Charity number: 313109
THE JEWISH SECONDARY SCHOOLS MOVEMENT
TRUSTEE'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
THE JEWISH SECONDARY SCHOOLS MOVEMENT
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustee's report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 8 |
| Consolidated statement of financial activities | 9 |
| Consolidated balance sheet | 10 |
| Company balance sheet | 11 |
| Consolidated statement of cash flows | 12 |
| Notes to the financial statements | 13 - 23 |
THE JEWISH SECONDARY SCHOOLS MOVEMENT
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020
Trustees The Trustees of the J.S.S.M. Charity registered number 313109 Principal office 48 Wykeham Road London NW4 2SU Independent auditors Landau Baker Limited Chartered Accountants Mountcliff House 154 Brent Street London NW4 2DR Bankers Lloyds Bank Plc 190 Great Portland Street London W1A 4LN
Page 1
THE JEWISH SECONDARY SCHOOLS MOVEMENT
TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020
The Trustee present their annual report together with the audited financial statements of the company for the year 1 September 2019 to 31 August 2020.
Reference and administrative details
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements
The Trustee
The Trustee of the charity during the year was the trustee company called The Trustees of the J.S.S.M., a company limited by guarantee, the directors of which were:
Mr. J. M. Miller Mr. M. A. Richman Mr. D. M. Green Mr. D. P. Lyons
Objectives and activities
a. Policies and objectives
The objects of the charity are to advance orthodox Jewish education in accordance with the doctrine and principles of the orthodox Jewish faith as laid down in the Shulchan Aruch. These objectives are provided and maintained through the constituent schools. There have been no changes in the objects of the charity during the year. These financial statements record the income and expenditure of items not dealt with by the Government and Local Education Authorities.
In setting objectives and planning for activities, the Trustee have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Achievements and performance
The Hasmonean High School, Hasmonean Primary School and Beit Shvidler Primary School continue to offer high quality education to its pupils.
c. Volunteers
The majority of the charity's work is undertaken by paid employees. Occasional voluntary assistance is provided by directors of the trustee company, Governors and Parents.
d. Main activities undertaken to further the company's purposes for the public benefit
The directors of the trustee company confirm that they have considered the Charity Commission's general guidance on public benefit and the requirements of s4 of the Charities Act 2011 in this area.
The purpose and objective of the charity is the provision of high quality Jewish education in a safe and supporting learning environment.
The charity's funds are utilised by its schools to fund staff and activities to enable high quality education to be provided on an ongoing basis. When considering which pupils to admit, the schools do not discriminate between them based upon the personal circumstances of their parents.
Achievements and performance
Page 2
THE JEWISH SECONDARY SCHOOLS MOVEMENT
TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Achievements and performance (continued)
a. Key performance indicators
The results for the year shows that there were group net incoming resources of £919,735 (2019: £71,632). The total group incoming resources for the year were £5,336,081 (2019: £5,859,460). The total group resources expended for the year were £4,416,346 (2019: £5,787,828). This included donations of £3,738,068 (2018: £4,446,498) paid to Hasmonean High School Academy.
Financial review
a. Going concern
After making appropriate enquiries, the Trustee have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The directors of the trustee company aim to ensure that there are enough reserves to cover one term's costs and are confident there are sufficient reserves for the foreseeable future.
c. Financial risk management objectives and policies
A review of the potential risks that are faced by The Jewish Secondary Schools Movement has been undertaken. These are seen to be in the areas of staff safety, computer data security and financial control. Appropriate and reasonable systems are in place to monitor and control such risks so as to mitigate the impact those risks may have on the future operation of the schools. Further reviews will be undertaken from time to time.
Structure, governance and management
a. Constitution
The Movement was established by Deeds of Trust in 1933 and 1948.
The governing instrument is a High Court Scheme of 18 February 1982 as varied or affected by a Scheme of the Charity Commissioners of 11 March 1994.
b. Methods of appointment or election of trustees
The directors of the trustee company are recruited from within the Jewish community who will be able to demonstrate an ability to support, promote and lead the development of the charity. They will have an area of expertise that will enhance their work and contribute to the achievement of the charity's objectives. New directors undergo induction training to brief them on their legal obligations under charity law, the committee and decision making process, the objectives and financial performance of the charity. New directors are appointed by the existing directors having regard to the particular skills and expertise that the charity has need of at the relevant time.
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Structure, governance and management (continued)
c. The Schools
The Movement is the umbrella organisation of the following constituent schools and fund raising charities, some of which are separate registered charities.
Level of Education Name
Nursery and primary Hasmonean Primary School, Hendon - state-aided Secondary Hasmonean High School, Hendon - Academy (Girls' site and Boys' site) Primary Beit Shvidler Primary School, Edgware - state-aided
The schools operate independently, each having its own board of governors. The directors appoint Foundation Governors to the Governing Bodies of each of the constituent Schools and liaise with the Governing Bodies with regard to the running of the schools and in particular maintenance of the JSSM ethos.
The Hasmonean High School is an Academy and has direct responsibility for the costs of the staff and other activities relating to the school.
The Jewish Secondary Schools Movement owns the land and buildings occupied by the schools. The charity is responsible for providing long term strategic advice to the schools. The school governors are responsible for the day to day management of the schools.
d. Organisational sctructure
These financial statements incorporate the results of the following related charities:
Name Registered Charity Number Hasmonean High School Charitable Trust 1068303 Hasmonean High School Building Trust Foundation 1007227 Beit Shvidler Primary School 1118619
e. Risk management
The Trustee have assessed the major risks to which the charity and the group is exposed, in particular those related to the operations and finances of the charity and the group, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Plans for future periods
The charity will continue to assist with the successful development of its schools. The schools will continue to be upgraded and refurbished to ensure the pupils have facilities commensurate with those demanded by the standards of the 21st century.
Information on fundraising practices
We strictly abide by fundraising and data protection legislation and we follow best practice. We only hold information that is necessary for communicating with donors. We do not sell or share your data with anyone else. If any donor does not want us to communicate with them or want to change the way we do, we always respect their decision. We treat donations with the utmost care - 100% of every £1 we spend goes directly towards providing educational services to pupils.
Page 4
THE JEWISH SECONDARY SCHOOLS MOVEMENT
TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Statement of Trustee's responsibilities
The Trustee are responsible for preparing the Trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustee are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustee are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustee at the time when this Trustee's report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Landau Baker Limited, have indicated their willingness to continue in office. The designated Trustee will propose a motion reappointing the auditors at a meeting of the Trustee.
Approved by order of the members of the board of Trustee on 30 June 2021 and signed on their behalf by:
J M Miller Trustee
Page 5
THE JEWISH SECONDARY SCHOOLS MOVEMENT
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JEWISH SECONDARY SCHOOLS MOVEMENT
Opinion
We have audited the financial statements of The Jewish Secondary Schools Movement (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
-
give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 August 2020 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Group 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 6
THE JEWISH SECONDARY SCHOOLS MOVEMENT
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JEWISH SECONDARY SCHOOLS MOVEMENT (CONTINUED)
Other information
The Trustee is 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 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 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustee's report is inconsistent in any material respect with the financial statements; or
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the parent charitable company has not kept sufficient accounting records; or
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustee's responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 Group's and the parent 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 Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
Page 7
THE JEWISH SECONDARY SCHOOLS MOVEMENT
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JEWISH SECONDARY SCHOOLS MOVEMENT (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
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 charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Landau Baker Limited
Chartered Accountants Mountcliff House 154 Brent Street
London
NW4 2DR
30 June 2021
Landau Baker Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
THE JEWISH SECONDARY SCHOOLS MOVEMENT
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 5,296,207 39,618 256 5,336,081 4,359,074 4,359,074 977,007 12,867,822 977,007 13,844,829 |
Restricted funds 2020 £ - - - - 57,272 57,272 (57,272) 3,699,166 (57,272) 3,641,894 |
Total funds 2020 £ 5,296,207 39,618 256 5,336,081 4,416,346 4,416,346 919,735 16,566,988 919,735 17,486,723 |
Total funds 2019 £ 5,849,679 9,245 536 |
|---|---|---|---|---|
| 5,859,460 | ||||
| 5,787,828 | ||||
| 5,787,828 | ||||
| 71,632 | ||||
| 16,495,356 71,632 |
||||
| 16,566,988 |
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 23 form part of these financial statements.
Page 9
THE JEWISH SECONDARY SCHOOLS MOVEMENT
CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2020
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
325,678 1,344,701 1,670,379 (420,799) |
2020 £ 17,635,567 17,635,567 1,249,580 18,885,147 (1,398,424) 17,486,723 17,486,723 3,641,894 13,844,829 17,486,723 |
163,396 923,278 1,086,674 (738,526) |
2019 £ 17,679,431 17,679,431 348,148 18,027,579 (1,460,591) 16,566,988 16,566,988 3,699,166 12,867,822 16,566,988 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustee on 30 June 2021 and signed on their behalf by:
J M Miller
Trustee
The notes on pages 13 to 23 form part of these financial statements.
Page 10
THE JEWISH SECONDARY SCHOOLS MOVEMENT
COMPANY BALANCE SHEET AS AT 31 AUGUST 2020
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
326,058 465,053 791,111 (86,774) |
2020 £ 17,635,567 17,635,567 704,337 18,339,904 (1,398,424) 16,941,480 16,941,480 3,685,366 13,256,114 16,941,480 |
326,058 19,945 346,003 (82,274) |
2019 £ 17,636,319 17,636,319 263,729 17,900,048 (1,460,591) 16,439,457 16,439,457 3,685,366 12,754,091 16,439,457 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustee on 30 June 2021 and signed on their behalf by:
J M Miller
Trustee
The notes on pages 13 to 23 form part of these financial statements.
Page 11
THE JEWISH SECONDARY SCHOOLS MOVEMENT
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Repayments of borrowing Net cash used in financing 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 |
2020 £ 520,882 (37,293) - (37,293) (62,167) (62,167) 421,422 923,278 1,344,700 |
2019 £ (177,997) (34,398) (22,945) (57,343) (67,375) (67,375) (302,715) 1,225,993 923,278 |
|---|---|---|
The notes on pages 13 to 23 form part of these financial statements
Page 12
THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
1. General information
The Jewish Secondary Schools Movement is a registered charity, number 313109, and is constituted under a Trust deed.
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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Jewish Secondary Schools Movement 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.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.
2.2 Going concern
After making appropriate enquiries, the directors of the trustee company have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Page 13
THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
2. Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; 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 costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method, unless not deemed to be appropriate for the class of asset..
Depreciation is provided on the following bases:
| Motor vehicles | - 25% reducing balance |
|---|---|
| Fixtures and fittings | - 20% straight line |
| Computer equipment | - 33% straight line |
| Playground and equipment | - 10% straight line |
2.8 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.
Page 14
THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
2. Accounting policies (continued)
2.9 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.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet 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 company 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 Consolidated statement of financial activities as a finance cost.
2.11 Financial instruments
The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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.
3. Income from donations and legacies
| Unrestricted | Total | Total |
|---|---|---|
| funds | funds | funds |
| 2020 | 2020 | 2019 |
| £ | £ | £ |
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
3. Income from donations and legacies (continued)
| Parental contributions and donations Grants Government grants Total 2019 Income from charitable activities Income from charitable activities Total 2019 |
Unrestricted funds 2020 £ 5,246,733 - 49,474 5,296,207 5,849,679 Unrestricted funds 2020 £ 39,618 9,245 |
Total funds 2020 £ 5,246,733 - 49,474 5,296,207 5,849,679 Total funds 2020 £ 39,618 9,245 |
Total funds 2019 £ 5,099,679 750,000 - |
|---|---|---|---|
| 5,849,679 | |||
| Total funds 2019 £ 9,245 |
|||
4. Income from charitable activities
5. Investment income
| Unrestricted funds 2020 £ Investment income 256 Total 2019 536 |
Total funds 2020 £ 256 536 |
Total funds 2019 £ 536 |
|---|---|---|
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
6. Analysis of expenditure by activities
| Charitable activities Total 2019 |
Activities undertaken directly 2020 £ 4,326,674 5,716,961 |
Support costs 2020 £ 89,672 70,867 |
Total funds 2020 £ 4,416,346 5,787,828 |
Total funds 2019 £ 5,787,828 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Depreciation School equipment, repairs and other costs Donation to Beit Schvidler Primary School Other grants paid Specific grant Total 2019 Analysis of support costs Governance costs Total 2019 |
Charitable activities 2020 £ 9,000 - 78,353 501,253 3,738,068 - 4,326,674 5,716,961 Charitable activities 2020 £ 89,672 70,867 |
Total funds 2020 £ 9,000 - 78,353 501,253 3,738,068 - 4,326,674 5,716,961 Total funds 2020 £ 89,672 70,867 |
Total funds 2019 £ 31,314 25,721 70,939 392,489 4,446,498 750,000 |
|---|---|---|---|
| 5,716,961 | |||
| Total funds 2019 £ 70,867 |
|||
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
7. Staff costs
| Wages and salaries | Group 2020 £ 9,000 9,000 |
Group 2019 £ 31,314 31,314 |
Charity 2020 £ 9,000 9,000 |
Charity 2019 £ 31,314 |
|---|---|---|---|---|
| 31,314 |
The average number of persons employed by the company during the year was as follows:
| Group | Group | |
|---|---|---|
| 2020 | 2019 | |
| No. | No. | |
| Rabbinic Leader | 1 | 1 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Group | Group | ||
|---|---|---|---|
| 2020 | 2019 | ||
| No. | No. | ||
| In the band £90,001 | - £100,000 | - | 1 |
8. Trustee's remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 August 2020, no Trustee expenses have been incurred (2019 - £NIL) .
9. Tangible fixed assets
Group
| Cost or valuation At 1 September 2019 Disposals At 31 August 2020 |
Freehold property Assets under construction £ £ 16,637,548 998,019 - - 16,637,548 998,019 |
Plant and machinery £ 57,311 (57,311) - |
Fixtures and fittings £ 60,447 (60,447) - |
Total £ 17,753,325 (117,758) 17,635,567 |
|---|---|---|---|---|
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
9. Tangible fixed assets (continued)
Group (continued)
| At 1 September 2019 On disposals At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 Charity |
Freehold property Assets under construction £ £ - - - - - - 16,637,548 998,019 16,637,548 998,019 |
Plant and machinery £ 47,720 (47,720) - - 9,591 |
Fixtures and fittings £ 26,174 (26,174) - - 34,273 |
Total £ 73,894 (73,894) - 17,635,567 17,679,431 |
|---|---|---|---|---|
| Cost or valuation At 1 September 2019 Disposals At 31 August 2020 At 1 September 2019 On disposals At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 |
Freehold property Assets under construction £ £ 16,637,548 998,019 - - 16,637,548 998,019 - - - - - - 16,637,548 998,019 16,637,548 998,019 |
Motor vehicles £ 5,250 (5,250) - 4,498 (4,498) - - 752 |
Total £ 17,640,817 (5,250) 17,635,567 4,498 (4,498) - 17,635,567 17,636,319 |
|---|---|---|---|
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
10. Debtors
| Group 2020 £ Due within one year Amounts owed by group undertakings 175,057 Other debtors 126,000 Prepayments and accrued income 8,321 Tax recoverable 16,300 325,678 11. Creditors: Amounts falling due within one year Group 2020 £ Bank loans 59,274 Trade creditors 2,984 Amounts owed to group undertakings 175,057 Other creditors 171,841 Accruals and deferred income 11,643 420,799 12. Creditors: Amounts falling due after more than one year Group 2020 £ Bank loans 1,398,424 |
Group 2019 £ - 126,000 6,496 30,900 163,396 Group 2019 £ 59,274 9,086 - 665,528 4,638 738,526 Group 2019 £ 1,460,591 |
Charity 2020 £ - 326,058 - - 326,058 Charity 2020 £ 59,274 - - 23,000 4,500 86,774 Charity 2020 £ 1,398,424 |
Charity 2019 £ - 326,058 - - |
|---|---|---|---|
| 326,058 | |||
| Charity 2019 £ 59,274 - - 23,000 - |
|||
| 82,274 | |||
| Charity 2019 £ 1,460,591 |
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds Statement of funds - prior year Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 September 2019 £ 12,867,822 3,699,166 16,566,988 Balance at 1 September 2018 £ 12,796,190 3,699,166 16,495,356 |
Income £ 5,336,081 - 5,336,081 Income £ 5,859,460 - 5,859,460 |
Expenditure £ (4,359,074) (57,272) (4,416,346) Expenditure £ (5,787,828) - (5,787,828) |
Balance at 31 August 2020 £ 13,844,829 |
|---|---|---|---|---|
| 3,641,894 | ||||
| 17,486,723 | ||||
| Balance at 31 August 2019 £ 12,867,822 |
||||
| 3,699,166 | ||||
| 16,566,988 |
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2020 Restricted funds 2020 Restricted funds - class ii 2020 £ £ £ Tangible fixed assets 13,950,607 3,684,960 - Current assets 1,670,379 - - Creditors due within one year (377,733) (43,066) - Creditors due in more than one year (1,398,424) - - Total 13,844,829 3,641,894 - Analysis of net assets between funds - prior period Unrestricted funds 2019 Restricted funds 2019 £ £ Tangible fixed assets 13,994,471 3,684,960 Current assets 1,072,468 14,206 Creditors due within one year (738,526) - Creditors due in more than one year (1,460,591) - Total 12,867,822 3,699,166 15. Reconciliation of net movement in funds to net cash flow from operating activities Group 2020 £ Net income for the period (as per Statement of Financial Activities) 919,735 Adjustments for: Depreciation charges - Dividends, interests and rents from investments 37,293 Loss on the sale of fixed assets 43,864 Decrease/(increase) in debtors (162,282) Decrease in creditors (317,728) Net cash provided by/(used in) operating activities 520,882 |
Total funds 2020 £ 17,635,567 1,670,379 (420,799) (1,398,424) 17,486,723 Total funds 2019 £ 17,679,431 1,086,674 (738,526) (1,460,591) 16,566,988 Group 2019 £ 71,632 25,721 34,398 - 199,578 (509,326) (177,997) |
|---|---|
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THE JEWISH SECONDARY SCHOOLS MOVEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
16. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
Group 2020 £ 1,344,700 1,344,700 |
Group 2019 £ 923,278 |
|---|---|---|
| 923,278 |
17. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year Debt due after 1 year |
At 1 September 2019 £ 923,278 (59,274) (1,460,591) (596,587) |
Cash flows At 31 August 2020 £ £ 421,422 1,344,700 - (59,274) 62,167 (1,398,424) 483,589 (112,998) |
|---|---|---|
18. Related party transactions
a) No directors of the trustee company received any remuneration or expenses during the year.
b) During the year the group made donations of £3,738,068 (2019: £4,446,498) to Hasmonean High School, a connected charitable company. At the year end, a balance of £148,841 (2019: £641,528) was owed to Hasmonean High School. Hasmonean High School occupies premises owned by The Jewish Secondary Schools Movement rent free.
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