DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
CHARITY REGISTRATION NUMBER: 287506
The Akiva School Parents-Teachers Association Unaudited Financial Statements
30 September 2021
COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Financial Statements
Year ended 30 September 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 |
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Trustees' Annual Report
Year ended 30 September 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 September 2021.
Reference and administrative details
Registered charity name The Akiva School Parents-Teachers Association Charity registration number 287506 Principal office 80 East End Road London N3 2SY The trustees
R Fessahaye (Chair) Appointed (01 January 2022) H Schaller Appointed (01 January 2022) H Piha Appointed (19 October 2021) J Green Appointed (19 October 2021) L Segal L Craig P Johnston C Silver C Lesser (Retired 19 October 2021) R Peters (Retired 19 October 2021) C Stein (Retired 19 October 2021) T Goldsmith (Retired 19 October 2021) Independent examiner Keith Sussman New Burlington House 1075 Finchley Road LONDON NW11 0PU
Structure, governance and management
The official name of the charity is The Akiva School Parents-Teachers Association. It is a registered charity constituted by Deed of Trust. Its registered charity number is 287506.
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity and no benefit or expenses were paid in the year.
According to the constitution of the charity; the Board of Trustees shall be made up of at least the serving Head Teacher of the School and the Chair of the Parents-Teachers Association. The latter Trustee will serve only a two year term before retiring. Other Trustees can be appointed to assist the Charity as and when required.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
- 1 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Trustees' Annual Report (continued)
Year ended 30 September 2021
Objectives and activities
The charity is established to advance the education of the pupils at the school by providing and assisting in the provision of facilities for education within the school and for such other purposes as are recognised by English Law as charitable and in furtherance of the aforementioned objects.
The Akiva PTA thrives due to active contributions from many of the parents and teachers at Akiva School. Their dedication and commitment to improving the school, both through fundraising events and arranging a multitude of events and activities that are not financially motivated is greatly appreciated.
Achievements and performance
During the year, the charity's principal activity was the provision of facilities to The Akiva School. £24,000 (2020: £31,332) was distributed during the year. The funds were used by the school in providing playground equipment and various other facilities and services.
In addition £3,952 (2020: £696) was distributed by way of donations to other charities registered with the Charity Commission in England and Wales.
A total of £27,952 (2020: £32,028) has been distributed during the year as shown in the attached Financial Statements.
Financial review
Reserve Policy
At the year end £23,375 (2019: £23,349) was held as unrestricted funds. It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level, which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
Plans for future periods
The trustees plan to continue to provide facilities for the Akiva School and to ensure that an appropriate level of reserves is maintained. In 2021/22 the Trustees will continue to support the costs of development of the school.
The trustees' annual report was approved on 13 July 2022 and signed on behalf of the board of trustees by:
L Segal Trustee
- 2 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Independent Examiner's Report to the Trustees of The Akiva School Parents-Teachers Association
Year ended 30 September 2021
I report to the trustees on my examination of the financial statements of The Akiva School Parents-Teachers Association ('the charity') for the year ended 30 September 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Keith Sussman Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
13 July 2022
- 3 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Statement of Financial Activities
Year ended 30 September 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Charitable activities | 4 | 33,453 | 33,453 | 25,125 |
| Investment income | 5 | 2 | 2 | 47 |
───────── |
───────── |
───────── |
||
| Total income | 33,455 | 33,455 | 25,172 | |
═════════ |
═════════ |
═════════ |
||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | 33,429 | 33,429 | 34,453 |
───────── |
───────── |
───────── |
||
| Total expenditure | 33,429 | 33,429 | 34,453 | |
═════════ |
═════════ |
═════════ |
||
───────── |
───────── |
───────── |
||
| Net income/(expenditure) and net movement in funds | 26 | 26 | (9,281) | |
═════════ |
═════════ |
═════════ |
||
| Reconciliation of funds | ||||
| Total funds brought forward | 23,349 | 23,349 | 32,630 | |
───────── |
───────── |
───────── |
||
| Total funds carried forward | 23,375 | 23,375 | 23,349 | |
═════════ |
═════════ |
═════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 10 form part of these financial statements.
- 4 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Statement of Financial Position
30 September 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Current assets | ||||
| Debtors | 12 | 50 | 50 | |
| Cash at bank and in hand | 26,321 | 24,783 | ||
───────── |
───────── |
|||
| 26,371 | 24,833 | |||
| Creditors: amounts falling due within one year | 13 | 2,996 | 1,484 | |
───────── |
───────── |
|||
| Net current assets | 23,375 | 23,349 | ||
───────── |
───────── |
|||
| Total assets less current liabilities | 23,375 | 23,349 | ||
═════════ |
═════════ |
|||
| Funds of the charity | ||||
| Unrestricted funds | 23,375 | 23,349 | ||
───────── |
───────── |
|||
| Total charity funds | 14 | 23,375 | 23,349 | |
═════════ |
═════════ |
These financial statements were approved by the board of trustees and authorised for issue on 13 July 2022, and are signed on behalf of the board by:
L Segal Trustee
The notes on pages 7 to 10 form part of these financial statements.
- 5 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Statement of Cash Flows
Year ended 30 September 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 26 | (9,281) |
| Adjustments for: | ||
| Other interest receivable and similar income | (2) | (47) |
| Accrued income | – | (50) |
| Changes in: | ||
| Trade and other creditors | 1,512 | (1,860) |
─────── |
───────── |
|
| Cash generated from operations | 1,536 | (11,238) |
| Interest received | 2 | 47 |
─────── |
───────── |
|
| Net cash from/(used in) operating activities | 1,538 | (11,191) |
═══════ |
═════════ |
|
| Net increase/(decrease) in cash and cash equivalents | 1,538 | (11,191) |
| Cash and cash equivalents at beginning of year | 24,783 | 35,974 |
───────── |
───────── |
|
| Cash and cash equivalents at end of year | 26,321 | 24,783 |
═════════ |
═════════ |
The notes on pages 7 to 10 form part of these financial statements.
- 6 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Notes to the Financial Statements
Year ended 30 September 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 80 East End Road, London, N3 2SX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- 7 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Notes to the Financial Statements (continued)
Year ended 30 September 2021
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Charitable activities
| 4. | Charitable activities | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Fundraising Activities | 33,453 | 33,453 | 25,125 | 25,125 | |
═════════ |
═════════ |
═════════ |
═════════ |
||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 2 | 2 | 47 | 47 | |
════ |
════ |
════ |
════ |
||
| 6. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Grant Making | 27,952 | 27,952 | 32,028 | 32,028 | |
| Fundraising Activities | 5,477 | 5,477 | 2,288 | 2,288 | |
| Support costs | – | – | 137 | 137 | |
───────── |
───────── |
───────── |
───────── |
||
| 33,429 | 33,429 | 34,453 | 34,453 | ||
═════════ |
═════════ |
═════════ |
═════════ |
- 8 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Notes to the Financial Statements (continued)
Year ended 30 September 2021
7. Expenditure on charitable activities by activity type
Activities
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Grant funding |
Total funds | Total fund | ||
| directly | of activities |
2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Grant Making | – | 27,952 |
27,952 | 32,165 | |
| Fundraising Activities | 5,477 | – |
5,477 | 2,288 | |
─────── |
───────── |
───────── |
───────── |
||
| 5,477 | 27,952 |
33,429 | 34,453 | ||
═══════ |
═════════ |
═════════ |
═════════ |
||
| 8. | Analysis of support costs | ||||
| Grant Making | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| General office | - | - | 137 | ||
════ |
════ |
════ |
|||
| 9. | Analysis of grants | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Akiva School | 24,000 | 31,332 | |||
| Other UK registered charities | 3,952 | 696 | |||
───────── |
───────── |
||||
| 27,952 | 32,028 | ||||
───────── |
───────── |
||||
| Total grants | 27,952 | 32,028 | |||
═════════ |
═════════ |
10. Staff costs
The Charity had no employees during the year or in the previous year.
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity were received by the trustees.
12. Debtors
| 12. | Debtors | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Prepayments and accrued income | 50 | 50 | |
════ |
════ |
||
| 13. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other creditors | 2,996 | 1,484 | |
═══════ |
═══════ |
- 9 -
DocuSign Envelope ID: 46E231DE-8F48-444B-BE2B-EEEFE0AAA74D
The Akiva School Parents-Teachers Association
Notes to the Financial Statements (continued)
Year ended 30 September 2021
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 October 202 | 30 Septembe | |||||
| 0 | Income | Expenditure | r 2021 | |||
| £ | £ | £ | £ | |||
| General funds | 23,349 | 33,455 | (33,429) | 23,375 |
||
═════════ |
═════════ |
═════════ |
═════════ |
|||
| At | At | |||||
| 1 October 201 | 30 September | |||||
| 9 | Income | Expenditure | 2020 | |||
| £ | £ | £ | £ | |||
| General funds | 32,630 | 25,172 | (34,453) | 23,349 |
||
═════════ |
═════════ |
═════════ |
═════════ |
|||
| 15. | Analysis of net assets between funds | |||||
| Unrestricted | Total Funds | |||||
| Funds | 2021 | |||||
| £ | £ | |||||
| Current assets | 26,371 | 26,371 | ||||
| Creditors less than 1 year | (2,996) | (2,996) |
||||
───────── |
───────── |
|||||
| Net assets | 23,375 | 23,375 | ||||
═════════ |
═════════ |
|||||
| Unrestricted | Total Funds | |||||
| Funds | 2020 | |||||
| £ | £ | |||||
| Current assets | 24,833 | 24,833 | ||||
| Creditors less than 1 year | (1,484) | (1,484) |
||||
───────── |
───────── |
|||||
| Net assets | 23,349 | 23,349 | ||||
═════════ |
═════════ |
|||||
| 16. | Analysis of changes in net debt | |||||
| At | ||||||
| At | 1 Oct 2020 | Cash flows | 30 Sep 2021 | |||
| £ | £ | £ | ||||
| Cash at bank and in hand | 24,783 | 1,538 | 26,321 | |||
═════════ |
═══════ |
═════════ |
Draft Accounts
- 10 -