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2024-08-31-accounts

Registered number: 01796116 Charity number: 289066

NAIMA JPS

COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

NAIMA JPS COMPANY LIMITED BY GUARANTEE

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 11
Statement of Financial Activities 12
Statement of Financial Position 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 29

NAIMA JPS COMPANY LIMITED BY GUARANTEE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Trustees R Yentob
J Levy
J Arazi
I Levy
V Shamoon
I Corre
I Levy
Company registered
number
01796116
Charity registered
number
289066
Registered office
21 Andover Place
London
NW6 5ED
Company secretary
A Cohen
Independent auditors
Sopher + Co LLP
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

Page 1

NAIMA JPS COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their annual report together with the audited financial statements of the Naima JPS for the year 1 September 2023 to 31 August 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

The charity's objectives 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 centred 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 school continues to promote and engender core British values amongst our pupils.

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.

Page 2

NAIMA JPS COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Achievements and performance

a. Review of activities

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 tournaments, the choir to an annual community, children’s choral festival and collaborating in joint P.E. lessons with a local 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.

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 excellent with places offered at top London, independent Secondary schools. Our children were awarded a performing arts and several academic scholarships. Methods of testing continue to change annually and our teachers worked hard to ensure that the children were fully prepared for the variety of tests being used.

As last year, the children met with a wide spectrum of visitors throughout the year such as a weekly yoga teacher, authors, illustrators and other professionals and the children went on several outings to museums, art galleries and theatres, for example. Additionally, the annual visits of the farm and the toy museum are eagerly anticipated by the pupils and help bring learning to life. The weekly, early morning running club for the children started last year still attracts many children each week. The older children recently partook in the Bikeability course, which teaches them the practicalities of cycling, especially on the roads. The house points system introduced last year continues to be popular with the children and they remain encouraged to be awarded house point tokens. Our holiday camps for our pupils have been so successful that these are now automatically offered for several days during each holiday period. Mental health and wellbeing of both pupils and staff is important to the school. A counsellor and wellbeing coach visit the school each week for the pupils and the school subscribes to an employee assistance program for the staff, which offers them access to mental health and wellbeing support.

The School and parent body have kept in regular contact with Westminster Council about their social housing building project next door to the School. The works did not finish last Spring as expected, but are now nearing completion with the hoardings expected to be removed shortly.

Our ethos remains to maintain both secular and religious academic standards to the high level, to which the School has become known and to strive to provide the children with a stimulating, spiritual and excellent all round education. The school continues to promote and engender core British values amongst our pupils. We expect the School to thrive for the foreseeable future.

b. Review of performance

The school's operating surplus in the year was £94,854 (2023 - £380,837).

School fees increased by 11% to £2,484,552. School wages and salaries increased by 8.9% to £2,316,581.

The net funds as at 31 August 2024 were £8,726,839 (2023 - £8,631,985) and are considered satisfactory having regard to the Charity's objectives.

Page 3

NAIMA JPS COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Financial review

a. Reserves policy

The Trustees have determined that the minimum 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. The Trustees’ financial policy is to generate an income stream with minimal risk to capital. As part of the charity’s restricted funds, the school scholarship fund of £231,648, is earmarked to provide scholarships to qualifying students. There were no qualifying applications received during the year.

Structure, governance and management

a. Constitution

The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Page 4

NAIMA JPS COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management (continued)

c. Financial risk management

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures 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.

d. Organisational structure and decision-making policies

The full name of the charity is Naima JPS and its Registered Charity Number is 289066.

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

R Yentob J Levy J Arazi I Levy V Shamoon I Corre I Levy

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:

Page 5

NAIMA JPS COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management (continued)

Governors

Mrs Alexandra Maurice Mr Adam Keats Mr Jonathan Marks Ms Clare Ettinghausten Mr David Djanogly Mr Emil Fattal Mrs Sian Levy Dr Naomi Katz Mr Edward Misrahi Mrs Meira Drazin Mr Joshua Ereira (appointed 01.07.24) Dr Efrat Sopher

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.

Plans for future periods

The Charity remains focused 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 remains subscribed to a health and wellbeing programme for all staff.

Minor refurbishment works, such as the replacement of some of the flooring and the conversion of a kitchenette to a therapist’s room took place last summer.

The expected upgrade of the furniture and air conditioning units to the IT suite did not occur. This is now planned for the upcoming holidays, as is the complete renovation of the playground. We continue to invest in new computers, iPads and interactive, classroom whiteboards on a rolling, replacement basis.

Auditors

Sopher + Co LLP were appointed as auditors on 20 March 2025. Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to trustees or 28 days after the date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 6

NAIMA JPS COMPANY LIMITED BY GUARANTEE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Approved by order of the members of the board of Trustees and signed on their behalf by:

J Levy (Trustee)

J Arazi (Trustee)

Date: 29 May 2025

Page 7

NAIMA JPS COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITORS' REPORT TO THE OF NAIMA JPS

Opinion

We have audited the financial statements of Naima JPS (the 'Company') for the year ended 31 August 2024, which comprise , the Statement of Cash Flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material

Page 8

NAIMA JPS COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITORS' REPORT TO THE OF NAIMA JPS (CONTINUED)

inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Charity Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page , the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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.

Page 9

NAIMA JPS COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITORS' REPORT TO THE OF NAIMA JPS (CONTINUED)

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:

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:

We assessed the susceptibility of the 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 directors 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

Page 10

NAIMA JPS COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITORS' REPORT TO THE OF NAIMA JPS (CONTINUED)

may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Iseman (Senior Statutory Auditor)

for and on behalf of Sopher + Co LLP

Chartered Accountants Statutory Auditors

5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD

29 May 2025

Page 11

NAIMA JPS COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Other expenditure
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
78,338
2,484,552
244,012
130,783
2,937,685
2,857,216
5,625
2,862,841
74,844
7,774,390
74,844
7,849,234		 Restricted
funds
2024
£
33,781
252,599
-
-
286,380
266,370
-
266,370
20,010
857,595
20,010
877,605		 Total
funds
2024
£
112,119
2,737,151
244,012
130,783
3,224,065
3,123,586
5,625
3,129,211
94,854
8,631,985
94,854
8,726,839		 Total
funds
2023
£
668,416
2,388,447
159,899
36,533
3,253,295
2,877,453
(4,995)
2,872,458
380,837
8,251,148
380,837
8,631,985

The Statement of Financial Activities includes all gains and losses recognised in the year.

The Statement of Financial Activities also complies with requirements under the Companies Act 2006.

Page 12

NAIMA JPS COMPANY LIMITED BY GUARANTEE REGISTERED NUMBER: 01796116

STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024

Note
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
17
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
Designated funds
19
General funds
19
Total funds		 1,231,277
4,460,515
5,691,792
(1,586,731)		 2024
£
4,621,778
4,105,061
8,726,839
877,605
3,897,746
3,951,488
8,726,839		 767,733
3,990,608
4,758,341
(822,532)		 2023
£
4,696,176
3,935,809
8,631,985
857,595
4,131,897
3,642,493
8,631,985

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J Levy (Trustee)

J Arazi (Trustee)

Date: 29 May 2025

The notes on pages 15 to 29 form part of these financial statements.

Page 13

NAIMA JPS COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
Investment income received
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
330,691
(104,796)
-
244,012
139,216
469,907
3,990,608
4,460,515		 2023
£
334,505
(50,838)
5,000
159,899
114,061
448,566
3,542,042
3,990,608

The notes on pages 15 to 29 form part of these financial statements

Page 14

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. General 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.

The principal activity of the charity is to raise funds for the education of the public (with particular emphasis on students engaged in full time primary education).

The functional and presentational currency of the charity is £ Sterling.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Naima JPS meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 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.

2.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 15

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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.

2.5 Expenditure

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.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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 buildings 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.

Page 16

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

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 and fittings - 20% reducing balance Religious artefacts - 10% reducing balance

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Liabilities

Liabilities are recognised when there is an obligation at the Statement of Financial Position date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The Company 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.

Page 17

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.12 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.

2.13 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.

3. Income from donations and legacies

Unrestricte Restricted Total Total
d funds funds funds funds
2024 2024 2024 2023
£ £ £ £
Donations and gifts 78,338 33,781 112,119 668,416

4. Income from charitable activities

Gross fees and related revenue
Security grants and voluntary donations
Total 2024		 Unrestricte
d funds
2024
£
2,484,552
-
2,484,552		 Restricted
funds
2024
£
-
252,599
252,599		 Total
funds
2024
£
2,484,552
252,599
2,737,151		 Total
funds
2023
£
2,231,225
157,222
2,388,447

Page 18

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

5. Investment income

Unrestricte Total Total
d funds funds funds
2024 2024 2023
£ £ £
Interest receivable 244,012 244,012 159,899

6. Other incoming resources

Unrestricte Total Total
d funds funds funds
2024 2024 2023
£ £ £
Other income 130,783 130,783 36,533

7. Analysis of expenditure on charitable activities

Summary by fund type

School running costs
Security
Establishment
Mikveh		 Unrestricte
d funds
2024
£
2,731,088
-
126,128
-
2,857,216		 Restricted
funds
2024
£
15,679
199,366
-
51,325
266,370		 Total
2024
£
2,746,767
199,366
126,128
51,325
3,123,586		 Total
2023
£
2,562,262
120,175
148,585
46,431
2,877,453

Page 19

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Other expenditure

Net profit on disposal of fixed assets
Charitable donations		 Unrestricte
d funds
2024
£
-
5,625
5,625		 Restricted
funds
2024
£
-
-
-		 Total
funds
2024
£
-
5,625
5,625		 Total
funds
2023
£
(4,995
-
(4,995

9. Analysis of expenditure by activities

School running costs
Security
Establishment
Mikveh		 Activities
undertaken
directly
2024
£
2,746,767
199,366
126,128
51,325
3,123,586		 Total
funds
2024
£
2,746,767
199,366
126,128
51,325
3,123,586		 Total
funds
2023
£
2,562,639
120,407
147,975
46,432
2,877,453

Analysis of direct costs

Staff costs
Depreciation and
impairment
Other costs		 School
running
costs
2024
£
2,149,390
157,741
439,636
2,746,767		 Security
costs
2024
£
143,748
-
55,618
199,366		 Establish-
ment costs
2024
£
-
-
126,128
126,128		 Mikveh and
operating
costs
2024
£
23,443
21,453
6,429
51,325		 Total
funds
2024
£
2,316,581
179,194
627,811
3,123,586		 Total
funds
2023
£
2,126,659
172,818
577,976
2,877,453

Page 20

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. School running costs

School wages, salaries and social security
School staff pension costs
Teacher's 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
ICT Suite
Bad debt		 2024
£
2,041,464
107,926
20,782
35,086
199,055
46,048
14,373
32,030
16,523
30,996
18,887
1,752
2,409
157,741
15,220
6,475
-
2,746,767		 2023
£
1,925,314
89,888
19,761
34,028
195,785
41,826
14,586
29,917
3,610
12,426
11,817
2,023
1,398
151,366
13,150
13,084
2,660
2,562,639

11. Auditors' remuneration

2024 2023
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 15,220 13,084

Page 21

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12. Staff costs

Wages and salaries
Social security costs
Other pension costs		 2024
£
2,033,846
174,809
107,926
2,316,581		 2023
£
1,862,508
174,262
89,888
2,126,658

The average number of persons employed by the Company during the year was as follows:

Teachers
Support staff
Headmaster
Security
Mikveh		 2024
No.
45
8
1
2
1
57		 2023
No.
41
7
1
3
1
53

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 1 2
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 2 1

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 22

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. Taxation

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

15. Tangible fixed assets

16.

Land and
buildings
£
Cost
At 1 September 2023
516,273
Additions
-
At 31 August 2024
516,273
Depreciation
At 1 September 2023
238,182
Charge for the year
10,325
At 31 August 2024
248,507
Net book value
At 31 August 2024
267,766
At 31 August 2023
278,091
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Improve-
ments to
property
£
4,906,210
33,341
4,939,551
884,140
98,791
982,931
3,956,620
4,022,070		 Mikveh
£
429,053
-
429,053
204,722
21,453
226,175
202,878
224,331		 Fixtures
and
fittings
£
907,765
71,455
979,220
736,119
48,620
784,739
194,481
171,646		 Fixtures
and
fittings
£
907,765
71,455
979,220
736,119
48,620
784,739
194,481
171,646		 Religious
artefacts
£
1,800
-
1,800
1,762
5
1,767
33
38
2024
£
599,671
555,306
76,300
1,231,277		 Total
£
6,761,101
104,796
6,865,897
2,064,925
179,194
2,244,119
4,621,778
4,696,176
2023
£
53,754
678,329
35,650
767,733

Page 23

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. Cash at bank

Included within cash balances are funds held in trust for another charity, the Rabbi Levy Charitable Trust. The corresponding liability of £125,000 is included in other creditors. Any interest earned on these funds is paid over to the Rabbi Levy Charitable Trust upon receipt.

18. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
19.
Statement of funds
Statement of funds - current year
Balance at 1
September
2023
£
Unrestricted funds
Designated funds
Teachers of excellence
1,293,900
Building fund
2,837,997
4,131,897
Balance at 1
September
2023
£
General funds
General funds
3,642,493
Establishment
-
3,642,493		 Income
£
-
-
-
Income
£
2,937,685
-
2,937,685		 2024
£
114,400
460,800
1,011,531
1,586,731
Expenditure
£
(134,066)
(100,085)
(234,151)
Expenditure
£
(2,502,562)
(126,128)
(2,628,690)		 2023
£
105,272
310,063
407,197
822,532
Balance at
31 August
2024
£
1,159,834
2,737,912
3,897,746
Balance at
31 August
2024
£
4,077,616
(126,128)
3,951,488

Page 24

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Statement of funds - current year (continued)

Balance at 1
September
2023
£
Total Unrestricted funds
7,774,390
Balance at 1
September
2023
£
Restricted funds
Sainsbury scholarship
231,648
Mikveh
233,549
Security
183,964
IT Project
16,109
Art room
15,074
Library
80,457
Kitchen
86,617
Playground equipment
3,682
Sports Equipment
1,500
Artefacts
4,995
857,595
Total of funds
8,631,985		 Income
£
2,937,685
Income
£
-
33,781
252,599
-
-
-
-
-
-
-
286,380
3,224,065		 Expenditure
£
(2,862,841)
Expenditure
£
-
(51,325)
(199,366)
(4,729)
(617)
(1,218)
(8,379)
(736)
-
-
(266,370)
(3,129,211)		 Balance at
31 August
2024
£
7,849,234
Balance at
31 August
2024
£
231,648
216,005
237,197
11,380
14,457
79,239
78,238
2,946
1,500
4,995
877,605
8,726,839

Page 25

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 September
2022
£
Unrestricted funds
Designated funds
Teachers of excellence
1,418,117
Building fund
2,937,646
4,355,763
Balance at
1 September
2022
£
General funds
General funds
3,028,183
Establishment
-
3,028,183
Total Unrestricted funds
7,383,946		 Income
£
-
-
-
Income
£
3,082,288
-
3,082,288
3,082,288		 Expenditure
£
(124,217)
(99,469)
(223,686)
Expenditure
£
(2,320,184)
(147,974)
(2,468,158)
(2,691,844)		 Balance at
31 August
2023
£
1,293,900
2,838,177
4,132,077
Balance at
31 August
2023
£
3,790,287
(147,974)
3,642,313
7,774,390

Page 26

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Statement of funds (continued)

Balance at
1 September
2022
£
Restricted funds
Sainsbury scholarship
231,648
Mikveh
266,194
Security
147,149
IT Project
22,020
Art room
15,845
Library
81,749
Kitchen
96,494
Playground equipment
4,602
Sports Equipment
1,500
Artefacts
-
867,201
Total of funds
8,251,147		 Income
£
-
13,785
157,222
-
-
-
-
-
-
-
171,007
3,253,295		 Expenditure
£
-
(46,430)
(120,407)
(5,911)
(771)
(1,292)
(9,877)
(920)
-
4,995
(180,613)
(2,872,457)		 Balance at
31 August
2023
£
231,648
233,549
183,964
16,109
15,074
80,457
86,617
3,682
1,500
4,995
857,595
8,631,985

20. Summary of funds Summary of funds - current year

Balance at 1
September
2023
£
Designated funds
4,131,897
General funds
3,642,493
Restricted funds
857,595
8,631,985		 Income
£
-
2,937,685
286,380
3,224,065		 Expenditure
£
(234,151)
(2,628,690)
(266,370)
(3,129,211)		 Balance at
31 August
2024
£
3,897,746
3,951,488
877,605
8,726,839

Page 27

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20.
Summary of funds (continued)
Summary of funds - prior year
Balance at
1 September
2022
£
Designated funds
4,355,763
General funds
3,028,183
Restricted funds
867,201
8,251,147
21.
Analysis of net assets between funds
Analysis of net assets between funds - current period
Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Income
£
-
3,082,288
171,007
3,253,295
Unrestricte
d funds
2024
£
4,223,967
5,211,998
(1,586,731)
7,849,234
Unrestricte
d funds
2023
£
780,237
4,542,383
(822,532)
4,500,088		 Expenditure
£
(223,686)
(2,468,158)
(180,613)
(2,872,457)
Restricted
funds
2024
£
397,811
479,794
-
877,605
Restricted
2023
£
3,915,939
215,958
-
4,131,897		 Balance at
31 August
2023
£
4,132,077
3,642,313
857,595
8,631,985
Total
funds
2024
£
4,621,778
5,691,792
(1,586,731)
8,726,839
Total
funds
2023
£
4,696,176
4,758,341
(822,532)
8,631,985

Page 28

NAIMA JPS COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Increase in debtors
Increase in creditors
Net cash provided by operating activities		 2024
£
94,854
(244,012)
-
179,194
(463,544)
764,199
330,691		 2023
£
380,837
(159,899)
(4,995)
172,818
(124,899)
70,642
334,504

23. Analysis of cash and cash equivalents

Cash in hand
Analysis of changes in net debt
At 1
September
2023
£
Cash at bank and in hand
3,990,608		 2024
£
4,460,515
Cash flows
£
469,907		 2023
£
3,990,608
At 31
August
2024
£
4,460,515

24. Analysis of changes in net debt

Page 29

SIGNATURE CERTIFICATE

Document

Name N494_31_08_2024_Naima JPS- Final full.pdf Creator Nicole Meho (nicole.meho@sopherco.com) Date 29 May 2025 13:41:17 UTC Identifier 405049d9-9e8f-41ac-86dd-53341d640552

Signers

julian@levyllp.com

E-mail julian@levyllp.com Signed 29 May 2025 15:11:02 UTC IP address 37.120.233.254

jennica@arazi.ch

E-mail jennica@arazi.ch Signed 30 May 2025 13:22:23 UTC IP address 104.28.42.86