2024-08-31-accounts - The Charles Kalms, Henry Ronson Immanuel College

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THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Company registration number: 02492411 (England and Wales) Charity registration number: 803179

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

CONTENTS	Page
Governors, Officers and Advisors	1
Board of Governors’ Report	2-10
Independent Auditor’s Report	11-13
Statement of Financial Activities	14
Balance Sheet	15
Statement of Cash Flows	16-17
Notes to the Financial Statements	18-29

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS, OFFICERS AND ADVISORS

FOR THE YEAR ENDED 31 AUGUST 2024

Governors

The Governors, who are also the directors for the purposes of company law, who served during the year and subsequently, are detailed below:

Mr H Bennett (resigned 3 July 2024) Mrs M Berkman Mrs H Boyden (Vice Chairman) Rabbi J Ebrahimoff Mr D Levy (Chairman) Mr N Menashe Mr J Preston Ms N Robinson Rabbi S Rosenblatt Ms J Schajer Mr D Sheinman Mr D Smith (Honorary Treasurer) Mr D Tannenbaum Mrs L Zimmerman

Key Management Personnel

Head Master Dr Millan Sachania (stepped down 28 October 2024) Second Master Mr Daniel Endlar (appointed acting Head Master 28 October 2024) Director of Finance & Operations Mr Nicholas Brann Director of Jewish Life & Learning Rabbi Yonatan Golker Deputy Head Pastoral Mrs Sharron Shackell

Principal advisers

Bankers Barclays Bank Plc Level 27 One Churchill Place London E14 5HP Auditor HaysMac LLP 10 Queen Street Place London EC4R 1AG Legal advisers Stone King LLP Cornwall Buildings 45 Newhall Street Birmingham B3 3QR

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

INTRODUCTION

The Governors of The Charles Kalms, Henry Ronson Immanuel College, (“the College” or “the Charity”) present their annual report and audited financial statements of the Charity for the year ended 31 August 2024. The financial statements comply with the Companies Act 2006, the Charities Act 2011, the Memorandum & Articles of Association and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102)”. The Governors’ report also includes the Strategic Report, as required by Companies Act 2006.

The College was founded in September 1990; it was initially an independent Jewish Secondary School for boys and girls aged 11 to 18, with a well-established Sixth Form. In September 2011 it opened the Preparatory School for boys and girls; in November 2024 the College announced a consultation on a proposal to close the Preparatory School with effect from September 2025. The College is located in Bushey, Hertfordshire and occupies a twelve-acre campus.

CHARITIABLE OBJECTS AND AIMS

Charitable Objects

The objects of the College are to provide a modern orthodox Jewish education, focusing on outstanding individual care, strong academic results and a renowned programme of Jewish study, which complements the curriculum and activities.

The Governors have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the College should undertake.

Values, Aims and Activities

Immanuel College is a school characterised by academic excellence, expert pastoral care and inspiring Jewish education. The College offers pupils small class sizes to enable them to flourish, as well as the nurturing environment and individual attention required to maximise their academic potential. Immanuel College is a school which understands the unique worth of each pupil entrusted to it and is a place where the school calendar reflects the rich and varied rhythm of the Jewish year.

In line with its charitable objects, the College aims to:

provide the highest standards of academic excellence in both Jewish and secular studies;
produce students who are thoroughly at home in both contemporary society and the full range of their Jewish heritage;
enable every child to cultivate his or her individuality and relish their Jewish identity;
promote the Jewish traditions of principle and tolerance, intellectual depth and social concern, loyalty and generosity, academic rigour and ethical example;
cater for a significant number of special educational needs and disabilities to enable many of our students to access a mainstream curriculum through a bespoke provision; and,
enable students to develop as leaders in all spheres of contemporary life, individuals whose sense of Jewish responsibility is deep and broad, encompassing identification with Jewish people in its totality, with Jewish history in its diversity, and with the state of Israel in its centrality.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The teachers and support staff are skilled and caring. They focus on helping children to be the best they can be by providing a clear framework for living and thinking. Relationships between the pupils and the staff are open, warm and mutually supportive.

The College provides a broad co-curricular programme to liberate every pupil’s creativity, developing both technical skills in an area of interest and soft skills which help equip them for life beyond the College. Pupils are given the opportunity to work as part of teams, to communicate with a wide variety of people and in different forms, and to improve their adaptability, problem solving, critical thinking and leadership capabilities.

STRATEGIC REPORT

Principal Activities for the Year

Educational activities were carried out as an independent Jewish day school for pupils from the age of 4 to 18. The average number of pupils was 580 (2023: 661). The College continued to achieve high academic standards, whilst maintaining the outstanding level of pastoral care and co-curricular activities.

Objectives for the Year

The main objectives for the year were to:

Continue to provide a high level of education and to maintain a high level of achievement throughout the school
Enhance and broaden the co-curricular provision for all pupils
Further develop the exceptional pastoral care provided to the pupils at the school
Improve the facilities at the school’s site and
Continue outward-facing work (marketing, alumni and admissions)

Achievements and Performance

Academic

The qualities of perseverance and determination are inculcated throughout the academic programme at the College. It is these character traits, which the teaching staff nurture, that enable pupils to make excellent progress, which is reflected in the public examination results at GCSE, A Level and BTEC for 2024.

The College is enormously proud of the achievements of our outgoing Upper Sixth, who achieved stellar results on account of their unstinting hard work, dedication and effort. They excelled with an impressive 26% of all grades at A level were A (up from 14% in 2023), with 59% of results at A- A and 82% of grades achieved at A to B. More than 10% of students attained three or more A grades at A Level (or BTEC equivalent). A remarkable 89% of BTEC results were grades Distinction or Distinction. 47% of Maths students achieved A, 100% of Further Mathematics students earned A - A grades and 42% of Economics students secured a top A grade.

Twenty-three students went above and beyond their A Level studies by completing the Extended Project Qualification (EPQ). All achieved top possible marks of A* - A, demonstrating their dedication and capability in independent research and critical thinking.

At GCSE the students equally achieved stellar outcomes. Results at Grades 9 – 7 climbed from 67% of all grades awarded last year to 69% this year, with half of all results at Grade 9 – 8. The average grade awarded of all entries at GCSE was above a grade 7, overall, 97% of all grades were passes (grades 9 - 4).

A remarkable 94% of Art and Photography pupils earned grades 9 – 7, and one pupil achieved a top national mark in Photography, earning special recognition from the examination board. Seven pupils achieved eight or more GCSEs at Grade 9.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

University Admissions

For the 2023-24 cohort, 83% of students who applied to university secured their first choice destination. Three of the top achievers will be pursuing Mechanical Engineering at top institutions, and numerous students will be attending Russell Group universities, including the Universities of Bristol, Leeds and Birmingham for degrees in English, History, Business, Languages and Fashion.

Sports

Fixtures took place in all major sports: Cricket, Rugby, Hockey, Tennis, Netball and Football, with many successes in all sports. Students participated in County and District championships for Tennis, Cricket, Badminton and Table Tennis, with many victories.

Drama

In the Spring Term the senior school staged an adaptation of the Diary of Anne Frank and during the Summer term a school production of Anastasia, which were both resounding successes. Throughout the year, the students participate in several festivals, competing in both devised and scripted categories.

Music

Many music students performed in the school production of Anastasia . Vocal groups, choirs and instrumental ensembles perform regularly, with many students taking part in concerts, assemblies and the performing arts festival. Peripatetic lessons take place in voice, piano, woodwind, drums and brass, with outstanding results in all instrumental examinations.

The College was nominated as one of the seven finalists in the category of Performing Arts in the 2024 Independent School of the Year Awards.

Child Protection, Welfare and Pastoral achievements

Student safety and well-being are our priority, all staff are trained annually, and the school is committed not just to safeguarding but to actively promoting the welfare of pupils. We accomplish this through our pastoral programme, which is delivered through Personal Development Education, form time, assemblies and outside speakers.

The ethos of the school is such that we provide an environment where pupils feel safe and secure, are encouraged to talk, and are listened to when they have a worry or concern. All staff understand their responsibility to ensure pupils’ welfare and know who to turn to if they have a concern about the safety and wellbeing of a child. Several tools exist to report anti-bulling, safeguarding and a new behaviour policy has been implemented to help monitor concerns.

During the year there has been a reduction in sanctions following the introduction of the Class charts software, where pupils can see how they are performing, and tutors are able to track behaviour.

Public Benefit and Community Involvement

The Governors’ policy is to award bursaries to those in financial need, subject to rigorous means testing and school resources. Included in the total awards during the academic period were distress bursaries to families suffering hardships generated from financial problems, medical issues and bereavements. 20 (2023: 22) such bursaries totalling £194,375 (2023: £220,881) were granted to families who would not otherwise have been able to retain their children at the College.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The College continues to award scholarships for academic achievement, Jewish studies, music and art, to recognise outstanding potential and achievement. The total of scholarships, grants, prizes and other awards made to the College's pupils totalled £411,198 (2023: £383,239). It is the College's intention to continue to offer educational scholarships and bursaries to new students to the extent that funds permit.

The College raises funds throughout the period through various initiatives and has been able to support local and international charities. £8,723 (2023: £2,510) was distributed to charities.

The College also continues its work supporting the local community by making its facilities available for worthy events.

Financial Review

During the year under review, the College’s incoming resources were £14.5m (2023: £15.6m) and total charitable expenditure was £14.9m (2023: £14.7m), generating a loss of £0.3m (2023: surplus of £0.46m. The principal source of income was school fees, which accounted for £12.4m (86%) of income, (2023: £13.1m (84%)).

At 31 August 2024, as shown on the Balance Sheet on page 15, the College had net assets of £14.8m (2023: £15.1m), which were mainly held as fixed assets.

During the year capital expenditure of £0.3m (2023: £1.1m) was incurred for the improvement in buildings and grounds, notably refurbishment of a number of classrooms, renewed doors and windows, upgrading projector equipment and improvements to site security.

Going Concern

The College operates as a going concern and has net cashflows from operating activities of £0.8m (2023: £2.2m). The Governors closely monitor the working capital of the College and have produced detailed financial models for the 2024-25 and 2025-26 financial years to assess the future prospects of the College and to ensure that the College has sufficient funds to enable it to continue as a going concern for the foreseeable future.

The Board has continued to keep the overdraft facility in place to ensure that there is adequate cover for the College's working capital requirements.

Fundraising

During the period the College did not use professional fundraisers or involve commercial participators. There have been no complaints about fundraising activity during this period.

The College has reviewed the Fundraising Regulator’s Code of Fundraising Practice and the fundraising guidance issued in October 2019, and believes its working practices and policies are compliant. The College has registered with the Fundraising Regulator.

All appeals for funds are undertaken in a manner to ensure that they are not unreasonably intrusive or persistent.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Reserves Policy

The College’s policy is to maintain unrestricted reserves less fixed assets to meet up to 3 months’ nondiscretionary expenditure. As at 31 August 2024 unrestricted reserves less fixed assets were £3.5m. The reserves policy and its calculation are monitored by the Board and updated as required.

The Governors recognise that the level of reserves will fluctuate in response to economic conditions and during periods of strategic investment in the College’s estate.

Based on cashflows generated from continuing operations and available banking facilities, the Governors are satisfied that the College has sufficient working capital to meet its foreseeable obligations, including the ongoing commitment to bursaries and scholarships.

Risk Management

The Governors have ensured that a robust risk management framework has been developed and updated throughout the period.

The Board has reviewed emerging risks and updated the College’s Risk Register, in order to identify the likelihood and impact of foreseeable risks to the College’s operations.

The Governors consider the principal risks facing the College to be:

Failures in Safeguarding - The Governors mitigate against the risk by ensuring a full team of professionals is in place who are trained to DSL level 3. All Staff and Governors are trained in safeguarding to the required standard. The acting Deputy Head (Pastoral), who is the Designated Safeguarding Lead, performs annual reviews of Safeguarding to ensure that all relevant policies and procedures are implemented and understood.
Failures in Health and Safety – The Governors designate a Governor to monitor the College’s health and safety arrangements. A health and safety policy is maintained, and all staff are trained to ensure policies and procedures are carried out effectively. A plan exists to continue operations in the event that the College or parts of it become unusable. The College is supported by external consultants, who conduct independent health and safety reviews which are scrutinised by the Governors.
Insufficient Pupil numbers – The Governors are giving particular attention to the branding of the College and its unique offering. We have devoted substantial resources to ensure that the College’s offering is known about and understood by the Parent Community and potential Feeder Schools. We are also working to improve the quality of our social media presence.
Affordability – The Governors are mindful of the pressures on parents regarding fees, particularly in the current economic climate with the cost-of-living crisis, and salaries not keeping pace with the high rates of inflation. Fees rises were carefully considered to ensure the rise is reasonable and extra bursaries were provided to those who need them

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Governors continue to monitor the emerging political risks, which include the introduction of VAT on school fees and the removal of charitable relief on business rates and increase in employer national insurance contributions.

Through the established systems for managing risks, the Governors are satisfied that all foreseeable, major risks have been identified and managed appropriately.

Future Plans

The College’s priorities for the next academic year are to continue to provide the highest standards of academic excellence in both Jewish and secular studies.

Following a positive ISI inspection in September 2024 we will address the recommendations; to focus on improving Assessment data and processes and to ensure teaching consistently enables pupils to be fully engaged and resilient learners.

We have created a new Director of Teaching and Learning to support on the academic life of the College, including the matter of homework, tracking of pupil progress and cross-curricular opportunities.

We are investing much more in our pastoral care. Our Heads of Section and Pastoral Leaders have been provided with more protected time to deal with pastoral issues. This secures the well-being and personal growth of all students.

We are reforming our communications platforms and streamlining and clarifying the various channels that already exist to provide a unified platform.

We have been working on a three-to-five-year strategic plan for the College to ensure that our offer remains relevant and inspiring. The aim of the strategic plan is to ensure sustainability in amplifying, strengthening, and projecting the College’s distinctive ethos.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a company limited by guarantee and has no share capital. The liability of its members is limited to £1 per member.

The College has an active Governing Body, which participates in many aspects of the College’s activities and is responsible for ensuring that the College adheres to its ethos and well-defined philosophy, and that it operates within its agreed financial budgets.

Governing Document

The College is governed by its Memorandum & Articles of Association dated 27 September 2017.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Governing Body

The Board of Governors comprises the Chief Rabbi (ex officio), the Chairman, the Honorary Treasurer and up to fourteen other ordinary Governors. At any one time there should be a minimum of 5 but no more than 17 Governors on the board, with the exception of the position on the board for the Chief Rabbi. The Board appoints the Chairman, the Honorary Treasurer, the Vice-Chairman and the other ordinary Governors and, in its absolute discretion, removes any such Governors. Every Governor (other than those holding office ex officio) holds office for a period of three years, unless removed or disqualified or otherwise ceasing to hold office and is eligible for reappointment for further terms without limitation of three years each.

The Governors, who are also the directors for the purpose of company law, who served during the period and subsequently are detailed below:

Mr H Bennett (Appointed 22 January 2024, resigned 03 July 2024) Mrs M Berkman Mrs H Boyden (Vice Chairman) Rabbi J Ebrahimoff (Appointed 11 December 2023) Mr D Levy (Chairman) Mr N Menashe Mr J Preston (Appointed 03 April 2024) Ms N Robinson (Appointed 11 December 2023) Rabbi S Rosenblatt (Appointed 11 December 2023) Ms J Schajer (Appointed 11 December 2023) Mr D Sheinman (Appointed 11 December 2023) Mr D Smith (Honorary Treasurer) Mr D Tannenbaum Mrs L Zimmerman

None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up.

Recruitment and Training of Governors

All potential Trustees are interviewed by the Chairman and are advised of the duties of a Governor. Extensive formal and informal background checking of the candidate is undertaken. Following this process, suitable candidates are proposed at a Governors' meeting for discussion and appointment. All new Trustees are provided with a Charity Trustee Welcome Pack from the Charity Commission for England and Wales, to read and to ensure they understand the duties of a Trustee. Collective and individual training is made available to the Governors. The training includes access to conferences, training courses and briefing papers.

Management and Oversight

The Governors are responsible for the policy and strategic direction of the school . Strategic and operational management of the College, including those activities which are funded by the Charity, is delegated to the Head Master and the Director of Finance and Operations, who are supported in their tasks by the wider Senior Leadership Team. The Clerk to the Governors coordinates the work of the Governors and their Committees.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Remuneration Policy

Remuneration is reviewed annually, and the Board considers general economic factors and comparisons with peer group independent schools through consultant surveys to ensure that the school remains competitive.

Employee Matters

The College is committed to equal opportunities for all pupils and staff. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Charity continues and that the appropriate training is arranged. It is the policy of the Charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employees are encouraged to participate in the life of the school and are kept informed of events. Staff meetings take place weekly, and staff are consulted on matters likely to affect their interest. Employees are made aware of the financial and economic factors affecting the performance of the College.

STATEMENT OF BOARD OF GOVERNORS RESPONSIBILITIES

The Governors, who are also the directors of The Charles Kalms, Henry Ronson Immanuel College for the purposes of company law, are responsible for preparing the Board of Governors Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Governors are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities Statement of Recommended Practice;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
prepare the accounts on the going-concern basis, unless it is inappropriate to presume that the Charity will continue in operation.

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Governors has confirmed that there is no information of which he or she is aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

GOVERNORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The Governors’ Report, which incorporates the Strategic Report, was approved by the Governors on

Signed on behalf of the Board of Governors:

Daniel Levy

David Smith

.................................... Mr D Levy (Chairman) Governor

.................................. Mr D Smith (Honorary Treasurer) Governor

Date: 24 February 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

Opinion

We have audited the financial statements of The Charles Kalms, Henry Ronson Immanuel College for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of the charitable company’s net movement in funds, including the income and expenditure, for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Governors’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT (continued) TO THE MEMBERS OF THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Governors’ Report (which incorporates the strategic report and the directors’ report) for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Governors’ Report (which incorporates the strategic report and the directors’ report) has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable company; or
the charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Governors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Governors for the financial statements

As explained more fully in the Governors’ responsibilities statement on page 9 the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to ISI regulations, safeguarding regulations, health and safety law, GDPR and employment law and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to

INDEPENDENT AUDITOR’S REPORT (continued) TO THE MEMBERS OF THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
Inspecting correspondence with regulators and tax authorities
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals; and
Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………………. Lee Stokes (Senior Statutory Auditor) for and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

Date: 24 February 2025

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2024

					Total funds
				Total funds	for the 13
				for the year	month period
		Unrestricted	Restricted	ended	ended
		funds	funds	31 August	31 August
		2024	2024	2024	2023
	Notes	£	£	£	£
Income from:
Charitable activities
Fees receivable	3	11,433,762	-	11,433,762	12,110,741
Other ancillary income	3	2,191,932	-	2,191,932	2,406,295
Donations	4	5,704	541,228	546,932	527,612
Bank interest		364,228	-	364,228	171,092
Other income	5	8,835	-	8,835	391,976
		-------------------	-------------------	-------------------	-------------------
Total income		14,004,461	541,228	14,545,689	15,607,716
		-------------------	-------------------	-------------------	-------------------
Expenditure on:
Charitable activities
Provision of education	6	14,305,962	555,668	14,861,630	14,724,888
		-------------------	-------------------	-------------------	-------------------
Total expenditure	6	14,305,962	555,668	14,861,630	14,724,888
		-------------------	-------------------	-------------------	-------------------
Net		(301,501)	(14,440)	(315,941)	882,828
income/(expenditure)
for the period
Transfers between		-	-	-	-
funds
Revaluation	8	-	-	-	(423,026)
		-------------------	-------------------	--------------------	--------------------
Net movement in funds		(301,501)	(14,440)	(315,941)	459,802
		-------------------	-------------------	-------------------	-------------------
Balance brought forward		15,033,248	63,097	15,096,345	14,636,543
at 1 August 2023
		-------------------	-------------------	-------------------	-------------------
Balances carried		14,731,747	48,657	14,780,404	15,096,345
forward at 31 August
2024
		=========	=========	=========	=========

The notes on pages 18 to 29 form part of these financial statements.

The Statement of Financial Activities includes all gains and losses recognised in the period. All income and expenditure is derived from continuing activities.

See note 19 for Statement of Financial activities for the 13 month period ended 31 August 2023.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

BALANCE SHEET

AS AT 31 AUGUST 2024

		31 August	31 August
		2024	2023
	Notes	£	£
FIXED ASSETS
Tangible fixed assets	8	11,284,134	11,846,163
		-----------------	-----------------
CURRENT ASSETS
Debtors	9	3,386,072	3,765,815
Cash at bank and in hand		7,858,787	7,352,919
		-----------------	-----------------
		11,244,859	11,118,734
CREDITORS: amounts falling due within one year	10	(6,093,556)	(6,032,134)
		-----------------	-----------------
NET CURRENT ASSETS		5,151,303	5,086,600
TOTAL ASSETS LESS CURRENT LIABILITIES		16,435,437	16,932,763
CREDITORS: amounts falling due after one year	11	(1,655,033)	(1,836,418)
		-----------------	-----------------
NET ASSETS		14,780,404	15,096,345
		=========	=========
RESERVES:
Restricted funds	13	48,657	63,097
Unrestricted funds
General funds		12,824,987	13,126,488
Designated funds	14	1,906,760	1,906,760
		------------------	------------------
		14,731,747	15,033,248
		------------------	------------------
NET ASSETS	15	14,780,404	15,096,345
		=========	=========

These financial statements were approved by the Governing Body on 24 February 2025 and were signed on its behalf by:

Daniel Levy

David Smith

.................................... .................................. Mr D Levy (Chairman) Mr D Smith (Honorary Treasurer) Governor Governor

The notes on pages 18 to 29 form part of these financial statements.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

		For the	For the	For the	13
		Year ended		month period
		31	August	ended 31 August
			2024	2023
	Notes	£	£	£	£
Reconciliation of net cash inflow	(i)
from operations
Surplus for the period		(315,941)		882,828
Depreciation		340,549		455,085
Impairment		548,990		369,171
Interest received		(364,228)		(171,092)
Interest paid		32,327		77,257
Increase in debtors		379,743		(3,343,708)
Increase/(decrease) in creditors		156,355		3,924,037
		-----------------		-----------------
Net cash flow from operations			777,795		2,193,578
Cash flows from investing activities
Interest received		364,228		171,092
Purchase of tangible assets		(327,509)		(1,050,861)
		-----------------		-----------------
Net cash provided by/(used in)			(36,718)		(879,769)
investing activities
Cash flows from financing activities
Repayment of loans		(276,318)		(1,107,042)
Interest payable		(32,327)		(77,257)
		-----------------		-----------------
Net cash provided by financing			(308,645)		(1,184,299)
activities
Increase in cash			505,868		129,510
Cash at beginning of the period			7,352,919		7,223,409
			-----------------		-----------------
Cash at end of the period			7,858,787		7,352,919
			========		========

The notes on pages 18 to 29 form part of these financial statements.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Analysis of changes in net assets
	1 September		31 August
	2023	Cash flows	2024
	£	£	£
Cash and cash equivalents	7,352,919	505,868	7,858,787
Short term borrowings	(276,318)	-	(276,318)
Long term borrowings	(690,794)	276,318	(414,476)
	-----------------	------------------	-----------------
Net assets	6,385,807	782,186	7,167,993
	========	========	========

The notes on pages 18 to 29 form part of these financial statements.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

1.1 Accounting convention

The financial statements have been prepared in accordance with the College's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the College. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Governors have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Governors in furtherance of the College’s charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Fees receivable represent fees less bursaries and allowances, and other income derived from the College’s continuing activities and are recognised as the service is provided. Donations are accounted for on a receivable basis, when the conditions of entitlement, probability and measurement are met. Those received under Gift Aid are grossed up for the tax recoverable. Interest from bank balances and fixed interest securities is accounted for on an accruals basis.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES (continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The freehold of the school was purchased from the Jewish Education Development Trust in 1998 for £250,000 and was re-valued on an open market basis by Savills Plc, a firm of independent Chartered Surveyors on 25 August 2023 at £10,700,000. The value of the land has been estimated at approximately 30% of the total value. The decrease in the value has been incorporated into these financial statements. Other categories of assets are capitalised and carried at cost less accumulated depreciation.

Depreciation is provided to write off the cost, less estimated residual value, of all fixed assets over their expected useful lives. It is calculated at the following rates:

Freehold Land and buildings 50 years straight line Fixtures, fittings, and equipment 3-20 years straight line Motor vehicles 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the College reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Financial instruments

Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following basis:

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

1.9 Leases and hire purchase contracts

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

1.10 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES (continued)

1.11 Pension

The College and teaching staff contribute to the Teachers’ Pension Scheme - this scheme is a multiemployer pension scheme. It is not possible to identify the College’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, the College accounts for the scheme as if it were a defined contribution scheme. The College’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The College also operates a defined contribution group personal pension scheme for non-teaching staff.

1.12 Critical accounting estimates and judgements

In the application of the College’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Governors consider that the key accounting estimates used in the preparation of the financial statements are in relation to the depreciation of tangible fixed assets and the provision for any bad or doubtful fee debts. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2. STATUS

The Charles Kalms Henry Ronson Immanuel College is a private company limited by guarantee incorporated in England and Wales. The registered office is 87-91 Elstree Road, Bushey, Hertfordshire, WD23 4EB.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

3.	CHARITABLE ACTIVITIES
		2024	2023
		£	£
	Fees receivable
	Gross tuition fees	12,441,281	13,089,210
	Less: fee remissions	(1,007,519)	(978,469)
		--------------------	--------------------
		11,433,762	12,110,741
		========	========
	Other ancillary income
	Registration fees	22,696	29,937
	Exam fees, school clubs and other	85,446	93,632
	Coaches, lunches & school trips	2,052,576	2,231,626
	Teaching and learning	31,214	51,100
		--------------------	--------------------
		2,191,932	2,406,295
		========	========
4.	DONATIONS	2024	2023
		£	£
	Donations and gifts	546,932	527,612
		========	========
5.	OTHER INCOME	2024	2023
		£	£
	Settlement of legal claim	-	380,000
	Other income	8,835	11,976
		--------------------	--------------------
		8,835	391,976
		========	========

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

6.	TOTAL EXPENDITURE	Teaching
		and support	Premises	Other	Total
		costs	costs	costs	2024
(a)		£	£	£	£
	Charitable activity:
	Staff costs	7,557,755	197,960	1,298,268	9,053,983
	Depreciation and impairment	-	889,539	-	889,539
	Coaches, lunches and school	-	-	2,248,611	2,248,611
	trips
	Building running and	-	1,478,850	-	1,478,850
	maintenance
	Legal and professional fees	-	-	133,601	133,601
	Interest payable	-	-	32,327	32,327
	Support costs	159,944	-	864,775	1,024,719
		-------------------	-------------------	------------------	--------------------
		7,717,699	2,566,349	4,577,582	14,861,630
		==========	=========	=========	==========
	COMPARATIVE ANALYSIS OF	Teaching
	EXPENDITURE	and support	Premises	Other	Total
		costs	costs	costs	2023
(b)		£	£	£	£
	Charitable activity:
	Staff costs	7,498,503	168,656	1,285,824	8,952,983
	Depreciation and impairment	-	455,085	-	455,085
	Coaches, lunches and school	-	-	2,412,043	2,412,043
	trips
	Building running and	-	1,425,484	-	1,425,484
	maintenance
	Legal and professional fees	-	-	65,063	65,063
	Interest payable	-	-	77,257	77,257
	Support costs	143,037	369,171	824,765	1,336,973
		-------------------	-------------------	------------------	--------------------
		7,641,540	2,418,396	4,664,952	14,724,888
		==========	=========	=========	==========
(c)	Included in support costs above	are governance	costs in relation	to:
				2024	2023
				£	£
	Auditor’s Remuneration
	. Audit			19,800	18,000
	. Other services			4,400	6,000

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

7 STAFF COSTS

STAFF COSTS
The average number of employees during the period was:	2024	2023
Teachers	99	98
Support	38	37
Administrative	33	29
	--------------------	--------------------
	170	164
Staff costs during the year amounted to:
Wages and salaries	7,028,247	7,030,483
Social security costs	731,412	739,876
Other pension costs	1,294,324	1,182,624
	--------------------	--------------------
	9,053,983	8,952,983
	=========	==========
	2024	2023
	Number	Number
Number of higher paid employees in bands of:
Exceeded £60,000 were:
£60k - £70k	21	23
£70k - £80k	4	8
£80k - £90k	3	4
£90k - £100k	1	-
£100k - £110k	1	1
£110k - £120k	1	1
£120k - £130k	-	-
£130k - £140k	1	1
£190k - £200k	-	1
£200k - £210k	1	-
	--------------------	--------------------
	33	39

Total remuneration of key management personnel for the year ended 31 August 2024 was £847,957 (13 months ending 31 August 2023: £967,896).

No remuneration was payable to any Governors. No expenses were reimbursed to governors in the year (2023: £nil).

None of the Governors (or any persons connected with them) received any remuneration (excluding taxable benefits in kind, employer pension cost and national insurance) during the year.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

TANGIBLE FIXED ASSETS	Assets in	Freehold	Fixtures
	course of	land and	and	Motor
	construction	buildings	fittings	Vehicles	Total
	£	£	£	£	£
Cost
At 1 September 2023	418,229	10,700,000	1,175,883	34,695	12,328,807
Additions	130,761	-	196,748	-	327,509
	-------------------	-------------------	------------------	-----------------	-------------------
At 31 August 2024	548,990	10,700,000	1,372,631	34,695	12,656,316
	-------------------	-------------------	------------------	---------------	-------------------
Depreciation
At 1 September 2023	-	-	447,949	34,695	482,644
Charge for the period	-	149,800	190,749	-	340,549
Impairment	548,990	-	-	-	548,990
	-------------------	-------------------	------------------	----------------	--------------------
At 31 August 2024	548,990	149,800	638,698	34,695	1,372,183
	-------------------	-------------------	------------------	----------------	--------------------
Net book value
At 31 August 2024	-	10,550,200	733,934	-	11,284,134
	========	========	========	========	========
At 31 August 2023	418,229	10,700,000	727,934	-	11,846,163
	========	========	========	========	========

The freehold Land and buildings were valued on 25 August 2023 at £10,700,000 by Savills PLC, a firm of independent Chartered Surveyors.

9. DEBTORS – Amounts falling due within one year

DEBTORS – Amounts falling due within one year	31 August	31 August
	2024	2023
	£	£
Fee debtors	3,171,394	3,550,119
Prepayments	214,678	215,696
	----------------	----------------
	3,386,072	3,765,815
	========	========

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

10.	CREDITORS: amounts falling due
	within one year	31 August	31 August
		2024	2023
		£	£
	Bank loans (see note 12)	690,794	276,318
	Tax and social security	172,334	183,552
	Trade creditors	238,802	317,308
	Pupil deposits	102,290	137,600
	Accruals	280,482	380,779
	Fees in advance	4,405,227	4,596,202
	Other creditors	203,627	140,375
		-------------------	-------------------
		6,093,556	6,032,134
		=========	=========
11.	CREDITORS: amounts falling due after	31 August	31 August
	one year	2024	2023
		£	£
	Bank loans (see note 12)	-	690,794
	Fees in advance	654,718	59,120
	Pupil deposits	1,000,315	1,086,504
		-------------------	-------------------
		1,655,033	1,836,418
		=========	=========
12.	LOANS	31 August	31 August
		2024	2023
		£	£
	Due within 1 year	690,794	276,318
	Due within 2-5 years	-	690,794
		-------------------	-------------------
		690,794	967,112
		=========	=========

On 3 July 1998 a charge was registered by Barclays Bank Plc over the freehold property with the benefit of all rights, licenses, guarantees, rent deposits, contracts, deeds, undertaking and warranties relating to the property, or any goodwill of any business from time to time carried on at the property, any rental and other money payable under any lease, license or other interest created in respect of the property and all other payments.

In February 2017 a new loan was taken out for £2,000,000 with Barclays Bank Plc. The interest is fixed at 3.69% for the term of the loan. The loan is repayable by 37 equal instalments which commenced in February 2018. The loan is secured by way of fixed and floating charges over the Charity’s assets. The College has classified the outstanding bank debt within one year as it is in discussions about the potential for an early repayment of the entire amount outstanding.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

13. RESTRICTED FUNDS

The income funds of the charity include restricted fund comprising the following unexpended balances of donations and grants held of trust for specific purposes:

	Balance as			Balance as
	at			at
	1 September			31 August
	2023	Income	Expenditure	2024
Restricted funds	£	£	£	£
Security	29,561	194,740	(224,301)	-
Equipment and materials	-	6,603	(6,603)	-
Bursaries and scholarships	-	200	(200)
Prizes	-	600	(600)	-
Trips	-	9,085	(9,085)	-
Parents’ Guild	33,536	-	(18,848)	14,688
Site Redevelopment	-	330,000	(296,031)	33,969
	-------------------	--------------------	---------------------	-------------------
	63,097	541,228	(555,668)	48,657
	=========	==========	==========	=========

Security – Grant received towards costs for security guards and security enhancements within the College. Equipment and materials – Donations received to purchase equipment for pupil use and learning. Bursaries and scholarships – Donations received to assist with bursaries. Prizes – Donations received for gifts of various pupil prizes.

Trips – Donations received towards trips for students.

Parents’ Guild – Funds held to sponsor charitable activities of the parents’ association.

Site Redevelopment – Fund created for the planning and development of a new sports hall and additional classrooms.

14. DESIGNATED FUNDS

The income funds of the charity include the following funds designated by the Governors:

	Balance as at				Balance as at
	1 September	Income	Expenditure	Transfers	31 August 2024
	2023
	£	£	£	£	£
Property renovations	1,906,760	-	-	-	1,906,760
	==========	==========	==========	=========	==========
	Balance as at				Balance as at
	1 August 2022	Income	Expenditure	Transfers	31 August 2023
	£	£	£	£	£
Property renovations	930,000	-	-	976,760	1,906,760
	==========	==========	==========	=========	==========

Property renovations – Fund created for the future renovation of the listed building within the school estate.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Unrestricted		Total
	General	Designated	Restricted	2024
Current Period	£	£	£	£
Tangible fixed assets	11,284,134	-	-	11,284,134
Current net assets	3,023,764	1,906,760	48,657	4,979,181
Long term liabilities	(1,482,911)	-	-	(1,482,911)
	-------------------	-----------------	-----------------	--------------------
	12,824,987	1,906,760	48,657	14,780,404
	=========	========	========	==========
	Unrestricted	Unrestricted		Total
Prior year	General	Designated	Restricted	2023
	£	£	£	£
Tangible fixed assets	11,846,163	-	-	11,846,163
Current net assets	3,116,743	1,906,760	63,097	5,086,600
Long term liabilities	(1,836,418)	-	-	(1,836,418)
	-------------------	-----------------	-----------------	--------------------
	13,126,488	1,906,760	63,097	15,096,345
	=========	========	========	==========

16. PENSION COSTS

A) Teachers’ Pension Scheme

The College participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,206,684 (2023: £1,128,668) and at the year-end £nil (2023 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Following a consultation with teaching staff, the College has decided to commence a phased withdrawal from the TPS with effective from 1 January 2026.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

16. PENSION COSTS (CONTINUED)

B) Non-teaching staff

The College operates an auto enrolment pension scheme for non-teaching staff who are not enrolled in the above schemes managed by Now Pensions. During the year the pension cost charge in respect of this scheme amounted to £34,148 (2023: £30,324).

17. OPERATING LEASE COMMITMENTS

At reporting end date the Charity had a commitment for future minimum lease payments under noncancellable operating leases, which fall due as follows:

	31 August	31 August
	2024	2023
	£	£
Within one year	120,648	122,780
Between two and five years	214,234	215,136
	-----------------	-----------------
	334,882	337,916
	========	========

The operating lease commitments represent leases to third parties. The leases are negotiated over the terms of 1-5 years and rentals are fixed for 1-5 years. Existing leases can be upgraded, if and when the lessor contacts the lessee with a better lease option. There are no options in place for either parties to extend the current lease.

18. RELATED PARTY TRANSACTIONS

During the period under review, Governors made aggregate donations to the College totalling £331,300 (2023: £280,000). There were no other related party transactions in the current or prior year.

19. POST BALANCE SHEET EVENT

Proposed closure of Preparatory School

The College has entered a period of consultation regarding the proposed closure of Immanuel College Preparatory School from September 2025. We have explored a relationship with Kerem School in Hampstead Garden under which all our current Reception to Year 4 pupils will be automatically offered places at Kerem. The current Year 5 will remain as part of the expanded Senior School.

THE CHARLES KALMS, HENRY RONSON IMMANUEL COLLEGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2024

19. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITES

			Total funds
			for the 13
			month period
	Unrestricted	Restricted	ended
	funds	funds	31 August
	2023	2023	2023
	£	£	£
Income from:
Charitable activities
Fees receivable	12,110,741	-	12,110,741
Other ancillary income	2,406,295	-	2,406,295
Donations	27,361	500,251	527,612
Bank interest	171,092	-	171,092
Other income	391,976	-	391,976
	-------------------	-------------------	-------------------
Total income	15,107,465	500,251	15,607,716
	-------------------	-------------------	-------------------
Expenditure on:
Charitable activities
Provision of education	14,115,145	609,743	14,724,888
	-------------------	-------------------	-------------------
Total expenditure	14,115,145	609,743	14,724,888
	-------------------	-------------------	-------------------
Net	992,320	(109,492)	882,828
income/(expenditure)
for the period
Transfers between	-	-	-
funds
Revaluation	(423,026)	-	(423,026)
	-------------------	-------------------	--------------------
Net movement in funds	569,294	(109,492)	459,802
	-------------------	-------------------	-------------------
Balance brought forward	14,463,954	172,589	14,636,543
at 1 August 2022
	-------------------	-------------------	-------------------
Balances carried	15,033,248	63,097	15,096,345
forward at 31 August
2023
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