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 Tn￿ts@ 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 C*f Trustees)
S E Elias
A Berkeley cfreasurer)
D LO￿an
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 Mar*s 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.
objec￿ves 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 ReP￿ting 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@mm￿l sealed 27 January 1959 as amended by Constitubon dated 13 January 2003.
On 7 February 2012 the Charity Cornm￿5￿)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 SG￿￿01 {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 de￿S1On-Maklng. The officers of the Trustee company are
regularfy kept up lo date aboLrt their responsibil￿es. 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 ac￿VIlIoS 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 TreaSu￿r of the Trustee company and ils Board ol Directors.
The systems of inlemal control are de￿gned 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 intrOdu￿d 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 re￿nCiliatIOnS 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¢j￿5 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￿$h r&ligious
education coupled with an excellent secular edu￿￿on.
The main obj8ctiv8s of all unit5 on Campus durfng the period erKled 31 August 2024 were".
Academic- The School aims to athi8ve the highest academic standards arKf ensure that every pupil
realise8 their fvll polenlial.
Welfare- The school has 8 warm and caring approach and wms to ensure the well being and
happiness of every child.
Religious- The school promotes the values. standards and discipline of the faith. 11 provides a strong
Jewish education which imbues children with the k￿￿edge of, a￿1 pride in, Iheir heritage and identty.
The excdlenl results that thè SchocA a¢h￿Ve$ 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 w￿th many of our former slLKlenls achieving success in the
wider community.
b. Core Obloctlves and Strategy
The strat￿Y is achieved by er￿uraging all unils on the lQTrJ David Campus lo employ highest grade teathers
who are able to instil in the pupils not only excellen(£ in kno￿edge 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 pri￿1par funding sources are dc￿atiOnS, 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 $ublr8Cted from the reserves. The trustee remains ￿nsCIOuS that more fvnds will have to be raised
lo mwntsin the ongoing ex￿llenCe to whKh they ar8 committed. Wrthout parental assistance the current
achievemeftt of attlaimed suws wjld be threatened.
The Charity continu8s to monitor ils results against perfomiance as ils measuTement of success. The Charfty
does not employ a professional fvndraiseT and relies on as51slancE from the Trustee, Govemors and parents.
Whilst rfc was noted that the Voluntary Contributions from parents continued below expectation, the Charity held
Fundraisi￿ event in January 2024 with funds of £1 m expected to be recEived over the yèars following the
event. The Charily must continue ils fundraising a¢bvtiies in order lor it to be able to continue providing for ils
primary objectives and lo maintain the high levels of edu¢ation81 standards. The Charity has not received any
complaints about fcs fundraising actwities and has Oicies in pla￿ to ensure that there is no unreasonable
intrusion into a person's privacy.
b. Reserves
The policy of the Trustèe has been and continues to be to utilise all r8serv8s lo knnd the activities of the Charity
which has resulted from the development and growth of the campus. particulady the High School and lo improv8
the religious and cultural educational exper1er￿e across all the sch￿1$. 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 proP￿Ous.
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 revI￿￿d I[￿ePen￿nty by the Directots of the
Trustee Company Ihemsejves are r￿1 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 edUCa￿On 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 dedI￿ted 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 fUndraI￿r 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 ￿m￿nsate, the chamty h￿d
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 ￿n￿rtaIntIeS 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 tr￿get 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 5￿ceSS in m8lntaining suffi(ll&nt ineome lo
ensure the requ1￿mentS 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
appliCa￿e 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, I￿luding 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$On￿b￿ 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 r￿der 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 I￿NcHEsTER)
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 A￿nting 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 resou￿5. 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 char￿e$ 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 A￿110￿$ responsibilfcies for the audit
of the financial slalemenls section of our rep￿t. 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 O￿n￿n.
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 G￿up.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 reSpOn￿bIl￿e$ 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 rep￿rt other than the financial statements
and our Audilorfs report thereon. The Trustee are responsibl8 for the other inf￿allOn 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 incon￿stent 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 t￿n￿n.
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 ex￿￿tionS we require for our audit.
Responsibilities of trustees
As explained more fully n the Trustee's respOnsi￿lIb.es statemenL the Twstee is respon￿ble for Ihe preparation
of the financial slalements which give a true and fair view. and for sud) internal ttjntrol as the Trustees
determine is ne￿sSary 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 reasOnal￿e assuranc* about whether the finan¢ial Stslements as a whole are frèe
from material misslatemenl, whether due to fraud or e￿Or. 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)ndL￿ted 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 nOr￿COmplIar￿e 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, I￿UsIng
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 Charit￿s 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 r￿￿0¥8￿ non-compliance wlh laws and
regulaltons lirregularitie5} is from the events and transa￿lOn$ 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 h￿her risk of non4etecknon of irregularities, as these may involve collusion, forgery, intentional
omissions, mis￿preSentatIOns. or the override ol intemal c￿ntrolS. 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
(A￿ountS 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 Ind￿eS 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
st￿ks
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 V￿thin 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<Kised for issue bythe Trustee and signed on their behalf ty.
Andrew Berkeley
Treasurer of KDS Trustees Limited
Dale,. }•lJ Iw
The nc>tes on pages 16 to 42 fomi part of these financial sialements.
Page 14

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 0￿rating 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 borro￿ng
(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 sTATEME￿rs
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 1￿2) (effeth"ve 1 January 20191, thè Financial Reporting Standard
appliCa￿e 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 a￿OUnting 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 sTATEmE￿s
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
poSsi￿e 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 a￿Unts 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 s￿nifIcant 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 C￿nb.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 arn￿nt of incorne receivable ￿ be measured reliably. As pledges
of donations made at ￿ndraising events over MY￿pIe years are nol wnsidered certain, they are not
reocgnised as Ir￿Me 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 i￿luded in creditors as deferred income. Wher6 entitl￿nent (￿UrS
before income is received, the income is accrued.
Income tax recoverable in relation to donaDons r￿4ved 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. EXpend￿ure 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 ex￿pt 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. U￿er 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 W0￿1ng 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 Su￿dianeS 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 Vall￿rt 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.
PrOvis￿n3 are measured al the best estimate of the amounts required lo se￿8 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 p*n5ionable 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 p*riod to which they relate.
The LGPS is a funded mult￿em￿oYer 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 Cr￿11 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 ba￿een 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 T￿Slee 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 re￿nd
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
un￿SIne1ed
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￿$1￿Cked
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
d￿￿tlY
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 & m￿1 costs
Trips
Travel cost5
Bus donations
Tead￿r 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
Op￿￿tiOn ol
thg school
2023
Total
funds
2023
staff costs
Depraoalion
Govemance
Security and transport
Repair costs
Light & heal
Loan intsre8t
Cleaning
Printing, postage and stat￿nery
Bank charges and interest
Insurance
Sundries
Telephone
Recharge of expenses
Legal and p￿leSS1On￿ 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 sTATEmE￿rs
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 Grc￿p 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 r￿￿e￿ 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
F￿ehOld 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
Cha￿ty
2023
Bank overdrafts
Bank loans
Trade creditors
Amounts OW￿ lo group undertakings
Other taxation and social s8curity
Other creditors
Accruals and deferred In￿Me
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
C￿Up
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
Be￿On 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 Conce￿on￿ry 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 a￿tS measured at am(Jtised cost ￿Mprise trade debtors, ¢Xher debtors and accrued income.
Financial liabilities measured at amortised cost (￿Mp￿Se 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
Al￿demY 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
{Lo￿S)
IrKome Expendtture
Unrestricted funds
Generdl Funds
1. 184. 771
1.555,928 (1.800.895)
733
940,537
Restrlcted funds
Academy funds
Donations
SEN 1￿me
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
c￿d[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 St￿kS
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 repaYa￿e 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 9d￿me. 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 accrt￿d 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 emplO￿r contribution rate of 28.68%.
A copy of the valvatk)n reF*Yt and 5upwting (Ir￿UmentatiOn 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
administe￿d 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 paYmen￿1nflation
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 ACtN￿88 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 deffin￿l 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 f￿loW$..
2024
O￿nIng 18ir value of sc4)eme *￿t$
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-recogn￿l0n of the pension
asset in accordan￿ with the requ1￿MentS 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 adVan￿d £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.
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