IRIS Accounts Production v26.1.10.61 Other Company accounts True false Pounds 1.9.24 31.8.25 31.8.25 FY FRS 102 Audited Small companies regime for accounts Full Charities SORP true true true true true false true false false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 03391872 2024-08-31 03391872 2025-08-31 03391872 2024-09-01 2025-08-31 03391872 2023-08-31 03391872 2023-09-01 2024-08-31 03391872 2024-08-31 03391872 ns0:CharitableCompanyLimitedByGuarantee 2024-09-01 2025-08-31 03391872 ns15:PoundSterling 2024-09-01 2025-08-31 03391872 ns11:FRS102 2024-09-01 2025-08-31 03391872 ns11:Audited 2024-09-01 2025-08-31 03391872 ns11:SmallCompaniesRegimeForAccounts 2024-09-01 2025-08-31 03391872 ns11:FullAccounts 2024-09-01 2025-08-31 03391872 ns0:CharitiesSORP 2024-09-01 2025-08-31 03391872 ns16:EnglandWales 2024-09-01 2025-08-31 03391872 ns11:RegisteredOffice 2024-09-01 2025-08-31 03391872 ns0:Trustee2 2024-09-01 2025-08-31 03391872 ns0:Trustee1 2024-09-01 2025-08-31 03391872 ns0:Trustee3 2024-09-01 2025-08-31 03391872 ns11:CompanySecretary1 2024-09-01 2025-08-31 03391872 ns0:TotalUnrestrictedFunds 2024-09-01 2025-08-31 03391872 ns0:TotalRestrictedIncomeFunds 2024-09-01 2025-08-31 03391872 ns0:Activity8 2024-09-01 2025-08-31 03391872 ns0:Activity8 ns0:TotalUnrestrictedFunds 2024-09-01 2025-08-31 03391872 ns0:Activity8 ns0:TotalRestrictedIncomeFunds 2024-09-01 2025-08-31 03391872 ns0:Activity8 2023-09-01 2024-08-31 03391872 ns0:TotalUnrestrictedFunds 2024-08-31 03391872 ns0:TotalRestrictedIncomeFunds 2024-08-31 03391872 ns0:TotalUnrestrictedFunds 2025-08-31 03391872 ns0:TotalRestrictedIncomeFunds 2025-08-31 03391872 ns0:TotalUnrestrictedFunds ns10:WithinOneYear 2025-08-31 03391872 ns0:TotalRestrictedIncomeFunds ns10:WithinOneYear 2025-08-31 03391872 ns10:WithinOneYear 2025-08-31 03391872 ns10:WithinOneYear 2024-08-31 03391872 ns10:AfterOneYear ns0:TotalUnrestrictedFunds 2025-08-31 03391872 ns10:AfterOneYear ns0:TotalRestrictedIncomeFunds 2025-08-31 03391872 ns10:AfterOneYear 2025-08-31 03391872 ns10:AfterOneYear 2024-08-31 03391872 2 2024-09-01 2025-08-31 03391872 3 2024-09-01 2025-08-31 03391872 1 2024-09-01 2025-08-31 03391872 1 2023-09-01 2024-08-31 03391872 ns10:OwnedAssets 2024-09-01 2025-08-31 03391872 ns10:OwnedAssets 2023-09-01 2024-08-31 03391872 ns0:GBP60001ToGBP70000 2024-09-01 2025-08-31 03391872 ns0:GBP60001ToGBP70000 2023-09-01 2024-08-31 03391872 ns0:GBP90001ToGBP100000 2024-09-01 2025-08-31 03391872 ns0:GBP90001ToGBP100000 2023-09-01 2024-08-31 03391872 ns10:LandBuildings ns10:LongLeaseholdAssets 2024-08-31 03391872 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-08-31 03391872 ns10:FurnitureFittings 2024-08-31 03391872 ns10:LandBuildings ns10:LongLeaseholdAssets 2024-09-01 2025-08-31 03391872 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-09-01 2025-08-31 03391872 ns10:FurnitureFittings 2024-09-01 2025-08-31 03391872 ns10:LandBuildings ns10:LongLeaseholdAssets 2025-08-31 03391872 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-08-31 03391872 ns10:FurnitureFittings 2025-08-31 03391872 ns10:LandBuildings ns10:LongLeaseholdAssets 2024-08-31 03391872 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-08-31 03391872 ns10:FurnitureFittings 2024-08-31

REGISTERED COMPANY NUMBER: 03391872 (England and Wales)

REGISTERED CHARITY NUMBER: 1063815

| REPORT OF THE TRUSTEES AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 AUGUST 2025 |

| FOR |

| KEREM SCHOOLS |

| KEREM SCHOOLS |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

| Page |

| Report of the Trustees | 1 |  | to |  | 6

| Report of the Independent Auditors | 7 |  | to |  | 10

| Statement of Financial Activities | 11 |

| Balance Sheet | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |  | to |  | 23

| KEREM SCHOOLS (REGISTERED NUMBER: 03391872) |

REPORT OF THE TRUSTEES

for the year ended 31 August 2025

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 2025. 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 2025

ACHIEVEMENTS AND PERFORMANCE

Achievements and Performance

a. Main achievements of the Charity

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

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 £2,511,640 directly towards that end (2024- £2,325,421). Of this amount, £1,783,062 (2024- £1,668,376) related directly to staff. The charity made a small accounting deficit and was still able to net reserves to £912,571 (2024- £1,016,221). The charity is making plans to ensure that this position is reversed in subsequent years.

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 2025 would be three months of resources which would be approximately £650,000.

The free reserves (total reserves less restricted funds and fixed assets) as at 31 August 2025 were £815,406.

FUTURE PLANS

The charity plans to run the school at its current pupil levels, continuing to ensure the current high standards at the school. We are delighted to announce the launch of Little Grapes Nursery for children from 9 months+ from Autumn 2026. Offers have already been sent out to our first cohort, and we look forward to welcoming them in Autumn 2026.

A plan was made to run a matched funding campaign - this was run in 2026, and the charity ran a successful matched funding campaign raising over £575,000. Funds will be used to bolster the charity's reserves and to grow the school by investing in marketing, the Little Grapes nursery and the provision of bursaries to increase our headcount.

| KEREM SCHOOLS (REGISTERED NUMBER: 03391872) |

REPORT OF THE TRUSTEES

for the year ended 31 August 2025

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 2025

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

Mr A D Miller

Mr J D Taylor

Company Secretary

Mr A D Miller

| KEREM SCHOOLS (REGISTERED NUMBER: 03391872) |

REPORT OF THE TRUSTEES

for the year ended 31 August 2025

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. The charity will continue to do this in future years.

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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

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 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 Charities 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, will be proposed for re-appointment at the forthcoming Annual General Meeting.

| KEREM SCHOOLS (REGISTERED NUMBER: 03391872) |

REPORT OF THE TRUSTEES

for the year ended 31 August 2025

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 2026 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 2025 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 2025 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 2026

| KEREM SCHOOLS |

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 August 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| fund |  | funds |  | funds |  | funds

| Notes | £ | £ | £ | £ |

INCOME AND ENDOWMENTS FROM

Donations and legacies | 2 | 18,468 |  | 37,650 |  | 56,118 |  | 58,985 |

Charitable activities | 4

Provision of education | 2,227,427 |  | 74,170 |  | 2,301,597 |  | 2,330,430 |

Investment income | 3 | 50,275 |  | - |  | 50,275 |  | 42,147 |

Total | 2,296,170 |  | 111,820 |  | 2,407,990 |  | 2,431,562 |

EXPENDITURE ON

Raising funds | - |  | - |  | - |  | - |

Charitable activities | 5

Provision of education | 2,384,947 |  | 126,693 |  | 2,511,640 |  | 2,325,421 |

Total | 2,384,947 |  | 126,693 |  | 2,511,640 |  | 2,325,421 |

NET INCOME/(EXPENDITURE) | (88,777 | ) | (14,873 | ) | (103,650 | ) | 106,141 |

Transfers between funds | 15 | 59,311 |  | (59,311 | ) | - |  | - |

Net movement in funds | (29,466 | ) | (74,184 | ) | (103,650 | ) | 106,141 |

RECONCILIATION OF FUNDS

Total funds brought forward | 942,037 |  | 74,184 |  | 1,016,221 |  | 910,080 |

TOTAL FUNDS CARRIED FORWARD | 912,571 |  | - |  | 912,571 |  | 1,016,221 |

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

| KEREM SCHOOLS (REGISTERED NUMBER: 03391872) |

BALANCE SHEET

31 August 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| fund |  | funds |  | funds |  | funds

| Notes | £ | £ | £ | £ |

FIXED ASSETS |

Tangible assets | 11 | 97,165 |  | - |  | 97,165 |  | 121,456 |

CURRENT ASSETS |

Debtors | 12 | 344,183 |  | - |  | 344,183 |  | 377,646 |

Cash at bank and in hand | 1,750,865 |  | - |  | 1,750,865 |  | 1,799,118 |

2,095,048 |  | - |  | 2,095,048 |  | 2,176,764 |

CREDITORS |

Amounts falling due within one year | 13 | (966,584 | ) | - |  | (966,584 | ) | (945,090 | )

NET CURRENT ASSETS | 1,128,464 |  | - |  | 1,128,464 |  | 1,231,674 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,225,629 |  | - |  | 1,225,629 |  | 1,353,130 |

CREDITORS |

Amounts falling due after more than one year | 14 | (313,058 | ) | - |  | (313,058 | ) | (336,909 | )

NET ASSETS | 912,571 |  | - |  | 912,571 |  | 1,016,221 |

FUNDS | 15

Unrestricted funds | 912,571 |  | 942,037 |

Restricted funds | - |  | 74,184 |

TOTAL FUNDS | 912,571 |  | 1,016,221 |

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 2026 and were signed on its behalf by:

Mr A D Miller - Trustee

| KEREM SCHOOLS |

CASH FLOW STATEMENT

for the year ended 31 August 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (97,612 | ) | (132,470 | ) |

Interest paid | (916 | ) | (971 | ) |

Net cash used in operating activities | (98,528 | ) | (133,441 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | - |  | (14,188 | ) |

Interest received | 50,275 |  | 42,147 |  |

Net cash provided by investing activities | 50,275 |  | 27,959 |  |

Change in cash and cash equivalents in the reporting period | (48,253 | ) | (105,482 | ) |

Cash and cash equivalents at the beginning of the reporting period | 1,799,118 |  | 1,904,600 |  |

Cash and cash equivalents at the end of the reporting period | 1,750,865 |  | 1,799,118 |  |

| KEREM SCHOOLS |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 August 2025

1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

| 2025 |  | 2024

£ | £ |

| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) | (103,650 | ) | 106,141 |  |

| Adjustments for:

| Depreciation charges | 24,291 |  | 26,818 |  |

| Interest received | (50,275 | ) | (42,147 | ) |

| Interest paid | 916 |  | 971 |  |

| Decrease/(increase) in debtors | 33,463 |  | (61,303 | ) |

| Decrease in creditors | (2,357 | ) | (162,950 | ) |

| Net cash used in operations | (97,612 | ) | (132,470 | ) |

2. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.9.24 | Cash flow | At 31.8.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,799,118 |  | (48,253 | ) | 1,750,865 |  |

1,799,118 |  | (48,253 | ) | 1,750,865 |  |

| Total | 1,799,118 |  | (48,253 | ) | 1,750,865 |  |

| KEREM SCHOOLS |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

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 2025

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 2025

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

| 2025 |  | 2024

£ | £ |

| Donations | 56,118 |  | 58,985 |  |

3. | INVESTMENT INCOME

| 2025 |  | 2024

£ | £ |

| Deposit account interest | 50,275 |  | 42,147 |  |

4. | INCOME FROM CHARITABLE ACTIVITIES

| 2025 |  | 2024

| Activity | £ | £ |

| Provision of education | Provision of education | 2,301,597 |  | 2,330,430 |  |

| KEREM SCHOOLS |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2025

5. | CHARITABLE ACTIVITIES COSTS

| Support |

| Direct | costs (see |

| Costs | note 6) | Totals

£ | £ | £ |

| Provision of education | 2,238,679 |  | 272,961 |  | 2,511,640 |  |

6. | SUPPORT COSTS

| Governance |

| Management |  | costs |  | Totals

£ | £ | £ |

| Provision of education | 256,161 |  | 16,800 |  | 272,961 |  |

7. | NET INCOME/(EXPENDITURE)

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 24,291 |  | 26,818 |  |

8. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the charity's auditors for the audit of the charity's financial statements | 13,400 |  | 13,400 |  |

| There were fees payable to Raffingers Holdings Limited, a company within the Xeinadin Group of £3,400 (2024: £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 2025 nor for the year ended 31 August 2024.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.

| KEREM SCHOOLS |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2025

10. | STAFF COSTS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,375,977 |  | 1,336,922 |  |

| Social security costs | 125,819 |  | 112,248 |  |

| Other pension costs | 281,266 |  | 219,206 |  |

1,783,062 |  | 1,668,376 |  |

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

| 2025 |  | 2024

| Teaching | 41 |  | 41 |  |

| Administration and support | 7 |  | 7 |  |

48 |  | 48 |  |

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

| 2025 |  | 2024

| £60,001 - £70,000 | 1 |  | 1 |  |

| £90,001 - £100,000 | 1 |  | 1 |  |

2 |  | 2 |  |

11. | TANGIBLE FIXED ASSETS

| Improvements |

| Long |  | to |  | Playground |

| leasehold |  | property |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 September 2024 and 31 August 2025 | 580,250 |  | 49,084 |  | 115,465 |  | 744,799 |  |

| DEPRECIATION

| At 1 September 2024 | 580,250 |  | 9,817 |  | 33,276 |  | 623,343 |  |

| Charge for year | - |  | 7,853 |  | 16,438 |  | 24,291 |  |

| At 31 August 2025 | 580,250 |  | 17,670 |  | 49,714 |  | 647,634 |  |

| NET BOOK VALUE

| At 31 August 2025 | - |  | 31,414 |  | 65,751 |  | 97,165 |  |

| At 31 August 2024 | - |  | 39,267 |  | 82,189 |  | 121,456 |  |

| KEREM SCHOOLS |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2025

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Trade debtors | 266,464 |  | 284,487 |  |

| Other debtors | 411 |  | 954 |  |

| Prepayments and accrued income | 77,308 |  | 92,205 |  |

344,183 |  | 377,646 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Trade creditors | 47,668 |  | 44,689 |  |

| Social security and other taxes | 30,067 |  | - |  |

| VAT | 104,397 |  | - |  |

| Other creditors | 26,707 |  | 67,477 |  |

| Accruals and deferred income | 677,796 |  | 776,331 |  |

| Accrued expenses | 79,949 |  | 56,593 |  |

966,584 |  | 945,090 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025 | 2024 |

£ | £ |

| Deposits | 313,058 |  | 336,909 |  |

15. | MOVEMENT IN FUNDS

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1.9.24 |  | in funds |  | funds |  | 31.8.25 |

£ | £ | £ | £ |

| Unrestricted funds

| General fund | 942,037 |  | (88,777 | ) | 59,311 |  | 912,571 |  |

| Restricted funds

| Big grant | 54,139 |  | (10,828 | ) | (43,311 | ) | - |  |

| Steam room | 20,000 |  | (4,000 | ) | (16,000 | ) | - |  |

| Staff gifts | 45 |  | (45 | ) | - |  | - |  |

74,184 |  | (14,873 | ) | (59,311 | ) | - |  |

| TOTAL FUNDS | 1,016,221 |  | (103,650 | ) | - |  | 912,571 |  |

| KEREM SCHOOLS |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2025

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 | 2,296,171 |  | (2,384,948 | ) | (88,777 | ) |

| Restricted funds

| Big grant | - |  | (10,828 | ) | (10,828 | ) |

| Steam room | - |  | (4,000 | ) | (4,000 | ) |

| Staff gifts | - |  | (45 | ) | (45 | ) |

| Security guards | 105,868 |  | (105,868 | ) | - |  |

| Siddurim | 503 |  | (503 | ) | - |  |

| Website refresh project | 3,538 |  | (3,538 | ) | - |  |

| Early Years Unit Equipment | 820 |  | (820 | ) | - |  |

| Mighty Writer | 1,090 |  | (1,090 | ) | - |  |

111,819 |  | (126,692 | ) | (14,873 | ) |

| TOTAL FUNDS | 2,407,990 |  | (2,511,640 | ) | (103,650 | ) |

| Comparatives for 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 2025

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 | 2,413,056 |  | (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 |  |

| 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.

| EYU - This is a fund used for the purchase of school equipment for the Early Years Unit.

| Website refresh project - This is a fund used to update the virtual design and content of the website.

| Mighty Writer - This is a fund used to provide a visual teaching resource used in primary schools.

| CCTV - This is a fund used for additional school security.

| KEREM SCHOOLS |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 August 2025

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 £281,266 (2024: £219,206).

| 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.