CHARITY REGISTRATION NUMBEIL. 312592 MENORAH PRtMARY SCHOOL FINANCIAL STATEMENTS 31 MARCH 2024 COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWII OPU
tENOII4H PRIMARY SCHOOL FINANCIAL STATEMENTS YEAR ErED 31 MARCH 2024 Pages Ito3 Trustees, annual report Independent auditor's report to the members Statement of financial activities 4t07 ststement of financial position Statement of cash flows 10 Notes to the financial statements llto19
MENORAH PIIIMARY SCHOOL TRUSTEESI ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trustees present their report and the financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATtVE DETAILS Registered charity name Charity registration number Principal oifice Menorah Primary School 312592 The Wohl Campus 1-3 The Drive London NWII 9SP THE TRUSTEES Ronald Hofbauer Philip Weinstein Benjamin E Schreiber Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWII OPU Auditor STRUCTURE, GOVERNANCE AND MAIYAGEMENT Legal Status The school is registered with the Charity Commission, registration number 312592, and is governed by a Trust Deed dated 4 October 1965. Organisatlon and appointment of trustees The trustees of the school hold the propety on Trnt for the school and pennit its use to further the school's objectives. The school is administered and managed by a Board of Managers referred to as the Governing Body. An executive committee of the Governing Body oversees the daily running of the school. Risk management The trustees have examined the major strategic, business and operational risks which the school faces and confinn that Systems have been established to enable regular reports to be produced so that the necessary steps can be taken to manage these risks.
I[ENORAH PRIMARY SCHOOL TRUSTEES, ANNUAL REPORT ( coNliMtsed) YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES The trustees confirni that they have refed to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the school's aims and objectives and in planning future activities and policies. The objectives of the school are to provide on a non-profit basis a secular and religious education for Jewish boys and girls. The secular side is administered and principally financed by the local education authority, and its finances are not incory)orated in these financial statements. The school does not charge fees and only requests for voluntary contributions. This ensures that all families, even those in difficult financial situations who cannot make any voluntary contributions Can send their children to the school. ACHIEVEMENTS AND PERFORMANCE The school continued to provide a very good education to Jewish boys and girls. The financial statements summarise the transactions of the charity for the year. FINANCIAL REVIEW Reserves pollcy It is the policy of the h0o1 to maintain unrestricted funds at a level which enables it to pay its liabilities as they fall due. This provides sufficient funds to cover management and administration funds. As at 31 March 2024 the charity had £910,934 unrestricted funds and £4,019,168 restricled funds. This is made up of £4,641,791 Fixed Assets and £288,31 l Net Current Assets. PLANS FOR FUTURE PEIUODS The school will continue to further its objectives of providing on a non-profit basis a good secular and religious education lo Jewish boys and girls. The trustees will continue to support the senior management of the school in improving standards at the school and by providing the finances and assets necessary to maintain and advance Ihe education of the children in the school. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsible for preparing the trStees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th¢ law applicable to charities in England and Wales requires the charity trustees to prepare financial slatements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
MENORAH PRIMARY SCHOOL TRUSTEES, ANNUAL REPORT (¢o#tlKMed) YEAR ENDED 31 MARCH 2024 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 applicable Charities SORP. make judgments and accounting 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 charity will continue in business. The trust¢¢s are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that thc financial statements comply with the Charities Act 201 I, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabl¢ steps for the prevenlion and detection of fraud and other irregularities. The trustees, annual report was approved on 27 January 2025 and signed on behalf of the board of trust Philip Weinstein Trustee
MENORAH PRIMARY SCHOOL INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF MENORAH PRIMARY SCHOOL YEAR ENDED 31 MARCH 2024 OPINION We have audited the financial statements of Menorah Primary School (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities. slatement of financial position. statement of cash tlows and the related notes, including a summary of significant COUnting policies. The financial rewrting framework that has been applied in iheir preparation is applicable law and United Kingdom Accounting Standards. including FRS 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 charity's affairs as at 31 March 2024 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; have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPIIYION We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the audito¢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 Ihe 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 perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl 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 slatements are authorised for issue. Our responsibililies and the responsibilities of the trustee5 Wlth respect to going concern are described in the relevant sections of this report.
MENORAH PRIMARY SCHOOL IIWEPENDENT AUDITORIS REPORT TO THE MEMBERS OF MENORAH PIUMARY SCHOOL (Confflnued) YEAR ENDED 31 MARCH 2024 OTHER INFORMATION The other inforniation comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. Thc trustees are responsible for the other infonnation. OUT opinion on the financial ststements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility IS to read the other inforniation and, in doing so, consider whether the other inforniation 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 inconsistencies or apparent material misststements, we are required to detemine whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. 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 trustees, report. We have nothing to rew)rt in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: the inforniation given in the trustees, report is incon5is*nt in any material respect with the financial statements. or adequate accounting records have not been kept. or the financial statements a not in agreement with the accounting records and returns- or w¢ have not received all the inforniation and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the trustees, responsibilities statement, the trustees are reswnsible 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 deterniine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and sIng the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
tENORAH PRIMARY SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MENORAH PRIMARY SCHOOL {tolllinued) YEAR ENDED 31 MARCH 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance alx)ut wh¢ther the financial statemenls as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditOT'S report that includes our opinion. Reasonable assurance is a high level of as5uran¢e, but 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will always deted a material misstatement when it exists. Misstaternents 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. IegularitIes, 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: We obtained an understanding of the legal and regulatory frnmeworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagemenl team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations. We discussed with the trustees the policies and procedures regarding complianre with these legal and regulatory frameworks. We assessed the susceptibility of the charity's financial statements to material mi5Statement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation phases stages of our audit. The susceptibility to such material misstatement was deterniined to be low. Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional sceptiCi5m throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, infrntional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
IVIENORAH PRIMARY SCHOOL ILYDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MENORAH PRIMARY SCHOOL ( comlirtued) YEIIR ENDED 31 MARCH 2024 Conclude on the approprialeness of the trustees, Use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. Il we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the rclated disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, futute events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair Presentation. We communicate with those Charged with governance regarding, among other matters, the planned scope and timing of the audit and Signifint audit findings, including any significant deficiencies in internal control that we identify during our audit. Cohen Arnold is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006. USE OF OUR REPORT This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniilled by law, we do not accept or assume responsibility to anyone other than the Charity and the charity's members as a body, for our audit wor¥,. for this report, or for the opinions we have fonned. Cohen Arnold Chartered Accountants & Statutory Auditor New BurlInon House 1075 Finchley Road LONDON NWII OPU 27 January 2025
MENORAH PRIMARY SCHOOL STATEMEiYf OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 2024 Unrestricted R¢stricted funds funds Total funds Total funds 2023 No¢¢ Income and endoivments Donations and legacies Investment income 1,580,655 114,066 91,744 1,672,399 114,066 1289.289 99.866 Totsl income 1,694,721 91,744 1,786,465 1,389.155 Expenditure Expenditure on raising funds: Costs of raising donations and legacies Investment management costs Expenditure on charitable activities Total expenditure (17,699) (14,532) 8,9 (1,686,713) (1,718,944) (17,699) (14,532) (15,251) (99,215) (1,785,928) (1,573,930) (99,215) (1,818,159) (1,589,181) Net expendlture and net movement In funds (24,223) (7,471) (31,694) (200,026) Reconclliation of funds Total funds brought forward Total funds carried forward 935,157 4,026,639 4,019,168 4,961.796 4,930,102 5,161,822 4,961,796 910,934 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages li to 19 form part of these financial statemertts.
MENORAH PRIMARY SCHOOL STATEMEIYT OF FINANCIAL POSITION 31 NL4RCH 2024 2024 2023 No Fixed assets Tangible fixed assets Investments 15 16 2,091,791 2,550.000 4,641,791 2,186,364 2,550.000 4,736,364 Current assets Debtors Cash at bank and in hand 17 8.921 304,818 313,739 (25,428) 7,421 266,610 274,031 Creditors: amounts falling due wlthiD one year Net eurrent assets 18 (22,375) 251,656 288,311 TotAI assets less current liabilitle8 4,930,102 4,988,020 Creditors: amounts falling due after more than one year 19 (26,224) 4,961,796 Net Assets 4,930,102 FuDds of the charity Restricted funds Unrestricted ndS 4,098,658 831,444 4,026,639 935,157 Total cbarity funds 20 4,930,102 4,961,796 These financial statements were approved by the board of trustees and authorised for issue on 27 Jai uary 2024, and are signed on behalf of the board by: Ronald Trustee Holbauer Philip Weinstein Trustee The notes 011 Pages li to 19 form part of thes¢ financial statements.
MENORAH PRIMARY SCHOOL STATETrtENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net expenditure Adjustmentsfor.. Depreciation of tangible fixed assets Dividends, interest and rents from investments Other interest receivable and similar income Accrued income (31,694) (200,026) 94,573 (107,825) (6,241) 98,029 (97,990) (1,876) (360) Changes in.. Trade and other debtors Trade and other creditors (I,soo) (2.293) 3,053 (723) (49,634) (205,239) 6,241 1.876 (43,393) (203,363) Cash generated from operations Enterest received Net cash used in operating activities Cash floivs from Investing aetivltles Dividends, interest and rents from investments Purchase of tangible assets Net cash from investing activities 107,825 97,990 (13,152) 84.838 107,825 Cash flow3 from financing activities Proceeds from borrowing5 Net cash used in financing activities (26,224) (26,224) (2,959) (2,959) Net increasel(decrease) in cash and cash equivalents Cash and cash equlvalents At beginnlng of year Cash and cash equivalents at end of year 38,208 266,610 304,818 (121,484) 388,094 266,610 The notes on page5 11 to 19 form part of these fingncial ststemertts. io
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Wohl Campus, 1-3 The Drive, London, NWI 19SP. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS I02)) and the Charities Act 2011. ACCOUNTING POLICIES Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, &s the trustees have a reasonable expectation that the chariiy has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilitles as they fall due, based on the net cuent asset position of the charity and available sources of finance. Public benefit entity The charity constitutes a public benefit entity as defined by FRS102. Judgements and key sources of estimation uncertainty In the application of the charily'S accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent frorn other sources. The estimates and &ssociated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and futuie periods if the revision affects both rUent and future periods. The Trustees do not consider there are any critical judgement5 or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below. li
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (thnlittuedj TAR ENDED 31 MARCH 2024 ACCOUIYTING POLICIES {eollrfn4ed) Fund accounting General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Restricted funds are funds subject to specific restricted conditions imposed by donors. Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date. Incoming resources All income is included in the Statement of Financial Activities (SOFA) when entitlement has passed to the charity, it is probable that the economic benefits aSS(lated with the transaction will flow to the charity and the amount can be reliably m&qsured. The following specific policies are applied to particular categories of income: Voluntary contributions are credited to the SOFA on a cash received basis. Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Donations represents voluntary amounts received during the year. Income tax recoverable Income tax recoverable in respect of gift aid donations received is accounted for on an accrual basis. Resources expended Expenditure is charged on an accrual basis and allocated to Ihe appropriate headings in the accounts. The majority of costs are directly attributable to specific activities. Costs incurred in respect of the charitable activities include elements of staff costs and attributable support costs Support costs Support costs are those costs which are common to all areas of the organisation. These are allocated across all areas of activity on the basis of the number of service users for each activity. Governance ¢osts Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts. 12
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (conÈinAed) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (eothlnu) TangAble assets The school site and development costs prior to l April 1999 were written down to a notional £1 with prior y&2r improvements to the school buildings having been written off to the Statement of Financial Activities as incurred. Charities SORP (FRS102) requires that the land and buildings are included in the Balance Sheet at historical cost less accumulated depreciation or at valuation and that improvement Costs are capitalised in the Balance Sheet and depreciated. The Trustees consider that the restatement of fixed assets would be of no benefit to the charity. School development and improvements costs incurred since l April 1999 have been capitalised and depreciated in accordance with the charity's depreciation policy below. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold Property 20/0 straight line Fixtures and Fittings l O % reducing balance Investment property Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition." • Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise" and •No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is detemined by the Trustees based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recenl Comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals a considered to have taken place at Ihe date of legal completion and are included in the financial statements accordingly. 13
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eowllnue4) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (coftrfnued) Fingnclal finstruments A financial asset or a financlal liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. The charity only has financial assets and liabilities of a kind that qualify as b&8ic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. DONATIO]NS AND LEGACIES Unrestricted Funds Restricted Total Funds Funds 2024 Donations Voluntary Contributions Donations 1,097,376 483,279 1,097J76 483,279 Grants Grants 91,744 91,744 1,580,655 91,744 1,672,399 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Voluntary Contributions Donations 1,088,447 107,070 1,088,447 107,070 Grants Grants 93,772 93,772 1,289,289 1,195,517 93,772 INVESTMENT INCOME Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from investment propertie5 Bank interest receivable 107,825 6,241 107,825 6241 97,990 1,876 97.990 1,876 114,066 114,066 99,866 99,866 14
i[N0RAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eo nÈlftued) YEAR ENDED 31 MARCH 2024 COSTS OF RAISING DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricfrd Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies - t)onations 17,699 17,699 INVESTMENT MANAGEMENT COSTS Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment management fees Interest and similar charges Repairs 2.670 102 11,760 14.532 2h70 102 11,760 6,410 1,029 7.812 6.410 1,029 7,812 14,532 15,251 15,251 EXPENDITURE ON CHAIUTABLE ACTIVITIES BY FUND TYPE Restricted Total Funds Funds 2024 Unrestricted Funds Provision of secular and religious education Support costs 1,675,420 11,293 1,686,713 99,215 1.774,635 11293 1,785,928 99.215 Unrestricted Funds Restricted Total Funds Funds 2023 Provision of secular and religious education Support costs 1,423,447 16,560 133,923 1.557,370 16,560 1,573,930 1,440,007 133,923 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly Grant funding of activities Support costs Totsl funds 2024 Total fund 2023 Provision of Secul and religious education Governance costs 1,376,585 398,050 2,464 8.829 1,777,099 8,829 1,559,712 14,218 1,376.585 398,050 11,293 1,785,928 1,573,930 15
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS fcohdKMed) YEAR ENDED 31 MARCH 2024 10. NET EXPENDITURE Net expenditure is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 94573 98,029 11. AUDITORS REMUIYERATION 2024 2023 Fees payable for the audit of the financial statements 6,240 6,240 12. STAFF COSTS Th¢ total staff costs and employ¢¢ benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security Costs Employer contributions to pension plans 913,426 67,132 23,577 1,004,135 823.978 61,194 19,674 904,846 The average head count of employees during the year wa5: 2024 2023 Number of staff 62 57 The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. £60,000 to £69,999 £70,000 to £79,999 13. TRUSTEE REMUNERATION AND EXPENSES There was no remuneration paid to the trtees. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 14. TRANSFERS BETWEEN FUNDS Transfers between funds relates to restricted income spent on capital expenditure. It is the policy of the charity to move these to unrestricted funds once it has been spent unless there are restricting conditions even after the income has been spent. 16
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (conllnuedj YEAR ENDED 31 MARCH 2024 15. TANGIBLE FIXEDASSETS Land and Fixtures and buildings fittings Total Cost At l April 2023 and 31 March 2024 Depreciation At l April 2023 Charge for the year At 31 M2rch 2024 3,173,404 937,573 4,110,977 1,298,086 63,468 1,361,554 626.527 31,105 657,632 1.924,613 94,573 2,019,186 Carrying amount At 31 March 2024 1,811,850 279,941 311,046 2,091,791 2,186,364 At 31 March 2023 1,875,318 16. INVESTMENTS Investment properties Fair value At l April 2023 and 31 March 2024 Carrying amount At 31 March 2024 2 J50,000 2550,000 At 31 March 2023 2,550,000 All investmenls shown above are held at valuation. Investment properties The charity's investment properties were valued by the trustees b&sed on their experience in the property market and having regard lo many factors including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. The historical cost of investment properties at 31 March 2024 is £1,747,130 (2022: £1,747.130). 17. DEBTORS 2024 2023 Income tax recoverable Other debtors 7,421 &921 &921 7.421 17
IVIENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eortllnued) YEAR ETMDED 31 IRCH 2024 18. CREDITORS: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes 6240 19,188 6,240 16,135 2S428 22,375 19. CREDITORS: amounts falling due After more than ODe year 2024 2023 Bank loans and overdrafts 26.224 The bank loan is unsecured and repayable in July 2031. 20. ANALYSIS OF CHARITABLE FUIYDS Unrestricted funds At 31 March 2024 At l April 2023 Income Expenditure Transfers General funds 935,157 1,694.721 (1,718,944) 910,934 At April 2022 At 31 March 2023 Income Expenditure Trnnsfers General funds 1,085,692 1.295,383 (1,455,258) 9,340 935,157 Restricted funds At 31 March 2024 At l April 2023 Income Expendilure Transfers Building Fund 4,026,639 91,744 (99,215) 4,019.168 At l April 2022 At 31 March 2023 Income Expenditure Transfers Building Fund 4,076,130 93,772 (133,923) (9,340) 4.026,639 18
MENORAH PRIMARY SCHOOL NOTES TO THE FINANCIAL STATElNTs (¢0 Ilnued) YEAR EIWED 31 fvL4RCH 2024 21. ANALYSIS OF CHANGES IN NET DEBT At At l Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Debt due after one year 266,610 (26,224) 240,386 38,208 26,224 304018 64.432 304818 22. RELATED PARTIES There wer¢ no related party transactions during the period under review. 19