**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.
- 1 -
## **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.
- 2 -
## **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:
- Comprehensive strategic planning and budgeting;
- Established organisational structure with formal written policies;
- Formal policies with clear authorisation and approval levels; and
- Strict vetting procedures as required by law for those requiring protection.
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
- 3 -
## **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.
- 4 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **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: .........................
- 5 -
## **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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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.
- 6 -
**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:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report and the strategic report prepared for the purposes of company law, is consistent with the financial statements; and
- the strategic report and the directors' report included within the Trustees' report have been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the Charity sector
- 7 -
## **NAIMA JPS COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NAIMA JPS**
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, but not limited to, the Companies Act 2006, Charities Act 2011 and taxation legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- understanding the charitable objectives as part of the control and operating environment;
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations.
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.
- 8 -
## **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
- 9 -
## **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.
- 10 -
## **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**||
- 11 -
## **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|
|---|---|---|
- 12 -
**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.
- 13 -
## **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
- 14 -
## **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**
- 15 -
## **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.
- 16 -
## **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|
- 17 -
**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.
- 18 -
||**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|
- 20 -
## **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.
- 21 -
||**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.
- 23 -
## **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)