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REGISTERED COMPANY NUMBER: 03391872 (England and Wales)
REGISTERED CHARITY NUMBER: 1063815












REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

KEREM SCHOOLS

KEREM SCHOOLS






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2024




Page

Report of the Trustees 1 to 5

Report of the Independent Auditors 6 to 9

Statement of Financial Activities 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14 to 21

KEREM SCHOOLS (REGISTERED NUMBER: 03391872)

REPORT OF THE TRUSTEES
for the year ended 31 August 2024


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 2024. 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
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", a modern 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 School.

1. The principal activity of the charity is providing education at primary level.
2. 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.

d. Main activities undertaken to further the Charity's purposes for the public benefit

The charity operates the school known as Kerem school mainly for the benefit of local children.


KEREM SCHOOLS (REGISTERED NUMBER: 03391872)

REPORT OF THE TRUSTEES
for the year ended 31 August 2024

ACHIEVEMENT AND PERFORMANCE
Achievements and Performance
a. Main achievements of the Charity
The school continues to operate well with expenses well controlled.
During the year, two major improvement projects were undertaken - new playground equipment for the early years unit and the building of a STEAM (science, technology, art, engineering and maths) Lab. The lab, which opened in September 2023, greatly enhances the childrens' learning with many opportunities to use new and different equipment. Both of these were well received by the staff and the pupils.

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 £2,325,421 directly towards that end (2023- £2,341,489). Of this amount, £1,668,376 (2023- £1,662,235) related directly to staff. The charity made a surplus and was able to increase its net reserves to £1,016,221 (2023- £910,080).

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.

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
Investment policy and objectives
Under its Memorandum of Association, the charity has the power to invest in any way the trustees wish.

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.

The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through donations and parental contributions. The trustees consider the ideal level of reserves at 31 August 2024 would be three months of resources which would be approximately £600,000.

The free reserves (total reserves less restricted funds and fixed assets) as at 31 August 2024 were £894,719.

FUTURE PLANS
The charity plans to run the school at its current pupil levels continuing to ensure the current high standards at the school.


KEREM SCHOOLS (REGISTERED NUMBER: 03391872)

REPORT OF THE TRUSTEES
for the year ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a company limited by guarantee without share capital and incorporated on 25 June 1997 and registered as a charity on 6 August 1997.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Recruitment and appointment of new 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. 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.

Trustees may be appointed by the existing trustees at any time, either to fill a casual vacancy or as an addition to the existing trustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re-election. No trustee had any beneficial interest in any contract with the charitable entity during the year.

Organisational structure
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.

Induction and training of new 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.


KEREM SCHOOLS (REGISTERED NUMBER: 03391872)

REPORT OF THE TRUSTEES
for the year ended 31 August 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
Principal risks and uncertainties
The Trustees regularly undertake a review of the major risks to which the Charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.

The Trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that the trustees, employees of the school and all those who work or volunteer for the school and work with children must obtain clearance from the Disclosure and Barring Service. The school has developed a safeguarding policy and one of the trustees is responsible for ensuring this policy is adhered to. Safeguarding training is compulsory for all staff.

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.
~ Pupil numbers - The trustees recognise that pupil numbers are a key driver of the school's financial sustainability and overall performance. A sustained fall in enrolment could adversely affect the school's income, making this a significant area of strategic risk. To mitigate the risk the school monitors enrolment trends closely and maintains a strong focus on pupil recruitment and retention. Marketing initiatives are regularly reviewed and refined.
~ 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.

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.

Principal funding
The principal source of funding is fees for the school year.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03391872 (England and Wales)

Registered Charity number
1063815

Registered office
Kerem School
Norrice Lea
London
N2 0RE

Trustees
Mrs S Abrahams (appointed 17.10.23)
Mr A D Miller
Mr J D Taylor
Ms S Leek Trustee (resigned 17.10.23)

Company Secretary
Mr A D Miller

KEREM SCHOOLS (REGISTERED NUMBER: 03391872)

REPORT OF THE TRUSTEES
for the year ended 31 August 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Senior Statutory Auditor
Mr Yedidya Zaiden, FCCA

Auditors
Xeinadin Audit Limited, Statutory Auditor
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

PUBLIC BENEFIT REPORT
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aim and objectives and in planning the charity's future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives set.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Kerem Schools for the purposes of company law) are responsible for preparing the Report of the Trustees 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 21 May 2025 and signed on its behalf by:



Mr A D Miller - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KEREM SCHOOLS

Opinion
We have audited the financial statements of Kerem Schools (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (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 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 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 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 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 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.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 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.

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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KEREM SCHOOLS


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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KEREM SCHOOLS


Our 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); Employment Law; Data Protection Legislation; The Code of Fundraising Practice; and Safeguarding Regulations as they affect the direct charitable activities of the charity;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- tested authorisation of expenditure;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud. we:
- we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business
initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KEREM SCHOOLS


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 Report of the Independent Auditors.

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 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Yedidya Zaiden, FCCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited, Statutory Auditor
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

21 May 2025

KEREM SCHOOLS

STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 40,770 18,215 58,985 49,023

Charitable activities 4
Provision of education 2,330,139 291 2,330,430 2,312,726

Investment income 3 42,147 - 42,147 14,578
Other income - - - 17,500
Total 2,413,056 18,506 2,431,562 2,393,827

EXPENDITURE ON
Charitable activities 5
Provision of education 2,292,343 33,078 2,325,421 2,341,489

NET INCOME/(EXPENDITURE) 120,713 (14,572 ) 106,141 52,338


RECONCILIATION OF FUNDS
Total funds brought forward 821,324 88,756 910,080 857,742

TOTAL FUNDS CARRIED FORWARD 942,037 74,184 1,016,221 910,080

CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.

KEREM SCHOOLS (REGISTERED NUMBER: 03391872)

BALANCE SHEET
31 August 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 47,318 74,138 121,456 134,086

CURRENT ASSETS
Debtors 12 377,646 - 377,646 316,343
Cash at bank and in hand 1,799,072 46 1,799,118 1,904,600
2,176,718 46 2,176,764 2,220,943

CREDITORS
Amounts falling due within one year 13 (945,090 ) - (945,090 ) (1,046,745 )

NET CURRENT ASSETS 1,231,628 46 1,231,674 1,174,198

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,278,946

74,184

1,353,130

1,308,284

CREDITORS
Amounts falling due after more than one year 14 (336,909 ) - (336,909 ) (398,204 )

NET ASSETS 942,037 74,184 1,016,221 910,080
FUNDS 15
Unrestricted funds 942,037 821,324
Restricted funds 74,184 88,756
TOTAL FUNDS 1,016,221 910,080

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 21 May 2025 and were signed on its behalf by:





Mr A D Miller - Trustee

KEREM SCHOOLS

CASH FLOW STATEMENT
for the year ended 31 August 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (132,470 ) 115,141
Interest paid (971 ) (1,383 )
Net cash (used in)/provided by operating activities (133,441 ) 113,758

Cash flows from investing activities
Purchase of tangible fixed assets (14,188 ) (117,010 )
Sale of tangible fixed assets - 21,000
Interest received 42,147 14,578
Net cash provided by/(used in) investing activities 27,959 (81,432 )

Change in cash and cash equivalents in
the reporting period

(105,482

)

32,326
Cash and cash equivalents at the
beginning of the reporting period

1,904,600

1,872,274
Cash and cash equivalents at the end of
the reporting period

1,799,118

1,904,600

KEREM SCHOOLS

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 August 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

106,141

52,338
Adjustments for:
Depreciation charges 26,818 4,269
Profit on disposal of fixed assets - (17,500 )
Interest received (42,147 ) (14,578 )
Interest paid 971 1,383
Increase in debtors (61,303 ) (80,861 )
(Decrease)/increase in creditors (162,950 ) 170,090
Net cash (used in)/provided by operations (132,470 ) 115,141


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 1,904,600 (105,482 ) 1,799,118
1,904,600 (105,482 ) 1,799,118
Total 1,904,600 (105,482 ) 1,799,118

KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2024

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.

Going Concern
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.

Legal status of the Charity
The charity is a private company limited by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Income
Donations are recognised as income when the charity has entitlement to the funds, the amount can be measured reliably, and it is probable that the income will be received. Donations given for specific purposes are treated as restricted income, while those given for general use are recognised as unrestricted income.

School fees income is recognised on an accruals basis over the period to which the fees relate. Fees received in advance of the academic period are deferred and recognised as income in the relevant financial period.

Interest income from deposit accounts is recognised on an accruals basis, using the effective interest rate method. Income is included in the Statement of Financial Activities when it is probable that the income will be received and the amount can be measured reliably.

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 allocated on the portion of the asset's use.

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.

Charitable activities
The cost of charitable activities comprises those incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.


KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets and depreciation
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:

Long-term leasehold property - Over lease term
Improvements to property- 20% per annum on reducing balance (not in first year)
Playground equipment- 20% per annum on reducing balance (not in first year)
Motor vehicles - 25% per annum on reducing balance

Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting
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.

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.


Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.


Creditors and provisions
Creditors 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 settlement can be estimated reliably.



KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

1. ACCOUNTING POLICIES - continued

Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.

Pensions
The charity operates two pension schemes. A defined benefit scheme with the Teachers' Pension Scheme (TPS), which is only available to teaching staff. The administration of this scheme is dealt with by the Teachers' Pension Agency. In addition there is a Personal Pension Scheme which is available to all other employees.

Contributions to both schemes are charged directly to the Statement of Financial Activities.

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 58,985 49,023

3. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 42,147 14,578

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Provision of education Provision of education 2,330,430 2,312,726


KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

5. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£    £    £   
Provision of education 2,102,754 222,667 2,325,421

6. SUPPORT COSTS
Governance
Management costs Totals
£    £    £   
Provision of education 205,667 17,000 222,667

7. NET INCOME/(EXPENDITURE)

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

2024 2023
£    £   
Depreciation - owned assets 26,818 4,269
Surplus on disposal of fixed assets - (17,500 )

8. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the charity's auditors for the audit of the charity's financial
statements

13,400

11,400

There were fees payable to Raffingers Holdings Limited of £3,600 (2023: £3,600) for non audit services.

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.



KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

10. STAFF COSTS
2024 2023
£    £   
Wages and salaries 1,336,922 1,264,348
Social security costs 112,248 116,846
Other pension costs 219,206 281,041
1,668,376 1,662,235

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

2024 2023
Teaching 41 40
Administration and support 7 8
48 48

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

2024 2023
£60,001 - £70,000 1 -
£80,001 - £90,000 - 1
£90,001 - £100,000 1 -
2 1

11. TANGIBLE FIXED ASSETS
Improvements
Long to Playground
leasehold property equipment Totals
£    £    £    £   
COST
At 1 September 2023 580,250 49,084 101,277 730,611
Additions - - 14,188 14,188
At 31 August 2024 580,250 49,084 115,465 744,799
DEPRECIATION
At 1 September 2023 580,250 - 16,275 596,525
Charge for year - 9,817 17,001 26,818
At 31 August 2024 580,250 9,817 33,276 623,343
NET BOOK VALUE
At 31 August 2024 - 39,267 82,189 121,456
At 31 August 2023 - 49,084 85,002 134,086


KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 284,487 261,315
Other debtors 954 249
Prepayments and accrued income 92,205 54,779
377,646 316,343

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 44,689 57,012
Other creditors 67,477 76,586
Accruals and deferred income 776,331 782,202
Accrued expenses 56,593 130,945
945,090 1,046,745

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Deposits 336,909 398,204

15. MOVEMENT IN FUNDS
Net
movement At
At 1.9.23 in funds 31.8.24
£    £    £   
Unrestricted funds
General fund 821,324 120,713 942,037

Restricted funds
Big grant 60,683 (6,544 ) 54,139
Steam room 25,000 (5,000 ) 20,000
Staff gifts 112 (67 ) 45
Sponsored readings 1,163 (1,163 ) -
STP grant 798 (798 ) -
Bikes 1,000 (1,000 ) -
88,756 (14,572 ) 74,184
TOTAL FUNDS 910,080 106,141 1,016,221

KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 2,413,056 (2,292,343 ) 120,713

Restricted funds
Big grant 4,189 (10,733 ) (6,544 )
Steam room - (5,000 ) (5,000 )
Staff gifts 291 (358 ) (67 )
Sponsored readings - (1,163 ) (1,163 )
STP grant - (798 ) (798 )
Bikes - (1,000 ) (1,000 )
Security guards 4,096 (4,096 ) -
Siddurim 247 (247 ) -
Active wall 5,688 (5,688 ) -
CCTV 3,995 (3,995 ) -
18,506 (33,078 ) (14,572 )
TOTAL FUNDS 2,431,562 (2,325,421 ) 106,141


Comparatives for movement in funds

Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 800,505 20,819 821,324

Restricted funds
Big grant 53,808 6,875 60,683
Steam room - 25,000 25,000
Staff gifts - 112 112
School equipment 468 (468 ) -
Sponsored readings 1,163 - 1,163
STP grant 798 - 798
Bikes 1,000 - 1,000
57,237 31,519 88,756
TOTAL FUNDS 857,742 52,338 910,080

KEREM SCHOOLS

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

15. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 2,356,471 (2,335,652 ) 20,819

Restricted funds
Big grant 6,875 - 6,875
IT equipment 5,000 (5,000 ) -
Sports Equipment 69 (69 ) -
Steam room 25,000 - 25,000
Staff gifts 412 (300 ) 112
School equipment - (468 ) (468 )
37,356 (5,837 ) 31,519
TOTAL FUNDS 2,393,827 (2,341,489 ) 52,338

Unrestricted funds represent funds available to the trustees for the general purposes of the charity.

Restricted funds
During the year, the charity received donations and grants to be applied for specific purposes as listed below:

Big grant - This fund is used for the development of a new playground.
IT equipment - This fund is used for the purchase of school IT equipment.
Steam room - This fund is used for a classroom refurbishment.
Staff gifts- This fund is used for staff gifts and refreshments.
School equipment - This fund is used for the purchase of school equipment.
Sponsored readings - This fund is used for sponsored readings.
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.
Security guards - This is a fund used to pay for extra security post the 7th October tragedy.
Siddurim - This is a fund used to buy Jewish prayer books.
CCTV - This is a fund used for additional school security.

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year under review.

17. RETIRED BENEFIT SCHEMES

The charity 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 £219,206 (2023: £281,041).

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 at 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 asset to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purpose and the contributions recognised in the period to which they relate.