Charity registration number 284447
THE BEIS MALKA TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023
THE BEIS MALKA TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr. A Grossman Mr. A Taub Mr. B Hofstatter Mr J Bleichfeld Charity number 284447 Principal address 93 Alkham Road London N16 6XD Auditor Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
THE BEIS MALKA TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 21 |
THE BEIS MALKA TRUST
TRUSTEES' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
The trustees are pleased to present the annual report for the period ending 30 June 2023 which has been a very momentous year for the school, appreciating that we were able to remain open for the full academic year, following the tumultuous lockdowns of the year before.
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 charity's governing document, the Charities Act 2011 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).
Objectives and activities
To advance the education of children and young people aged 2 to 16 years from the Jewish community by providing an educational framework which complies with standards identified by the Department for Children, Schools and Families (now the DfE).
To advance the education of the pupils at Beis Malka Nursery and School by providing and assisting in the provision of facilities beyond that which is required.
The objectives are achieved through the delivery of a vibrant, broad and balanced curriculum. Quality teaching is ensured through the provision of comprehensive CPD opportunities.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives. In planning its activities for the year, as can be seen from this Report, the charity recognises that its aims are for the public benefit.
The school uses volunteers during lunch time to supervise children. The school also uses volunteers as assistants in the classroom to support teaching and learning.
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THE BEIS MALKA TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
Achievements and performance
The trustees are pleased to present the annual report for the period ending 30 June 2023 which has been very fulfilling and advantageous year of growth for the school. Grateful to be in a normal routine, fantastic teaching, learning and intervention went full-swing ahead to ensure every child was making excellent progress and achieving their maximum potential.
On the academic front we run several school-wide reading and learning initiatives where we continue to track progress and development of students using standardised assessment methods throughout the key stages. This empowered staff to efficiently identify strengths, weaknesses in children’s learning and as well as to notice any worrying trends in their development. Moreover, in the early years we continued using The Power of Reading program and the pupils are thoroughly enjoying the diverse subjects incorporated within each book, enabling them to acquire so many language, scientific, artistic and geographical skills.
We have also implemented the White Rose Maths program, a pioneering educational initiative that emphasises a comprehensive understanding of maths and incorporates the Shanghai-Bar model including number sentences to support this. This required an enhanced curriculum, new textbooks and staff trainings to ensure efficient delivery. Although we began at first only with Year 1, at the year’s end plans were being made to roll the scheme across all grade levels in KS1 and KS2.
The Algebra Award was introduced in Secondary school, increasing pupils drive and ambition to further achieve. This additional assessment helps students develop a thorough knowledge and understanding of concepts in algebra or statistics, and a strong foundation in mathematical techniques or statistical methods. Staff were dutifully trained to instruct this subject with accuracy, new supplies were purchased accordingly and 1:1 tutoring was provided to those who required the extra remediation which increased staff costs significantly, however, this greatly assisted pupils to achieve their maximum academic potential thus enabling the school to meet its charitable objectives.
As planned, to promote goodwill, volunteering and sharing, we launched BMCZ = Beyond My Comfort Zone where pupils were encouraged to leave their comfort zone and give to others through a variety of exciting mediums. Some of these included inviting people who help the community in a variety of ways to share their experiences and allow the pupils to ask questions and hear the feedback of the sweet taste of success achieved by stretching oneself. It was also fascinating to see how everyone has different skills, time available and preferences and thus benefits different organisations in different way. There was a subsequent competition collecting hours of volunteering done by each girl culminating into a festive amount.
The school also ran a fruit-carving competition, teaching pupils the skills of creating and presenting fruit artistically, and then competing using new skills garnered.
The Primary School staff now invests extra time to prepare a beautiful, informative and educational weekly newsletter on current events. This expands our pupil’s knowledge and broadens their PSHE and understanding of current events. Moreover, it has a special focus on celebrating worldwide achievement, particularly of children, inspiring our pupils with a can-do attitude and a drive to succeed.
A rotation of girls from Year 6 presented different topics every moth to their younger counterparts, bringing in different celebrities or heroines to present their achievements to their pupils and to inspire them with ambition, perseverance and resilience. This was very well-received and anticipated monthly attraction.
To stem the rising tide of obesity, the P.E. lessons incorporated many more aerobics equipment like hoops, cones, skittles in addition to the regular sports games to improve pupils gross motor skills, agility and cardiovascular endurance. These purchases were also made available for pupils during breaktimes.
We also launched a number of stimulating PSHE projects which cultivate pupils’ skills and aptitudes like teamwork, communication, and resilience all crucial to navigating the challenges and opportunities of the modern world. Secondary school pupils also benefitted from two motivational overnight retreats for 2 days each. The division of responsibilities amongst the students ensured that all had a part in preparing either the décor, program or culinary delights culminating in a fantastic experience in an enabling environment. The rural setting, relaxed ambience and beautiful atmosphere engendered much happiness, friendship and improved general well-being.
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THE BEIS MALKA TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
Towards the end of the financial year, secondary school students produced a dazzling performance showcasing their singing, dancing and acting talent to a 750 strong audience. All parts of the performance were created and led by the pupils themselves. This empowered pupils with many hard skills such as costume design, sewing, dancing, choreography etc as well as soft-skills including team-work, time-management, problem-solving and budgeting. The narrative depicted a family escaping communist Russia and their heroic journey to freedom. This inspiring message was a great source of encouragement to many a vulnerable teen that dawn always comes after darkness.
The school continued to benefit from the WAHMS (Wellbeing and Mental Health School project) services offered in Hackney. Under the guidance of their specialist we continued to implement a three-pronged approach to improve children’s mental health focusing on the key partners in the children’s wellbeing - parents, teachers and children thereby ensuring our children’s holistic wellbeing.
The safety of our pupils is at the heart of everything we do. Policies and procedures were reviewed so that they remained responsive to the times and in line with statutory requirements. DSLs from all departments met regularly to create a cohesive forum to share updates, anonymous case studies, training measures and ways to ensure their staff are committed to compliance.
Financial review
The results for the year are shown in the attached financial statements.
The risks and uncertainties facing the school are primarily the rising costs in all areas. Concurrently,the trustees acknowledge that many parents are struggling due to the cost-of-living crisis and this has impacted the contributions they are able to make to the school. Last year, we were proud to report on the provision of nutritious meals for children who were technically entitled to Free School Meals but are not in receipt of these due to them attending independent schools that meet their religious requirements. This programme was partly funded by donations while the school economised in other areas to enable us to meet these very basic needs of our students. There was hope that their would be government support for such initiatives, however, this did not materialise, and due to financial constraints, we have since had to discontinue the programme. This was a difficult decision, impacting our commitment to supporting the physical wellbeing of our students amidst rising operational costs and the cost-of-living crisis affecting our families.
Despite this setback, we are actively seeking ways to reinstate this scheme, including reaching out to potential donors. Our efforts to secure government funding through advocacy with the local authority and Chinuch UK continue, as we believe in the importance of ensuring every child has access to nutritious meals for their academic and personal growth. We are hopeful for the future. A new indicative budget for 2024 - 2025 for under 5's is under way and we hope that it will be a significant increase. In light of the increased cost, the school's leadership team have also introduced tighter control on the spending of funds which should result in significant cost savings.
Future developments
In addition to the regular Music lessons we offer, working towards an ABRSM certification, we plan to expand this to accommodate pupils to work at their own speed, employing more staff to instruct smaller groups making it simpler for pupils to progress at an advanced pace, not having to wait for the whole group to achieve. This will incur additional costs for the school but is seen as potentially instrumental to help each pupil achieve her maximum potential.
The 2-3 years provision will be moving to a new build in the new academic year. Plans are underway demolishing and preparing the site so it meets the needs of its important little participants.
The school made plans to employ a wall-display coordinator who will be working with groups of pupils to create interactive, learning-based, appealing walls to decorate the school.
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THE BEIS MALKA TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
Structure, governance and management
The Beis Malka Trust is a Registered Charity (Charity no. 284447) and is constituted as an unincorporated association. Its objects, powers and other constitutional matters are set out in its Constitution. The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed. The charity is managed and controlled by the trustees, who meet regularly.
It is not the intention of the trustees of the charity to appoint any new trustees for the foreseeable future. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate the exposure to the major risks.
The trustees who served during the period and up to the date of signature of the financial statements were: Mr. A Grossman
Mr. A Taub Mr. B Hofstatter Mr J Bleichfeld
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
Mr. B Hofstatter
Trustee Dated: 5 March 2024
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THE BEIS MALKA TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BEIS MALKA TRUST
Opinion
We have audited the financial statements of The Beis Malka Trust (the ‘charity’) for the period ended 30 June 2023 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).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 June 2023 and of its incoming resources and application of resources, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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.
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:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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THE BEIS MALKA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BEIS MALKA TRUST
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to 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.
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.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the directors.
The extent to which our procedures can detect irregularities, including fraud, is detailed below.
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We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with management (as required by auditing standards).
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We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
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Except for any known or possible non-compliance, and as required by auditing standards, our work in respect of these included enquiry of management about the charity's policies, procedures, and related controls regarding compliance with laws and regulations and if there are any known instances of noncompliance.
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We tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
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We performed analytical procedures to identify any unusual or unexpected relationships.
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We examined supporting documents for all material balances, transactions and disclosures.
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We evaluated the selection and application of accounting policies related to subjective measurements and complex transactions.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
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THE BEIS MALKA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BEIS MALKA TRUST
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.
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
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Landau Morley LLP 5 March 2024 Chartered Accountants Statutory Auditor 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
Landau Morley LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE BEIS MALKA TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 3 1,361,956 587,311 Other income 4 2,014,355 - Total income 3,376,311 587,311 Expenditure on: Raising funds 5 29,222 - Charitable activities 6 3,182,300 634,623 Other expenditure 10 - - Total expenditure 3,211,522 634,623 Net income/(expenditure) 164,789 (47,312) Transfers between funds (43,128) 43,128 Net movement in funds 121,661 (4,184) Reconciliation of funds: Fund balances at 1 April 2022 114,157 11,869 Fund balances at 30 June 2023 235,818 7,685 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 1,949,267 696,835 350,566 2,014,355 1,518,794 - 3,963,622 2,215,629 350,566 29,222 17,585 - 3,816,923 2,329,844 437,937 - 1,414 - 3,846,145 2,348,843 437,937 117,477 (133,214) (87,371) - (83,097) 83,097 117,477 (216,311) (4,274) 126,026 330,468 16,143 243,503 114,157 11,869 |
Total 2022 £ 1,047,401 1,518,794 2,566,195 17,585 2,767,781 1,414 2,786,780 (220,585) - (220,585) 346,611 126,026 |
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The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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THE BEIS MALKA TRUST
BALANCE SHEET
AS AT 30 JUNE 2023
| Notes Fixed assets 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 The funds of the charity Restricted income funds 17 Unrestricted funds |
2023 £ £ 908,184 31,921 18,172 50,093 355,801 (305,708) 602,476 (358,973) 243,503 7,685 235,818 243,503 |
2022 £ £ 981,459 24,645 51,728 76,373 171,514 (95,141) 886,318 (760,292) 126,026 11,869 114,157 126,026 |
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The financial statements were approved by the trustees on 5 March 2024
Mr. B Hofstatter Trustee
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THE BEIS MALKA TRUST
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2023
| Notes Cash flows from operating activities Cash generated from operations 21 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Net cash used in investing activities Financing activities Repayment of bank loans Payment of obligations under finance leases Net cash (used in)/generated from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period |
2023 £ (64,520) 14,009 (53,758) 18,757 |
2022 £ £ £ 51,956 105,067 (136,459) 5,203 (50,511) (131,256) (31,780) 34,212 (35,001) 2,432 (33,556) (23,757) 51,728 75,485 18,172 51,728 |
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THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023
1 Accounting policies
Charity information
The Beis Malka Trust is a charity. The registered office is 93 Alkham Road, London, N16 6XD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under 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 charity 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 or grantors 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.
1.4 Income
Income is recognised when the charity 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.
Donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
1 Accounting policies
(Continued)
1.6 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.
No amortisation has been provided on freehold land and buildings and long leaseholds as the assets are kept in good repair and their useful lives and estimated residual values are such that depreciation is not material. Assets are reviewed annually for any impairment. The trustees are of the opinion that the recoverable amount is in excess of the carrying amount and feel that no provision for impairment is required.
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:
Fixtures and fittings 17.5% reducing balance Motor vehicles 25% reducing balance Playground equipment 17.5% 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.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible 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).
1.8 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.
1.9 Financial instruments
The charity 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 charity's balance sheet when the charity 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 debtors 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.
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THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 payments 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.11 Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12 Government grants
Government grants relating to tangible fixed assets are recorded as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2 Critical accounting estimates and judgements
In the application of the charity’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.
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THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
3 Income from donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts 504,922 - Grants 857,034 587,311 1,361,956 587,311 Donations and gifts Other 504,922 - 504,922 - Grants receivable for core activities Government grants 857,034 503,990 Other grants - 83,321 857,034 587,311 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 504,922 25,300 - 1,444,345 671,535 350,566 1,949,267 696,835 350,566 504,922 25,300 - 504,922 25,300 - 1,361,024 671,535 266,167 83,321 - 84,399 1,444,345 671,535 350,566 |
Total 2022 £ 25,300 1,022,101 |
|---|---|---|
| 1,047,401 | ||
| 25,300 | ||
| 25,300 | ||
| 937,702 84,399 |
||
| 1,022,101 |
4 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Net gain on disposal of tangible fixed assets | 4,942 | - |
| Rent receivable | 38,983 | 22,970 |
| Parental contributions | 1,970,430 | 1,495,824 |
| 2,009,413 | 1,518,794 |
- 14 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
5 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Fundraising and publicity | ||
| Other fundraising costs | 29,222 | 17,585 |
| 29,222 | 17,585 |
6 Charitable activities
| Staff costs Depreciation and impairment Educational supplies Rent Training Exam fees Support lesson costs Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds Restricted funds |
School 2023 £ 1,899,765 124,320 447,999 23,000 32,675 23,125 150,005 2,700,889 260,797 32,311 2,993,997 2,446,879 547,118 2,993,997 |
Nursery 2023 £ 509,412 4,408 23,950 104,000 14,004 - - 655,774 154,482 12,670 822,926 735,421 87,505 822,926 |
Total 2023 £ 2,409,177 128,728 471,949 127,000 46,679 23,125 150,005 3,356,663 415,279 44,981 3,816,923 3,182,300 634,623 3,816,923 |
School 2022 £ 1,261,022 110,384 400,793 37,000 46,304 1,946 70,210 1,927,659 174,628 21,864 2,124,151 1,759,118 365,033 2,124,151 |
Nursery 2022 £ 386,495 4,275 23,668 83,200 19,844 - - 517,482 118,860 7,288 643,630 570,726 72,904 643,630 |
Total 2022 £ 1,647,517 114,659 424,461 120,200 66,148 1,946 70,210 |
|---|---|---|---|---|---|---|
| 2,445,141 293,488 29,152 |
||||||
| 2,767,781 | ||||||
| 2,329,844 437,937 |
||||||
| 2,767,781 |
- 15 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
7 Support costs
| Utility and water Repairs Architect fees Insurance Travel expenses Telephone Cleaning Sundry Security Bank charges and interest Audit fees Accountancy Legal & professional fees Analysed between Charitable activities |
Support costs Governance costs £ £ 41,650 - 115,644 - - - 28,208 - 45,962 - 10,988 - 60,234 - - - 83,097 - 29,497 - - 11,500 - - - 33,482 415,278 44,982 415,279 44,981 |
2023Support costs Governance costs £ £ £ 41,650 15,488 - 115,644 81,124 - - 11,639 - 28,208 16,264 - 45,962 26,236 - 10,988 8,560 - 60,234 43,394 - - 45 - 83,097 68,629 - 29,497 22,109 - 11,500 - 9,008 - - 2,252 33,482 - 17,892 460,260 293,488 29,152 460,260 293,488 29,152 |
2022 £ 15,488 81,124 11,639 16,264 26,236 8,560 43,394 45 68,629 22,109 9,008 2,252 17,892 |
|---|---|---|---|
| 322,640 | |||
| 322,640 |
8 Trustees
During the period a trustee was paid £10,072 (2022: £7,414) as an employee of the charity (not for trustee services).
9 Employees
The average monthly number of employees during the period was:
| Part time teaching staff Employment costs Wages and salaries Social security costs Other pension costs |
2023 Number 295 2023 £ 2,397,648 11,109 420 2,409,177 |
2022 Number 289 |
|---|---|---|
| 2022 £ 1,637,076 9,888 553 |
||
| 1,647,517 |
There were no employees whose annual remuneration was more than £60,000.
- 16 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
9 Employees
(Continued)
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
Key Management Personnel
The Key management personnel of the Charity comprise the Trustees and the Senior Leadership Team. The total employee benefits of the key management personnel of the charity were £118,566 (2022: £98,792).
10 Other
| Net loss on disposal of tangible fixed assets | Total Unrestricted funds £ 2023 2022 - 1,414 - 1,414 |
Total Unrestricted funds £ 2023 2022 - 1,414 - 1,414 |
|---|---|---|
| 1,414 |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings £ £ Cost At 1 April 2022 463,791 888,713 Additions - 18,880 Disposals - - At 30 June 2023 463,791 907,593 Depreciation and impairment At 1 April 2022 - 439,198 Depreciation charged in the period - 102,461 Eliminated in respect of disposals - - At 30 June 2023 - 541,659 Carrying amount At 30 June 2023 463,791 365,934 At 31 March 2022 463,791 449,516 |
Motor vehicles £ 73,770 45,640 (15,840) 103,570 25,769 21,858 (6,773) 40,854 62,716 48,001 |
Playground equipment £ 58,826 - - 58,826 38,675 4,408 - 43,083 15,743 20,151 |
Total £ 1,485,100 64,520 (15,840) |
|---|---|---|---|
| 1,533,780 | |||
| 503,642 128,727 (6,773) |
|||
| 625,596 | |||
| 908,184 | |||
| 981,459 |
- 17 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
13 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors |
2023 £ 30,763 1,158 31,921 |
2022 £ 23,140 1,505 |
| 24,645 |
14 Finance lease obligations
Future minimum lease payments due under finance leases:
| Within one year Within two and five years |
2023 £ 11,621 41,348 52,969 |
2022 £ 7,363 26,849 |
|---|---|---|
| 34,212 |
Two vans were purchased by hire purchase in 2022 and they will be paid back over a 60 month period. The interest rate was fixed at 3.9%.
A third van was purchased in this period and it will be paid back over a 60 month period. The interest rate was fixed at 5.2%.
15 Creditors: amounts falling due within one year
| Bank loans Obligations under finance leases 14 Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2023 £ 44,479 11,621 86,425 158,612 40,000 14,664 355,801 |
2022 £ 43,741 7,363 - 101,793 - 18,617 |
|---|---|---|
| 171,514 |
The bank loan has been secured against the freehold land and buildings held by the charity.
- 18 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
16 Creditors: amounts falling due after more than one year
| Creditors: amounts falling due after more than one year | ||
|---|---|---|
| Bank loans Obligations under finance leases 14 Other creditors |
2023 £ 296,825 41,348 20,800 358,973 |
2022 £ 351,321 26,849 382,122 |
| 760,292 |
The bank loan has been secured against the freehold land and buildings held by the charity.
17 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 April | Incoming | Resources | Transfers | At 30 June | |
|---|---|---|---|---|---|
| 2022 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| Playground equipment | 11,869 | - | (4,408) | - | 7,461 |
| Security | - | 83,321 | (83,097) | - | 224 |
| SEND department | - | 503,990 | (547,118) | 43,128 | - |
| 11,869 | 587,311 | (634,623) | 43,128 | 7,685 | |
| Previous year: | At 1 April | Incoming | Resources | Transfers | At 31 March |
| 2021 | resources | expended | 2022 | ||
| £ | £ | £ | £ | £ | |
| Playground equipment | 16,143 | - | (4,274) | - | 11,869 |
| Security | - | 70,919 | (68,629) | (2,290) | - |
| SEND department | - | 279,647 | (365,034) | 85,387 | - |
| 16,143 | 350,566 | (437,937) | 83,097 | 11,869 |
- 19 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
| 18 | Analysis of net assets between funds | Analysis of net assets between funds | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | ||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Fund balances at 30 | |||||||
| June 2023 are | |||||||
| represented by: | |||||||
| Tangible assets | 900,499 | 7,685 | 908,184 | 969,590 | 11,869 | 981,459 | |
| Current assets/(liabilities) | (305,708) | - | (305,708) | (95,141) | - | (95,141) | |
| Long term liabilities | (358,973) | - | (358,973) | (760,292) | - | (760,292) | |
| 235,818 | 7,685 | 243,503 | 114,157 | 11,869 | 126,026 |
19 Related party transactions
Transactions with related parties
During the Period the charity entered into the following transactions with related parties:
The Charity operates from premises owned by BM Asset Management Limited, a Charity with common trustees.
During the period, the Charity paid rent totaling £104,000 (year ended 31 March 2022: £83,200) to BM Asset Management Limited.
At the period end, £20,800 (year ended 31 March 2022: £382,122 ) was due to BM Asset Management Limited.
During the period, a donation of £397,595 (year ended 31 March 2022 £nil) was received from BM Asset Management Limited.
At the period end, the charity owed £40,000 (year ended 31 March 2022: £10,000) to Jewish Training Academy For Girls (JTAG) Limited, a charitable company with a common trustee.
During the period, the charity received £113,121 (year ended 31 March 2022: £79,936 ) from Happy Kids, a registered charity, in respect of recharged salaries and resources. Mr J Bleichfeld’s wife is a trustee of Happy Kids.
- 20 -
THE BEIS MALKA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2023
| 20 | Analysis of changes in net (debt)/funds | |||
|---|---|---|---|---|
| At 1 April 2022 | Cash flows At | 30 June 2023 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 51,728 | (33,556) | 18,172 | |
| Loans falling due within one year | (43,741) | (738) | (44,479) | |
| Loans falling due after more than one year | (351,321) | 54,496 | (296,825) | |
| Obligations under finance leases | (34,212) | (18,757) | (52,969) | |
| (377,546) | 1,445 | (376,101) | ||
| 21 | Cash generated from operations | 2023 | 2022 | |
| £ | £ | |||
| Surplus/(deficit) for the period | 117,477 | (220,585) | ||
| Adjustments for: | ||||
| (Gain)/loss on disposal of tangible fixed assets | (4,942) | 1,414 | ||
| Depreciation and impairment of tangible fixed assets | 128,728 | 114,659 | ||
| Movements in working capital: | ||||
| (Increase)/decrease in debtors | (7,276) | 107,322 | ||
| (Decrease)/increase in creditors | (182,031) | 102,257 | ||
| Cash generated from operations | 51,956 | 105,067 |
- 21 -