Charfty number- 626631 KING DAVID SCHOOLS (MANCHESTER) TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
KING DAVID SCHOOLS {MANCHESTERI CONTENTS Page Reference and admlnlstratlve dotall$ of thè Charlty. Its Tnts@ and advt5ers Trusteg's report Independent audltor¥ report on thefinoncial statsments Consolldated stalpment of flnanclal activitles 8-11 12 Con8011dated balancè sheet 13 Charlty balance sheel Consolldated ststÈment of cash Ilo*s 14 15 Notes to tha financlal statements 16-42
KING DAVID SCHOOLS (MANCHESTER) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI. ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustee KDS TnJ$tees Limited Directors of Trustee company. J Rowe (Chalr Cf Trustees) S E Elias A Berkeley cfreasurer) D LOan Charlty reglsterod number 526631 Prlnclpal office Ealon Road Crumpsall Manchester M8 SDY Indepgndent audltor Crowe U.K. LLP 3rd floor Sl Georges House 56 Pet& St Manchester M2 3NQ Bankers The CTroperalive Bank plc l Balloon Street Manchester M60 4EP Soltcltors Kuil Sleinart Lewy 3 St Mars Parsonag& Manch8sl8r M3 2RD Page 1
KING DAVID SCHOOLS (hi4NCHESTER) TRUSTEE'S REPORT FOR THE Y&IR ENDED 31 AUGUST 2024 The Trustee presents thelr annual report together wilh the audiled finan¢ial statements of the King David Schools Imanchoslerl for the year 1 September 2023 to 31 August 2024. objecves and actlvltles a. Charfty Inforrnatlon The Trustee presents its annual report and the firwKI81 statements for yeai ended 31 August 2024. These accounts are prepared in accordance with the Financial RePting Star>dard applicable In the UK and Republic of Ireland IFRS 1021, th8 Chartties SL7tement of Recommended Pradice ISORPI 2019 and Charitie8 Act2011. b. Referencg and Admlnlstratlvo Detslls King David Sch¢xls IManthest¥) is a re9i¥tered charlty (No. 5266311, ils prinapal address is shown on Ihe charity infonmation page. The charity is a public benefft entity. c. Structuro. GovernanGp and Management King Dawd Sthools (Manchester) was establishèd under a Trust Deed dated 20 February 1873 and Articles of GOv@mml sealed 27 January 1959 as amended by Constitubon dated 13 January 2003. On 7 February 2012 the Charity Cornm5)n for EnglaThJ and Wales approved the replacement of the fomi8r individual Irusl&@s by a c(Kporate truslee, KDS Trustees Limrted. The tormer indNidual Irusl8@s became directors of the new trustee. The Trustee is responsible for the overall governan of the Sthools as a charity. The Trustee's role is lo have an overview of the effectiveness of the schools and to ensure the moinlenance of the faith and Df the high stantlards of education generally. The Trustèe appoints the Govemors. The (Jelivery of the eduf21ion and curriculum and the management of the schools is controlled Ihrough the varKXJS Boards of Governors of each of the schools, namety - The King David Hioh SG01 {induding SSxth Fom and Yavneh} - The King David Primary School - CrèchelNursery lincorwrated wthin the Chanty) Effective parlnership belween the Trustee. Govemrs and stsff has contributed significantly lo a successful year of activity. The Iruslees meet, formally, On per year to discuss the accounts and are in touch with each other Ihrough(xrt the year. These meetings includè a rewew of strategy and operalional perf0mian and set operating plans and budgets as and when necessary. New officers of the Truslee company receive an induction pack Containing everything they need lo know about the Schools and ils work for effectiv8 and inlomed deS1On-Maklng. The officers of the Trustee company are regularfy kept up lo date aboLrt their responsibiles. Remuneration of key management personnel Is determined by the trustee. d. Bursar and Trustee The Burgar and certain delegated officer5 of the Trustee company are respon&bte for the day tD day management of King David Schools (Manchester} and for implementing poticios. Page 2
KING DAVtD SCHOOLS IMANCHESTERI Objectlves and acVIlIoS l¢ontlnued 8. Corporate Governance Proees8es are in place lo ensure that perfom7ance is monTtored arKI that appropriate management infomalion is pr&pared and reviewed regularty by both the TreaSur of the Trustee company and ils Board ol Directors. The systems of inlemal control are degned to provid& r8asonable asgjranee but not absolulo assuranca against m8leri81 misstatement or toss. They indude= . An annual budget approved by the Trust88 company. . Regular consideration by the trustee of fjnancwl resutts and variances from budgets. . Delegation of day lo day manag8menl authority and segregation of duties. Identifieation and management of risks. f. R15k Management The Twslee has intrOdud a fornial risk management process lo assess bugness risks and implem&nt risk management strategies. This has invthied idenlrfwng the types of risks the School faces, ptioritising them in terms of potential impact and likelihood of occurrence, and tdentityng means of managing the risks. As part of this process the Trustee has reviewed the adequacy of thè School's rrent inleTnal contro18 and the costs of operating particular controls relative lo the benefrts obtained. Procedures have been established for reporting failings immgdiataly to the Board of Directors of the Trustee thal include regular bank renCiliatIOnS as well as the production of management aceounts every month which are r8vi8wed by the officers of thè Trustee. The key r¢sk facing the charity is the level of voluntary ntrIbUti¢j5 and donations that il receives from parents and donors. Declin1 receipts Irdnslate into less fvnds available lo improve the education being Dffered lo our pupils. The Trustee endeavours lo educate parents ak)TrJ wlh the wSder community of the importance of their financial supwrt espedally in the light of the reducing govemment frJnding being made to our schools on the KD campus. Page 3
KIMG DAVtD SCHOOLS (MANCHESTER) Achlevements and perfomance . Obj•ctl¥es, Actfvltles. Achlevements and Perforniancè King David Schools IManchesler} exists to provide children wilh a meaningful orthodox J$h r&ligious education coupled with an excellent secular eduon. The main obj8ctiv8s of all unit5 on Campus durfng the period erKled 31 August 2024 were". Academic- The School aims to athi8ve the highest academic standards arKf ensure that every pupil realise8 their fvll polenlial. Welfare- The school has 8 warm and caring approach and wms to ensure the well being and happiness of every child. Religious- The school promotes the values. standards and discipline of the faith. 11 provides a strong Jewish education which imbues children with the kedge of, a1 pride in, Iheir heritage and identty. The excdlenl results that thè SchocA a¢hVe$ as refle(*ed in the published Govemmenl tables is le8timony to the fuifilmenl of the Chartty oll'eclives. The Truste8 has gwen due ¢x)nsideralion to the Charity Cornmission's guidance on public benefit requirement under the Charities Act 2011. when revithMr)g the Charitys aims and objediv8s in planning future aclivilies. a leading quality school to the Jewsh communty. the Trustee notes that its success continues to be acknowldged nationally both in the secular and Rligious fields. Our pupils are well prepared lo move on to leading universrties, Teligious and seujlar edleges wth many of our former slLKlenls achieving success in the wider community. b. Core Obloctlves and Strategy The stratY is achieved by eruraging all unils on the lQTrJ David Campus lo employ highest grade teathers who are able to instil in the pupils not only excellen(£ in knoedge but also to eyrience a wann, fn"endly Jewsh environment wth a commitment lo giving to the community as a vthole. The Twsl8e continues lo ensure that the facili118s are up to date and suitatAe for the delivery of the educational and religious objectives. Th8 Schools are (Jependenl ¢)n voluntary corrtribulions from parents. thnations and educational grants in order to fulfil their object'ves. Failure of parents to meet their v(Aunlary conlribuiv)n commitrnents wll threa18n the school's ability to athieve its objeth'ves. Page 4
KING DAVID SCHOOLS (MANCHESTER) Flnanclal rgvlew a. Flnan¢lal Revlew, Management Pollcles and Results for the Ygar The Consdidaled Stslement ol Financial Acti¥eS {SoFAI, sel OLrt on page 13. shows that the group reeeived total incorne of £10,471,324 12023.. 9,416,540). £11.468.806 12023.. 10,600,023) was incurrod as expenditure leaving a loss of £886,687 12023.. £1,003,750} after a deF)reciation charge of £693,525 12023.. £693,052} and gains arising trom changes in actuarial assumptkns of £107.00012023: loss8s of £179.0001. This group position however. tskes inlo account yjrpluses in actLJarial gainsl(lossesl in the pension schemes positions, lch are long term noTrcash items. of1£2.000112023.' 1£151,00011 in The ng David High School IKDHSI and £109,QOO12023'. 1£28,000)l in the lQng David Primary School IKDPS). Had these accounting enmes not been included in this yeai's results, we would b8 faciThJ a loss of around £993,68712023.' £1,182,750). The pri1par funding sources are dcatiOnS, voluntsry contributions from parents, income from the nursery and stalulory government funding for the fv40 academres. King Damd High Schod and Trfjng Dav Primary School. Th8 charity its81f gen8fdtsd a loss of £554,52812023.' loss of £912,414). The charity maée an unffalised gain on its investments of £3,795 (2023= £7331, leavlng a total nel movemanl In funds lo be $ublr8Cted from the reserves. The trustee remains nsCIOuS that more fvnds will have to be raised lo mwntsin the ongoing exllenCe to whKh they ar8 committed. Wrthout parental assistance the current achievemeftt of attlaimed suws wjld be threatened. The Charity continu8s to monitor ils results against perfomiance as ils measuTement of success. The Charfty does not employ a professional fvndraiseT and relies on as51slancE from the Trustee, Govemors and parents. Whilst rfc was noted that the Voluntary Contributions from parents continued below expectation, the Charity held Fundraisi event in January 2024 with funds of £1 m expected to be recEived over the yèars following the event. The Charily must continue ils fundraising a¢bvtiies in order lor it to be able to continue providing for ils primary objectives and lo maintain the high levels of edu¢ation81 standards. The Charity has not received any complaints about fcs fundraising actwities and has Oicies in pla to ensure that there is no unreasonable intrusion into a person's privacy. b. Reserves The policy of the Trustèe has been and continues to be to utilise all r8serv8s lo knnd the activities of the Charity which has resulted from the development and growth of the campus. particulady the High School and lo improv8 the religious and cultural educational exper1ere across all the sch1$. Ideally the trustee would like the trust to hold one yearfs nel expenditure of approx £1.000.000 in the unrestricted reseNe fund bul wth constant erosSon Df the Aca(kmies fiJnding from central govemment resulting in the Tluslee having to support the tWD academies on the KD campus at a greater level Ihan was envisaged that has not been possible. Tho tota1 reserves al the year end are £23.625,36012023.. £24,512,04n. This indudes unr65tiicted reserv of £840,87412023: £940,537) and restricted reserves of £22.784.486 {2023-. 23,571,510). The Trustee is Seeking sourc*8 of addttional funding for capital expendittjre in order that total reseNe levels are improved. The Trustee does not consider thal this has inhibited activities in aryway. Free Reserves Free reserves for the group as al 31 August 2024 stcx)d ai (£463,043}12023'. (£373.1381). . Investsnent Pollcy and Porfomwnce The Charity has a small invesknent in a quoted MPanY and a sub5NJiary. The wlicy is lo sell these 5har8s as and when the trustee considers the time to be proPOus. Page 5
KING DAVID SCHOOLS (MANCHESTER) Flnanclal revlew (continued) d. Stsff Tralnlng and Career Development The schools are commrtled to the training. career development ar welfare of its employees. An individual's career development is assessed through appraisal ar supervision. Training programmes are provided lo meet ongoing needs, wlh the oim of developing employees for both their cuThent and their fvrture roles. Pay and remuneration of Key Management Personnel are revId I[ePennty by the Directots of the Trustee Company Ihemsejves are r1 compensated. e. Audltors Crowe U.K. LLP will be proposed for re-apw)intmenl at the Tnjstee meeting. f. Future Plans Thè King David Sthool Campus now prowdes top class edUCaOn in both se(#Jlar and Jew58h religlous studies, th a wde cross section of extracurricular acttvities covering 5POrts. art and culture housed in the most modem building8 wth enhan advance technological knlities supported by a most dedIted and capable staff. The Trustee is delermingd lo r8ach out further in building a sL*oJl of excellerKe which wll continue to be the pride of the Jewish Community. g. Golng Concern The charity and group m8els ils day-tD-day requirements thorough ils bank facilities and the extremely generous donors and parents. The group are considering a number of ndraiSIng opportunities to recover the deficlls going forward. Charity projecbons tsking account of reasonable F)ossible changes in performance show that the charty should be able to operate wllin the levd of ils current racilities. Ther& is no inlenlion by Mr J Rowe lo request fu11 repayment of the concessionary loan in the near future unless the charity can afford to do so. The charity eontinues to monitor its results against [rforManCe as its measurement of SLJccess, The charity does rvjt employ a professional fUndraIr and relies on the assistance from Ihe Trustee, govemor and parents. Whilst voluntary conlribulions from parents continue to be below the id&al18V@I, lo mnsate, the chamty hd a campaign in January 2024. The fundraising campaign had £1 m pledged of which £817k has been recognised in these accounts and £290k not recognised due lo the nrtaIntIeS of il being recetved as at the yèar end. Followng the year end, of the £290k. £253k has been received so far. In addrtion lo the fundraising irKome, the tharily has an overdraft facility ¥th a net ¢Thlit limit of £170k. wfu.ch can be LrtilrLed rf needed. The Charity has undertaken to promde ffinarrial suppcyt to the KDHS Academy, provided that KDHS'S finarrial Tequiremenls do not exceed their trget and that there are no significant changes to thè Board of Governors of the KDHS Academy. The Termin81ion Waming notice issued to KDHS Academy from the DFE was removed in January 2024, being replaced with a'notice to improve,. As has beèn the case for many yeals. the Truslee Continues its 5ceSS in m8lntaining suffi(ll&nt ineome lo ensure the requ1mentS of the group are mel in full. However, the group musl ntinue ils fundraising activities if the Academies are to continue to provide the academic excellenc£ r( has in the pasL The group therefore ntinUeS to adopt the gcyng concem basis in the financial statements. Page 6
KING DAVID SCHOOLS {KANCHESTERI ststement of Trustee's responsibilwties The Trustee is responsible for preparing Ihe Trustee's rer and the finanryal slalements In accordance wth appliCae law and Uniled FQngdLNn Accounting Stsndards (United lfjngdom Gen8rally Accepted A¢xguntsng Practicel. The law applicable to charities in England & Wales requires the Trustee lo prepare financial statements for &ach financial which give a true and fair view of the stste of affrairs of the Group and the Charity and of their incoming resources and application of resources, Iluding their income and expenditure, for that period. In preparing these financial statements, the Trustee arè required lo: sdoct sultable ac£ounting policie8 arKI then apply them consistenty, observe the methods and winciples of the Charibes SORP {FRS 102)- make judgments and acoxjnting gstimates that are 9$Onb and prudentr. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disdosed and explain8d in the financial statements. prepare the finanaal statements on the going concem basis unless 51 is Inapprowate to presume that the Group will continue in bLL8iness. The Trustee is responsible for keeping adequate accounting records thal ar& suffici8nl to show and explain I Group and the Charws transactions and disctose Mth reasonable accuracy at any lime the financtal position of the Group and the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and th& provisions of the Trust deed. They are also resFKJnsible for safeguarding the assets of the Group and the Charity and hence for taking Teasonabt@ steps for tho prevention and detection of fraud and other irregulartb8S. Ol%losure of Infomwtlon to aud5tor Ea¢h director of the Trustee at the time when this Trustee's report is approved have confimed that: so far as the directors of the Trustee are aware, thete is no relevant aLKlit infomiatson of whith the charitsble group's auditor is unaware, and that the diredors of the Trustee have tsken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant audit infomiats'on and to establish that the charitable group's auditor is aware of that information. Approved ty rder of Ihe Mamt of the board ofTruste8 on their behaEf by.. 2gU4- and signed on Andrew Berkeley Treasurer of KDS Trustees Ltd Page 7
KING DAVID SCHOOLS INcHEsTER) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING DAVID SCHOOLS IMANCHESTERI Opinion We have auditsd th8 ffinancial 8tatemenls of King David Sth(M)Is {M8ncheslerl (the 'parenl charity) and 118 subsidiaries (the 'group? for the year ended 31 August 2024 which comprise the Con801id8led statemènt of financial activities, the Consolidal8d bdanc@ sheet. the Charity balance sheet. the Consolidated slalemenl of cash flows and the related notes, including a summary of sunificanl ac¢ounting policjès. The finanual reporting framework that has been applied in their preparation is applicablo law and United Kingdom Accounting standards, including Finanaal Reporting Standard 102 Tr Financial RepTr1ing Standard applicable in the UK and Republic of IrelarMI' (United Kingdom GenerallyAccepted Anting Practice). The financAal stalemenls have been prepared in accordance h£counting and Reporting by Chariti08 preparing thèir accounts in accordan¢e wlh the Finanoal Reporbng Stsndards applicable in the UK and Republlc of Ireland {FRS 102} in preference to the Accounbng and Reporting by Charities= Statement of Recommended Practice issued on 1 April 2005 which is referreij to in the exiar)t regulations but has been wthdrawn. This has been done in order for the acctsjnls to provide a Irue and fair view in accordarKe wlh the Generally Accepted Accounting Practice effedive fr)r reF))rting poriods Winning on or after 1 January 2015. In our opinion the finanrAal statements: give a true and fair view of the state of the Group's and of the parent chari¥s affairs as at 31 August 2024 and of the GTOUP'S in¢orning resources and application of resou5. including its income and expenditure for the year then ended.. have been properly prepared in accDrd8nce wtih United Kingdlxn Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the chare$ Act 2011. Basis for oplnlon We conducted our audit in accordance vith Inlernational Slandards on Auditing IUKI (ISAS (UKII and applicable law. Our responsibilitie5 under those standards are further described in the A110$ responsibilfcies for the audit of the financial slalemenls section of our rept. We are independent of Ihe Group in accordanc& wth the ethical requirements that are relevant lo our audti of the financAal statements in the United Kingdom. including the FinancAal Reporting CDuncil's Ethical Standard. and we have fijlfilled csur other ethical responsibiliiies in accordance with these requirements. We bdieve ihat the audit 8vid8nce w8 have obtained is sufficient and appropriate lo prowde a basis for our Onn. Conclusions relating to going concem In auditing the financial statements, we have ca)nduded that the Tmstee's use of the golng concem basi5 Of accounting in the preparation of the financial statements is appropriate. Based gn the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl significant doubl on Ihe Gup.5 or the parent charity's ability to continue as a going eoncem for a of at least twetve months from when the financlal statements are aulhorised for issue. Our responsibilities and the reSpOnbIle$ of the Truslees wth respect to going concem are described in the relevant sections of this report. Page 8
KING DAVID SCHOOLS IMANCHESTERI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING DAVID SCHOOLS {MANCHESTERI IcoirnNUED) Other Infomiatlon The other information compri5e8 the inforniation included in the Annual reprt other than the financial statements and our Audilorfs report thereon. The Trustee are responsibl8 for the other infallOn contained wlhin th& Annual report. Our opinion on the financial statements d¢es not cover the other infomiation and, except lo Ihfi extent olherws6 explicTUy slated in our rt, we (lo not express any fom of assurance condusion thereon. Our responsibility is to read the other infomiakn'on and, in doing so. consider whether the other information is malerialty inconstent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. identify such material inconsistencies or apparent material misstalemenlg, we are required lo detemiine whelher this gNes rrse to a matèrial misstatement in the financ4al ststsments themselves. If, based on the work we have performed, we cotKlude that there is a material mis81alemenl ol this other infom)ation. are required to report that fa(a. Wg have nothing to report in this regard. Matters on vthlch we arn requlred to report by èxceptsn We have nolhing to report in resFXt of the followng matters vthere the Charities (Accounts and Report81 Regulatlons 2008 requires us to report to yw rf. in our tnn. the information given in th& Tnjstee's report is inconsistent in any Matèri respect wilh the financial statements,. or the parent Charity has not kept suffiaenl accounting records: or the parent Chartty finanaal statements are not in agreement vAlh Ihe accounting records and relums., or we have not received all the inforrnalion and extionS we require for our audit. Responsibilities of trustees As explained more fully n the Trustee's respOnsilIb.es statemenL the Twstee is responble for Ihe preparation of the financial slalements which give a true and fair view. and for sud) internal ttjntrol as the Trustees determine is nesSary to enable the preparation of finanaal statements that are free from material misstatement, ithether due to fraud or error. In preparing the finanoal statemerts. the TTUSlees are responsible for assessing the Group's and the parent charitls abilty ID conlinue as a going concem, disdosing. as applicable, tnatters related lo going concern and u&ng tha going ¢onc*m basis of accounling unless the Trusl8es either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic ahemalive bul lo do so. Page 9
KING DAVID SCHOOLS IMANCHESTERI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING DAVID SCHOOLS {MANCHESTERI ICONnNUEDI Auditorfs responyibllltles for the audlt of the flnancial ststements We have been apFK)inted as auditor under soction 151 of the Chafitses A( 2011 and report in acwéance wth the Act and relevant regulations made having effect thereunder. Our objectives are to obtsin reasOnale assuranc about whether the finan¢ial Stslements as a whole are frèe from material misslatemenl, whether due to fraud or eOr. and lo issue an AudilDrfs repDrt that includes Dur opinion. Reasonable assurance is a high level of assurance. Ixrt is not a guarantee that an audit c)ndLted in accordance wth ISAS IUIQ wll alvrdys delect a material misstatement when it e$1$. Misstatements can arise from fraud or error and are considered material rf, indNÈdualty or in the aggregate, they could reasonably be expected to inluenee the economic dwsions of users taken on the basis of those )Inancial slalements. Irregularities, Including fraud, are instsnces of nOrCOmplIare vrith laws aThJ regulations. We design procedures in line with our responsibilities, outlined above, lo detecl material misslalements in respert of irregularities, Including fraud. The extent lo %thich our procedures are capable of detecting irregularities, including fraud is delailad i*low'. We obtained an understanding of the kgal and regulatory framw4vorks wlhin which the charlty oFErates, IUsIng on those laws and regulations that hav& a direct effect on the delerniination of material amounts and disclosuros in the finane4al statements. The laws and regulab.ons we considered in this context were the Charities Act 2011 together wilh the Charities SORP IFRS102} 2019. We assessed th8 required Complian wth these law8 and regulations as part of our audtt pr¢xedures on the relate(l financial statement items. In addition. we considered provisions of othor laws and regulations that do n)t hav8 a direct effect on the financial statements bul cornpliance which might be frJndamenl81 lo the Charits ability lo operate or to avoid a material penalty. We also considered the opportunities and incentives th81 may 1st within the charity for fraud. The laws and re9ulatsons we considered in this ntext for the UK operations were Charity Commisson regulations. Audlting 81andards limit the required audit procedures to identify non•complian¢2 Trmlh these laws and regulations tD enquiry of the Trustees and other management and inspectton of regulatDry 8nd legal correspondenco, rf any, We Idents'fied the greatest risk of materiol impact on the finanoal slalements from iiregularities, including fraud, to be rithIn the timing of recognition of income and the override of eonlrols by management. Our audit procedures to respond to these risks induded testing samples of vduntary CAJntiibulions from the nominal ledger back to supporting documentskn'on, review minutes of Trustee meetings to Identify any materi31 (Jonations and ensure they are included in the nominal ledger where mentioned, review the Controls over completeness of voluntary income to ensure adequate and perform a walkthrough lest, enquiries of management and the Audit & Risk Committee about their own identificatim and as5e5sment of the risks of irregularities. sample testing on the posting of joumals, reviewng accounting eslimates for biases and reviewing regulatory Corresponden with the Charity Commission. Owing lo the inherent limitations of an audrt, there is an unavoidable rssk that we may not have detected some material misstalemenls in the finanaal statements. even though we have properfy planned and perfomied our 8udil in accordance with audibng standards. example, the further r0¥8 non-compliance wlh laws and regulaltons lirregularitie5} is from the events and transalOn$ reflected in the financial statements, the less likèly the inherentty limited prDceéures required by auditirKJ standards would identify it. In addition, as with any audit, there remained a hher risk of non4etecknon of irregularities, as these may involve collusion, forgery, intentional omissions, mispreSentatIOns. or the override ol intemal cntrolS. We are not responsible for preventing non- complianGe and cannot be expected to del8Ct non-compliance wth all laws and regulations. A further description of our responsibilthes for the audit of the finanaal statements is located on the FinancAal Reporting CDunciI's website al" ww.frc.or .ukJaudrtorsre nsibilities. This description forms part of our Page 10
KING DAVID SCHOOLS IMANCHESTERI INDEPENDENT AUDITOR'S REPOFrf TO THE MEMBERS OF KING DAVID SCHOOLS (MANCHESTER} {CONTINUEDI Auditols repc*t. Us8 of our report This report is made solely to the charitys trustees. as a body. in acc(xdanc8 wf(h Part 4 of the Charities (AountS and Reports) Regulati¢)rts 2008. Our audit Work has been undertaken so that we might state lo th8 charity's trustees those matters we are required lo stale lo them in an Audrtorfs report and for no other purpose. To the fullest exlent permitted bylaw, we do not accept or assume responsibility to anyone other than the charity and ils trustees, as a body, for our audit work, for this rewL or forthe opinions we have formed. Crowe U.K. LLP Stslutory Auditor 3rd flwr St Georges House 56 Peter St Manchester M2 3NQ Date.. Crowe U.K. LLP are gligible to acl as audttQTS in temis of tion 1212 of the Companies Act 2006. Page 11
KING DAVID SCHOOLS (MANCHESTER) CONSOLIDATED sTATEmEP OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31 AUGUST 2024 Restrlcted Llnrestrlcted funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Income from: Donations and legacies Charitable activities Other trading artivrtles Olh&r income 44,123 7,768,084 676,422 1,161,715 817,637 no.546 8,929,799 817,S37 946,335 8,382,008 87, f 50 1,047 Total Incomè 7.812.207 2.659.117 10,471.324 9,416,540 Expendliuro on: Charitable actimties 8,706,231 2,762,575 11,488,806 10,600,023 Totsl expendlture 8,706,231 2,762,575 11,468,806 10,600,023 Net expendlture before net galns on investments Net gains on investments Net movement In funds before other recognised gainslllossesl Actuarial gains on defin8d benefft pension schemes {894.024) 1103,468} 3.795 1997N82) (1, 183,483) 3,795 733 1894.024) 199,663 1993,6871 (1,182. 150) 24 107.OIJO 107,IMJO 179,000 Net movement In funds 1787.024) (99.663) 1886,6871 11,003, 750) Reconclllatlon of funds- Total funds brought fowwaid Net movement in lund5 23.671,510 1787,0241 940.637 199.6631 24,511047 25.515,797 1886.6871 (1.003, 750) Total funds carrted forward 22.784,486 840.874 23,625,360 24,512,047 The Consolidated Statement of Finanual Actswbes IndeS all gains and losses recognised in the year. The notes on pages 16 to 42 fom part of these finarKial ststemerrts. Page 12
KING DAWD SCHOOLS IMANCHESTERI CONSOUDATED BALANCE SHEEr AS AT 31 AUGUST 2024 2024 2023 Note Flx•d assets Tangible assets Investments 12 23,965,360 16.254 24,646, 7t4 11,459 13 23,980,614 24,658, 173 Current assets stks Debtor Cash at bank and in hand 14 15 10.718 265,022 1,124,434 12,760 327,984 758.080 1.400,174 1.092,824 Creditors= amounts falling due Vthin or year 18 11.429.811) (953.333) Ngt current Ilabllltles l assets 129,637} 139.491 Totsl assets less current liabilltles 23,950,9T7 24, 797, S64 Creditors.. amounts falling due after more than one year 17 {325,6171 (285,617) Net assots excluding penslon asset 23,625,360 24,512.047 Totsl net assets 23,62S.360 24.512,047 Charlty funds Restricted funds Unrestricterj funds 19 22,784A86 &40,874 23,571.510 940,537 19 Total funds 23,625,360 24.512,047 The financial statements were approved and authorised for issue by thè Trustee and signed on their behalf by.. Andrew Berkel8y Tr@asur8r of KDS Tnjstees Limited Date- 39/1-1) The note8 on pages 16 to 42 form part ofthese financial ststements. Page 13
KING DAVID SCHOOLS (MANCHESTER
HARITY BALANCE SHEEr
AS AT 31 AUGUST 2024
2024
2023
Mote
Flxed assets
Tangible assets
Investments
12
20.140,652
16.254
20, 705,914
11,459
13
20,15S.906
20,717,373
Curront assots
Stocks
DeblDrs
Cash at bank and in hand
14
10.718
115,689
247,506
12,760
124,849
301,811
15
373.913
439,420
Creditors.. amounts falling due Ythin one
year
16
(526.1961
(638,642)
Net current Ilabllltlos
(152,283)
(199,222J
Total assets less current Ilabllities
20,003.623
20,518, 151
Creditors.. amounts fdling due after more
than one year
17
{325,617)
(285,617)
Net assets excludlng penslon asset
19,678,006
20,232,534
Total net assets
19,678,006
20,232,534
Charlty funds
Restrided funds
Unrestricted funds
19
18.826,735
851.271
19,391,997
840,537
19
Total funds
19.678.006
20,232,534
The Charity's nel movement in fiJrKl$ for the year was £(554.528) (2023- £(912,414J).
The financAal 81alemernts were approved and auth
KING DAVID SCHOOLS IMANCHESTERI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flow5 from operat5ng artlvllles Net cash used in 0rating activities 21 401,980 (282, 720) Cash flows from Invesung adlvltles Purchase of tangible fixed assets 112.1711 (288,535) Net cash used in investlng actlvltles 112.1711 1288.5361 Cash flows from flnancing actlvltles Repayments of borrong (74, 732) Net eayh providèd byllused Inl flnanclng actfvltles 174.7321 Change In cash and eash èquivalénts In tha year Cash and cash equivalents at the beginning of the year 389.809 {645.9871 1,015,251 369,264 Cash and cash equlvalents at the ènd of thè year 759,073 369.264 The notes on pages 16 10 42 form part of these financial statements Page15
KING DAVID SCHOOLS IMANCHESTERI NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 AUGUST 2024 Gènèral infomiatlon King Davld Schools Imanchesler) is a reglstered charity (No. 5266311, r(5 priwpal address is shown on the tharty irrfonnalion page. The charity is a public benefit entity. Accountlng poll¢los 2.1 Basls of preparatlon of financlal statements The financial statements have been prepared in accordance wrth the ChariJes SORP IFRS 1021- Accounting and Reporbng by ChafTties'. Statement of ReLX)mmended Practice applicable to charities preparing their accounts in accoTdance with the Financial Reporb"ng Standard applicable in the UK and Republic ol Ireland IFRS 12) (effeth"ve 1 January 20191, thè Financial Reporting Standard appliCae in the UK and R8public of Ireland {FRS 102) and the Charitie5 Act 2011. lfjng David Schools (Manchester} meets the deflnition of a public benefrt entlty under FRS 102. Asse15 and liabilities are Initial reo)gnisecl 81 historTrcal cost or transaction value unless Otherwse stated in the relevant aOUnting kx)licy. The Gonsolidated statement of finanaal ac*vibes ISOFAI and Consolidal8d balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The resutts of the subsidiaries are consolidated on a line by line ba&s. The charrty hay the right to appointl removè members and governors of the consolidated entities and as suth has control. The subsidiaries incltjéed in th@ consolidation are The lQng David Primary School (company number 084241541 and The King David High Sthool (company number 0771605n. Page18
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng polkles Icontinu•d} 2.2 Golng concern The charity and group meets its day-tO-d8y requirements thorough its bank faalities and the extremely generous donors and parents. The group are consdering 8 number of fundraising opportunities lo recover the deficits gging lorward. Charity projections taking account of reasonable poSsie ch8nge8 in perfomiancè show that the charity should be able to operate wlhin the level of its currerit facilltles. The charity conlinues lo monttor its resutts against performarKe as Its measur8m8nt of success. The charity does not employ a professional fundraiser and relies on the assistance frorn the Trustee, governor and parents. Whilst voluntary contribulions frr)m parents continu8 to be laW the ideal level, to compensate, the charity held a campalgn In January 2024. The fundraising campalgn had £1m pledged of whith £817k has been recognised in these aUnts and Q90k not rocognised due to the uncortainlies of il beiro received as at the year end. Following the year end, Df Ihe £290k, £253k has been rec6iv8d so far. In addition lo the fundraisiny inu)me, the charity has an overdraft facility with a nel credit limit of £170k, wluth can be utilized if needed. The Charrty has undertaken to Provide financial support to the KDHS Academy, pmided that KDHS'S financial requirements do not exceed their budoet and that there are no snifIcant changès to thè Board of Govemors ol the KDHS Academy. The Tetmination Waming notice issued to KDHS Ac2demy from the DFE was removed in January 2024, being replaced wth a'notice lo imyove.. As has been the case for many yèars, Ihe Trustee continues ils success in maintaining suffici@nl income to ensure the requirements of the group are met in full. However, the group musl continue its fundrai&ng activities if the Academies are lo continue to provide the academic excellence il has in Ihe pasL The group therefore Cnb.nueS to adopt the gc4ng concem basis In the financial ststements. Z3 InGome All income is recognised once the Charrty has entruemertt to the income, it is probable that the income will be received arKI the arnnt of incorne receivable be measured reliably. As pledges of donations made at ndraising events over MYpIe years are nol wnsidered certain, they are not reocgnised as IrMe unb'l they are received. Grants are induded in the Consolidated ststement of ffinancial actiwties on a receivable basis. The balance ol income received for speufic purposes but not expended during the period is shown in the relevarrt fijnds on the Balance sheet. Where ino)me is received in advance of enliuement of ieceipL its recognrtion is deferyed and iluded in creditors as deferred income. Wher6 entitlnent (UrS before income is received, the income is accrued. Income tax recoverable in relation to donaDons r4ved under Gfft Aid or deeds of covenant is recognised al the lime of the ¢lonation. Page 17
KIMG DAVID SCHOOLS (MANCHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontlnu8d 2.4 Expandlturg Expenditure Is recognised once th6re is a al or constructive obllg8tTron lo transfer ecc•nomic bènefit to a third paty. il is probab18 that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be Measur reliably. EXpendure Is classified by acbvity. The costs of eath activity are made up of the total of direct costs and shared eosts, Including support costs Invcdved in undertaklng each activity. Direct costs attributable lo a slngle activty are allocated direcuy to that adivity. Shared costs vthich i>)nin"bute to mote than one acttvity and support costs which are not attributable lo a single activity are apporboned ts¥een those activities on a basi5 consistent with the use of resources. Cerrtral slaff costs are allocated on the basis of time spent, and d8pr8ciation Charges allocatéd on the porb.on of the assevs use. Exp8nditvro on tharitable activithes Is incurred on directy undertaking the activitTres which further the Group's objectives, as well as any asswaled support costs. Granls payable are charged in the year vth8n th8 offer is made expt in those cases vthere the offer 15 condttional, such gmnt5 ng recognised a5 expendrtuie when the condib.ons attaching are fulfilled. Grants offered subject to condibons whith have not been mel at the year erKS are no16d as a c(Hnmitmenl, but not accrued as expendtture. All e¥Jenditure is inclugve of irrecoverable VAT. 2.5 Tangible ftxed assets and deprèciation Tangible fixed assets costing £2,000 or more are capita]ised and recognised when future economi benefits are probable and the 5t or value of the assel can be measured reliabty. Tangible fixed ?ssets are initially recognised at cost. After recognilw)n. Uer the cost rnodel, tangibl8 fix assels are m68SLJred at cost less ac4wmuiatad dèprècialion and any accumulated impairrnent losses. Al costs incurred to bring a taThJible fixed asset into its inlende*J W01ng condition should be included in the measurement of cost. At each reporbng dale the Charity assesses whether there is any irKlication of impaimient. If such indicabon exisls, the recoverable amount of the asset is detemiined lo be the higher of its fair value less costs to sell and its value in use. impaiment loss is recognised where the carrying amount exceed5 the recoverable amount. Depreciat'on is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the strawJht4ine method. Depreciation is provided on the folk)wing bases" Freehold propety and buiklings - 2% Straight line Motor vehides 20% Slraighl line Fixtures and frttings 15% Reduuro balance Computer equipment 33% Straight line Page18
KIMG DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Accounting poll¢les Icontinued) 2.6 Inv6Stments Fixe(l asset investments are 2 form of finanual instnjment and are inrtially cOgnISed al their transaction cost and svbsequendy measured at fair value al the Balan sh8@t date. unless the value cannot be measured retiaLMy in whrch se it is measured al cost less impairment. Investm8nl gains and losses. wh8ther realised or unrealised. ale combined and presented as 'GainsllLos8esl on investments, in the ConsDiidated statemerrt of financial actiwlies. Investments in SudianeS are valued al f))St lèss provision for impairment. 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after makrng due allowance for obsol@l@ and slow-moving stocks. Cost includes all direct costs and an appropriate proportion Df fixed and variable overheads. 2.8 Debtr)rs Trad8 and othet debtors are recognised al the settlement amount aftèr any trade dlscount Dff&red. Prepayments are Vallrt at the amount prepaid net of anytrade discourrts due. 2.9 Cash at bank and In hand Cash al bank and in harKI indudes cash and short-terni highly liquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deFKssiI or similar account. 2.10 Liabllltles and provbions Liabilities ale recognis&d when there is an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit wll be required in setNem8nt, and the amount of the settlement can be estimated reliably. Liabilities are reccgnisod at the amount that the Charity antiupates it wll pay lo setue the debt or the amount it has received as advanced pwents for the goods or services il musl provide. PrOvisn3 are measured al the best estimate of the amounts required lo se8 the obligation. Where the effect ol the timè value of money is material: the proMsR>n is based on the present value ofthose amounts, discounted at pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is reccgnised in the Consolidated statement of financial activities as a finance cost. 2.11 Flnanclal instruments The Croup only has financial assets and finanoal liabililies of a kind that qualify as basic financial inslrumenls. Basic finanoal instruments are initially recrynised at transaction value and subsequently measured at their settlenent value with the exception of bank loans which are subsequently measured al amorb.sed cost using the effecbve interest method. Page 19
KING DAVID SCHOOLS (MANCHESTER} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollci08 Icontlnued) 2.12 Penslons The Group operates 8 iwo defined contribulion pénsion scheme and tho pension charge represents the amounts payable by the Group lo the fund in respect of the year. Contributions lor petsonal pension schemes are account&J for in the year to which they relate. Retirement benefits to employees of the a(8dgmw are provided by the Teachers. Pension Scheme ITrS') and the Loeal Govemment Penslon Scheme fLGPS'?. These are defined benefft schemes. The TPS is an unfunded scheme and contributions are calculated so as to sproad the cost of pensions over employees. working Iiv8s the academy in such a way that the pension e£)St is a substantially level percentage of current and future pn5ionable payToII. The contributions are delerrnined by the Govemment Actuary on the basis of quadrennial valuations using a prospectiv8 unit credit rnelhod. TPS is an unfunded multi-employEr scheme wlh no underlying assets to assign between employers. Consequently. the TPS is treated as a defined contribution scheme lor accounting purposes and the contributions recognised in the priod to which they relate. The LGPS is a funded multemoYer Scheme and the assets are held 8eparal8ty from those of the academy in separate trustee administered fvjnds. Pension scheme assets are measured al fair value and liabilities are measured on an actuanal basis using the prciected unit Cr11 melhod and discounted al a rate equivaent to the rrent rate of rettjrn on a high quality corporate bond of equivalent term and currency to the liabilities. The actLJaria1 valuations are (i)tained at least triennialty and ale updated at each Balance sheet date. The amounts tharged lo operating surplus are the current serw¢8 costs and the costs of sd)eme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Nel interest on the nel defined benefit liabilitylassèl is also rewgnised in the Statement of finanual activities arid comprises the interest cost on the defined benefit obligation and interest income on the scheme 8ssets, calculated by mulliplwng the fair value of the scheme a55ets at the beginning of the period by thè rale used to discount the benefrt obligations. The drfferents baeen the intsr8sl income on the scheme assets and the actual ieturn on the stheme assets is recognbsed in othei reo)gnised gains and Icksses. 2.13 Fund accountlng General funds are unr8Stricted Yunds which are available for use at the discretion of the TSlee In ftjrtherance of the general oty'eclives of tho Group and whith have not been designaled for other purposes. Restricted funds are furKls which are to be used in acc(dance Mrilh speufic r2stn"ctions imposed by donors or which have been raised by the Group for partiujlar purposes. The costs of raising and administering such lunds are charged against the stEC6hc fund. The aim and use ol each restrided nd is set out in the noles to the finawal statements. Investment incA)m8, gains arKI losses are allocated to the appropriale fijnd. Page 20
KING DAWD SCHOOLS IMANCHESTERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donatlons and legacles Restricted Unrestricted funds funds 2Q24 2024 Total funds 2024 t)onations & grants Parental voluntsry contrtbutions Tax refund 37,209 6,914 37.209 677.280 106.066 570,366 106,056 44,123 676,422 720.545 Restricted Untssfricted runds fvnds 2023 2023 Total funds 2023 Donab"ons & grants Parental voluntsry contribull$ Tax rend 203,891 105,867 529, 162 107,415 309,758 529, 762 107,415 203.89t 742,444 946,335 Income from charitable actlvltles Restrlcted Unrestrlct8d funds funds 2024 2024 Total funds 2024 Operation of the schools 7.768,084 1,161.715 8,929,799 Restricted Unr8Stncled funds funds 2023 2023 Tol81 funds 2023 Operation of the schools 7,656,721 725.287 8,382,008 Page 21
IUNG DAWD SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 Fundralslny Income Income from fundralslng events ' Unreslrlctsd funds 2024 Total fvnds 2024 Donations 817,637 817,637 unSIne1ed funds 2023 Tol81 funds 2023 Donations 81, 150 87,150 Other Income Unrestrfcted funds 2024 Total funds 2024 Inleiesl received 3,343 3,343 Un$1Cked runds 2023 Total funds 2023 Interest received 1,047 1,047 P@ 22
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 Analysls of expendlturo on charttable actlvllles Summary by fund type Restrlcted Unr&stricted funds lunds 2024 2024 Total 2024 Ok*rgth)n of the sch(x)Is 8.7(,231 2,762,575 11.468,806 Reslricte(J UnresliFCted funds lunds 2023 2023 Total 2023 Operation of Ihe schools 8. 799, 128 1,800,895 to,600.023 Analysls of expenditurè by activiti Activities undertaken directy 2024 Support costs 2024 Total funds 2024 Operation of the schools 8,998,938 2,469,868 11.468,806 Aclwrti8s undartgken dtlY 2023 Support costs 2023 Tol81 funds 2023 Operation of the schcKsls 8,291,659 2,308,364 10,600,023 Page 23
K]NG DAVID SCHOOLS (MANCHESTER} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analys18 of expendlture by acuvltles Icontinu•dl Analysis of dlrect costs Operatlon of the schools 2024 Total funds 2024 staff costs Edutxlional materials Food & meal costs Trips Travel costs Teachei training Other direct costs 7,074,661 799,436 743,746 318,223 786 56,626 5.460 7,074,661 799,436 743,746 318.223 56,626 5,460 8.998,938 8,998,938 Operation ol th8 scIKJoI 2023 Total fui?ds 2023 staff Lx)sts Educational materials Food & m1 costs Trips Travel cost5 Bus donations Teadr training Other dired $ts 6. T43.890 660.208 611.003 229,455 10 6. T43,890 660,208 611,003 229,455 16.806 20.263 10.024 16,806 20,263 10,024 8,291,659 8,291,659 Page 24
KING DAVID SCHOOLS IMANCHESTERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture by acllvlttes (¢onllnuedl Analys1$ of support costs Operation ofthe school 2024 Total funds 2024 Staff costs Depreciation Govemanc8 S8curty and transwrt Repair costs Light & heat Loan interest 203,982 S93,525 44,204 339,270 175,821 439,571 6,242 50,851 8,111 6,892 79,733 159,023 5,745 256,898 203,982 693,525 44,204 339.270 175,821 439,671 6,242 50,851 8.111 6.892 79.733 159,023 6.745 256,898 Cleaning Printing, postage and stationery Bank charg8s and interest Insurance Sundri8S Tel8phon8 Legal and professional fees 2,469,868 2,469,868 Page 25
KIMG DAVID SCHOOLS {MANCHESTERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 AUGUST 2024 Analysls of expgndlture by actlvltlos Icontlnued Analysis of Support costs {continuedl OptiOn ol thg school 2023 Total funds 2023 staff costs Depraoalion Govemance Security and transport Repair costs Light & heal Loan intsre8t Cleaning Printing, postage and statnery Bank charges and interest Insurance Sundries Telephone Recharge of expenses Legal and pleSS1On fees 152,261 693,052 36, 183 261.984 ITI.577 543,656 8,614 98, 787 7.853 6,801 88,234 64.820 7. 107 152,26t 693,052 36,183 261,984 t 71,577 543,656 8,614 98.787 7,853 6,801 88,254 64,820 7. 107 li 244 167, 191 244 167, 191 2,308,364 2,308,364 Audltor's r9munerntion 2024 2023 Fees payable lo the Gioup's auditor for the audtt of the Group's Gonsolidated financial statements. 22,915 22,250 Page 26
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL sTATEmErs FOR THE YEAR ENDED 31 AUGUST 2024 10. Stsff costs Group 2024 Gnwp 2023 Charfty 2024 Charity 2023 Wages and salaries Sodal security costs Conlrfbutlon lo defined contribution p8nson schemes 5,504,961 551,340 5.250.444 506.970 1,083,053 98,545 1,068,579 $8,926 1,222,342 1. 138. 737 $8,512 19, 775 7.278.643 6,896, 151 1.240.110 1, 157,280 The averagè number of persons employed by the Grcp during Ihe year was as follgw5.' Group 2024 No. Group 2023 No. Teaching Educational Supwt Administration Premis8S Managemerrt LMSLA 125 95 32 10 207 137 The number of employees whose employee benefits (exduding employer pension costs} exceeded £60.000 was.. Group 2024 No. Group 2023 No. In the band £60.001- £70.000 In the band £70,001- £80.0(KI In tho band £80,001- £90,0 In the band £90.001- £11)O,OLKJ The rtsmuneralion lexduding employer pension and Nl coslsl received by management personnel of the charity w88 £92,705 12023.. £79,834). The rernuneration received by key management personnel of the academies was £663,99D {2023'. £603.697}. Key man?gement of the charity include the bursar and the governo, administralDr. Key management of the acAd&mies indude the trustees and senior management team. P8ge 27
KING DAVID SCHOOLS (MANCfrIESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Trustge's remuneratlon and expen During the year, no Trustees re any remuneration or other efitS (2023- £NIL?. During the year ded 31 August 2024. no Trustee expenses have been incurred (2023- £NILJ. 1 Z Tanglble fixed assets Group Assets Computsr und&r gqulpment constructlon Freghold property Motor Flxtu vehlcles and fittings Total Cost or valuatlon At 1 September 2023 31.628.263 66.176 938,176 433.660 12.171 28.440 33,084,714 12,171 Additions Transfers between classes 128,4401 At 31 August 2024 31.628,263 56.176 938.176 474,271 33,096.885 Depreclatlon At 1 September 2023 Charge for the year 7.275,268 711081 404,607 8N38,000 632,566 28,608 28.552 693.625 At 31 August 2024 7.907.834 740.689 433,159 9,131,525 Net book value At 31 August 2024 23.720,429 6.332 197.487 41,112 23,965,360 At 31 August 2023 24,352.995 10, 131 226,095 29.053 28.440 24, 646. 714 Page 28
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 12. Tangible flxed assets {contlnued) Charlty FehOld Flxtures and property fittings Computer equlpment Total Cost or valuatton At 1 September 2023 27.590,718 530.837 5,130 28,126.685 At 31 August 2024 27.690.718 530.837 5,130 28.126,685 Dgprgclatlon Al 1 September 2023 Charge for the year 6,974.453 SS1.815 441,188 13,447 5,130 7.420.771 565,262 At 31 Augu812024 7,526.268 454,635 5,130 7,986,033 Nèt bookvalue Al 31 August 2024 20,064,450 76.202 20,140,652 Al 31 August 2023 20.616,265 89,649 20,705,914 Page29
KING DAWD SCHOOLS {MANCHESTERI NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Fixed asset Investmgnts Llsted Investments Group and Charlty Cost or valuatlon At 1 September 2023 Revaluations 11.459 3,795 At 31 Augusl 2024 16,254 Net book value At 31 August 2024 15,254 At 31 August 2023 11,459 14. Stock5 Group 2024 Group 2023 Charity 2024 Chaiity 2023 Finished gLX)ds and goods for resale 10.718 12,760 10,718 12,760 15. Debtors Group 2024 GrDUP 2023 Charity 2024 Charity 2023 Due wlthln one year Trade éeblors Arnounts owed by group undertakings Amounts owed by King David Resource5 Limited Other debtors PrepayTnents and accrued income 7,337 22,894 7,337 50 22,894 1.594 56.622 50.086 41,974 215.711 143,693 755.397 67,259 34,646 265.022 32f.984 115.689 124,849 Paga 30
KING DAVID SCHOOL81PAANCHESTERI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Creditors: Amounts falllng due wlthln onè yèar Group 2024 Grnup 2023 Charlty 2024 Chaty 2023 Bank overdrafts Bank loans Trade creditors Amounts OW lo group undertakings Other taxation and social s8curity Other creditors Accruals and deferred InMe 365.361 12.836 78.616 388,816 85,$87 249,3 385,361 12,836 56,042 1,750 21,735 21.576 46.896 388,816 85, 687 103,986 1,299 22,082 10.838 25,934 21,735 7T1,310 173,953 22,082 145.952 61.293 1,429,811 953.333 526,196 638,642 Gmup 2024 Group 2023 Charity 2024 Charity 2023 Deferred ineorne th 1 September 2023 Resources delerred during the year ounts released from wevious pericKIs 26,238 108,702 {26,238) 49.511 26.238 (49.511) 13.119 197 7,519 13,119 (7,519) 15.600 108,702 2S.238 7,716 13,119 Page 31
KING DAVID SCHOOLS IMANCHESTERI NOTES TO THE FINANCIAL STATEMEIUS FOR THE YEAR ENDED 31 AUGUST 2024 17. Credltors: Amounts falllng due after more than one year Group 2024 CUp 2023 Charity 2024 Charity 2023 Other Ic)ans 324617 285,617 325.617 285,617 Included within Ihe above are amounts falling due as fdkyws.. Group 2024 Group 2023 Charlty 2024 Charity 2023 BeOn one and two years Othèr loans 325,617 285,617 325.617 285,617 Inclucled within creditors are baL8nces due to lenders in respect of bank loans. At 31 August 2024 the balance is £12,838 12023.. £85,687). The interest charged on the thn is 3.5% over bank base rate. The loans are secured by a letter of set off over credit balan. Creditors indudes a Conceonry loan from J R¢)we. a Iruslee of King Dawd Schools (Manchester), of £325,61712023' £285,617). The loan is su*'8cI to a 12 month notKe period and not subject lo interest. Page 32
KING DAVID SCHOOLS {MANCHESTERI NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 18. Flnanclal Instrumènts Group 2024 Group 2023 Charlty 2024 Charity 2023 Flnanclal assfjts Finanaal assets measured at amortt5ed c05t 1,389,456 924, 717 363,195 392,014 Group 2024 Gnwp 2023 Charity 2024 Charity 2023 Flnanclal Ilabilities Financial liabililbOS measured at amortised cost 1,766A28 1.276,879 815.813 982.078 Financial atS measured at am(Jtised cost Mprise trade debtors, ¢Xher debtors and accrued income. Financial liabilities measured at amortised cost (MpSe bank loans and overdrats, trade creditors. other ediloTS and accruals. Finanaal assets measured at fair valuè through income and expendriure )MprIse investm@nls and lotsl £15.52412023: £11.459} for both the Group and Charity. Page 33
KING DAVID SCHOOLS (MANCHESTER) NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statement of funds - Group ststèment of funds- curr8nt year Balancè at 1 September 2023 Balancg at Gainsl 31 AL5gust (Losses} 2024 Incomo Expendlturp Unrastrlctad fund5 General Funds 940.537 2.659.117 12,762,575) 3,795 840,874 Restrlcted funds AldemY funds Donations SEN incorne 4279.513 1100.0001 7.463,030 IT.784.7921 110.113 (10.1131 130.701 1130,7011 101.449 1101,449) 6.914 16,9141 3,957,751 Nursery yrant Further eLlucalion grant Grant of buildings and fixlures from BSF Pension reserve 19.391.997 1565,2621 1107,0001 18.826,735 107.000 23.571.510 7.811207 {8,706.231} 107.000 22,784,486 Total of funds 24.512.047 10,471.324 111,468,806) 110,795 23,625,360 Page 34
KING DAVID SCHOOLS {MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statement of funds Icontinuedl statement of funds - Group- prforyèar Balance at I Sepl8mber 2022 Balance 81 31 Augusl 2023 Gain {LoS) IrKome Expendtture Unrestricted funds Generdl Funds 1. 184. 771 1.555,928 (1.800.895) 733 940,537 Restrlcted funds Academy funds Donations SEN 1me Nursery grant Grant of buildlngs and fixture5 from BSF Pension res&The 4.370,849 7,015,718 (7. 107,054J 676,845 f776,845J 109,005 (109,005J (59,044J 4,279,513 (ioo,000) 19.96Q. 177 (568, 180) (179.OGQJ 19.391,997 179.000 24.331.026 7.860.612 (8, 799, 128) 179.(100 23,571.510 Total of fund5 25,515. 797 9,416,540 (10.600.023) 179, 733 24,512,047 20. Analysls of net assets between funds Analysls of net assets between fvnd$- currgrt pgrfod Restrlcte(l Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangibte fix assets Fixed asset investments Current assets Creditors due within one year cd[lorS due in more than one year 22.661,443 1.303,917 23.965,360 15,254 15,254 1.026.938 373,236 1.400.174 {903.8951 {525,9161 11.429,8111 {325,617) 1325,6171 Totsl 22,784.486 840,874 23,625,360 Page 35
KING DAVID SCHOOLS IMANCHESTERI NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Analysis of net assets betwe8n funds (contlnued Analysls of net a$$èts bètween fund$- prlor perlod Restrtcled Unrnslricted funds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Fixed a5sel inve81menls Current assets Creditors due wthin one year Creditors due in morè than one ye8r 23,332. T98 1.313,916 24,646,714 11,459 11,459 568.851 523,913 1,092,824 (330, 139) (623, 194) (953,333) (285,617) (285.617) Total 23,5T1.510 940,537 24,512,047 21. Reconclllatlon of net movement In funds to net cash flow from operating activlti Group 2024 Group 2023 Net expenditure for the period (as per Statement of Financial ActNitiesl 993,687} {1.182, 750) Adjustments for: Depreciation charges Gains investments Decreasel[Increasel in StkS Decreasel[In¢reasel in debtor3 Increasel{decreasel in editOrS LGPS pension movement Defined benefrt pension scheme cost ths rA)ntributions payable 693.525 3.795 2,042 56.962 516.478 107.000 15,865 693,051 733 (3, 617) (24,432) (296,705) 531,000 Net cash provldod byl(used in) operatlng actlvltles 401,980 (282,720J Page 36
KIMG DAViD SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Analysls of cash and cash equfvalents Group 2024 Group 2023 Cash in hand 8rdraft facality repayable on demand 1,124,434 758,080 (365,361) (388.81 6J Total cash and cash equivalents 759.073 369,264 23. Analysls of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank arKI in hand Bank overdrafts repaYae on demand Loan duemrithin 1 y8ar Loans due after 1 year 758,080 {388.816> (85,6871 (285.6171 366,354 1,124.434 23,455 1366,361) 72,851 112,8361 140,0001 1326.6171 12.040) 422,660 420,620 Pènsion commltments The Charrty operates a defined contribution pension 9dme. Contributions tolalling £15,900 12023= £8,496) were payable to the frJnd at th8 balance sheet dale arKE are induded in credrtors. The Group operates a defined benefft nSIOn scheme. The academies. employees belong to prin(ipal pension schemes.. the Teachers, Pension Scheme for England and Wales (TPSI for academic and rdated stsff.. and ihe Local Govemment Pension Scheme ILGPSI for non-teaching slaff. whith is managed by Hymans Robertson LLP. Both are mulli*mployer defined benefft schemes. The latest actuarial valuation of the TPS r&lat@d to Ihe period ded 31 March 2020 and of the LGPS 31 March 2022. There were no outstanding or prepaid contribUti(S at eilher the beginnirKJ or the end of the financi81 year. Teacher5. P•nsion Scheme The pension charge for the year indudes contributions payable lo the TPS of £58,512 {2023.' £19,775) and at the year-end £15,9LIO12023- £6,4) was accrtd in respect of contributions lo this schem&. Tha TPS is an unfunded muliFemplgyer defined benefits pension scheme govemed by The Teachers, Pensions Regulats'ons 2010 las amènded) and The Teachers, Pension Scheme RegulaliDns 2D14 las Page 37
KING DAVID SCHOOLS (MANCHESTER} NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 24. Ponslon commltments {contlnyed) amend8dl. Members contribute on a 'pay as YOLS go" bags wilh contributions from members and the employer being credited to the Exchequw. Retirement and other pension benefits are paid by publlc funds provided by Parliament. Valuatlon of the Tea¢hets' Penslon Scheme The employer contribution rale is sel by the Secretary of State following scherne valuations und8rtak8n by the Govemment Actuary"'s Department. The most recent actuarial valuation Df the TPS was prepared as ot 31 March 2020 and the Valuation Rewt. whith was published in October 2023. Following the Mccloud judgement, the remedy proposed that vthen berbefrts become payable, ellgible members can seled to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries havè assumed that members are likely to thoose the option that provldes them wth the greatsr ben&fits, and in preparing Ihe 2020 valuation have valued Ihe'grèaler value, beneffils for groups of relevant members. The employer contribution rale for the TPS is 28.6%. and employers are also required lo pay a schemè administration levy of O.DB% giving a total emplOr contribution rate of 28.68%. A copy of the valvatk)n reF*Yt and 5upwting (IrUmentatiOn is on the Teathers, Pensions website Ihttps.'Ilww.te8cherspensions.co.uk). Under the defjnitions set out in FRS 102. Ihe TPS is an unfundèd multpemployer pension stheme. The arademy has accounted for ils contributsons to tho scheme as if it were a defined contribution schemè. The academy has set out above infonration available on the scheme. Pagè 38
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Penslon commltments {continued) Local Govemment Pen8lon Scheme The LGPS is a funded defined benefit pensl(>n sch&me, with the as¥ets hèld in separate Iruslee administed lunds. The total contribuiion made for the year ended 31 August 2023 was £245,00012023- £215,000), of which employe¢s contiibutions lotalled £182,000 [2023- £162,000) and employ&es' contributions lolalled £63.00012023- £53,OC4]}. The agreed contribution rates for future years are 19.1 Per cent tor empkJy8rs and 5.5 - 12 pèr nt for employees. As described in note the LGPS obligation relates to the employe&s of the academy, who were the employ89S transferred as part of the conversion from the maintsined sehool and new employees who were etigible lo, and did. join the 5chem8 in the r. The obligation in respect of empk)yees who transferred on conversion rewesenls their cumulth.ve seNice al both the predecessor school and the academy at the balance sheet date. Partiament has agreed, ot the request of Ihe Secretary of State for Education. lo a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilitses would be met by the Department for Education. The guarantee came into force on 18 July 2013. Prinapal actuarial assumpti¢)ns at the Balan sheet date {express8d a8 weighted averages).. At 31 At 31 Augusl August 2024 2023 Discount ryale Rate of increase in salaries Rate of increase for pensions Sn paYmen1nflation 5.00 5.20 3.80 3.45 2.65 At 31 Al 31 August August 2024 2023 Years Yea Mortalty rates {in years) for a male aged 65 now - al 65 for a male aged 45 now - for a female aged 85 now - 8165 for a female aged 45 now 20 19.9 22.2 20.1 19.8 22.4 24.7 24.2 Page 39
KING DAVID SCHOOLS {PAAMCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Penslon commltments (eontlnued} The Group's share of the assets in the sthme was: At 31 At 31 August August 2024 2023 Equities Gilts 2,280,450 495,750 264,400 264,400 3, 166,800 633,360 361,920 361,920 Prop8ty C8sh and other liquid assets Total falr value of assets 3.305,000 4,524,000 Th8 actual return on scheme assets was negabve £310,670 (2023- £59,LIOO). The amounts recognised in the Consolidated Statement of Finanoal ACtN88 are as follows: 2024 2023 Current service cost Interest cost Total amount recognised in the Consolidated Statement of Flnan¢lal Actlvltlès 321,000 208.000 351,000 180,000 529,000 531,000 Mc)vements in the present value of the deffinl benefit obligation were as follows.. 2024 Opening defined benefit obligatN)n Actuarial Ilossesllgains Benefits paid Current Servi costs Interest wst Employee contributions 4,524,000 1735,IKIOI {69,0001 321,000 208,000 63.000 Closlng deflned boneflt obllgation 4,312,000 Pag@ 40
KING DAVID SCHOOLS IMANGHESTERI NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 AUGUST 2024 Penslon commitments Icontlnu¢dl Movements in th8 fair value ofthe Group's share of stheme assets were as floW$.. 2024 OnIng 18ir value of sc4)eme *t$ Inlaresl income Aduarial gains Actuaiial {losses}Igains Contributions by scheme p8rbcipants Benefits paid Employer contributi¢ns 4,524,000 240,000 107.000 (735.0001 83,000 IS9,0001 182,000 Closing falr valuo of schomo assets 4.312.000 Included within actuarial losses is £821k (2023.. £619k) representing th8 nOn-recognl0n of the pension asset in accordan with the requ1MentS of FRS 102. 25. Operatlng lease commitments Al 31 August 2024 the Group and the Charity had commitments to makè future minimum lease payments under non-cancellable opernb.ng leases as follows= Group 2024 Group 2023 Not later than 1 year Later than 1 year arKI not Laterthan 5 years 6.600 24,750 7,378 25,994 31,350 33,372 Page 41
KING DAVID SCHOOLS {MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 26. Related party transactions During the year J Rowe. a Dlreclor of the Trustee Company adVand £40,000 {2023.' £nll} and was repald £nil12023'. £nill of the loan owed lo him. The amount due to him al the year end was £325,817 12023: £285.6171. This loan is unsecJJred and interest free. During the year, King David High School, whth has trustees common to Ihe dirertorships of the Trustee Company, was recharged Cleani and caretaking costs ID the v8lue of £22.70912D23.' £19,548) by King David Schools. In aédilion the charity recharged catering costs amounting to £75,359 (2023., £45,125}, other salaries of £176.71312023'. £204.9251 and trip expenses of £4,831 12023.. £10,744). They also paid voluntary and other contrsbubons of £12,066 (2023.. £150). During the year. King David School8 loaned the High School £nil12023". £nill. £nil12023.. £niD wa5 repaid in the year leaving a balance due lo the from charity at the year end of £1.594 (2023.. £1,594}. During the year, lQng Dawd Sthools (Manchester) Charitable Trust pwded donations lo the valu8 of £470.50012023.' £512,900110 King Dawd High Schc During year King Dawd Primary School. which has trustees common lo Ihe directorships of the Cornpany, was recharged caretaking costs lo the value of £10,560 {2023". £9,600) by King David Schools. In addition the ch8rity recharged catering costs amounting to £182,02212023= £109.2601, staff cost8 of £220,04312023. £196.7651 and sundry costs of £-23012023.. £2,484). During the year. King David Schools (Manche51er) Charitable Trust promded donations to the value of £217,59812023'. £94,8Q)01 lo King David Primary Sthcd. Page 42