NWL Jewish Day School - Charities report - 22.2

REGISTERED COMPANY NUMBER: 09941630 (England and Wales)

REGISTERED CHARITY NUMBER: 1166117

Report of the Trustees and

Unaudited Financial Statements

FOR THE YEAR ENDED

31 August 2023

for

NWL JEWISH DAY SCHOOL

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

to

17

TRUSTEES

Dayan I Binstock

Mr A H Kosiner

Mr A D Landy

Rabbi B S Levin (appointed 1.9.22)

Mr G S Morris (resigned 31.3.23)

Mrs S Taylor

Mr C Lossos

REGISTERED OFFICE

180 Willesden Lane

London

NW6 7PP

REGISTERED COMPANY NUMBER

09941630 (England and Wales)

REGISTERED CHARITY NUMBER

1166117

INDEPENDENT EXAMINER

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

SOLICITORS

Teacher Stern LLP

37-41 Bedford Row

London

WC18 4JH

Stone King LLP

91 Charterhouse Street

London

EC1M 6HR

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are specifically restricted to the advancement, for the public benefit, of the education of children in the United Kingdom including (without limitation):

(a) the provision of property to be used as a day school for the general education of boys and girls so long as instruction in the orthodox Jewish faith forms part of the daily curriculum at the day school;

(b) the provision of kosher meals for pupils of the day school and other people of the Jewish faith; and

(c) the carrying on of such other activities as the Trustees deem conducive to or supplementary to those objects.

Since 1 September 2016, when all of the assets and activities of the charitable trust North West London Jewish Day School (Charity number: No 312159) were transferred to the charity, the charity has been successfully carrying on the role previously undertaken by the charitable trust.

The charity has provided the property used by the Academy The North West London Jewish Day School in London, (the School) and has raised funds and paid teachers in order to assist with instruction of the children who attend the school in the orthodox Jewish faith.

The Trustees review progress reports from the Governing Body and external inspections to check that the standards of the School are at an acceptable level.

The charity does not use volunteers, other than the Trustees, in its activities.

Public benefit

The Trustees confirm that they have referred to the public benefit guidance by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities. In particular the charity provides Jewish education to all children at the School.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Income totalled £501,027 (2022: £603,621). £726,232 (2022: £877,466) was spent in furtherance of the charity's objectives. These figures are in accordance with the Trustees' objectives, which is to support the financing of the Jewish Studies Department at the school to deliver a highly rated Jewish education.

FINANCIAL REVIEW

Financial position

At the year end, the charity's net assets were £2,191,927 (2022: £2,417,132), of which £357,028 (2022: £343,819) represents free reserves. The free reserves includes £356,405 (2022: £343,820) included in a designated fund, comprising funds raised by the Trustees to cover the shortfall in the cost of provision of Jewish Education not met by voluntary contributions and capital projects,

The charity has restricted funds of £1,454,688 (2022: £1,531,254) at the year end.

The Trustees aim to maintain available reserves to enable the charity to operate for at least six months without receipt of any income, and this policy has been achieved in the year under review.

Future performance is expected to be similar, although the requirements of the School will continue to increase in the coming years so the Trustees are mindful that they must continue to ensure the charity's income is maintained or enhanced.

Future financial performance could be affected by major changes in the economy with a result that parents and friends of the School are able to donate less money to the charity, which in turn will be able to donate less money to the School.

FUTURE PLANS

The Trustees plans for the future are to continue to raise funds to help the School thrive.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The governing document of the charity which was incorporated on 8th January 2015 is its Memorandum and Articles of Association, as amended by a special resolution registered at Companies House on 9th March 2016. The charity number is 09941630. The charity commenced operation on 1st September 2016.

The Trustees meet regularly and decisions are made after the views of all present have been taken into account.

The Chair of Trustees is responsible for the induction of any new Trustee, which includes awareness of Trustee responsibilities, the governing document and operational activities of the charity. When appointing new Trustees, efforts are made to recruit individuals with a breadth of interests, social awareness, knowledge of the Jewish community and the educational requirements of Jewish families. Potential and newly appointed Trustees are provided with full information about the work of the charity. Training needs are continually monitored to ensure that Trustees are up to date with relevant information and requirements.

The Trustees are in regular contact with the Governors of School, some of whom are also Trustees of the charity.

The Trustees are committed to legal requirements and best practice and have during the year kept under review their policies and procedures including safeguarding and financial controls.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate the exposure to any major risks.

Approved by order of the board of trustees on 30 May 2024 and signed on its behalf by:

Mr A D Landy - Trustee

Independent examiner's report to the trustees of NWL Jewish Day School ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Aryeh Melinek, FCA

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

31 May 2024

2023

2022

Unrestricted

Restricted

Endowment

Total

Total

fund

funds

fund

funds

funds

Notes

£

£

£

£

£

INCOME AND ENDOWMENTS

FROM

Donations and legacies

2

461,325

-

-

461,325

581,752

Investment income

3

39,702

-

-

39,702

21,869

Total

501,027

-

-

501,027

603,621

EXPENDITURE ON

Raising funds

4

24,167

-

2,605

26,772

6,471

Charitable activities

5

Charitable activities

463,651

76,566

159,243

699,460

870,995

Total

487,818

76,566

161,848

726,232

877,466

Net gains on investments

-

-

-

-

51,850

NET INCOME/(EXPENDITURE)

13,209

(76,566

)

(161,848

)

(225,205

)

(221,995

)

RECONCILIATION OF FUNDS

Total funds brought forward

343,819

1,531,254

542,059

2,417,132

2,639,127

TOTAL FUNDS CARRIED FORWARD

357,028

1,454,688

380,211

2,191,927

2,417,132

2023

2022

Unrestricted

Restricted

Endowment

Total

Total

fund

funds

fund

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

12

-

1,454,688

5,211

1,459,899

1,498,323

Investment property

13

-

-

375,000

375,000

375,000

-

1,454,688

380,211

1,834,899

1,873,323

CURRENT ASSETS

Debtors

14

7,384

-

-

7,384

11,471

Cash at bank

511,267

-

-

511,267

595,331

518,651

-

-

518,651

606,802

CREDITORS

Amounts falling due within one year

15

(161,623

)

-

-

(161,623

)

(62,993

)

NET CURRENT ASSETS

357,028

-

-

357,028

543,809

TOTAL ASSETS LESS CURRENT LIABILITIES

357,028

1,454,688

380,211

2,191,927

2,417,132

NET ASSETS

357,028

1,454,688

380,211

2,191,927

2,417,132

FUNDS

16

Unrestricted funds

357,028

343,819

Restricted funds

1,454,688

1,531,254

Endowment funds

380,211

542,059

TOTAL FUNDS

2,191,927

2,417,132

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 30 May 2024 and were signed on its behalf by:

Mr A D Landy - Trustee

Cash flows from operating activities

Cash generated from operations

1

73,190

(245,021

)

Net cash provided by/(used in) operating activities

73,190

(245,021

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(9,196

)

Purchase of investment property

-

(22,358

)

Interest received

4,594

4,719

Net cash provided by/(used in) investing activities

4,594

(26,835

)

Cash flows from financing activities

New loans in year

-

1

Income attributable to endowment

-

17,150

Expenditure attributable to endowment

(161,848

)

(6,471

)

Net cash (used in)/provided by financing activities

(161,848

)

10,680

Change in cash and cash equivalents in the reporting period

(84,064

)

(261,176

)

Cash and cash equivalents at the beginning of the reporting period

595,331

856,507

Cash and cash equivalents at the end of the reporting period

511,267

595,331

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2023

2022

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(225,205

)

(221,995

)

Adjustments for:

Depreciation charges

38,424

36,210

Losses on investments

-

(51,850

)

Interest received

(4,594

)

(4,719

)

Income attributable to endowment

-

(17,150

)

Expenditure attributable to endowment

161,848

6,471

Decrease/(increase) in debtors

4,087

(3,492

)

Increase in creditors

98,630

11,504

Net cash provided by/(used in) operations

73,190

(245,021

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.22

Cash flow

At 31.8.23

£

£

£

Net cash

Cash at bank

595,331

(84,064

)

511,267

595,331

(84,064

)

511,267

Total

595,331

(84,064

)

511,267

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

2% on cost

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

2023

2022

£

£

Voluntary contributions

284,057

276,891

Donations

90,656

199,040

Gift aid

49,366

48,750

Grants

32,500

52,577

Extracurricular activities

4,746

4,494

461,325

581,752

Grants received, included in the above, are as follows:

2023

2022

£

£

Other grants

32,500

52,577

3.	INVESTMENT INCOME

2023

2022

£

£

Rents received

35,108

17,150

Deposit account interest

4,594

4,719

39,702

21,869

4.	RAISING FUNDS

Raising donations and legacies

2023

2022

£

£

Fundraising costs

7,575

-

Investment management costs

2023

2022

£

£

Administrative expenses

10,290

5,092

Property repairs

5,278

-

Utilities

1,024

-

Depreciation

2,605

1,379

19,197

6,471

Aggregate amounts

26,772

6,471

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

Direct

(see note

costs (see

Costs

6)

note 7)

Totals

£

£

£

£

Charitable activities

607,608

59,742

32,110

699,460

6.	GRANTS PAYABLE

2023

2022

£

£

Charitable activities

59,742

204,691

The total grants paid to institutions during the year was as follows:

2023

2022

£

£

North West London Jewish Day School

67,317

-

7.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Charitable activities

21,468

2,750

7,892

32,110

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023

2022

£

£

Depreciation - owned assets

38,424

36,211

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022 other than those disclosed in note 17.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.

10.	STAFF COSTS

2023

2022

£

£

Wages and salaries

446,057

483,448

Social security costs

49,471

50,219

Other pension costs

55,529

61,264

551,057

594,931

The average monthly number of employees during the year was as follows:

2023

2022

Employees

10

11

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023

2022

£60,001 - £70,000

4

-

£80,001 - £90,000

1

1

5

1

The key management of the charity comprise the trustees, the head of kodesh and deputy head of kodesh. The total employee benefits of the key management personnel of the charity were £147,589 (2022: £157,103).

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Endowment

Total

fund

funds

fund

funds

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

507,692

74,060

-

581,752

Investment income

4,719

-

17,150

21,869

Total

512,411

74,060

17,150

603,621

EXPENDITURE ON

Raising funds

-

-

6,471

6,471

Charitable activities

Charitable activities

752,851

118,144

-

870,995

Total

752,851

118,144

6,471

877,466

Net gains on investments

-

-

51,850

51,850

NET INCOME/(EXPENDITURE)

(240,440

)

(44,084

)

62,529

(221,995

)

Transfers between funds

(50,000

)

50,000

-

-

Net movement in funds

(290,440

)

5,916

62,529

(221,995

)

RECONCILIATION OF FUNDS

Total funds brought forward

634,259

1,525,338

479,530

2,639,127