Registered number: 3391872
Charity number: 1063815
KEREM SCHOOLS
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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KEREM SCHOOLS
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Charity, its Trustees and advisers
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Independent auditors' report on the financial statements
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Statement of financial activities
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Notes to the financial statements
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KEREM SCHOOLS
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2022
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Daniel Lichtenstein Esq (Resigned 29 March 2023)
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Samantha Leek (Resigned 17 October 2023)
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Sonia Abrahams (appointed 17 October 2023)
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Company registered number
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Charity registered number
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Kerem School
Norrice Lea
London
N2 0RE
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BKL Audit LLP
Chartered Accountants
35 Ballards Lane
London
N3 1XW
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NatWest Bank plc
1175 Finchley Road
London
NW11 0BE
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Santander
Bridle Road
Bootle
L30 4GB
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KEREM SCHOOLS
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 September 2021 to 31 August 2022.
The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Charity was founded in June 1997 to take over the operation of a kindergarten (Kerem House) and a
primary school known as "Kerem Schools", an orthodox Jewish day school. It commenced its operation on 1 September 1997 when it acquired the assets and liabilities of the Trust which had previously operated the Kerem Schools.
The principal activity of the charity is providing education at primary level.
The promotion and development of a balanced modern orthodox education for Jewish children is a cornerstone of the charity.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
b. Strategies for achieving objectives
The charity ensures that its resources are focused towards the recruitment and retention of high quality staff ensuring that the ethos of the school is continued and that the children receive a very good education within a modern orthodox background.
c. Activities undertaken to achieve objectives
The promotion and development of a balanced orthodox education for Jewish children is the keystone of the charity. This is the main activity which is undertaken to further the Charity's purposes for the public benefit. benefit.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The charity operates the school known as Kerem school for the benefit of many children.
Achievements and performance
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KEREM SCHOOLS
(A company limited by guarantee)
Achievements and performance (continued)
a. Main achievements of the Charity
The school continues to operate well with mostly full classes and expenses well controlled. The school has turned a corner and has returned to a surplus position due to careful management by the staff and trustees.
b. Key performance indicators
The key performance indicators used by the charity are:
∙Attendance at the school.
∙Results of regulatory inspections.
∙Income in the year relative to expenditure.
∙Adequacy of its reserves.
c. Review of activities
The charity continued in its pursuit in the provision of an exceptional orthodox education, and spent £2,031,939 directly towards that end (2021: £1,947,228). Of this amount, £1,633,091 related directly to staff and teaching expenses (2021: £1,648,839). In total, the charity invested £2,047,763 back into the school (2021 : £1,960,068) which represented 91% of its income in the year. Furthermore, the charity was able to increase its net reserves in the year by £199,851 (2021: decrease of £73,623). The charity was still able to run the school with increased support.
d. Factors relevant to achieve objectives
The main factors relevant to the Charity's ability to achieve its objectives are as follows:
∙The adequacy of its financial reserves.
∙The ability of the school to recruit and retain competent and experienced staff members.
∙The ability of the school to continue to receive exceptional feedback from its regulator.
e. Fundraising activities and income generation
The main income generation of the school is via fees, during the year there was also a campaign to raise funds for the refurbishment of the Early Years Unit playground – further details of which can be found in note 17).
f. Investment policy and performance
Any surplus funds at any time are held in an interest bearing deposit account in order to generate funds to help fund charitable activities and any future projects.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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KEREM SCHOOLS
(A company limited by guarantee)
Financial review (continued)
b. Reserves policy
The reserves policy of the school is driven by the need to ensure the ability to continue providing a modern Jewish education to the pupils. Reports following recent regulatory inspections have been excellent. The trustees continue to be fortified in the knowledge that Kerem Schools offer high quality education in a stimulating modem environment.
c. Principal risks and uncertainties
The key risks identified by management are as follows:
∙Reputation – The school’s success is built on its reputation for the education and well being of pupils. Risk is managed through various policies including safeguarding, staff recruitment and health and safety. The management of the school are continually investigating additional ways to teach and implementing them as soon as they are available.
∙Funding – The ability for the school to continue is reliant on pupil fees and the ability of the school to pay bills as they fall due. The risk is managed by controls put in place by the management and trustees and a modern orthodox ethos in the school.
d. Financial risk management objectives and policies
The trustees are responsible for the management of risks faced by the school. The governors routinely
consider any perceived risks faced by the school and are assisted in this by the head and other key members
of the schools senior management team. Key controls used to identify and control financial risks during the year
include:
∙Formal agenda items for governors committee meetings.
∙Established organisational structure and lines of reporting.
∙Maintaining appropriate insurance.
∙Regular review of budgets against actual performance.
∙Comprehensive strategic planning, budgeting and management accounting.
e. Principal funding
The principal source of funding is fees for the school year.
Structure, governance and management
a. Constitution
The charity is a company limited by guarantee, Charity Registration number 1063815. It was established on the 6th August 1997.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
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KEREM SCHOOLS
(A company limited by guarantee)
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The school was run during the year by an excellent team of teachers led by Naomi Simon. The Governors determine the general policy of the School. The day to day running of the School is delegated to the Head, supported by senior staff.
The Charity and its school are administered by its board of trustees and various sub-committees including the board of governors. The major risks to which the charity is exposed have been reviewed by the trustees and systems are in place to minimise these risks.
d. Policies adopted for the induction and training of Trustees
All new trustees are subject to a recruitment and induction process and are selected with a view to ensuring that the board has an appropriate balance of experience relevant to Kerem Schools strategic and operational requirements.
e. Trustees
The following were the trustees who were in office during th year:
Samantha Leek (resigned 17 October 2023).
Dan Lichtenstein (resigned 29 March 2023).
Julian Taylor.
Asher Miller.
f. Related party relationships
The Charity's related party relationships are as follows:
∙No donations were received from the trustees during the year.
∙Fees received from the children of trustees who attend the school were as follows:
Samantha Leek - £12,443.
g. Financial 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 exposure to the major risks.
h. Trustees' indemnities
No indemnities have been given during the year by trustees.
Plans for future periods
The charity plans to the run the school at its current pupil levels. Once all the funding has been raised there will also be a refurbishment of the Early Years Playground.
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KEREM SCHOOLS
(A company limited by guarantee)
Funds held as custodian
There are no funds held as custodian trustee.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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A Miller Esq
(Trustee)
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KEREM SCHOOLS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEREM SCHOOLS
We have audited the financial statements of Kerem Schools (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 2022 and of its incoming resources and application of resources, including its income and expenditure for the year 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 Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the Trustees' 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.
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KEREM SCHOOLS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEREM SCHOOLS (CONTINUED)
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
∙the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
∙sufficient accounting records have not been kept; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
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As explained more fully in the Trustees' responsibilities statement, the Trustees (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 Trustees 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 Trustees 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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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KEREM SCHOOLS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEREM SCHOOLS (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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:
∙Enquiring of management around actual and potential litigation and claims.
∙Reviewing board meeting minutes of meetings of those charged with governance.
∙Reviewing financial statement disclosures and testing to supporting documentation with applicable laws and regulations.
∙Perofrming audit work over the risk of management ovverride of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
∙Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to
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KEREM SCHOOLS
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEREM SCHOOLS (CONTINUED)
cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
BKL Audit LLP
Chartered Accountants
Ian Saunderson
35 Ballards Lane
London
N3 1XW
28 November 2023
BKL Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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KEREM SCHOOLS
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2022
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As restated
Total
funds
2021
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Income from charitable activities
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Total funds brought forward
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Total funds carried forward
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The Statement of Financial Activities includes all gains and losses recognised in the year.
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The notes on pages 15 to 31 form part of these financial statements.
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KEREM SCHOOLS
(A company limited by guarantee)
REGISTERED NUMBER: 3391872
BALANCE SHEET
AS AT 31 AUGUST 2022
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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KEREM SCHOOLS
(A company limited by guarantee)
REGISTERED NUMBER: 3391872
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2022
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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A Miller Esq
(Trustee)
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The notes on pages 15 to 31 form part of these financial statements.
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KEREM SCHOOLS
(A company limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
Cash flows from operating activities
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Net cash used in operating activities
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Cash flows from investing activities
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Investment income received
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Purchase of tangible fixed assets
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Net cash provided by/(used in) investing activities
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Cash flows from financing activities
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Change in cash and cash equivalents in the year
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Cash and cash equivalents at the beginning of the year
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Cash and cash equivalents at the end of the year
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The notes on pages 15 to 31 form part of these financial statements
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Kerem Schools is a charitable company that registered with the Charity Commission on the 6th August 1997.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Kerem Schools meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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 allocated on the portion of the asset’s use.
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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Tangible fixed assets and depreciation
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Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following bases:
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Long-term leasehold property
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25% per annum on reducing balance
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Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2.Accounting policies (continued)
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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Income from donations and legacies
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
3.Income from donations and legacies (continued)
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Income from charitable activities
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The above amount includes £3,213 received in respect of nursery funding from the London Borough of Barnet.
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The above amount includes £2,311 received in respect of nursery funding from the London Borough of Barnet
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
5.Investment income (continued)
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Analysis of expenditure on charitable activities
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As restated
Unrestricted funds
2021
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Analysis of expenditure by activities
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Activities undertaken directly
2022
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
7.Analysis of expenditure by activities (continued)
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Activities undertaken directly
2021
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As restated
Support costs
2021
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As restated
Total
funds
2021
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Provision of education
2022
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Legal & Professional fees
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
7.Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
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As restated
Provision of education
2021
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As restated
Total
funds
2021
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Legal & Professional fees
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Analysis of support costs
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Provision of education
2022
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Governance costs are comprised entirely of the audit fee for the year.
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
7.Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
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Provision of education
2021
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Governance costs were comprised of £6,200 payable to the auditor for the year, £5,400 of which was for the audit itself and £800 of which was for other services rendered.
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Fees payable to the Company's auditor for the audit and preparation of the Company's annual accounts
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Contribution to defined contribution pension schemes
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The average number of persons employed by the Charity during the year was as follows:
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
9.Staff costs (continued)
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The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
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In the band £70,001 - £80,000
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Remuneration of key management personnel:
The remuneration of key management personnel in the year was was £94,162 (2021 : £94,765)
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
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During the year ended 31 August 2022, no Trustee expenses have been incurred (2021 - £NIL).
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Long-term leasehold property
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As restated Equipment and computers
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As restated at 1 September 2021
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As restated at 1 September
2021
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
11.Tangible fixed assets (continued)
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Long-term leasehold property
|
As restated Equipment and computers
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As restated at 31 August 2021
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
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Debtors and payments in advance
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and other creditors
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Creditors: Amounts falling due after more than one year
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Defined contribution schemes
The charily operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £169,351 (2021 - £200,174)).
The charity has 2 pension schemes, Teachers Pension Scheme (TPS) for teachers and Nest for other staff.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Group in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate
In the prior period a capital expense of £33,351 was incorrectly categorised as a prepayment. This error has been reversed and "as restated" has been included above the affected columns. Depreciation charges have also been included for this asset.
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
|
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Statement of funds - current year
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Balance at 1 September 2021
£
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Balance at 31 August 2022
£
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General Funds - all funds
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STP Grant - This fund is used for a school travel plan which encourages the children to walk to school.
Bikes - This is a fund used to buy balance bikes for the Early Years Unit.
Staff Tea - This fund is used for staff refreshments.
School equipment - This fund is used for the purchase of school equipment.
Big grant - This fund is used for the development of a new playground.
Sponsored readings - This fund is used for sponsored readings.
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KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
|
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Statement of funds (continued)
|
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Statement of funds - prior year
|
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|
Balance at
1 September 2020
£
|
|
As restated
Expenditure
£
|
Balance at
31 August 2021
£
|
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General Funds - all funds
|
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|
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Summary of funds - current year
|
|
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|
Balance at 1 September 2021
£
|
|
|
Balance at 31 August 2022
£
|
|
KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
|
|
Summary of funds (continued)
|
|
|
Summary of funds - prior year
|
|
|
|
Balance at
1 August 2019
£
|
|
As restated
Expenditure
£
|
Balance at
31 August 2021
£
|
|
|
Analysis of net assets between funds
|
|
|
Analysis of net assets between funds - current year
|
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Creditors due within one year
|
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Creditors due in more than one year
|
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Analysis of net assets between funds - prior year
|
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As restated unrestricted funds
2021
|
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Creditors due within one year
|
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Creditors due in more than one year
|
|
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|
|
|
|
|
|
|
KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
|
Reconciliation of net movement in funds to net cash flow from operating activities
|
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Net income/expenditure for the year (as per Statement of Financial Activities)
|
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Investment income recognised in statement of financial activities
|
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Depreciation and impairment of tangible fixed assets
|
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|
Net cash provided by operating activities
|
|
|
|
Analysis of cash and cash equivalents
|
|
|
|
|
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|
Total cash and cash equivalents
|
|
|
|
Analysis of changes in net debt
|
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|
KEREM SCHOOLS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
|
Related party transactions
|
|
During the year, the charity received fee income from the trustees totalling £7,940 (2021 - £11,200).
|
|