in general.

2

NOAM EDUCATIONAL TRUST

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

The provision of a new school building for Shalom Noam was a particular focus of the trustees in earlier years although we are delighted to report that due to the huge generosity of the Community, the building has now been paid for in full. The final tranche was raised with a successful crowdfunding campaign in December 2020.

In the current year, the Trustees expect that most of the funds raised to support Shalom Noam will come from families who have children at Shalom Noam.

The Trustees have considered the position of the ability to raise funds following the Covid 19 worldwide pandemic. Whilst the worldwide and local economic situation is still uncertain, the Trustees are confident that they will be able to raise the funds required to support their budgeted expenditure in the year ahead.

Structure, Governance and Management

The charity is constituted as a company limited by guarantee, and is therefore governed by its memorandum and articles of association.

The Trustees have to date administered the day-to-day affairs of the charity, which have been minimal. All decisions to award charitable grants are made by the trustees following a consideration of the grant request. In the case of the construction of the new building, which will be leased to Noam school, the trustees have appointed expert professional advisors, including architects and project managers to assist with the running of the project. None of the trustees have any beneficial interest in the charity.

As the charity seeks to develop its activities, it is the intention of the trustees to appoint a number of new trustees. This is intended to bring additional relevant experience to the trustee body, including in the areas of education, finance and charities. In appointing new trustees, the trustees will apply suitable recruitment, training and induction procedures.

The trustees have identified and reviewed the major risks to which the charity is exposed to, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to manage these risks.

The Trustees are committed to ensuring that the Trust follows best practice for governance, and have accordingly adopted the Charity Governance Code for Larger Charities. While the Trust has minimal operational activities, the Trustees seek to apply the Code on a proportionate basis.

Policies on reserves

It is the policy of the trustees to match the charity’s expenditure obligations and plans with funding from both statutory and other sources.

The trustees continuously review the funding prospects and expenditure levels of the charity.

All the directors of the company are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Acts. The directors/trustees are all members of the charity.

3

NOAM EDUCATIONAL TRUST

REPORT OF THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

Statement of trustees' responsibilities

The trustees (who are also directors of Noam Educational Trust for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with 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).

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 charitable company and of the income and expenditure of the charitable company for that year. In preparing these financial statements, the trustees are required to:

•select suitable accounting policies and then apply them consistently;

•observe the methods and principles in the Charities SORP;

•make judgments and accounting estimates that are reasonable and prudent;

•state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

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

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 charitable company'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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Board of Trustees on 11[th] May 2023…………….

Dr J Rees Trustee

4

INDEPENDENT AUDITOR ʼS REPORT TO THE MEMBERS OF NOAM EDUCATIONAL TRUST

Opinion

We have audited the financial statements of Noam Educational Trust for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. 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).

Opinion on financial statements

In our opinion the financial statements:

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 Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors 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 auditorʼs report 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

5

INDEPENDENT AUDITOR ʼS REPORT TO THE MEMBERS OF NOAM EDUCATIONAL TRUST

whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as they 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 Charityʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

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 an auditorʼs 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.

6

INDEPENDENT AUDITOR ʼS RE PORT TO THE MEMBERS OF NOAM EDUCATIONAL TRUST

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 are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’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 charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

15 May 2023

7

NOAM EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Note
Income from:
Donations
Investment income
Total income
Expenditure on:
Raising funds
2
Charitable activities
2
Total expenditure
Net income for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
£
626,613
-
626,613
-
467,074
467,074
159,539
-
159,539
424,697
584,236		 Restricted
funds
£
16,846
-
16,846
-
-
-
16,846
-
16,846
5,817,146
5,833,992		 2022
Total
funds
£
643,459
-
643,459
-
467,074
467,074
176,385
-
176,385
6,241,843
6,418,228		 2021
Total
funds
£
1,276,252
2
1,276,254
14,248
528,552
542,800
733,454
-
733,454
5,508,389
6,241,843

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

8

NOAM EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 AUGUST 2022

Note
Fixed Assets
Tangible assets
3
Current Assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
4
Net current assets
Net assets
Total funds
5
Restricted funds
Unrestricted funds		 £
611,395
(44,435)		 2022
£
5,851,268
566,960		 £
429,605
(4,908)		 2021
£
5,817,146
424,697
6,418,228 6,241,843
5,833,992
584,236		 5,817,146
424,697
6,418,228 6,241,843

The financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Approved by the trustees on …11 May 2023.

and signed on their behalf by:

Dr J Rees Trustee

Company Registration No. 8203599

The attached notes form an integral part of these accounts.

9

NOAM EDUCATIONAL TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Note
Cash flows from operating
activities:
Net cash provided by / (used in)
operating activities
7
Cash flows from investing
activities:
Sale/ (purchase) of fixed assets
Sale/ (purchase) of investments
Cash provided by / (used in)
investing activities
Cash flows from financing
activities:
Repayments of borrowing
Cash inflows from new borrowing
Cash provided by / (used in)
financing activities
Change in cash and cash
equivalents
in the year
Cash and cash equivalents
at the beginning of the year
Cash and cash equivalents
8
at the end of the year		 £
(50,109)
-		 2022
£
231,899
(50,109)		 £
(84,330)
-		 2021
£
380,790
(84,330)
-
-		 -
-
- -
181,790
429,605		 296,460
133,145
611,395 429,605

10

NOAM EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b)

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c)

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

d)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

11

NOAM EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies (continued)

g) Fixed assets and depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life.

A regular impairment review is undertaken.

There is no depreciation on freehold land. The building is also not depreciated as trustees consider it to be an appreciating asset.

Fixtures and fittings- 25% RB

Computer equipment- 20% SL

h) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

12

NOAM EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

2
Analyses of expenditure
Cost of raising funds
Charitable activities
Insurance
Other donations
Donations to Voluntary Aided Shalom Noam Primary School
Audit fees
Professional fees
Bookkeeping
Training
Equipment
Bank charges
Depreciation
Sundry
Total expenditure		 Total
Funds 2022
£
-
4,200
500
432,557
4,085
1,920
2,259
-
-
210
15,987
5,356
467,074
467,074		 Total
Funds 2021
£
14,248
4,200
1,250
498,138
4,085
163
2,435
150
5,138
6,828
6,165
-
528,552
542,800

Of the total expenditure £467,074 was unrestricted (2021: £528,552) and £Nil was restricted (2021: £14,248).

3 Tangible fixed assets

Cost
At 1 September 2021
Additions
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 Freehold Land
& Property
£
5,797,650
-
5,797,650
-
-
-
5,797,650
5,797,650		 Fixtures and
Fittings etc
£
25,661
50,109
75,770
6,165
15,987
22,152
53,618
19,496		 Total
£
5,823,311
50,109
5,873,420
6,165
15,987
22,152
5,851,268
5,817,146

Freehold land and property include land purchased at East Road, Burnt Oak, HA8 0AJ. The land was purchased to purposely build a school which is being used by The Shalom Noam Primary School. The asset is used for charitable purposes.

13

NOAM EDUCATIONAL TRUST NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

4
Creditors: amounts falling due within one year
Trade creditors
Accruals
Other creditors		 2022
£
34,197
4,085
6,153
44,435		 2021
£
823
4,085
-
4,908

5 Analysis of net assets between funds

Tangible fixed assets
Net current assets
Net assets at the end of the year		 Unrestricted
£
34,122
550,114
584,236		 Restricted
£
5,817,146
16,846
5,833,992		 Total
funds
£
5,851,268
566,960
6,418,228

5a Analysis of net assets between funds (prior year)

Tangible fixed assets
Net current assets
Net assets at the end of the year		 Unrestricted
£
-
424,697
424,697		 Restricted
£
5,817,146
-
5,817,146		 Total
funds
£
5,817,146
424,697
6,241,843

14

NOAM EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

6
Movements in funds
Restricted funds:
Building fund
Total restricted funds
Total unrestricted funds
Total funds
Purposes of restricted funds
The provision of a new school
6a
Movements in funds
(prior year)
Restricted funds:
Building fund
Total restricted funds
Total unrestricted funds
Total funds		 At the
start of
the year
Income
£
£
5,817,146
16,846
5,817,146
16,846
424,697
626,613
6,241,843
643,459
building and fixtures for The
At the
start of
the year
Income
£
£
5,381,292
450,102
5,381,292
450,102
127,097
826,152
5,508,389
1,276,254		 Expenditure
Transfers
£
£
-
-
-
-
(467,074)
-
(467,074)
-
Shalom Noam Primary School.
Expenditure
Transfers
£
£
(14,248)
-
(14,248)
-
(528,552)
-
(542,800)
-		 At the
end of
the year
£
5,833,992
5,833,992
584,236
6,418,228
At the
end of
the year
£
5,817,146
5,817,146
424,697
6,241,843

Purposes of restricted funds

The provision of a new school building for The Shalom Noam Primary School.

Transfers of funds occur when there is a shortage of unrestricted funds and approaches are made to donors of restricted funds to release their restrictions.

15

NOAM EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

7 Reconciliation of net income /(expenditure) to net cash flow from operating activities

2022 2022 2021
£ £
Net income /(expenditure) for the reporting period
(as per the statement of financial activities) 176,385 733,454
Depreciation 15,987 6,165
Increase/ (decrease) in creditors 39,527 (358,829)
Net cash provided by / (used in)
operating activities 231,899 380,790
8 Analysis of cash and cash equivalent
At 1 At 31
September 2021 Cash flow August 2022
£ £ £
Cash at bank and in hand 429,605 181,790 611,395
_ _ ______
Total cash and cash equivalent 429,605 181,790 611,395
====== ====== ======

9 Emoluments of the trustees

The trustees did not receive any remuneration during the year (2021: Nil). There were no employees in the year (2021: none). There were no employee benefit payments to key management personnel in the year (2021: Nil).

10 Related party transactions

The directors of The Noam Primary School Limited, which is the company through which the school operated prior to becoming Voluntary Aided, are also trustees of this company, Noam Educational Trust. During the year £432,557 (2021: £498,138) has been donated to the new Voluntary Aided Shalom Noam Primary School.

11 Share capital

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. There were six members at 31 August 2022.

16