## **THE JEWISH DAY PRIMARY SCHOOL**
**TRUSTEES REPORT & AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
**Charity No 526437**
**B Olsberg & Co** Chartered Accountants & Statutory Auditor Enterprise House 3 Middleton Road Manchester M8 5DT
## **THE JEWISH DAY PRIMARY SCHOOL**
## **Contents**
||**Page**|
|---|---|
|**Trustees’ Report**|**3**|
|**Independent Auditors’ Report**|**8**|
|**Statement of Financial Activities**|**10**|
|**Balance Sheet**|**11**|
|**Cashflow Statement**|**12**|
|**Notes to the Accounts**
|**13**|
- 2 -
## **THE JEWISH DAY PRIMARY SCHOOL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED**
## **31 AUGUST 2021**
The Trustees present their annual report and financial statements of the charity for the year ended 31st August 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Effective 1 January 2015)
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## **CHARITY INFORMATION**
Trustees Mr D. M. Halpern Mr M. Halpern Mr S. Yodaiken Rabbi J Wreschner Rabbi I Friedman Chief Executive Officer M Halpern Charity Number 526437 Charity Offices Sedgley Park Road, Prestwich, Manchester M25 8JX Auditors B Olsberg & Co, Chartered Accountants & Statutory Auditors 3 Middleton Road, Manchester M8 5DT Bankers HSBC Plc, Manchester High Street Branch, 8 High Street Manchester M60 4AJ
The Charity was founded on 13 June 1951 and is registered with the Charity Commission.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **GOVERNING DOCUMENT**
The charity is governed by its Trust Deed dated 13 June 1951 which has not been amended.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED**
## **31 AUGUST 2021 Cont……**
## **GOVERNING BODY**
The structure of the Charity consists of five trustees. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing trustee.
## **TRUSTEES**
The trustees have complied with the duty in the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
## **TRUSTEES INDUCTION AND TRAINING**
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and procedures.
## **ORGANISATIONAL MANAGEMENT**
The Trustees of the Charity, are legally responsible for the overall management and control of the Charity and meet regularly with the management committee.
The trustees delegate the day to day responsibility for the running of the school to the school head teacher and principal Rabbi Dr J. Yodaiken and a management committee.
## **PRINCIPLE RISKS AND UNCERTAINTIES**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. These risks include macro economic factors governing the whole economy. Additionally, the charity may be exposed to interest rate increases with reference to loans.
Other risks faced by the trust include operational risks due to reductions in fundraising. These risks are managed by the trustees anticipation of such risks and reductions in expenditure as appropriate.
The trustees are satisfied that systems are in place to manage the exposure to the above major risks.
## **RISK MANAGEMENT**
The trustees actively review the major risks which the charity faces on a regular basis and believe that reviewing the finances regularly combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
## **OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES**
The Charitable Trust is constituted by Trust Deed, and its objects are to provide a thorough religious education for Jewish children of primary school age and to conduct a Kindergarten school.
The policy of the Charitable Trust continues to be to run the school in accordance with its objects and to seek additional finance and support for The Yesoiday HaTorah Multi Academy Trust.
It is intended to continue with the Trusts current activities.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED**
## **31 AUGUST 2021 Cont….**
## **PUBLIC BENEFIT**
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity’s aims and objectives and in planning future activities.
## **AIMS AND INTENDED IMPACT**
Within these objects, the trustees aim is to provide funds for the running of its school.
## **OBJECTIVES FOR THE YEAR**
The objective this year is to continue to give support to the running of the school.
## **STRATEGIES TO ACHIEVE THE YEAR'S OBJECTIVES**
These included meetings with parents and potential donors to obtain funds for the running of the school.
## **PRINCIPAL ACTIVITIES OF THE YEAR**
The charity collected funds during the year which were sufficient to meet the needs of the school and provided education at a premium level in religious and secular studies.
## **GRANT MAKING POLICY**
The policy is to provide funds for the running of the school.
## **STATEGIC REVIEW AND ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR FINANCIAL REVIEW**
## **Transactions and Financial Position**
The Statement of Financial Activities shows a total income of £2,641,705 (2020 - £2,328,552) and total resources expended were £1,707,225 (2020 - £1,800,853) leaving a surplus for the year of £934,479 (2020 – surplus £527,699) for the year. After making grants to Yesoiday HaTorah Multi Academy Trust of £555,434 unrestricted funds increased from £1,162,383 to £1,541,428.
There was a special Charidy crowdfunding campaign of which £632,638 (net) was received in the year.
Funds available are sufficient to permit the charity to continue in operation and to carry on the same level of school funding.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED**
## **31 AUGUST 2021 Cont……**
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
The Trustees consider that the performance of the charity this year has been satisfactory. There were no significant changes in the year. The nature of the expenditure was in line with the constitution and objects of the charity.
This is in line with the wishes of the Trustees who constantly review the effectiveness of the charity and approve the scope of their activities.
The trustees are delighted that the Yesoiday HaTorah Multi Academy Trust is also using the school buildings for furthering the education of the children. Discretionary grants made to the academy for this year amounted to £555,434 (2020 - £360,334)
Covid-19 is not thought to have had an impact on this year’s figures.
## **True and fair override**
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charities governing document , the Charity Act 2011 and the relevant version of 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 ).
## **RESERVES POLICY**
The trustees intend to fully maintain the school. The reserves are held for future expenditure and expansion of the school.
## **FUTURE PLANS**
The trustee's plans are to continue to collect donations to support the school.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED**
## **31 AUGUST 2021 Cont……**
## **TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
The charity trustees are responsible for preparing a trustees’ annual report and 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 and Wales requires the charity trustees to prepare financial statements 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. In preparing the financial statements, the trustees are required to:
- (a) select suitable accounting policies and apply them consistently;
- (b) observe methods and principles in the applicable Charities SORP;
- (b) make judgments and estimates that are reasonable and prudent;
- (c) state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements.
- (d) Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with Charities Act 2011, 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
1. there is no relevant audit information to which the auditor is unaware :and
2. the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Approved by the trustees on 13[th] June 2022 and signed on their behalf by;
## **M HALPERN………………………………….**
## **CHAIR OF TRUSTEES**
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **(Registered Charity Number 526437)**
## **Independent Auditors Report to the Trustees of the Jewish Day Primary School**
## **Opinion**
We have audited the financial statements of the Jewish Day Primary School for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes and notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the group and the charity’s affairs as at 31 August 2021 and of 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 opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
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:
- The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the 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.
## **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 auditor’s 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 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.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **(Registered Charity Number 526437)**
## **Independent Auditors Report to the Trustees of the Jewish Day Primary School Cont……**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you, in our opinion:
- Sufficient accounting records have not been kept;
- The financial statements are not in agreement with the accounting records or returns; or
- We have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 7 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 they determine is necessary to enable the preparation of the financial statements that are free form 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 using 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.
## **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 a Report of the Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the charity’s documentation of their policies and procedures relating to (a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; (b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; (c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; (e) the matters identified as to how and where fraud might occur in the financial statements and any potential indicators of fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **(Registered Charity Number 526437)**
## **Independent Auditors Report to the Trustees of the Jewish Day Primary School Cont……**
We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Acts.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.
As a result of performing the above, we identified no key audit matters relating to the potential risk of fraud.
Our procedures to respond to risks identified included the following:
reviewing, the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
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/auditorsresponsibilites. This description forms part of our auditor’s report.
## **Use of our report**
The report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. 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 auditor’s 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’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**B Olsberg & Co Statutory Auditors Enterprise House 3 Middleton Road Manchester M8 5DT**
13th June 2022
**B Olsberg & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.**
- 10 -
## **THE JEWISH DAY PRIMARY SCHOOL**
## **Statement of Financial Activities for the year ended 31 August 2021**
|**Year Ended**
**31 August**
**Notes**
**2021**
**Unrestricted**
**Funds**
**INCOME AND EXPENDITURE**
**£**
**Incoming Resources**
**2**
Donations, Parental Contributions, Nursery
Voucher Receipts and Sundries
1,942,842
Charidy Campaign (net)
632,638
Grants received Delapage
-
Furlough Scheme
48,375
Interest Received
-
Hire of Hall
8,950
Rental Income
8,900
2,641,705
**Resources Expended**
Direct Charitable Expenditure
**3**
1,698,825
**Governance Costs**
Accountancy and Audit
**4**
8,400
8,400
**Total Resources Expended**
1,707,225
**Net Income Resources for the year**
934,479
Contributions to Yesoiday HaTorah Multi Academy
Trust - Current
(555,434)
Contributions to Yesoiday HaTorah Multi Academy Trust -
Previous Year
-
**Net movement in Funds**
379,045
Balance Brought Forward
1,162,383
Balance Carried Forward
1,541,428|**Year Ended**
**31 August**
**Notes**
**2021**
**Unrestricted**
**Funds**
**INCOME AND EXPENDITURE**
**£**
**Incoming Resources**
**2**
Donations, Parental Contributions, Nursery
Voucher Receipts and Sundries
1,942,842
Charidy Campaign (net)
632,638
Grants received Delapage
-
Furlough Scheme
48,375
Interest Received
-
Hire of Hall
8,950
Rental Income
8,900
2,641,705
**Resources Expended**
Direct Charitable Expenditure
**3**
1,698,825
**Governance Costs**
Accountancy and Audit
**4**
8,400
8,400
**Total Resources Expended**
1,707,225
**Net Income Resources for the year**
934,479
Contributions to Yesoiday HaTorah Multi Academy
Trust - Current
(555,434)
Contributions to Yesoiday HaTorah Multi Academy Trust -
Previous Year
-
**Net movement in Funds**
379,045
Balance Brought Forward
1,162,383
Balance Carried Forward
1,541,428|**Year Ended**
**31 August**
**2020**
**Unrestricted**
**Funds**
**£**
1,789,615
-
135,000
357,768
1,716
30,003
14,450
2,328,552
1,793,053
7,800
7,800
1,800,853
527,699
(282,334)
(78,000)
167,365
995,018
1,162,383|
|---|---|---|
||2,641,705||
||1,698,825||
||8,400||
||8,400||
||1,707,225||
||934,479
(555,434)
-||
||379,045
1,162,383
1,541,428||
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 14 to 18 form part of these accounts
- 11 -
## **THE JEWISH DAY PRIMARY SCHOOL**
## **Balance Sheet as at 31 August 2021**
|
**Balance Sheet**
**Fixed Assets**
Tangible Fixed assets
**Current Assets**
Debtors
Stock
Bank
**Creditors: Payable within one year**
**Net Current Assets/(Liabilities)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**Creditors: due beyond one year**
**Net assets**
**REPRESENTED BY:**
Permanent Endowment
Unrestricted Funds
Capital Grants|**Notes**
**6**
**7**
**8**
**9**|
|**2021 2020**
**£ £**
6,104,608
6,106,277|
|---|---|---|---|
||||6,104,608
6,106,277
34,417
175,546
6,390
6,390
994,472
302,348|
||||1,035,279
484,284
501,422
225,159|
||||533,857
259,125|
||||6,638,465
6,365,402
2,848,407
2,954,389|
||||3,790,058
3,411,013|
||||1,063,319
1,063,319
1,541,428
1,162,383
1,185,311
1,185,311
3,790,058
3,411,013|
|||||
Approved by the trustees on 13[th] June and signed on their behalf.
**Trustee M Halpern The notes on page 14 to 18 form part of these accounts**
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **Consolidated Cashflow Statement**
## **For the Year Ended 31 August 2021**
|**Cash Flows from Operating Activities**
Net movement in funds
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash (outflow)/inflow from operations
Net cash (outflow)
**Cash flows from Capital Purchase**
Depreciation
(Decrease)/Increase in cash
Cash brought forward
Cash carried forward|**2021**
**2020**
**£**
**£**
379,045
167,365
141,129
(92,867)
170,281
(55,471)|
|---|---|
||690,455
19,027|
||690,455
19,027
1,669
2,086|
||692,124
21,113
302,348
281,235
994,472
302,348|
The notes on pages 14 to 18 form part of these accounts
- 13 -
## **THE JEWISH DAY PRIMARY SCHOOL**
## **Notes to the accounts**
## **for the year ended 31 August 2021**
## **1. Statement of compliance**
The accounts have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charities Act 2011 and the U.K. Generally Accepted Accounting Practice.
The accounts 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 relevant version of the Statement of Recommended Practice to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS 102) rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn .
## **2. Accounting Policies**
## **2.1 Basis of preparation of accounts**
(a) The accounts (financial statements) have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
## **2.2 Tangible fixed assets for use by the charity and depreciation**
Tangible fixed assets for use by the charity are stated at cost or valuation less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
|Buildings|Nil|
|---|---|
|Other Fixed assets|20%|
An assessment of the net realisable value of the properties has been undertaken. On the basis that the properties will be well maintained and such repair costs will be charged to the statement of financial activities, it is the view of the trustees that the net realisable value is as stated in the balance sheet. On the basis of the above no further depreciation charge is deemed necessary. An impairment review is carried out on an annual basis to assess whether the market value of the properties are at least as much as the carrying value in the accounts. Provision will be made for any permanent fall in value.
- 14 -
## **THE JEWISH DAY PRIMARY SCHOOL**
## **Notes to the accounts**
## **for the year ended 31 August 2021**
## **2.3 Incoming Resources**
Contributions and donations are accounted for as received by the charity. No permanent endowments have been received in the year.
## **2.4 Resources Expended**
These are included in the SOFA on an accruals basis.
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.
## **2.5 Grants Receivable**
Grants receivable in respect of capital expenditure or to cover revenue
expenses paid are credited to the Statement of Financial Activities when the education authority agrees to reimburse them.
## **2.6 Management and administration expenditure**
Expenditure on management and administration of the charity includes all expenditure not directly related to the charitable activity or fund raising ventures. The only costs under this heading are audit and accountancy.
## **2.7 Taxation**
The trust is registered as a charity by the HM Revenue & Customs and therefore benefits from certain exemptions from taxation on income and gains to the extent that they are applied for charitable purposes.
## **2.8 Fair Value**
Debtors and Creditors are stated at fair value.
## **2.9 Fund Accounting**
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of charity.
## **2.10 Judgments and key sources of Estimation**
The preparation of the financial statements did not require management to make material judgements, estimates, or assumptions, that effect the amounts reported, except for the valuation of properties.
The valuation of the properties are updated to fair value based on information supplied by the Trustees.
## **2.11 Financial Instruments**
A financial asset or a financial liability is recognized only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognized at the amount receivable or payable including any related transactions costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Basic financial instruments are recognized at amortized cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognized in profit or loss.
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## **THE JEWISH DAY PRIMARY SCHOOL**
## **Notes to the accounts**
## **for the year ended 31 August 2021 (Cont)**
|**3.**|**Direct charitable expenditure**||||||
|---|---|---|---|---|---|---|
||||**2021**|||**2020**|
|||||**£**||**£**|
||**School running costs**||||||
||Salaries and Pension costs||1,493,509|||1,552,781|
||Food and Canteen Expenses and Functions||||17,792|14,939|
||Travel, Outings and Events||||6,521|5,238|
||Repairs, Maintenance & Cleaning||||22,117|55,815|
||Professional Fees||||4,123|15,236|
||Rates Water and Insurance||||218|-10,133|
||Insurance||||10,095|10,347|
||Printing, Postages, Stationery & Requisites||||47,285|25,711|
||Bank Charges and Interest||||95,097|111,333|
||Depreciation||||1,669|2,086|
||Donations||||400|-|
||Discretionary Grants - Covid||||-|9,700|
||||1,698,825|||1,793,053|
|**4.**|**Governance Costs**||||||
|||**2021**||||**2020**|
|||**£**||||**£**|
||Audit
|6,400|||
|5,800|
||Accountancy|2,000||||2,000|
|||8,400||||7,800|
|**5.**|**Staff Costs**||||||
||No remuneration was paid to trustees in the year, nor were any trustees’||||||
||expenses reimbursed. The staff costs were:||||||
|||**2021**|||
|**2020**|
|||**£**||||**£**|
||Total staff costs
|1,493,509||||1,552,781|
||The average weekly number of staff employed by the charity during this||||||
||year was as follows:||||||
|||**2021**|||
|**2020**|
||Teachers and Secretaries
|156||||161|
||No member of staff received a salary in excess of £50,000||||||
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## **THE JEWISH DAY PRIMARY SCHOOL Notes to the accounts**
## **for the year ended 31 August 2021 (Cont)**
## **6. Tangible fixed assets for use by the Charity & its associated Academy**
|
**Land &**
**Buildings**
**At Valuation**
£
As at 1 September 2020
5,894,080
As at 31 August 2021
5,894,080
Depreciation
As at 1 September 2020
20,017
Charge
-
As at 31 August 2021
20,017
As at 31 August 2021
5,874,063
As at 1 September 2020
5,874,063
**7.**
**Debtors**
Prepayments and Furlough
Sundry
Taxation
Loans
**8.**
**Creditors: Payable within one year**
Trade Creditors etc
Accruals & Deferred Income
Social Security and other Taxes
Bank Loans
Loans|
|
**Land &**
**Buildings**
**At Valuation**
£
5,894,080|**Equipment Library**
**Fixtures & Books &**
**Fittings, etc Furniture**
**At Cost At Cost TOTAL**
£
£ £
60,312
223,868
6,178,260|**Equipment Library**
**Fixtures & Books &**
**Fittings, etc Furniture**
**At Cost At Cost TOTAL**
£
£ £
60,312
223,868
6,178,260|**Equipment Library**
**Fixtures & Books &**
**Fittings, etc Furniture**
**At Cost At Cost TOTAL**
£
£ £
60,312
223,868
6,178,260|
|---|---|---|---|---|---|
|||5,894,080|60,312||223,868
6,178,260|
|||20,017
-|51,966
1,669||71,983
1,669|
|||20,017|53,635||73,652|
|||5,874,063||6,677|223,868
6,104,608
223,868
6,106,277|
|||5,874,063||8,346||
|||||**2021 2020**
**£**
**£**
-
120,034
-
9,678
7,419
17,206
26,998
28,628
34,417
82,679
**2021 2020**
**£**
**£**
13,996
13,622
375,390
29,750
19,786
50,437
93,000
80,000
1,350
51,350
503,522
220,814||
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## **THE JEWISH DAY PRIMARY SCHOOL Notes to the accounts**
## **for the year ended 31 August 2021 (Cont)**
**2021 2020**
## **9.**
|**Creditors: Payable beyond one year**
Bank Loans|**£**
(2,848.407)|**£**
(2,954,389)|
|---|---|---|
These loans are secured on the buildings owned the School.
## **10. Trustees**
None of the Trustees or any person connected with them received any remuneration during the year nor were they reimbursed for any expenses.
**11.** At 31 August 2021, the charity had no material capital commitments contracted for but not provided for in these financial statements.
## **12. Related Parties**
There were no related party transactions other than the payments made to the Yesoiday HaTorah Multi Academy Trust in the sum of £555,434
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