REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
SABRECHANCE LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
SABRECHANCE LTD |
SABRECHANCE LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 12 |
SABRECHANCE LTD (REGISTERED NUMBER: 01807030) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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 October 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The principal activity of the company in the year under review was that of advancement of Orthodox Jewish religious education, the relief of poverty sickness and infirmity amongst members of the Jewish faith and the advancement of such other objects as are charitable according to English Law. |
The Financial results of the Company's activities for the period ended 31st October 2022 are fully reflected in the attached financial statements together with the notes thereon. |
Significant activities |
During the period under review, the charity received donations of £18,060 (2021: £49,000) and generated investment income of £80,281 (2021: £85,004). |
Public benefit |
The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year. |
The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide. |
The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basic necessities. |
The income of the charity is derived from donations. The trustees continued their support of those organisations deemed to promote the objects of this charity. |
Grantmaking |
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company. |
Appeal letters are received from, and personal visits made by representatives of Jewish charitable, religious and educational institutions. These requests are then considered by the trustees and grants are made in accordance with the trustees decisions. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The charity operates mainly by providing grants and donation to various charitable organizations and individuals as per the grantmaking policy. During the year under review, the charity made charitable grants totalling £96,856 (2021: £138,396). |
Investment performance |
As stated in the significant activities, the charity generated investment income of £80,281 (2021: £85,004). The trustees are satisfied with the investment performance for the year. |
FINANCIAL REVIEW |
Principal funding sources |
The operation of charity is funded by regular income from investment property and donation from companies associated with the trustees. |
SABRECHANCE LTD (REGISTERED NUMBER: 01807030) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FINANCIAL REVIEW |
Reserves policy |
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions . |
Going concern |
The trustees are confident that the charity will continue to operate for foreseeable period. |
FUTURE PLANS |
The charity will continue to operate with the current strategy of providing grants to achieve its charitable objective. No change is envisaged for the future. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
The charity does not current intend on recruiting new trustees. Should the situation change in the future, the charity will provide proper induction and training to the new trustees. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretaries |
Mrs I Cymerman |
Independent Examiner |
M A VENITT |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
Approved by order of the board of trustees on |
SABRECHANCE LTD (REGISTERED NUMBER: 01807030) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
SABRECHANCE LTD |
Independent examiner's report to the trustees of Sabrechance Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2022. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
M A VENITT |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
2 October 2023 |
SABRECHANCE LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
31.10.22 | 31.10.21 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities |
Charitable |
96,856 | 138,396 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,195,412 |
SABRECHANCE LTD (REGISTERED NUMBER: 01807030) |
BALANCE SHEET |
31 OCTOBER 2022 |
31.10.22 | 31.10.21 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 1,195,412 |
TOTAL FUNDS | 1,195,412 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
SABRECHANCE LTD (REGISTERED NUMBER: 01807030) |
BALANCE SHEET - continued |
31 OCTOBER 2022 |
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 and authorized for issue by the Board of Trustees and authorised for issue on |
SABRECHANCE LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
2. | INVESTMENT INCOME |
31.10.22 | 31.10.21 |
£ | £ |
Rents received |
3. | RAISING FUNDS |
Raising donations and legacies |
31.10.22 | 31.10.21 |
£ | £ |
Support costs |
Investment management costs |
31.10.22 | 31.10.21 |
£ | £ |
Repairs and renewals | - | 8,174 |
Insurance | 2,676 | 2,557 |
Light and heat | 219 | 175 |
2,895 | 10,906 |
Aggregate amounts | 2,895 | 12,225 |
SABRECHANCE LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2022 nor for the year ended 31 October 2021. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 October 2022 nor for the year ended 31 October 2021. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Charitable |
138,396 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,195,412 |
SABRECHANCE LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
6. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1 November 2021 |
and 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Trade creditors |
Rents in advance | 10,200 | 10,200 |
VAT | 12,761 | 12,761 |
Other creditors |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.11.21 | in funds | 31.10.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,195,412 | (4,144 | ) | 1,191,268 |
TOTAL FUNDS | (4,144 | ) | 1,191,268 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 98,341 | (102,485 | ) | (4,144 | ) |
TOTAL FUNDS | ( |
) | (4,144 | ) |
SABRECHANCE LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
At | movement | At |
1.11.20 | in funds | 31.10.21 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,212,029 | (16,617 | ) | 1,195,412 |
TOTAL FUNDS | 1,212,029 | (16,617 | ) | 1,195,412 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 134,004 | (150,621 | ) | (16,617 | ) |
TOTAL FUNDS | 134,004 | (150,621 | ) | (16,617 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1.11.20 | in funds | 31.10.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,212,029 | (20,761 | ) | 1,191,268 |
TOTAL FUNDS | 1,212,029 | (20,761 | ) | 1,191,268 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 232,345 | (253,106 | ) | (20,761 | ) |
TOTAL FUNDS | 232,345 | (253,106 | ) | (20,761 | ) |
SABRECHANCE LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
10. | RELATED PARTY DISCLOSURES |
During the period Landregal Services Limited donated a total of £5,500 (2021: £5,000) to the charity. Mr M Brinner, a trustee of the charity, is a director of Landregal Services Limited. |