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2021-08-31-accounts

Charity registration number 289066

Company registration number 01796116 (England and Wales)

NAIMA JPS

COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

NAIMA JPS COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Charity Trustees Rabbi Dr A Levy OBE
R Yentob
J Levy
J Arazi
S Howard
I Levy
V Shamoon
I Corre
I Levy
Secretary A Cohen
Charity number 289066
Company number 01796116
Registered office 21 Andover Place
London
NW6 5ED
Auditor Arram Berlyn Gardner LLP
30 City Road
London
EC1Y 2AB

NAIMA JPS COMPANY LIMITED BY GUARANTEE CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 26

NAIMA JPS COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Charity's objects are the advancement of secular and religious education including the provision of day schooling for children of both sexes, together with the provision of a Synagogue and other related religious amenities.

Within these objects the Charity has maintained a restricted fund for the purposes of granting scholarships to certain pupils who fit the school’s scholarship criteria.

The policies adopted in furtherance of these objects are stated in this report and there has been no change in these during the year.

The Charity provides education to boys and girls from ages 3 to 11 years satisfying the requirements of UK primary education and provides a Pre-Nursery for children aged 2. It also makes its facilities available to the local community.

The School’s ethos is centered on the belief that an excellent education with a strong religious grounding is mutually attainable and beneficial. It is this ethos that we adhere to as we aspire to prepare the School’s pupils for adulthood.

It is the Charity’s policy not only to educate infants and juniors to a high level of academic achievement but also to provide the religious community with suitable facilities and an establishment for prayer.

The charity has kept in mind the Charity Commission’s guidance on public benefit. We believe that the main aim of the charity is the advancement of secular and religious education including the provision of day schooling for children of both sexes, together with the provision of a Synagogue and other related religious amenities. We also believe that the public benefit is further illustrated in this report through the Objectives and Activities and Achievements and Performance sections.

Strategic report

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

NAIMA JPS COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

Achievements and performance

Although this year has been extremely challenging as we slowly moved out of the coronavirus pandemic, Naima has had another good year and we continue to be proud of all our children’s achievements. Once again, our Secondary transfer results were outstanding with places, including several scholarships, being offered to top London, independent Secondary schools. As last year, leading up to the exams, several schools changed their admission processes and our teachers worked hard to ensure that the children were fully prepared for all the different types of tests being used.

The school remained open to Pre-Nursery, Nursery and Keyworker children during further lockdown periods but fewer staff were placed on furlough. Our older children continued their schooling remotely. For these pupils, the curriculum was delivered in line with existing schemes of work and teachers taught their usual classes and groups. Additional technological resources were purchased if needed, to ensure smooth delivery of the remote curriculum. The school worked hard to ensure that all Covid measures remained in place when necessary to protect the school community; measures included increased sanitation, face coverings, tests and protective screens.

At this stage in the year, our predicted roll for the next academic year is slightly higher than this year with our Pre Nursery class expected to be double the size it is usually due to the extra demand for places. Following Brexit and Covid, some more of our overseas families have decided to either return to their home countries to be closer to family or accept job positions overseas as a result of the changing job market. We are still receiving new enquiries and application forms and it is hoped that before the start of the next academic year, we will have increased the numbers further. Our ethos remains to maintain both secular and religious academic standards to a high level for which the School has become known and strive to provide the children with a stimulating, spiritual and excellent all round education. We expect the School to thrive for the foreseeable future.

The School and parent body have continued throughout the year to remain in contact with Westminster Council about their plans to build several social housing units next to the School. Although building work did start last Summer, this stopped at the end of 2021 part of the way through the project. We do not know when the works will begin again.

Financial review

The School's operating surplus in the year was £348,897 (2020: £313,081).

School fees income has increased by 4.8% to £2,319,240 School wages and salaries costs have increased by 2.3% to £1,810,455

The net funds as at 31 August 2021 are £8,268,030 (2020: £7,919,133) and is considered satisfactory having regard to the Charity’s objectives.

Reserves policy

The Trustees have determined that the mimimum level of liquid reserves which have not been invested in Tangible Fixed Assets should be equivalent to approximately 13 weeks’ expenditure.

The Trustees’ policy is to build sufficient free reserves for future investment in the school as a whole, not only enhancements to the fabric of the school buildings, but also to keep pace with technological change and innovation. This policy applies to Information Technology and school facilities in general.

Tangible Fixed Assets include school buildings, the Synagogue and the Mikveh. These buildings are used for non-commercial purposes and for this reason the Trustees do not consider it appropriate to recognise its market value in these financial statements.

The Trustees are empowered to place funds, administered by the Charity, into investments which are likely to generate income without a material risk to the underlying capital. Consequently, all funds are invested with the Charity’s bankers or in treasury bonds. The Trustees’ financial policy is to generate an income stream with minimal risk to capital. As part of the Charity’s restricted fund, the school scholarship fund of £206,000, is earmarked to acquire investment property capable of generating a rental income in excess of bank interest.

NAIMA JPS COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

Risk management

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

The Trustees examine, on a regular basis, any risks that they feel the school may face in each financial year. The Trustees have developed systems to monitor and control those risks to ensure that any impact or financial loss which may results from them may be kept to a minimum.

The key controls used by the Charity include:

The trustees are satisfied that most risks identified have been completely mitigated and also recognise that the system can only provide reasonable but not absolute assurance that most risks have been adequately managed.

Plans for the future

As the UK moves further out of lockdown, the school reinforces and regularly assesses the children’s learning and their wellbeing and mental health continues to be reviewed by our school staff, counsellor and wellbeing coach.

There are hopes that some minor refurbishment works will take place during the summer months. These include the installation of a further emergency exit door and an enclosed porch area leading from the playground into the building.

Structure, governance and management

The Charity is a company limited by guarantee and is governed by its memorandum and articles of association. The Board of Trustees are responsible for formulating the strategies and policies of the charity including the approval of budgets and the exercising of financial controls. The Bursar is responsible to the trustees for the management of the charity.

The Charity Trustees, who are also the directors for the purpose of company law, and who served during the year were:

Rabbi Dr A Levy OBE R Yentob J Levy J Arazi S Howard I Levy V Shamoon I Corre I Levy

NAIMA JPS COMPANY LIMITED BY GUARANTEE

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

FOR THE YEAR ENDED 31 AUGUST 2021

New trustees are identified and invited to join the board of trustees by the existing trustees. They are selected on the basis of their sympathy with the charitable objectives and their ability to pursue as a trustee. New trustees are elected by resolution and approved by a majority of trustees.

Under the company's Articles of Association any person who is willing to act as a trustee, and who would not be disqualified from acting for any reason, may be appointed to be a trustee by a decision of the trustees.

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

The school also appoints governors to act in an advisory basis to the trustees, to serve on a two to three year basis. The governors are selected from past or present parents and other parties with a connection to the school. The governors are not involved in final decision making.

The governors who served during the year were:

Governors

Mr Edward Misrahi Mrs Alexandra Maurice Ms Clare Ettinghausen Mrs Fabiana Abadi Mrs Efrat Sopher Dr Naomi Katz Mrs Sian Levy Mrs Meira Drazin Mr Jonathan Marks (appointed 18/10/2021) Mr Adam Keats (appointed 03/06/2021) Mr Emil Fattal (appointed 01/03/2022)

Head teacher

Mr Bill Pratt

Remuneration for Key Management Personnel is based on IAPS pay scales as a benchmark. The final decision on remuneration packages and bonuses are agreed by the trustees.

NAIMA JPS COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

Statement of Trustees' responsibilities

The trustees (who are also directors of Naima JPS for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the 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:

Disclosure of information to auditor

Each of the Charity Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report, including the strategic report, was approved by the Board of Charity Trustees.

.............................. Julian Levy J Levy Trustee Dated: .........................26 May 2022

NAIMA JPS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE CHARITY TRUSTEES OF NAIMA JPS

Opinion

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 Charity 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 Charity 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, except to the extent otherwise explicitly stated in our report, 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.

Opinions on other matters prescribed by the Companies Act 2006

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

NAIMA JPS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CHARITY TRUSTEES OF NAIMA JPS

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 strategic report or the directors' report included within the Trustees' report.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Charity Trustees

As explained more fully in the statement of Trustees' responsibilities, the Charity Trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Charity 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 Charity 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 Charity Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

NAIMA JPS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CHARITY TRUSTEES OF NAIMA JPS

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they

may involve deliberate concealment or collusion.

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.

NAIMA JPS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE CHARITY TRUSTEES OF NAIMA JPS

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

Arram Berlyn Gardner LLP

Paul Berlyn FCA (Senior Statutory Auditor) for and on behalf of Arram Berlyn Gardner LLP

26th May 2022

.........................

Chartered Accountants Statutory Auditor

30 City Road London EC1Y 2AB

NAIMA JPS COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2021

Unrestricted Designated
Restricted
funds
funds
funds
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
441,546
50,000
54,576
Charitable activities
3
2,368,495
-
138,894
Investments
4
3,030
-
-
Other income
5
30,764
-
22,310
Total income and endowments
2,843,835
50,000
215,780
Expenditure on:
Charitable activities
6
2,224,894
211,827
323,997
Net income/(expenditure) for the year/
Net movement in funds
618,941
(161,827)
(108,217)
Fund balances at 1 September
2020
2,385,451
4,494,601
1,039,081
Fund balances at 31 August
2021
3,004,392
4,332,774
930,864		 Total
Total
2021
2020
as restated
£
£
546,122
460,615
2,507,389
2,387,018
3,030
7,644
53,074
110,773
3,109,615
2,966,050
2,760,718
2,652,969
348,897
313,081
7,919,133
7,606,052
8,268,030
7,919,133		 Total
Total
2021
2020
as restated
£
£
546,122
460,615
2,507,389
2,387,018
3,030
7,644
53,074
110,773
3,109,615
2,966,050
2,760,718
2,652,969
348,897
313,081
7,919,133
7,606,052
8,268,030
7,919,133
2,966,050
2,652,969
313,081
7,606,052
7,919,133

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

All income and expenditure derive from continuing activities.

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

NAIMA JPS COMPANY LIMITED BY GUARANTEE BALANCE SHEET

AS AT 31 AUGUST 2021

2021
Notes
£
£
Fixed assets
Tangible assets
11
4,975,772
Current assets
Debtors
12
131,784
Cash at bank and in hand
3,926,603
4,058,387
Creditors: amounts falling due within
one year
13
(766,129)
Net current assets
3,292,258
Total assets less current liabilities
8,268,030
Income funds
Restricted funds
14
930,864
Unrestricted funds
Designated funds
15
4,332,774
General unrestricted funds
3,004,392
7,337,166
8,268,030
The financial statements were approved by the Charity Trustees on .........................
..............................
..............................
J Levy
J Arazi
Trustee
Trustee
26 May 2022
Julian Levy
Jennica Arazi		 2020
£
£
as restated
5,137,358
76,076
3,452,104
3,528,180
(746,405)
2,781,775
7,919,133
1,039,081
4,494,601
2,385,451
6,880,052
7,919,133		 2020
£
£
as restated
5,137,358
76,076
3,452,104
3,528,180
(746,405)
2,781,775
7,919,133
1,039,081
4,494,601
2,385,451
6,880,052
7,919,133
7,919,133
1,039,081
6,880,052
7,919,133

Company Registration No. 01796116

NAIMA JPS COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Cash flows from operating activities
Cash generated from operations
19
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
489,464
(17,995)
3,030
(14,965)
-
474,499
3,452,104
3,926,603		 2020
£
£
314,056
(21,212)
7,644
(13,568)
-
300,488
3,151,616
3,452,104

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

Charity information

Naima JPS is a private company limited by guarantee incorporated in England and Wales. The registered office and principal place of business is 21 Andover Place, London, NW6 5ED.

1.1 Accounting convention

The charity constitutes a public benefit entity as defined by FRS 102. 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

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 accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Prior period adjustment

The accounts have been restated to adjust for overstated deferred income from prior years. The change has resulted in net movement in funds for the year 31 August 2020 increasing by £88,855 and net movement in funds for the year 31 August 2019 increasing by £89,470. See note 23.

1.3 Going concern

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

1.4 Charitable funds

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

Designated funds comprise funds which have been set aside at the discretion of the Charity Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

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

1.5 Income recognition

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.

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

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

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

Fees receivable are accounted for in the period in which the service is provided. Fees receivable are stated after allowing for bursaries granted.

1.6 Expenditure recognition

Expenditure designated as charitable expenditure represents costs directly attributable to the principal activities of the Company. These include the costs of teaching salaries and the associated staff and building costs.

1.7 Tangible fixed assets

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

Land and Buildings are valued at historical cost, which together with Fixtures, Fittings and Equipment are capitalised. In the opinion of the Trustees the Land and Buildings represent building primarily used as a school and for non-commercial purposes.

The Charity is responsible for keeping the original buildings in fit and useful condition, and these costs are written off as incurred.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings 2% Straight Line Improvements to property 2% Straight Line Mikveh 5% Straight Line Fixtures, fittings & equipment 20% Reducing Balance Religious artefacts 10% Reducing balance

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

1.8 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.

1.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.10 Employee benefits

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

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

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

(Continued)

The Teachers’ Pension Scheme is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method

1.12 Restricted funds

Restricted funds that are raised in related to building work for the general use of the charity remain restricted until the work is completed. Upon completion the spent funds will be released to unrestricted funds.

2 Donations and legacies

Donations and gifts
For the year ended 31 August 2020
Charitable activities
Gross fees
and related
revenue
2021
£
Income within
charitable activities
2,368,495
Analysis by fund
Unrestricted funds
2,368,495
Restricted funds
-
2,368,495		 Unrestricted Designated
Restricted
funds
funds
funds
2021
2021
2021
£
£
£
441,546
50,000
54,576
35,696
270,000
154,919
Security
grants and
voluntary
donations
Total
2021
Gross fees
and related
revenue
Security
grants and
voluntary
donations
2021
2020
2020
£
£
£
£
138,894
2,507,389
2,256,174
130,844
-
2,368,495
2,256,174
-
138,894
138,894
-
130,844
138,894
2,507,389
2,256,174
130,844		 Total
2021
£
546,122
460,615
Total
2020
£
2,387,018
2,256,174
130,844
2,387,018

3 Charitable activities

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

4 Investments

Unrestricted Unrestricted Unrestricted
funds funds
2021 2020
£ £
Interest receivable 3,030 7,644
Other income
Unrestricted Restricted Total Unrestricted Restricted Unrestricted
funds funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Other income 30,764 22,310 53,074 28,971 81,802 110,773
Charitable activities
School Security
Establish -		 Mikveh and Total Total
running and costs ment costs operating 2021 2020
admin costs costs
2021 2021 2021 2021
£ £ £ £ £ £
Staff costs 1,928,656 87,943 - 21,713 2,038,312 1,995,297
Depreciation and
impairment 158,171 - - 21,410 179,581 187,547
Other costs 358,095 53,962 127,635 3,133 542,825 470,125
2,444,922 141,905 127,635 46,256 2,760,718 2,652,969
2,444,922 141,905 127,635 46,256 2,760,718 2,652,969
Analysis by fund
Unrestricted funds 2,097,259 - 127,635 - 2,224,894 2,072,970
Designated funds 211,827 - - - 211,827 214,922
Restricted funds 135,836 141,905 - 46,256 323,997 365,077
2,444,922 141,905 127,635 46,256 2,760,718 2,652,969

5 Other income

6 Charitable activities

Cost include auditors fees of £9,600 (2020: £9,300) in respect of the audit of the accounts. There are no other fees paid to the auditors.

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

6 Charitable activities

(Continued)

For the year ended 31 August 2020

School
running and
admin costs
£
Staff costs
1,877,372
Depreciation and impairment
166,137
Other costs
326,674
2,370,183
2,370,183
Analysis by fund
Unrestricted funds
1,962,834
Designated funds
214,922
Restricted funds
192,427
2,370,183		 Security
costs
Establish -
ment costs
Mikveh and
operating
costs
£
£
£
98,363
-
19,562
-
-
21,410
29,222
110,136
4,093
127,585
110,136
45,065
127,585
110,136
45,065
-
110,136
-
-
-
-
127,585
-
45,065
127,585
110,136
45,065		 Total
2020
£
1,995,297
187,547
470,125
2,652,969
2,652,969
2,072,970
214,922
365,077
2,652,969

7 School running costs

2021 2020
£ £
Wages, salaries and social security 1,820,455 1,769,680
Staff pension costs 118,201 107,692
Teachers’ training and related costs 20,918 23,555
Books and teaching consumables 45,531 36,275
School meals and refreshments 125,709 105,919
School outings and travel 33,276 29,674
Printing, stationary and communications 18,132 16,293
Insurance 26,254 24,511
Sundry expenses 14,623 10,057
Legal, professional and compliance costs 25,946 34,951
Computer & equipment maintenance 19,964 20,248
Bank charges 1,894 1,602
Marketing 4,482 1,818
Depreciation 158,171 166,137
Audit fees 9,600 9,300
Bad debts 5,000 12,770
Expenses for dinner - (300)
ICT Suite 1,766 -
Donations 5,000 -
2,444,922 2,370,183

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

8 Charity Trustees

None of the Charity Trustees (or any persons connected with them) received any remuneration during the year.

9 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Teachers 39 43
Support staff 9 9
Headmaster 1 1
Security 3 3
Mikveh 1 2
Total 53 58

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was £60,000 or
more were:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000		 (Continued)
2021
2020
£
£
1,763,649
1,725,056
156,462
162,549
118,201
107,692
2,038,312
1,995,297
2021
2020
Number
Number
1
-
2
1
1
1		 (Continued)
2021
2020
£
£
1,763,649
1,725,056
156,462
162,549
118,201
107,692
2,038,312
1,995,297
2021
2020
Number
Number
1
-
2
1
1
1
1,995,297
2020
Number
-
1
1

9 Employees

Of the employees whose emoluments exceed £60,000, 2 (2020: 2) have retirement benefits accruing under defined benefit pension schemes.

10 Taxation

The company is a registered charity and no provision is considered necessary for taxation.

Total £ 6,679,068 17,995 6,697,063 1,541,710 179,581 1,721,291 4,975,772 5,137,358
Religious artefacts £ 2,000 - 2,000 1,939 7 1,946 54 60
Fixtures, fittings & equipment £ 833,495 17,995 851,490 602,202 49,859 652,061 199,429 231,293
Mikveh £ 428,190 - 428,190 140,451 21,409 161,860 266,330 287,739
Improvements to property £ 4,899,110 - 4,899,110 589,910 97,982 687,892 4,211,218 4,309,200
Land and buildings £ 516,273 - 516,273 207,208 10,324 217,532 298,741 309,066
Tangible fixed assets Cost At 1 September 2020 Additions At 31 August 2021 Depreciation and impairment At 1 September 2020 Depreciation charged in the year At 31 August 2021 Carrying amount At 31 August 2021 At 31 August 2020
11

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

12 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
40,414
38,656
52,714
131,784		 2020
£
4,928
50,514
20,634
76,076

13 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2021
£
155,301
591,051
19,777
766,129		 2020
£
80,136
607,501
58,768
746,405

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 September
2019
£
Sainsbury
Scholarship
210,000
Mikveh
309,149
Security
124,044
IT project
140,316
Art room
20,584
Library
86,276
Kitchen
137,238
Playground
8,986
Furlough
income
-
Sports
equipment
-
1,036,593		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 September
2020
£
£
£
5,000
(9,452)
205,548
31,895
(45,065)
295,979
144,118
(127,585)
140,577
104,750
(80,245)
164,821
-
(2,570)
18,014
-
(1,644)
84,632
-
(14,919)
122,319
-
(1,795)
7,191
81,802
(81,802)
-
-
-
-
367,565
(365,077)
1,039,081		 Movement in funds
Incoming
resources
Resources
expended
£
£
1,100
-
51,976
(46,256)
138,894
(141,905)
-
(95,303)
-
(1,205)
-
(1,499)
-
(14,080)
-
(1,439)
22,310
(22,310)
1,500
-
215,780
(323,997)		 Balance at
31 August
2021
£
206,648
301,699
137,566
69,518
16,809
83,133
108,239
5,752
-
1,500
930,864

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

15 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 September
2019
£
School
development
fund/
Teachers of
excellence
1,371,183
Building fund
3,068,340
4,439,523		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 September
2020
£
£
£
200,000
(114,318)
1,456,865
70,000
(100,604)
3,037,736
270,000
(214,922)
4,494,601		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
(111,673)
50,000
(100,154)
50,000
(211,827)		 Balance at
31 August
2021
£
1,345,192
2,987,582
4,332,774

The trustees have designated these funds.

Total 2020 £ 5,137,358 2,781,775 7,919,133
Restricted Funds 2020 £ 558,899 480,182 1,039,081
Designated Funds 2020 £ 4,208,578 286,023 4,494,601
Total Unrestricted Funds 2021
2020		 £
£		 4,975,772
369,881		 3,292,258
2,015,570		 8,268,030
2,385,451
Restricted Funds 2021 £ 518,350 412,514 930,864
Designated Funds 2021 £ 4,108,424 224,350 4,332,774
Unrestricted Funds 2021 £ 348,998 2,655,394 3,004,392
Analysis of net assets between funds Fund balances at 31 August 2021 are represented by: Tangible assets Current assets/(liabilities)
16

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

17 Scholarship Funds

The scholarship restricted fund of £206,648, represents capital donated where only the income generated from such monies can be applied to fund scholarships.

During the year, the Trustees approved financial assistance to fees totalling £95,108 (2020: £89,015).

18 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

2021 2020
£ £
Aggregate compensation 354,558 356,490

The charity offers bursaries to eligible pupils which include the direct descendants of Rabbis. The bursaries offered to the direct descendants of Rabbis are agreed by the trustees and are in accordance with school policies and are in line with bursaries available to other eligible pupils.

19 Cash generated from operations

Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2021
2020
£
£
348,897
313,081
(3,030)
(7,644)
179,581
187,547
(55,708)
112,675
19,724
(291,603)
489,464
314,056		 2021
2020
£
£
348,897
313,081
(3,030)
(7,644)
179,581
187,547
(55,708)
112,675
19,724
(291,603)
489,464
314,056
314,056

20 Analysis of changes in net funds

The Charity had no debt during the year.

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

21 Prior period adjustment

The prior years adjustments have been made to adjust for overstated deferred income that occurred due to an administrative error. Below shows the affected areas of the prior year adjustments.

Changes to the balance sheet

Changes to the balance sheet
At 31 August 2020
As previously Adjustment As restated
reported
£ £ £
Creditors due within one year
Other creditors (924,730) 178,325 (746,405)
Capital funds
Income funds
Restricted funds 1,039,081 - 1,039,081
Designated 4,494,601 - 4,494,601
Unrestricted funds 2,207,126 178,325 2,385,451
Total equity 7,740,808 178,325 7,919,133
At 31 August 2019
As previously Adjustment As restated
reported
£ £ £
Creditors due within one year
Other creditors (1,127,478) 89,470 (1,038,008)
Capital funds
Income funds
Restricted funds 1,036,593 - 1,036,593
Designated 4,439,523 - 4,439,523
Unrestricted funds 2,040,466 89,470 2,129,936
Total equity 7,516,582 89,470 7,606,052

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

21
Prior period adjustment
Changes to the profit and loss account
As
Income from:
Charitable activities
Net movement in funds
As
Income from:
Charitable activities
Net movement in funds		 (Continued)
Period ended 31 August 2020
previously
reported
Adjustment
As restated
£
£
£
2,298,163
88,855
2,387,018
224,226
88,855
313,081
Period ended 31 August 2019
previously
reported
Adjustment
As restated
£
£
£
2,674,913
89,470
2,764,383
185,722
89,470
275,192		 (Continued)
Period ended 31 August 2020
previously
reported
Adjustment
As restated
£
£
£
2,298,163
88,855
2,387,018
224,226
88,855
313,081
Period ended 31 August 2019
previously
reported
Adjustment
As restated
£
£
£
2,674,913
89,470
2,764,383
185,722
89,470
275,192
275,192

NAIMA JPS COMPANY LIMITED BY GUARANTEE DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2021

£
School activities
School fees
2,319,240
School trips
22,034
Other sundry income
32,985
School administration costs
(2,097,229)
Other overheads
Establishment costs
(127,635)
Surplus/deficit from school activities
Other charitable activities
General donations
466,546
Other income
Interest
Net movement in unrestricted funds
Teachers of excellence
Donations
-
Operating costs
(111,673)
Building
Donations
50,000
Operating costs
(100,154)
Net movement in designated funds		 2021
£
£
2,212,209
11,137
45,990
(1,962,835)
277,030
(110,135)
(127,635)
149,395
51,504
466,546
3,030
618,971
200,000
(114,318)
(111,673)
70,000
(100,604)
(50,154)
(161,827)		 2020
£
306,501
(110,135)
196,366
51,504
7,644
255,514
85,682
(30,604)
55,078

NAIMA JPS COMPANY LIMITED BY GUARANTEE DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

2021
£
£
£
Mikveh activities
Donations
51,976
31,895
Operating cost
(46,255)
(45,064)
5,721
Security
Voluntary contributions and donations
138,894
144,118
Security related costs
(141,905)
(127,586)
(3,011)
Specific donations
IT fund
-
104,750
Sports equipment
1,500
-
Scholarship fund
1,100
5,000
Operating costs
(113,557)
(110,625)
(110,957)
Net movement in restricted funds
(108,247)
Total surplus for the year
348,897		 2020
£
(13,169)
16,532
(875)
2,488
313,080

Issuer Arram Berlyn Gardner Document generated Tue, 24th May 2022 16:36:12 BST Document fingerprint 6cd3665175ca6f0909c0c5ebd57ac4b4

Parties involved with this document

Document processed Party + Fingerprint Thu, 26th May 2022 7:15:06 BST Jennica Arazi - Signer (badd92fea2fe1ea070f67448b95764bf) Thu, 26th May 2022 11:33:57 BST Julian Levy - Signer (80cb562814f79720f7f29eb36712eb4f)

Audit history log

Date

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