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COMPANY REGISTRATION NUMBER: 01502387
CHARITY REGISTRATION NUMBER: 282977
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Unaudited Financial Statements
31 July 2022
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2022
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2022 .
Reference and administrative details
Registered charity name
TOWERBRIDGE SERVICES LIMITED
Charity registration number
282977
Company registration number
01502387
Principal office and registered
Hallswelle House
office
1 Hallswelle Road
NW11 0DH
London
The trustees
Mrs S Rosner
(Retired 1 June 2022)
Mr J Rosner
Mr A Stroh
(Appointed 5 January 2022)
Mr I Meisels
(Appointed 1 June 2022)
Independent examiner
GK & Co LLP
Hallswelle House
1 Hallswelle Road
London
England
NW11 0DH
Structure, governance and management
The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association.
RISK MANAGEMENT
The trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces.
Objectives and activities
The charity's principal activity during the year continued to be the distribution of its income to charities. The objects of the charity are to advance religion in accordance with Orthodox Jewish faith and to support other charitable activites as are recognised by English Law as charitable. In furtherance of its objects the charity continued to advance and donate money and support other charities with objects similar to those detailed above.
PUBLIC BENEFIT
The trustees have considered the guidance published by the Charity Commission and believe that the charity in carrying out its objectives, fully complies with these requirements. In particular the distribution of funds to other locally managed charities automatically gives rise to a public benefit. Each year the trustees review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity is organised so that the trustee and secretary meet regularly to manage its affairs.
There are no paid employees and all administration work is carried out on a voluntary basis by the trustees.
Financial review
The results of these activities during the year are reflected in the attached accounts.
RESERVE POLICY
The trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission and have concluded that the general reserves amounting to £1,494,563 are necessary to maintain the day to day running of the charity and to achieving its objectives.
Plans for future periods
The trustees intend to continue performing at similar levels to current year which has been most satisfactory. Substantial donations will continue to be paid to various institutions.
The trustees' annual report and the strategic report were approved on 23 October 2023 and signed on behalf of the board of trustees by:
Mr J Rosner
Trustee
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of TOWERBRIDGE SERVICES LIMITED
Year ended 31 July 2022
I report to the trustees on my examination of the financial statements of TOWERBRIDGE SERVICES LIMITED ('the charity') for the year ended 31 July 2022.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
GK & Co LLP Independent Examiner
Hallswelle House 1 Hallswelle Road London England NW11 0DH
23 October 2023
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 July 2022
2022
2021
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Investment income
5
268
----
----
----
Total income
268
----
----
----
Expenditure
Expenditure on charitable activities
6,7
8,600
8,600
38,650
Other expenditure
8
2,650
2,650
3,240
--------
--------
--------
Total expenditure
11,250
11,250
41,890
--------
--------
--------
Net losses on investments
9
12,696
12,696
18,675
--------
--------
--------
Net expenditure and net movement in funds
( 23,946)
( 23,946)
( 60,297)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
1,518,509
1,518,509
1,578,806
------------
------------
------------
Total funds carried forward
1,494,563
1,494,563
1,518,509
------------
------------
------------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
£
Fixed assets
Investments
13
348,017
360,713
Current assets
Debtors
14
1,383,411
Cash at bank and in hand
4,964
1,397,100
------------
------------
1,388,375
1,397,100
Creditors: amounts falling due within one year
15
241,829
239,304
------------
------------
Net current assets
1,146,546
1,157,796
------------
------------
Total assets less current liabilities
1,494,563
1,518,509
------------
------------
Funds of the charity
Unrestricted funds
1,494,563
1,518,509
------------
------------
Total charity funds
16
1,494,563
1,518,509
------------
------------
For the year ending 31 July 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr J Rosner
Trustee
TOWERBRIDGE SERVICES LIMITED
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, NW11 0DH, London.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Limited by guarantee
None of the trustees and directors have any beneficial interest in the company. All the trustees and directors are members of the company and guarantee to contribute £1 in the event of winding up.
5. Investment income
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Bank interest receivable
268
268
----
----
----
----
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Charitable donations
8,600
8,600
38,650
38,650
-------
-------
--------
--------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2022
Total fund 2021
£
£
£
Charitable donations
8,600
8,600
38,650
-------
-------
--------
8. Other expenditure
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Sundries
40
40
Accountancy fees
2,400
2,400
3,000
3,000
Legal and professional
125
125
125
125
Bank charges
125
125
75
75
-------
-------
-------
-------
2,650
2,650
3,240
3,240
-------
-------
-------
-------
9. Net losses on investments
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Gains/(losses) on other investment assets
( 12,696)
( 12,696)
( 18,675)
( 18,675)
--------
--------
--------
--------
10. Independent examination fees
2022
2021
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,400
3,000
-------
-------
11. Staff costs
No salaries or wages have been paid to employees, including the members of the committee, during the year.
12. Trustee remuneration and expenses
No salary and wages have been paid to the trustees.
13. Investments
Other investments
£
Cost or valuation
At 1 August 2021
360,713
Additions
Fair value movements
(12,696)
---------
At 31 July 2022
348,017
---------
Impairment
At 1 August 2021 and 31 July 2022
---------
Carrying amount
At 31 July 2022
348,017
---------
At 31 July 2021
360,713
---------
All investments shown above are held at valuation.
This comprises the entire issued share capital of Flatin Co. Limited, a company incorporated in the United Kingdom. The retained reserves of the subsidiary at 31 July 2022 amounted to £348,017 (2021-£360,713).
14. Debtors
2022
2021
£
£
Loans to UK charity
1,383,411
------------
----
15. Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to subsidiary undertaking
238,739
230,339
Other creditors
3,090
8,965
---------
---------
241,829
239,304
---------
---------
16. Analysis of charitable funds
Unrestricted funds
At 1 August 2021
Income
Expenditure
Gains and losses
At 31 July 2022
£
£
£
£
£
General funds
1,518,509
(11,250)
(12,696)
1,494,563
------------
----
--------
--------
------------
At 1 August 2020
Income
Expenditure
Gains and losses
At 31 July 2021
£
£
£
£
£
General funds
1,578,806
268
(41,890)
(18,675)
1,518,509
------------
----
--------
--------
------------
17. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2022
£
£
Investments
348,017
348,017
Current assets
1,388,375
1,388,375
Creditors less than 1 year
(241,829)
(241,829)
------------
------------
Net assets
1,494,563
1,494,563
------------
------------
Unrestricted Funds
Total Funds 2021
£
£
Investments
360,713
360,713
Current assets
1,397,100
1,397,100
Creditors less than 1 year
(239,304)
(239,304)
------------
------------
Net assets
1,518,509
1,518,509
------------
------------