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Registered number: 01796116
Charity number: 289066
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
CONTENTS
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2025
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 31 August 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
Within these objects the charity has maintained a restricted fund for the purposes of granting scholarships to certain pupils who fit the school’S scholarship criteria. The policies adopted in furtherance of these objects are stated in this report and there has been no change in these during the year. The Charity provides education to boys and girls from ages 3 to 11 years satisfying the requirements of UK primary education and provides a Pre-Nursery for children aged 2. It also makes its facilities available to the local community. The school’s ethos is centred on the belief that an excellent education with a strong religious grounding is mutually attainable and beneficial. It is this ethos that we adhere to as we aspire to prepare the school’s pupils for adulthood. It is the Charity’s policy not only to educate infants and juniors to a high level of academic achievement but also to provide the religious community with suitable facilities and an establishment for prayer. The school continues to promote and engender core British values amongst our pupils. The Charity has kept in mind the Charity Commission’s guidance on public benefit. We believe that the main aim of the charity is the advancement of secular and religious education including the provision of day schooling for children of both sexes, together with the provision of a Synagogue and other related religious amenities. We also believe that the public benefit is further illustrated in this report through the Objectives and Activities and Achievements and Performance sections.
Strategic report
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
Achievements and performance
a. Review of activities
The school has had a good year, and we continue to be proud of all our children’s achievements. Our Secondary transfer results for the year under review were excellent with places offered at top London, independent Secondary schools. Our children were awarded a creative writing and several academic scholarships. Methods of testing continue to change annually, and our teachers worked hard to ensure that the children were fully prepared for the variety of tests being used. This includes pupils taking regular, practice tests and undergoing several mock interviews by external consultants. In November, the school was inspected by ISI as part of the regular, routine inspection process. The school passed the inspection and received a very positive report.
Naima remains committed to offering the local Jewish community various religious facilities such as a Synagogue and Mikveh (ritual bath). Naima also continues to contribute to events for the wider local community. These include regularly sending sports teams to inter – school tournaments, the choir to an annual, children’s choral festival as well as other choral events, collaborating in joint P.E. lessons with a local school and attending an annual dance festival. Our security staff also play an important role in maintaining a positive community including engaging with police to reduce crime directed to local residents and working with traffic wardens in order to ensure safe parking. As in the previous year, the children met with a wide spectrum of visitors throughout the year such as a weekly yoga teacher, authors, illustrators and other professionals and the children went on several outings to museums, art galleries and theatres, for example. Additionally, the annual visits of the farm and the toy museum are eagerly anticipated by the pupils and help bring learning to life. The weekly early morning running club for the children still attracts many children. The house points system continues to be popular with the children, and they remain encouraged to be awarded house point tokens. The ongoing success of our holiday camps for our pupils has ensured that this provision is now automatically offered for several days during each holiday period. Mental health and wellbeing of both pupils and staff is important to the school. A counsellor and wellbeing coach visit the school weekly to meet with pupils and the school subscribes to an employee assistance program for the staff, which offers them access to mental health and wellbeing support. The school and parent body have kept in regular contact with Westminster Council about their social housing building project next door to the school. The works have recently been completed, and tenants will be moving in shortly. Our ethos remains to maintain both secular and religious academic standards to the high level, to which the school has become known and to strive to provide the children with a stimulating, spiritual and excellent all round, education. The school continues to promote and engender core British values amongst our pupils. We expect the school to thrive for the foreseeable future.
b. Review of performance
The school's operating surplus before the net losses on the investments in the year was £325,360 (2024 - £94,854).
School fees increased by 16% to £2,870,897 due to fee increase and increase in number of pupils attended in the year. School wages and salaries increased by 13% to £2,622,593 due to wages and employer's NI increase in the year. The net funds as at 31 August 2025 were £9,027,129 (2024 - £8,726,839) and are considered satisfactory having regard to the Charity's objectives.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
Achievements and performance (continued)
c. Investment policy and performance
The Charity's governing document permits the trustees to invest funds that are not immediately required for charitable purposes. The trustees seek to balance the need to preserve capital with the objective of generating an appropriate return on surplus funds to support the Charity's charitable activities.
During the year, surplus funds were invested in a portfolio comprising Treasury Bills and interest-bearing loans. Prior to making these investments, the trustees obtained and considered appropriate advice regarding the suitability of the investments, the associated risks and expected returns. Having reviewed this advice, the trustees were satisfied that the investments were appropriate for the Charity's circumstances and consistent with its investment objectives. A substantial proportion of the Charity's investment portfolio is held in Treasury Bills, which the trustees consider to be a secure and low-risk investment due to the creditworthiness of Treasury bill and the short-term to medium-term nature of the instruments. These investments provide capital preservation, liquidity and a stable return on funds that are not immediately required for charitable activities. The Charity also holds interest-bearing loan investments which generate enhanced income returns. The trustees have assessed the risks associated with these investments and are satisfied that they remain appropriate having regard to the Charity's financial position, liquidity requirements and investment objectives. The trustees consider the overall investment portfolio to represent an appropriate balance between security, liquidity and return. Income generated from the investments contributes towards the funding of the Charity's charitable activities and enables surplus working capital to be utilised effectively in furtherance of the Charity's objectives. The trustees review the performance and risk profile of the investment portfolio on a regular basis and remain satisfied that the investment strategy is appropriate for the Charity's needs and consistent with its charitable objectives.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
Financial review
a. Reserves policy
The Trustees’ policy is to build sufficient free reserves for future investment in the school as a whole, not only enhancements to the fabric of the school buildings, but also to keep pace with technological change and innovation. This policy applies to Information Technology and school facilities in general. Tangible fixed assets include school buildings, the Synagogue and the Mikveh. These buildings are used for non-commercial purposes and for this reason the Trustees do not consider it appropriate to recognise its market value in these financial statements. The Trustees are empowered to place funds, administered by the Charity, into investments which are likely to generate income without a material risk to the underlying capital. All funds were invested with the charity’s bankers in prior year and this year in addition to bank investments Charity, also, invested in Israeli bonds, treasury bills and lending through CSBF as in prior year. The Trustees’ financial policy is to generate an income stream with minimal risk to capital. As part of the charity’s restricted funds, the school scholarship fund of £231,648 was earmarked to provide scholarships to qualifying students. There were no qualifying applications received during the year.
Structure, governance and management
a. Constitution
The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association.
b. Methods of appointment or election of Trustees
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The Trustees examine, on a regular basis, any risks that they feel the school may face in each financial year.The Trustees have developed systems to monitor and control those risks to ensure that any impact or financial loss which may results from them may be kept to a minimum. The key controls used by the Charity include:
∙Comprehensive strategic planning and budgeting;
∙Established organisational structure with formal written policies;
∙Formal policies with clear authorisation and approval levels; and
∙Strict vetting procedures as required by law for those requiring protection.
The trustees are satisfied that most risks identified have been completely mitigated and also recognise that the system can only provide reasonable but not absolute assurance that most risks have been adequately managed.
d. Organisational structure and decision-making policies
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
Structure, governance and management (continued)
The full name of the charity is Naima JPS and its Registered Charity Number is 289066.
The Trustees, who are also the directors for the purpose of company law, who served during the year were: R Yentob J Levy J S Shamoon Arazi I Levy V Shamoon I Corre I Levy New trustees are identified and invited to join the board of trustees by the existing trustees. They are selected on the basis of their sympathy with the charitable objectives and their ability to pursue those objectives as a trustee. New trustees are elected by resolution and approved by a majority of trustees. Under the company's Articles of Association any person who is willing to act as a trustee, and who would not be disqualified from acting for any reason, may be appointed to be a trustee by a decision of the trustees. None of the Charity Trustees has any beneficial interest in the company. All of the Charity Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The school also appoints governors to act in an advisory basis to the trustees, to serve on a two to three year basis. The governors are selected from past or present parents and other parties with a connection to the school. The governors are not involved in final decision making. The governors who served during the year were: Governors Mrs Alexandra Maurice Mr Adam Keats Mr Jonathan Marks Ms Clare Ettinghausen (resigned 31.08.25) Mr David Djanogly Mr Emil Fattal Mrs Sian Levy Dr Naomi Katz Mr Edward Misrahi Mrs Meira Drazin Mr Joshua Ereira Dr Efrat Sopher Mr Aron Azouz (appointed 12.11.25) Mr James Esterkin ( appointed 12.11.25) Head teacher Mr Bill Pratt Remuneration for Key Management Personnel is based on IAPS pay scales as a benchmark. The final decision on remuneration packages and bonuses are agreed by the trustees.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
Plans for future periods
During the last summer holiday, there was a complete renovation of the school playground which has been well received by all pupils. The school entrance and security hub was refurbished at the same time. Minor refurbishment works, such as the replacement of some of the flooring and installation of air conditioning units in the IT suite also took place last summer. We continue to invest in new computers, iPads and interactive, classroom whiteboards on a rolling, replacement basis.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to trustees or 28 days after the date prescribed for filing the accounts with the registrar, whichever is earlier.
Statement of Trustees' responsibilities
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF NAIMA JPS
We have audited the financial statements of Naima JPS (the 'charity') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF NAIMA JPS (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our 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 Trustees' Report.
We have nothing to report in respect of the following matters in relation to which 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.
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF NAIMA JPS (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance 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 directors 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 financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit.
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;
∙considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations; and
∙understanding the design of the company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF NAIMA JPS (CONTINUED)
In response to the risk of irregularities and noncompliance 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; and
∙reviewing correspondence with HMRC.
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 noncompliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors 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.
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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
29 May 2026
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2025
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
REGISTERED NUMBER: 01796116
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2025
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Naima JPS is a private company limited by guarantee incorporated in England and Wales. The registered office and principal place of business is 21 Andover Place, London, NW6 5ED.
The principal activity of the Charity is to raise funds for the education of the public (with particular emphasis on students engaged in full time primary education). The functional and presentational currency of the charity is £ Sterling.
2.Accounting policies
At the time of approving the financial statements, the Charity Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Charity Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution,the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Fees receivable are accounted for in the period in which the service is provided. Fees receivable are stated after allowing for bursaries granted.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Land and buildings used for educational purposes are capitalised at cost, including directly attributable costs of acquisition and construction. The carrying value of fixed assets is reviewed annually for indicators of impairment. Where impairment is identified, the asset is written down to its recoverable amount.
The Charity is responsible for keeping the original buildings in fit and useful condition, and these costs are written off as incurred.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. .
Depreciation is provided on the following basis:
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.
Current assets investments comprise investments with a maturity of more than three months but not more than twelve months from the date of acquisition. These investments are initially recognised at transaction cost and subsequently measured at fair value at the Statement of Financial Position date. Gains and losses arising from changes in fair value are recognised in the Statement of Financial Activities in the period in which they arise.
Where the maturity date falls within three months of the date of acquisition or the Statement of Financial Position date, such instruments are reclassified as cash and cash equivalents in accordance with the charity's cash and cash equivalents policy.
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The Teachers’ Pension Scheme is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method.
Page 20
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 21
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 22
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 23
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
9.Analysis of expenditure by activities (continued)
Page 24
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 25
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
12.Staff costs (continued)
Page 26
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The company is a registered charity and no provision is considered necessary for taxation.
Page 27
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 28
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 29
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 30
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 31
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 32
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 33
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
23.Analysis of net assets between funds (continued)
Page 34
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NAIMA JPS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Page 35
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