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2022-08-31-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 2022

NAIMA JPS COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Charity Trustees
Charity Trustees R Yentob
J Levy
J Arazi
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 Gravita ABG 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 - 23

NAIMA JPS COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022

The Charity Trustees present their annual report and financial statements for the year ended 31 August 2022.

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 2022

Achievements and performance

Naima has had a good year and we continue to be proud of all our children’s achievements. Our Secondary transfer results for the year under review were outstanding with places being offered to top London, independent Secondary schools including several scholarships. Our teachers worked hard to ensure that the children were fully prepared for the multitude of tests being used.

Naima remains committed to offering the local, Jewish Community various religious facilities such as a Synagogue and Mikveh (ritual bath) and continues to contribute to events for the entire local community such as regularly sending sports teams to inter – school football tournaments and collaborating in joint P.E. lessons with a local state School. Our security staff also play an important role in maintaining a positive community including engaging with police to reduce crime directed to local residents and working with traffic wardens in order to ensure safe parking. A wide spectrum of visitors often come to School to meet with the pupils such as a weekly yoga teacher, authors, illustrators and other professionals. Additionally, special guests are brought in for the children such as a farm and a toy museum to bring learning to life. 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, the building work had stopped for several months, it eventually started again and the work is now in full force with the expectation for the project to be complete in January 2024.

Our community has been saddened this year with the recent passing of our Founder and Honorary Principal, Rabbi Dr Abraham Levy O.B.E. From the School’s foundation, Rabbi Levy was an integral part of the School with his regular visits and guidance. He will be much missed by all the pupils, past and present, as well as their families and all the staff who were privileged to work with him. As we move into the 40th Anniversary year of the School, we plan to honour his memory with a series of special events and the establishment of a Memorial Fund.

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.

Financial review

The School's operating deficit in the year was £16,883 (2021: operating surplus of £348,897).

School fees income has decreased by 13.4% to £2,007,423 School wages and salaries costs have increased by 4.4% to £1,873,809

The net funds as at 31 August 2022 are £8,251,147 (2021: £8,268,030) 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 2022

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

The Charity remains focussed on reinforcing and regularly assessing the children’s learning. Their wellbeing and mental health continues to be reviewed by our School staff, counsellor and wellbeing coach on an ongoing basis. The Charity have also subscribed to a health and wellbeing programme for all staff. The opportunity of offering a summer holiday activity week to our pupils to be run by some of our staff is being investigated.

Last Autumn, we invested in new computers and a whiteboard for the IT suite. It is hoped that during the Summer months, works will be undertaken to renovate the IT Suite further with upgrading of the air conditioning system and new carpeting and furniture. It is expected that some minor refurbishment works will take place over the Summer holiday as well as completing the 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 (Resigned 24 December 2022) R Yentob J Levy J Arazi S Howard (Resigned 8 May 2023) 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 2022

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 October 2021) Mr Adam Keats Mr Emil Fattal (appointed 1 March 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 2022

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.

.............................. J I Levy J Levy Trustee 30 May 2023 Dated: .........................

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

Opinion

We have audited the financial statements of Naima JPS (the ‘Charity’) for the year ended 31 August 2022 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).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the Charity’s ability to continue as a going concern.

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.

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

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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 MEMBERS 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 by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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 MEMBERS 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.

Paul Berlyn

Paul Berlyn FCA (Senior Statutory Auditor) for and on behalf of Gravita ABG LLP

31st May 2023

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

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 2022

Unrestricted
Designated
Restricted
funds
funds
funds
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
96,063
250,000
34,583
Charitable activities
3
2,074,079
-
139,923
Investments
4
21,142
-
-
Other income
5
27,421
-
-
Total income and endowments
2,218,705
250,000
174,506
Expenditure on:
Charitable activities
6
2,194,914
227,011
238,169
Net income/(expenditure) for the year/
Net movement in funds
23,791
22,989
(63,663)
Fund balances at 1 September
2021
3,004,392
4,332,774
930,864
Fund balances at 31 August
2022
3,028,183
4,355,763
867,201		 Total
2022
£
380,646
2,214,002
21,142
27,421
2,643,211
2,660,094
(16,883)
8,268,030
8,251,147		 Total
2021
£
546,122
2,507,389
3,030
53,074
3,109,615
2,760,718
348,897
7,919,133
8,268,030

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 2022

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
14
Unrestricted funds
Designated funds
15
General unrestricted funds		 2022
£
£
4,818,161
642,834
3,542,042
4,184,876
(751,890)
3,432,986
8,251,147
867,201
4,355,763
3,028,183
7,383,946
8,251,147		 2021
£
£
4,975,772
131,784
3,926,603
4,058,387
(766,129)
3,292,258
8,268,030
930,864
4,332,774
3,004,392
7,337,166
8,268,030		 2021
£
£
4,975,772
131,784
3,926,603
4,058,387
(766,129)
3,292,258
8,268,030
930,864
4,332,774
3,004,392
7,337,166
8,268,030
8,268,030
930,864
7,337,166
8,268,030

30 May 2023 The financial statements were approved by the Charity Trustees on .........................

..............................
J I Levy		 ..............................
Jennica Arazi
J Levy J Arazi
Trustee Trustee
Company Registration No. 01796116

NAIMA JPS COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Cash flows from operating activities
Cash generated from operations
19
Investing activities
Purchase of tangible fixed assets
Investment loans and receivables
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
107,697
(13,400)
(500,000)
21,142
(492,258)
-
(384,561)
3,926,603
3,542,042		 2021
£
£
489,464
(17,995)
-
3,030
(14,965)
-
474,499
3,452,104
3,926,603

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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 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.

1.3 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.

1.4 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.

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

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

FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

(Continued)

1.5 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.

1.6 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.

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.

1.7 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.

1.8 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.

1.9 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.

1.10 Retirement benefits

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

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

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

FOR THE YEAR ENDED 31 AUGUST 2022

1 Accounting policies

(Continued)

1.11 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 2021
Charitable
activities
Gross fees
and related
revenue
2022
£
Income within
charitable activities
2,074,079
Analysis by fund
Unrestricted funds
2,074,079
Restricted funds
-
2,074,079
Investments
Interest receivable		 Unrestricted
Designated
Restricted
Total
funds
funds
funds
2022
2022
2022
2022
£
£
£
£
96,063
250,000
34,583
380,646
441,546
50,000
54,576
546,122
Security
grants and
voluntary
donations
Total
2022
Gross fees
and related
revenue
Security
grants and
voluntary
donations
Total
2021
2022
2021
2021
£
£
£
£
£
139,923
2,214,002
2,368,495
138,894
2,507,389
-
2,074,079
2,368,495
-
2,368,495
139,923
139,923
-
138,894
138,894
139,923
2,214,002
2,368,495
138,894
2,507,389
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
21,142
3,030		 Total
2022
£
380,646
546,122
Total
2021
£
2,507,389
2,368,495
138,894
2,507,389

3 Charitable activities

4 Investments

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

5 Other income

Unrestricted Unrestricted Restricted Total
funds funds funds
2022 2021 2021 2021
£ £ £ £
Other income 27,421 30,764 22,310 53,074

6 Charitable activities

School
running and
admin costs
2022
£
Staff costs
1,873,809
Depreciation and
impairment
149,602
Other costs
346,214
2,369,625
2,369,625
Analysis by fund
Unrestricted funds
2,079,873
Designated funds
227,011
Restricted funds
62,741
2,369,625		 Security
costs
Establish -
ment costs
Mikveh and
operating
costs
2022
2022
2022
£
£
£
109,609
-
20,759
-
-
21,409
20,731
115,041
2,920
130,340
115,041
45,088
130,340
115,041
45,088
-
115,041
-
-
-
-
130,340
-
45,088
130,340
115,041
45,088		 Total
2022
£
2,004,177
171,011
484,906
2,660,094
2,660,094
2,194,914
227,011
238,169
2,660,094		 Total
2021
£
2,038,312
179,581
542,825
2,760,718
2,760,718
2,224,894
211,827
323,997
2,760,718

Cost include auditors fees of £10,533 (2021: £9,600) in respect of the audit of the accounts.

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

6 Charitable activities

(Continued)

For the year ended 31 August 2021

School
running and
admin costs
£
Staff costs
1,928,656
Depreciation and impairment
158,171
Other costs
358,095
2,444,922
2,444,922
Analysis by fund
Unrestricted funds
2,097,259
Designated funds
211,827
Restricted funds
135,836
2,444,922
7
School running costs
Wages, salaries and social security
Staff pension costs
Teachers’ training and related costs
Books and teaching consumables
School meals and refreshments
School outings and travel
Printing, stationary and communications
Insurance
Sundry expenses
Legal, professional and compliance costs
Computer & equipment maintenance
Bank charges
Marketing
Depreciation
Audit fees
Bad debts
ICT Suite
Donations		 Security
costs
Establish -
ment costs
Mikveh and
operating
costs
£
£
£
87,943
-
21,713
-
-
21,410
53,962
127,635
3,133
141,905
127,635
46,256
141,905
127,635
46,256
-
127,635
-
-
-
-
141,905
-
46,256
141,905
127,635
46,256
2022
£
1,747,274
126,535
21,007
37,157
153,686
30,141
11,995
27,859
12,219
11,800
23,491
1,837
2,626
149,602
10,533
-
1,863
-
2,369,625		 Total
2021
£
2,038,312
179,581
542,825
2,760,718
2,760,718
2,224,894
211,827
323,997
2,760,718
2021
£
1,810,455
118,201
20,918
45,531
125,709
33,276
18,132
26,254
14,623
25,946
19,964
1,894
4,482
158,171
9,600
5,000
1,766
5,000
2,444,922

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

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:

Teachers
Support staff
Headmaster
Security
Mikveh
Total
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		 2022
Number
39
7
1
3
1
51
2022
£
1,722,708
154,934
126,535
2,004,177
2022
Number
2
1
1		 2021
Number
39
9
1
3
1
53
2021
£
1,763,649
156,462
118,201
2,038,312
2021
Number
1
2
1

Of the employees whose emoluments exceed £60,000, 2 (2021: 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 £ 6,697,063 13,400 6,710,463 1,721,291 171,011 1,892,302 4,818,161 4,975,772
Religious artefacts £ 2,000 - 2,000 1,946 6 1,952 48 54
Fixtures, fittings & equipment £ 851,490 6,300 857,790 652,061 41,147 693,208 164,582 199,429
Mikveh £ 428,190 - 428,190 161,860 21,409 183,269 244,921 266,330
Improvements to property £ 4,899,110 7,100 4,906,210 687,892 98,124 786,016 4,120,194 4,211,218
Land and buildings £ 516,273 - 516,273 217,532 10,325 227,857 288,416 298,741
Tangible fixed assets Cost At 1 September 2021 Additions At 31 August 2022 Depreciation and impairment At 1 September 2021 Depreciation charged in the year At 31 August 2022 Carrying amount At 31 August 2022 At 31 August 2021
11

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

FOR THE YEAR ENDED 31 AUGUST 2022

12 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
16,867
566,295
59,672
642,834		 2021
£
40,414
38,656
52,714
131,784

13 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2022
£
140,079
593,696
18,115
751,890		 2021
£
155,301
591,051
19,777
766,129

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
2020
£
Sainsbury
Scholarship
205,548
Mikveh
295,979
Security
140,577
IT project
164,821
Art room
18,014
Library
84,632
Kitchen
122,319
Playground
7,191
Furlough
income
-
Sports
equipment
-
1,039,081		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 September
2021
£
£
£
1,100
-
206,648
51,976
(46,256)
301,699
138,894
(141,905)
137,566
-
(95,303)
69,518
-
(1,205)
16,809
-
(1,499)
83,133
-
(14,080)
108,239
-
(1,439)
5,752
22,310
(22,310)
-
1,500
-
1,500
215,780
(323,997)
930,864		 Movement in funds
Incoming
resources
Resources
expended
£
£
25,000
-
9,583
(45,088)
139,923
(130,340)
-
(47,498)
-
(964)
-
(1,384)
-
(11,745)
-
(1,150)
-
-
-
-
174,506
(238,169)		 Balance at
31 August
2022
£
231,648
266,194
147,149
22,020
15,845
81,749
96,494
4,602
-
1,500
867,201

NAIMA JPS COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

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
2020
£
School
development
fund/
Teachers of
excellence
1,456,865
Building fund
3,037,736
4,494,601		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 September
2021
£
£
£
-
(111,673)
1,345,192
50,000
(100,154)
2,987,582
50,000
(211,827)
4,332,774		 Movement in funds
Incoming
resources
Resources
expended
£
£
200,000
(127,075)
50,000
(99,936)
250,000
(227,011)		 Balance at
31 August
2022
£
1,418,117
2,937,646
4,355,763

The trustees have designated these funds.

Total 2021 £ 4,975,772 3,292,258 8,268,030
Restricted Funds 2021 £ 518,350 412,514 930,864
Designated Funds 2021 £ 4,108,424 224,350 4,332,774
Total Unrestricted Funds 2022
2021		 £
£		 4,818,161
348,998		 3,432,986
2,655,394		 8,251,147
3,004,392
Restricted Funds 2022 £ 474,310 392,891 867,201
Designated Funds 2022 £ 4,015,588 340,175 4,355,763
Unrestricted Funds 2022 £ 328,263 2,699,920 3,028,183
Analysis of net assets between funds Fund balances at 31 August 2022 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 2022

17 Scholarship Funds

The scholarship restricted fund of £213,648, 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 £77,926 (2021:£95,108).

18 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

2022 2021
£ £
Aggregate compensation 342,318 354,558

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
(Deficit)/surpus 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) in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2022
£
(16,883)
(21,142)
171,011
(11,050)
(14,239)
107,697		 2021
£
348,897
(3,030)
179,581
(55,708)
19,724
489,464

20 Analysis of changes in net funds

The Charity had no debt during the year.

NAIMA JPS COMPANY LIMITED BY GUARANTEE DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022

£
School activities
School fees
2,007,423
School trips
26,643
Other sundry income
67,433
School administration costs
(2,079,873)
Other overheads
Establishment costs
(115,041)
Surplus/deficit from school activities
Other charitable activities
General donations
96,064
Other income
Interest
Net movement in unrestricted funds
Teachers of excellence
Donations
200,000
Operating costs
(127,075)
Building
Donations
50,000
Operating costs
(99,936)
Net movement in designated funds		 2022
£
£
2,319,240
22,034
32,985
(2,097,259)
21,626
(127,635)
(115,041)
(93,415)
466,546
96,064
21,142
23,791
-
(111,673)
72,925
50,000
(100,154)
(49,936)
22,989		 2021
£
277,000
(127,635)
149,365
466,546
3,030
618,941
(111,673)
(50,154)
(161,827)

NAIMA JPS COMPANY LIMITED BY GUARANTEE DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

£
Mikveh activities
Donations
9,583
Operating cost
(45,088)
Security
Voluntary contributions and donations
139,923
Security related costs
(130,340)
Specific donations
Sports equipment
Scholarship fund
25,000
Operating costs
(62,741)
Net movement in restricted funds
Total surplus for the year		 2022
2021
£
£
£
51,976
(46,255)
(35,505)
5,721
138,894
(141,905)
9,583
(3,011)
1,500
1,100
(113,527)
(37,741)
(110,927)
(63,663)
(108,217)
(16,883)
348,897

Issuer

Gravita

Document generated Tue, 30th May 2023 17:01:47 BST Document fingerprint 069cdb3dd9b4f8e1a34a463edf287d4b

Parties involved with this document

Document processed

Party + Fingerprint

Tue, 30th May 2023 20:10:51 BST Wed, 31st May 2023 6:10:32 BST

Julian Levy - Signer (ce77ac1f58424de9513355f2aa538ad1) Jennica Arazi - Signer (556eb7fd5b8febb9c7e685f974ff6c9f)

Audit history log

Date

Action

Wed, 31st May 2023 6:10:32 BST Wed, 31st May 2023 6:10:32 BST Wed, 31st May 2023 6:09:03 BST Wed, 31st May 2023 6:08:50 BST Wed, 31st May 2023 6:08:49 BST Tue, 30th May 2023 20:11:18 BST Tue, 30th May 2023 20:10:54 BST Tue, 30th May 2023 20:10:53 BST Tue, 30th May 2023 20:10:51 BST

Tue, 30th May 2023 20:10:51 BST Tue, 30th May 2023 20:10:02 BST Tue, 30th May 2023 17:13:38 BST Tue, 30th May 2023 17:13:36 BST

Tue, 30th May 2023 17:04:46 BST Tue, 30th May 2023 17:04:46 BST Tue, 30th May 2023 17:02:06 BST

Tue, 30th May 2023 17:02:00 BST

The envelope has been signed by all parties. (85.255.234.101) Jennica Arazi signed the envelope. (85.255.234.101) Jennica Arazi viewed the envelope. (85.255.234.101) Jennica Arazi opened the document email. (104.28.89.69) Jennica Arazi opened the document email. (34.244.72.216) Jennica Arazi opened the document email. (52.51.11.198) Document emailed to jennica@arazi.ch (13.42.59.131) Julian Levy viewed the envelope. (149.71.171.15) Sent the envelope to Jennica Arazi (jennica@arazi.ch) for signing. (149.71.171.15) Julian Levy signed the envelope. (149.71.171.15) Julian Levy viewed the envelope. (149.71.171.15) Document emailed to julian@levyllp.com (13.42.16.38) Sent the envelope to Julian Levy (julian@levyllp.com) for signing (86.171.119.89) Jennica Arazi has been assigned to this envelope (86.171.119.89) Julian Levy has been assigned to this envelope (86.171.119.89) Document generated with fingerprint 069cdb3dd9b4f8e1a34a463edf287d4b (86.171.119.89) Document generated with fingerprint 1414edd4e926b8748824e35765e9570f (86.171.119.89)

Tue, 30th May 2023 17:01:58 BST Document generated with fingerprint 587b17bad9ea06fe876aec1287efe488 (86.171.119.89) Tue, 30th May 2023 17:01:47 BST Envelope generated by Michelle Irwin (86.171.119.89)