REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
BENYIMO LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
BENYIMO LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
BENYIMO LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 11 |
BENYIMO LIMITED |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 30 JUNE 2022 |
TRUSTEES |
COMPANY SECRETARY | M A Cymerman |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Sugarwhite Meyer Accountants Ltd |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
BANKERS |
London |
EC2R 8AY |
BENYIMO LIMITED (REGISTERED NUMBER: 04121882) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 JUNE 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 30 June 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). |
REFERENCE AND ADMINISTRATIVE INFORMATION |
The information is shown on page 1 of the financial statements and forms part of this report. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity are to alleviate poverty and the promotion of Jewish Religious education both in the United Kingdom and overseas. |
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The trustees are pleased with the results for the year. This year the charity received various donations. There was an increase in investment income. The trustees increased grantmaking substantially and there was a surplus for the year. |
FINANCIAL REVIEW |
Reserves policy |
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities |
of the charity. Reserves at the year end were £575,009 (2021 - £537,677) being net assets, including unrealised reserves of £335,791. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Constitution |
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 5 December 2000. |
Organisational structure |
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. |
Risk management |
The trustees have reviewed the major risks that the charity is exposed and confirm that they have established systems to mitigate them. |
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 |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
BENYIMO LIMITED |
Independent examiner's report to the trustees of Benyimo Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 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. |
E Meyer FCA BSc |
Sugarwhite Meyer Accountants Ltd |
First Floor |
94 Stamford Hill |
London |
N16 6XS |
17 October 2023 |
BENYIMO LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 30 JUNE 2022 |
2022 | 2021 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Charitable activities | 5 |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 537,677 |
BENYIMO LIMITED (REGISTERED NUMBER: 04121882) |
BALANCE SHEET |
30 JUNE 2022 |
2022 | 2021 |
Total | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
NET ASSETS |
FUNDS |
Unrestricted funds: |
General fund | 575,009 | 537,677 |
TOTAL FUNDS | 537,677 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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. |
BENYIMO LIMITED (REGISTERED NUMBER: 04121882) |
BALANCE SHEET - continued |
30 JUNE 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 by the Board of Trustees and authorised for issue on |
BENYIMO LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 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, as modified by the revaluation of certain assets. |
Income |
Income from investments is included in the year in which it is receivable. |
Expenditure |
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates. |
Raising funds comprise investment management costs relating to the investment properties. |
Grants are only recognised in the accounts when paid. |
Support costs are those incurred to assist the work of the charity but are not direct charitable activities. |
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are |
transferred to the Statement of Financial Activities. No depreciation is provided in respect of |
investment properties applying the fair value. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Financial instruments |
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. |
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted. |
Going concern |
There are no material uncertainties about the charity's ability to continue. |
BENYIMO LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
2. | JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. |
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. |
3. | INVESTMENT INCOME |
2022 | 2021 |
Unrestricted | Total |
funds | funds |
£ | £ |
Rents received |
4. | RAISING FUNDS |
Investment management costs |
2022 | 2021 |
Unrestricted | Total |
funds | funds |
£ | £ |
Management charges | 10,606 | 11,209 |
Ground rent | 100 | 100 |
Insurance | 3,689 | 2,568 |
Repairs and maintenance | 6,432 | 15,464 |
Bank loan interest | 2,033 | 1,946 |
General and water rates |
Light and heat | 268 | 732 |
Professional fees | 5,370 | 74 |
28,987 | 32,518 |
5. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
(see note | costs (see |
6) | note 7) | Totals |
£ | £ | £ |
Charitable activities | 31,035 | - | 31,035 |
Support | - | 2,407 | 2,407 |
31,035 | 2,407 | 33,442 |
BENYIMO LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
6. | GRANTS PAYABLE |
2022 | 2021 |
£ | £ |
Charitable activities | 31,035 | 17,000 |
Achisomoch Aid Company Ltd | 19,330 |
Pardes House | 3,525 |
Others under £3,000 | 8,180 |
31,035 |
7. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Support | 96 | 2,311 | 2,407 |
Support costs, included in the above, are as follows: |
Management |
2022 | 2021 |
Total |
Support | activities |
£ | £ |
Bank charges | 96 | 82 |
Governance costs |
2022 | 2021 |
Total |
Support | activities |
£ | £ |
Independent examiner's fee | 480 | 480 |
Independent examiner's other fees | 1,320 | 1,320 |
General expenses | 511 | 425 |
2,311 | 2,225 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021. |
BENYIMO LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
9. | AVERAGE NUMBER OF STAFF |
The average number of staff in the year was Nil (2021 - Nil) |
10. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1 July 2021 |
and 30 June 2022 |
NET BOOK VALUE |
At 30 June 2022 |
At 30 June 2021 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Rental agent-Parkmead |
Rental agent-Greatglen | 33,777 | - |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Accruals and deferred income |
Accrued expenses |
BENYIMO LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 14) |
Trustees' account | 225,625 | 225,625 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments: |
Bank loans more than 5 years | - | 13,292 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The bank loan is secured on the charity's investment property. |
16. | RELATED PARTY DISCLOSURES |
The charity received donations of £3,298 from a company in which a trustee has an interest. |